Search found 646 matches

by SouthernCPA
Wed Apr 18, 2018 9:57 am
Forum: Investing - Help with Personal Investments
Topic: I want to pay off my mortgage. Am I crazy?
Replies: 54
Views: 5214

Re: I want to pay off my mortgage. Am I crazy?

I have a mortgage of $745,000 on a house conservatively worth $1.6 million. The interest rate is 3.25 percent. It's an interest only loan for the first 10 years, then readjusts every year (likely higher) and principal payments will also become due. I have four years left before this happens. Until ...
by SouthernCPA
Tue Apr 17, 2018 10:51 am
Forum: Personal Finance (Not Investing)
Topic: Rentals and Security Deposits
Replies: 21
Views: 1157

Re: Rentals and Security Deposits

I'd just have one annual lease with all roommates listed on the lease. With that one lease is one security deposit that gets returned and made out to all roommates on the check. Let the roommates sort it out as far is who is paying what amount of rent/expenses/deposit, but from your end, no deposit ...
by SouthernCPA
Fri Mar 23, 2018 4:04 pm
Forum: Personal Finance (Not Investing)
Topic: Losing friends/family when wealthy
Replies: 118
Views: 10237

Re: Losing friends/family when wealthy

Friendships must be maintained, or they will die slow death. If you did not have a wedding, you missed an opportunity to strengthen your friendships. If you don't go out to eat, you are missing opportunities to socialize with your friends. If you don't travel with your friends for vacations, you do...
by SouthernCPA
Fri Mar 23, 2018 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: Losing friends/family when wealthy
Replies: 118
Views: 10237

Re: Losing friends/family when wealthy

No. But maybe it's not your money, maybe you come across as judgmental. ... modest vehicles and live in a small home...lived a frugal existence... scrimped and saved... While most of our peers were traveling and living it up, we lived with parents rent free... We did not have a wedding so that we w...
by SouthernCPA
Fri Mar 23, 2018 3:00 pm
Forum: Personal Consumer Issues
Topic: Your favorite Florida beach??
Replies: 45
Views: 3841

Re: Your favorite Florida beach??

Perdido Key is a nice area as well to take advantage of the Gulf Shores/Florabama area. Beaches arent Destin quality but less congested and a nice compromise. Plus you are near the Florabama bar which is always a good time. I grew up going to Destin most summers because it's only a 2 hour drive fro...
by SouthernCPA
Mon Mar 19, 2018 4:45 pm
Forum: Personal Consumer Issues
Topic: What is your favorite reasonably priced bourbon?
Replies: 148
Views: 12517

Re: What is your favorite reasonably priced bourbon?

Evan Williams. Surprised I had to scroll so far to see this. It's pretty close to what Jack Daniels is at about half the price - even the label seems to be a close rip-off. I found out about it from a WSJ article maybe 8 years ago. It's no Knob Creek, Woodford Reserve, or Makers Mark's - but the OP...
by SouthernCPA
Mon Mar 19, 2018 4:43 pm
Forum: Personal Consumer Issues
Topic: What is your favorite reasonably priced bourbon?
Replies: 148
Views: 12517

Re: What is your favorite reasonably priced bourbon?

The best bang for your buck in my opinion is Buffalo Trace. Fantastic taste and isn't overly expensive.
by SouthernCPA
Mon Mar 19, 2018 4:38 pm
Forum: Personal Consumer Issues
Topic: Least Expensive Way to Comprehensively Learn Law
Replies: 22
Views: 1625

Re: Least Expensive Way to Comprehensively Learn Law

Jack FFR1846 wrote:
Mon Mar 19, 2018 2:24 pm
I plan to do something like taking the courses needed for a CFA just for fun once I retire.
You and I have very different definitions of "fun."
by SouthernCPA
Mon Mar 12, 2018 3:06 pm
Forum: Personal Consumer Issues
Topic: traveling to mexico, should I be concerned?
Replies: 107
Views: 8552

Re: traveling to mexico, should I be concerned?

It can't be any worse than going to New Orleans and I go there all the time...
by SouthernCPA
Thu Mar 08, 2018 9:44 pm
Forum: Personal Consumer Issues
Topic: Replacing vanities?
Replies: 21
Views: 1870

Re: Replacing vanities?

I recently replaced vanities in two of our bathrooms by myself. It was fairly straightforward. The only issue I ran into was the new vanity had drawers and the old didn't so I had to get creative in fitting the P-trap and plumbing in the new one so it didn't keep the drawers from being able to clos...
by SouthernCPA
Thu Mar 08, 2018 2:56 pm
Forum: Personal Consumer Issues
Topic: Is this too much for a kitchen?
Replies: 69
Views: 6594

Re: Is this too much for a kitchen?

I'd get several quotes/referrals to confirm pricing is reasonable in your area. I'm in the real estate development business so I can say this with confidence, don't just go with the lowest quote - It can cost you more in the long run. Referrals are almost as important as pricing.... If this was an i...
by SouthernCPA
Thu Mar 08, 2018 2:46 pm
Forum: Personal Finance (Not Investing)
Topic: How do I reverse the deduction I claimed earlier years in the current tax return?
Replies: 10
Views: 506

Re: How do I reverse the deduction I claimed earlier years in the current tax return?

Hi, I am in this situation where you guys can help me to file this year taxes. I claimed 1099 misc deduction in previous years which is legal attorney fees and this year those attorney fees are returned to me. Is there anyway to reverse the deduction I claimed earlier years without disclosing 1099 ...
by SouthernCPA
Thu Mar 08, 2018 2:29 pm
Forum: Personal Consumer Issues
Topic: Replacing vanities?
Replies: 21
Views: 1870

Re: Replacing vanities?

I recently replaced vanities in two of our bathrooms by myself. It was fairly straightforward. The only issue I ran into was the new vanity had drawers and the old didn't so I had to get creative in fitting the P-trap and plumbing in the new one so it didn't keep the drawers from being able to close...
by SouthernCPA
Thu Mar 08, 2018 2:25 pm
Forum: Personal Consumer Issues
Topic: food safety after power outage
Replies: 26
Views: 2004

Re: food safety after power outage

If my power goes out for an extended time period I throw everything away. The cost of getting sick is not worth saving a couple hundred bucks in food regardless. This is my motto during hurricane season down here on the Gulf Coast. I now have a honda generator that I usually will run my fridge on, ...
by SouthernCPA
Wed Feb 28, 2018 11:27 am
Forum: Personal Finance (Not Investing)
Topic: Will my lax approach to record keeping fly in an audit?
Replies: 40
Views: 3869

Re: Will my lax approach to record keeping fly in an audit?

I was a CPA and had a NW Mutual rep as a client. He refused to substantiate his business mileage after repeated warnings - he just didn't care. IRS disallowed a deduction of 30,000 miles - a $17k deduction thrown out the window. Some people learn the hard way. I am guessing there is more to the sto...
by SouthernCPA
Tue Feb 27, 2018 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: # X Gross = Home price?
Replies: 81
Views: 5729

Re: # X Gross = Home price?

I'm still in my starter home so we are at 0.84 x Gross salary. We are looking to upgrade soon to 2.75X gross as sales price of the new home. It sure is nice being where we are right now, financially though.
by SouthernCPA
Thu Feb 22, 2018 3:16 pm
Forum: Personal Consumer Issues
Topic: Florida in the summer
Replies: 113
Views: 11378

Re: Florida in the summer

It hasn't been mentioned so I will. Bugs and mosquitos. The heat and humidity creates a perfect environment for them. An elderly Floridian once told me to learn to "get used to them and love'em cause they were here first and they ain't leavin'." Don't forget Fire Ants :shock: Adding to fear mongeri...
by SouthernCPA
Thu Feb 22, 2018 3:02 pm
Forum: Personal Consumer Issues
Topic: Bogleheads with $100K+ MSRP cars?
Replies: 113
Views: 13130

Re: Bogleheads with $100K+ MSRP cars?

I'd say the fear when taking the car out is very dependent on location. For instance, I moved to the north Dallas area a bit over a year ago. In my last city where I grew up, I'd never own a super nice car. They stuck out like a sore thumb and were ripe for vandalism. Even when I bought my Challeng...
by SouthernCPA
Fri Feb 09, 2018 5:03 pm
Forum: Investing - Theory, News & General
Topic: U.S. stocks in freefall
Replies: 6428
Views: 1379289

Re: U.S. stocks in freefall

Nothing has changed for me. I'll reallocate at the end of the quarter like I always do. My vanguard automatic investment is still buying and I'm still not worrying about it. It's super boring investing like a boglehead, but I prefer that to spending energy trying to time the market. I'm staying the ...
by SouthernCPA
Fri Feb 09, 2018 4:56 pm
Forum: Personal Consumer Issues
Topic: For BHs who actually like cars - [what car do you drive every day?]
Replies: 280
Views: 17670

Re: For BHs who actually like cars - [what car do you drive every day?]

I love my truck because it tows my boat well :beer . 2006 Tundra 180k miles. When it dies 10 years from now, I'll buy another Tundra.
by SouthernCPA
Fri Feb 09, 2018 4:52 pm
Forum: Personal Consumer Issues
Topic: Car people: 2014 E63 AMG or 2018 E400 wagon??
Replies: 69
Views: 4007

Re: Car people: 2014 E63 AMG or 2018 E400 wagon??

I adore the concept of a performance european sports wagon but 99% of people on the road will view it as a station wagon period. Seems like a high premium to pay to impress a few automotive cognoscenti. Buying a car to impress people you don't know is a fool's errand. Who cares what everyone else t...
by SouthernCPA
Fri Feb 09, 2018 4:33 pm
Forum: Personal Consumer Issues
Topic: Buying a rental house. Pay cash or mortgage?
Replies: 21
Views: 1791

Re: Buying a rental house. Pay cash or mortgage?

To be clear, this is a favor for your parents, not an investment property. Look up IRS rules on renting to relatives - there are restrictions on deductions and rent rates in that scenario. Generally speaking, the way rentals make money is by leveraging them. Paying cash gives you pretty terrible ret...
by SouthernCPA
Fri Feb 09, 2018 4:29 pm
Forum: Personal Consumer Issues
Topic: Not happy where we live
Replies: 26
Views: 2987

Re: Not happy where we live

Move where you will be happy. Nothing else matters if you are miserable. I couldn't move away from the gulf coast because being away from the water, seafood, fishing, mardi gras culture, etc would make me miserable. You only get so many trips around the sun - money isn't everything.
by SouthernCPA
Fri Jan 26, 2018 2:30 pm
Forum: Personal Consumer Issues
Topic: Your favorite beach vacation destination?
Replies: 64
Views: 5280

Re: Your favorite beach vacation destination?

My wife and I love St. John and have been going the past 5 years, however we may change it up this year due to the hurricane damage. What's your favorite beach destination? I'm looking for some new ideas for a July vacation. I've never tried an all-inclusive so not sure if that's an option we would...
by SouthernCPA
Tue Jan 02, 2018 2:09 pm
Forum: Personal Finance (Not Investing)
Topic: Sold two rental properties - Pay CPA or do taxes myself?
Replies: 7
Views: 467

Re: Sold two rental properties - Pay CPA or do taxes myself?

It's not as simple as 2 out of the last 5 years when it was a rental prior to conversion to a primary residence. You've got to figure out your cost basis at conversion and determine if you have a gain or loss. Hire a CPA. It will save you time and headache.
by SouthernCPA
Tue Jan 02, 2018 12:38 pm
Forum: Personal Finance (Not Investing)
Topic: Sold two rental properties - Pay CPA or do taxes myself?
Replies: 7
Views: 467

Re: Sold two rental properties - Pay CPA or do taxes myself?

I'd hire a CPA to do it this year. Unless you want to spend a bunch of time learning about depreciation recapture, section 121 exclusion rules for a rental converted to a primary residence (cost basis, deprecation recapture, etc all gets a little hairy when converting to primary residence) and calcu...
by SouthernCPA
Thu Dec 21, 2017 4:45 pm
Forum: Personal Finance (Not Investing)
Topic: Accountant fees reasonable?
Replies: 39
Views: 3456

Re: Accountant fees reasonable?

$800 seems pretty high for w2, 1099 and no business expenses. I used to be in tax practice and I'd probably ball park estimate that around $250-300 return, but I also haven't seen everything to conclude that your description is accurate. I got burned by many folks who said "my return is straight for...
by SouthernCPA
Thu Dec 21, 2017 4:33 pm
Forum: Personal Finance (Not Investing)
Topic: Do you include your house in your net worth if you own it outright?
Replies: 89
Views: 6939

Re: Do you include your house in your net worth if you own it outright?

I include it even with a mortgage. It's an asset you own, net of liabilities.
by SouthernCPA
Mon Dec 11, 2017 10:54 am
Forum: Personal Consumer Issues
Topic: How easy is it to minimize tax liability yourself without a CPA/accountant?
Replies: 26
Views: 2852

Re: How easy is it to minimize tax liability yourself without a CPA/accountant?

Generally speaking, it's all situation dependent. Minimizing tax liability has much more to do with long and short term planning than end of the year tax moves and tax preparation. When I was in tax practice, we had clients who wanted us to do miracles when we prepared their returns, but wouldn't ev...
by SouthernCPA
Fri Dec 08, 2017 11:26 am
Forum: Personal Finance (Not Investing)
Topic: CPA: The best profession if you want to make the most money + keep the most money?
Replies: 62
Views: 7261

Re: CPA: The best profession if you want to make the most money + keep the most money?

I'm a CPA that has worked in public practice (tax) and now am in Commercial Real Estate development. The key to making money as a CPA is using the knowledge the CPA provides to leverage that into industry - at least that has been my experience. If you are going to become CPA because you think you're...
by SouthernCPA
Fri Nov 17, 2017 2:53 pm
Forum: Personal Consumer Issues
Topic: Suggestions for 1st week vacation in 2018?
Replies: 21
Views: 1552

Re: Suggestions for 1st week vacation in 2018?

From what I've read, St. Thomas wasn't hit too hard with the hurricane. We go down to St. Thomas/St. John frequently and based on what I'm seeing and have heard from folks down there, it very much got hit hard with Irma. Maria did some flooding as well. St. John just about got destroyed especially ...
by SouthernCPA
Thu Nov 16, 2017 10:40 am
Forum: Personal Consumer Issues
Topic: Flying first class, business, versus economy.
Replies: 184
Views: 18486

Re: Flying first class, business, versus economy.

The topic is really about whether it is worth spending the money to fly first class or business versus economy. I don't think anyone is going to fly economy instead of first class (or private) if your company pays for it. True, when I fly with the company it's either a charter flight or first class...
by SouthernCPA
Wed Nov 15, 2017 10:39 am
Forum: Personal Consumer Issues
Topic: Flying first class, business, versus economy.
Replies: 184
Views: 18486

Re: Flying first class, business, versus economy.

My company has a membership to a charter jet service. Once you fly that way, even first class seems like a pain because of all of the airport headaches. Show up to the private hangar, grab a coffee in the lounge to go and step into the plane and go. The flight leaves when you get there. No security,...
by SouthernCPA
Wed Nov 15, 2017 10:32 am
Forum: Personal Finance (Not Investing)
Topic: Sobering article for my 25 year old self
Replies: 57
Views: 7427

Re: Sobering article for my 25 year old self

In my opinion, this is a horrible idea. First of all, it totally ignores that most people will get Social Security. Second of all, it ignores that many people will get an employer match in their 401k plans. Both of these issues accelerate the time to FI. But most importantly, why save >50% of your ...
by SouthernCPA
Tue Nov 14, 2017 10:12 am
Forum: Personal Consumer Issues
Topic: Looking for a Catamaran
Replies: 21
Views: 1885

Re: Looking for a Catamaran

I grew up on boats and own a power boat (I'm more into offshore fishing than sailing). I always recommend to new potential boaters to make friends with some folks that own boats and have owned them for a while and start going out with them before you buy. Learning how to navigate safely, deal with t...
by SouthernCPA
Fri Aug 25, 2017 11:08 am
Forum: Personal Finance (Not Investing)
Topic: help with picking program to manage budget
Replies: 11
Views: 907

Re: help with picking program to manage budget

CPA here as well. I created a new company file on QB and setup a chart of accounts for my families expenses. I evaluate our spending as if our household is a business of it's own and monitor the balance sheet. It was easier for me to keep the same setup that I use day to day than try and reinvent th...
by SouthernCPA
Tue Jul 11, 2017 9:37 am
Forum: Personal Consumer Issues
Topic: Donation to Church for wedding?
Replies: 27
Views: 2642

Re: Donation to Church for wedding?

We are also Catholic, but we had a full mass wedding at our parish. We weren't required to give anything, but we gave the priest $150 and the church $150. Also, we got gifts for the organist and others who volunteered to make the wedding happen.
by SouthernCPA
Fri Jun 30, 2017 1:30 pm
Forum: Personal Finance (Not Investing)
Topic: Friend from Work & His Failing Business
Replies: 22
Views: 3481

Re: Friend from Work & His Failing Business

He's not even close to bankrupt. His income is high enough to knock it out if he's serious. It's not going to be fun, but it's doable.
by SouthernCPA
Thu Jun 29, 2017 1:43 pm
Forum: Personal Consumer Issues
Topic: How to direct water away from a sloping driveway - French drain or ..
Replies: 13
Views: 2646

Re: How to direct water away from a sloping driveway - French drain or ..

Not sure how your lot slopes, but at our house the lot continues to slope downward in the backyard, but the water was collecting at the 90 degree turn on the driveway where you turned into the garage (under the house - house was on stilts due to hurricane zone/waterfront). Our solution was a french ...
by SouthernCPA
Mon Jun 12, 2017 10:18 am
Forum: Personal Consumer Issues
Topic: Vue/Sling tv users--what do you miss?
Replies: 43
Views: 3902

Re: Vue/Sling tv users--what do you miss?

We cut the cord about 3-4 months ago and have Sling (on a roku) and an antenna. I was really worried I'd miss ATT Uverse, but to be honest with you we haven't at all. I added the sling sports package to watch all the spring college baseball since my team made it to the super regionals and it's been ...
by SouthernCPA
Fri Jun 02, 2017 4:39 pm
Forum: Personal Finance (Not Investing)
Topic: Why does step-up basis apply to estates, but not gifts?
Replies: 29
Views: 2967

Re: Why does step-up basis apply to estates, but not gifts?

I suppose one could make the argument that it makes sense for real estate which can be hard to figure out but maybe not for stocks which are easily tracked by the stockbroker!? I can tell you, even with stock holdings, basis information is not always the easiest thing to determine. I've encountered...
by SouthernCPA
Fri Jun 02, 2017 11:11 am
Forum: Personal Finance (Not Investing)
Topic: Why does step-up basis apply to estates, but not gifts?
Replies: 29
Views: 2967

Re: Why does step-up basis apply to estates, but not gifts?

The whole step up and estate tax regime makes little sense. In Canada there is a deemed disposition at market prices on death (other than to a spouse) and any cap gains tax is paid by the estate. Makes much more sense. Interesting. I'm curious.,,do they go after beneficiaries for unpaid income tax ...
by SouthernCPA
Fri Jun 02, 2017 11:02 am
Forum: Personal Finance (Not Investing)
Topic: Why does step-up basis apply to estates, but not gifts?
Replies: 29
Views: 2967

Re: Why does step-up basis apply to estates, but not gifts?

As a tax practitioner, I am very thankful we have stepped up basis. Attempting to track down and recreate the decedent's cost basis would be quite the task in many situations I've encountered.
by SouthernCPA
Mon May 22, 2017 9:56 am
Forum: Personal Consumer Issues
Topic: Mexican Pacific Beaches
Replies: 52
Views: 5289

Re: Mexican Pacific Beaches

I don't understand the hype with mexico and Caribbean islands There are sharks everywhere, how can you swim in ocean knowing that there can be shark attack any time Not sure if you are serious but, shark attacks are a very low probability and your fear is irrational when compared with the rest of y...
by SouthernCPA
Fri May 19, 2017 2:19 pm
Forum: Personal Consumer Issues
Topic: Cars: Expense or Asset?
Replies: 84
Views: 6420

Re: Cars: Expense or Asset?

I know how to record a vehicle purchase and ongoing expenses based on GAAP or Tax rules. It's an asset on the balance sheet and it incurs ongoing expenses on the income statement. Going back and forth about each others own personal definitions doesn't really mean anything. Treat it how you want to t...
by SouthernCPA
Tue May 16, 2017 4:58 pm
Forum: Personal Consumer Issues
Topic: Do you tip a self-employed person or business owner?
Replies: 34
Views: 25469

Re: Do you tip a self-employed person or business owner?

If they provide good service and I'm happy, I tip. Why would it matter from my perspective if they own it or not? I tip based on service I received, not what he made off the transaction. Many times the "business owners" may actually be losing money if they can't adequately price their service or gen...
by SouthernCPA
Tue May 16, 2017 4:50 pm
Forum: Personal Finance (Not Investing)
Topic: Is it legal to use a first mortgage for an investment property?
Replies: 40
Views: 3024

Re: Is it legal to use a first mortgage for an investment property?

To all the r.e. whizkids: We have a homeowner on our block who bought at the top of the market and a few years ago was entering foreclosure. What he has done is move out to a (cheaper) apartment and rent out the home to three people, thereby enabling him to make his payments. He still picks up his ...
by SouthernCPA
Wed May 10, 2017 2:46 pm
Forum: Personal Consumer Issues
Topic: Travel tips for first time visitors to England and France?
Replies: 55
Views: 5783

Re: Travel tips for first time visitors to England and France?

We went back in 2014 to London and Paris and had a great time. The best piece of advice I can give regarding restaurants is to walk a couple blocks away from the major tourist spots and find authentic food. It's usually much cheaper than right up next to a tourist attraction. In Paris, I would write...
by SouthernCPA
Thu May 04, 2017 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: Starting new job mid-career - What advice to learn from my past?
Replies: 39
Views: 2909

Re: Starting new job mid-career - What advice to learn from my past?

knightrider, You are not helping them. It is your job. It is not a "nice-to-have". It is your duty. I guess I don't see it as my duty to reward incompetence. As the saying goes, "Not all money is good money". Just because someone is a customer, it doesn't mean I have to send the army to fix their i...
by SouthernCPA
Wed May 03, 2017 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: Rental property
Replies: 8
Views: 1308

Re: Rental property

Sell the rental property. They are mostly a headache that don't add value. I've seen many clients make out well on rental properties. It's a long term game though, just like other investing and takes a special personality to do it. OP, before you take this advice to sell it...make sure to consider ...