Search found 673 matches
- Fri Oct 19, 2018 12:08 pm
- Forum: Personal Finance (Not Investing)
- Topic: Depositing Cash if it was gifted?
- Replies: 113
- Views: 9877
Re: Depositing Cash if it was gifted?
Just deposit the money all at once, answer the questions the banker will ask you about where it came from and move on. You and your grandmother have done nothing illegal here and there is nothing to be worried about. Some of you are way too paranoid.
- Thu Oct 18, 2018 10:00 am
- Forum: Personal Investments
- Topic: Spoke with a CFP...underwhelming!
- Replies: 51
- Views: 6586
Re: Spoke with a CFP...underwhelming!
Their job is to help and teach people that don't know much. If you're already an expert, what's the point? Did you just want to point out their supposed errors? Like any profession, some are better than others. I agree. This would be like a self taught guitarists such as John Mayer going to an intermediate guitar lesson instructor and reporting back that he didn't know what he was doing. What is the point other than to make yourself feel good? CFP's may not be a good fit for YOU, but for many others that aren't Boglehead/DIYer's and don't have the interest to be, they provide a valuable service. It doesn't even sound like this CFP was that far off the mark of your own personal investment philosophy (bogleheadish). Also, keep in mind that B...
- Wed Oct 17, 2018 10:46 am
- Forum: Personal Finance (Not Investing)
- Topic: How to avoid exposure from owning rental properties
- Replies: 6
- Views: 754
Re: How to avoid exposure from owning rental properties
You probably cannot get the properties entirely veiled by an LLC *if* you have a mortgage, unless the LLC has enough assets/credit history to have a mortgage issued INSTEAD OF a mortgage in personal names. If properties are "paid off", then that's not a concern. I don't believe a mortgage has any impact on liability protection other than the debt liability in the event of default. I'm not an attorney, so take this with a grain of salt, but in my experience a mortgage loan made to an LLC but with LLC members having personal guarantees on the debt does NOT impact the corporate veil for other forms of liability such as slip and fall, etc. All a personal guarantee does is add additional assets the lender can collect on in the event o...
- Wed Oct 17, 2018 10:29 am
- Forum: Personal Finance (Not Investing)
- Topic: How to avoid exposure from owning rental properties
- Replies: 6
- Views: 754
Re: How to avoid exposure from owning rental properties
You probably cannot get the properties entirely veiled by an LLC *if* you have a mortgage, unless the LLC has enough assets/credit history to have a mortgage issued INSTEAD OF a mortgage in personal names. If properties are "paid off", then that's not a concern. I don't believe a mortgage has any impact on liability protection other than the debt liability in the event of default. I'm not an attorney, so take this with a grain of salt, but in my experience a mortgage loan made to an LLC but with LLC members having personal guarantees on the debt does NOT impact the corporate veil for other forms of liability such as slip and fall, etc. All a personal guarantee does is add additional assets the lender can collect on in the event o...
- Thu Sep 06, 2018 11:20 am
- Forum: Non-US Investing
- Topic: European Rental Property Considerations
- Replies: 8
- Views: 1030
Re: European Rental Property Considerations
Questions: 1. No rental income in 2018 and I understand that I can’t deduct rental losses from my other income. I there a way to carry over some or all of the loss from 2018 to 2019 when rental income is expected? I understand a carry over is possible..will this include travel cost to Europe/TAXes and other cost occurring as part of the purchase? 2. Is filing a schedule E in 2018 required? (I think so in order to record the loss carrying over, not sure) 3. Are there any other considerations or tips one can think of? Disclaimer: I have been out of tax practice since just prior to the Trump tax reform, so some of this may not still be accurate. But in general I'll answer your questions: 1. Costs incurred prior to placing the property in serv...
- Tue Aug 21, 2018 10:54 am
- Forum: Personal Finance (Not Investing)
- Topic: Your major and investing/finance?
- Replies: 99
- Views: 6492
Re: Your major and investing/finance?
The theoretical and mathematical underpinnings of personal finance are so simple (really just arithmetic) that anybody with a grade 8 education can easily grasp them. Way more “common sense” than “theory”. Investment professionals try very hard to convince us differently. I suspect the reason Personal Finance courses are so popular for those not in a Finance Major, relate to them being a very “easy” way to get a credit as well as useful. Now Finance (not personal) is much more complicated from a theory perspective. I know since I have an MBA with a Finance major as well as a CFA and CPA. The hard part of personal finance is certainly not the theory, but the behavioural aspects of actually succeeding at it. I agree 100%. CPA here, majored i...
- Tue Aug 14, 2018 11:40 am
- Forum: Personal Finance (Not Investing)
- Topic: Mid 30s Crisis: Personal budget, savings and goals (2022- 4 year update)
- Replies: 38
- Views: 9471
Re: Mid 30s Crisis: Personal budget, savings and goals
Nice humble brag, OP.
- Mon Aug 13, 2018 4:44 pm
- Forum: Personal Finance (Not Investing)
- Topic: Advice on Joint RE Ownership
- Replies: 5
- Views: 681
Re: Advice on Joint RE Ownership
Mortgage interest can be allocated based on ownership %. This may just be a manual calculation rather than taking what comes on the 1098 at the end of the year. Whether the interest is deductible on Schedule A will depend on the use of the property and each individuals filing situation. If it was me, I'd just set up LLC with operating agreement and issue K1's to allocate interest/property tax at the end of the year. (Assuming this isn't a rental property, most expenses will be non-deductible) Make sure everyone in the deal has as strong of a financial footing as you think they do. If things go south, the banks go after everyone and the "deepest pockets" partner usually gets hit the hardest, regardless of who is on the hook for what.
- Mon Aug 13, 2018 1:46 pm
- Forum: Personal Finance (Not Investing)
- Topic: Can the greedy 'Private Bank' make any money off my index funds?
- Replies: 21
- Views: 3001
Re: Can the greedy 'Private Bank' make any money off my index funds?
Are the additional services and conveniences of the private bank worth enough to you to have to constantly worry about this?
- Tue Aug 07, 2018 2:50 pm
- Forum: Personal Finance (Not Investing)
- Topic: Dear BH, what are non-BH [financial] actions you do?
- Replies: 71
- Views: 6456
Re: Dear BH, what are non-BH actions you do?
It's not about miles per gallon, its about smiles per gallon.HEDGEFUNDIE wrote: ↑Mon Aug 06, 2018 4:43 pm“My boat owns me and I have real estate investments.”
There, I fixed it for you.
- Mon Aug 06, 2018 4:38 pm
- Forum: Personal Finance (Not Investing)
- Topic: Dear BH, what are non-BH [financial] actions you do?
- Replies: 71
- Views: 6456
Re: Dear BH, what are non-BH actions you do?
I own a boat and have real estate investments.
- Wed Jul 25, 2018 3:08 pm
- Forum: Personal Investments
- Topic: Investing with a Developer
- Replies: 48
- Views: 4790
Re: Investing with a Developer
Agree, we have done passive deals before and having no control is the worst part.GibsonL6s wrote: ↑Wed Jul 25, 2018 11:44 am Without going point by point. As I have said in previous threads I do institutional real estate investing. I would never invest passively in another’s real estate deal.
Too many risks and not having control over the investments magnifies all of them. I would stay away.
- Wed Jul 25, 2018 3:07 pm
- Forum: Personal Investments
- Topic: Investing with a Developer
- Replies: 48
- Views: 4790
Re: Investing with a Developer
I'm actually In real estate development and this deal structure is bizarre to me. Let me say this another way to show you how this makes no sense.... The "developer" ultimately is bulk buying land, putting in infrastructure to subdivide lots, then reselling the lots for you to build spec homes on that hopefully you can unload to new homebuyers. His first way to profit off of you is the spread he's got baked into his lot sale price. After you have the lots, you are ultimately paying him to be a General Contractor and manage the Subs to get the homes built. So...ignore the glitz and glam of being invested with a "real estate developer" and boil this down to what you are actually doing. You are putting $1million aside to bu...
- Mon Jul 23, 2018 10:31 am
- Forum: Personal Finance (Not Investing)
- Topic: Real estate partnership
- Replies: 14
- Views: 1398
Re: Real estate partnership
In commercial real estate developments we do, we set up a "distribution waterfall." You usually have a developer doing the work and equity partners (the cash). Something like this could look like: Whatever profit is made on the eventual sale is distributed according to the following waterfall: First, the Equity partner (you) gets a preferred rate of return of say 7% Then, Whoever guaranteed the debt gets a 1% guarantor fee (1% of loan balance) to account for the risk taken by securing the debt (could be you or him, or both) Next, any remaining profit from the sale is split 50/50, 70/30, 60/40 - whatever you decide is fair between yourselves. This is an oversimplified version of how we do development deals for big commercial projec...
- Fri Jul 13, 2018 4:15 pm
- Forum: Personal Finance (Not Investing)
- Topic: New construction: financing fell through, builder won't return deposit/earnest $
- Replies: 43
- Views: 8485
Re: New construction: financing fell through, builder won't return deposit/earnest $
How many cases have you tried? Ever hear of a motion for summary judgment? The above “advice” should be ignored and this is another example of non lawyers offering thoughts and opinions that could greatly damage the financial well being of forum members . 70+ cases filed. One appeal to a federal circuit plus oral argument. Ive also been a lead plaintiff in several class actions. Yes, I have heard of summary judgment and I have personally filed and successfully defended several. How many class actions or federal lawsuits have you had? Any federal appeals work? You have anything constructive to say or do you just want to snipe from the treeline? What’s your theory as to why the OP has a legal claim against the counterparty to the contract? F...
- Thu Jul 12, 2018 1:13 pm
- Forum: Personal Finance (Not Investing)
- Topic: New construction: financing fell through, builder won't return deposit/earnest $
- Replies: 43
- Views: 8485
Re: New construction: financing fell through, builder won't return deposit/earnest $
The way that is worded, it looks to me like it's the seller's preference on if they want to return the deposit + earnest money or not. "Seller may, as Seller's option..."
You might be out of luck on this one.
You might be out of luck on this one.
- Mon Jul 09, 2018 3:47 pm
- Forum: Personal Finance (Not Investing)
- Topic: Borrow for BigLaw Partnership Buy-in?
- Replies: 26
- Views: 7724
Re: Borrow for BigLaw Partnership Buy-in?
The capital contribution never accrues interest. My wife just got hers back after over 20 years--the same amount she put in. That's the business model. OP will not score points by getting crafty and trying to reverse engineer the model. Smectym I understand the capital contribution never accruing "interest." That said, wouldn't the value of your partnership interest go up if the firm has grown and your ownership % has not been diluted? I would assume $150k would buy you X% worth $150k on year 1 and as the firm is more and more successful over the years, your same % (ignoring subsequent additional buyin through distributions,etc) should be worth a lot more since the overall firm is worth more. Why wouldn't that same % be bought ou...
- Mon Jul 09, 2018 3:40 pm
- Forum: Personal Finance (Not Investing)
- Topic: Borrow for BigLaw Partnership Buy-in?
- Replies: 26
- Views: 7724
Re: Borrow for BigLaw Partnership Buy-in?
OP will not score points by getting crafty and trying to reverse engineer the model. Smectym As someone in a professional services firm who's reasonably close to a similar decision, I agree with this. Just part of the process, but I'd focus on the bigger picture for what this means for your career long-term. There should be resources at the firm who can help with logistics, tax considerations, etc. When I was in public accounting, this was similar to how CPA firm partners were admitted. You buy in. Some firms finance it in house for you, others you seek financing by a 3rd party or pay cash for your interest. I work in a commercial real estate development partnership now and it's similar, but just on a deal by deal basis and without all the...
- Tue Jul 03, 2018 4:06 pm
- Forum: Personal Finance (Not Investing)
- Topic: Retirement Destination - are you happy with your choice?
- Replies: 127
- Views: 19787
Re: Retirement Destination - are you happy with your choice?
The concept of up and moving simply due to retirement is an odd one for me to grasp. I try to live where I want to live now, while I am working, have roots in the community, family, friends and we have a great network of people here. Starting over from scratch at retirement sounds exhausting. Obviously some careers have certain limitations and demands geographically, but I've always thought it made more sense to build a career around where I will spend the majority of my working life, rather than have a job dictate where I live. I wonder if this is a generational thing where career dictates location rather than the other way around? I remember my father would move when new job opportunities came up and we'd have to start over as a family wi...
- Tue Jul 03, 2018 10:24 am
- Forum: Personal Finance (Not Investing)
- Topic: Fed survey: 40% of adults cannot cover a $400 emergency expense
- Replies: 48
- Views: 6022
Re: Fed survey: 40% of adults cannot cover a $400 emergency expense
I agree, SQRTSQRT wrote: ↑Tue Jul 03, 2018 8:42 amWouldn’t have thought you would need these kind of stories to do that, but I guess it really does “bring it to life”. I suspect the motivation here is more a sense of smugness though.
- Wed Jun 20, 2018 1:49 pm
- Forum: Personal Consumer Issues
- Topic: "distilled" water for wife's CPAP machine
- Replies: 74
- Views: 7859
Re: "distilled" water for wife's CPAP machine
You and me, both. I don't even know how the cost of distilled water for a CPAP machine would even hit the radar for a cost savings mechansim and enough so to post on a financial/investing forum.
- Wed Jun 13, 2018 1:23 pm
- Forum: Personal Finance (Not Investing)
- Topic: Forbes: Millennials Aren't Having Kids Heres Why That's a Problem for Baby Boomer Real Estate and Retirement
- Replies: 74
- Views: 9010
Re: Forbes: Millennials Aren't Having Kids Heres Why That's a Problem for Baby Boomer Real Estate and Retirement
I suppose that's the risk of planning on house equity to be used as a retirement source. You carry the risk of having an undesirable product that takes a haircut on price as demand shifts. Welcome to real estate investing, Boomers. Stop blaming millennials for inadequate retirement planning. We can't afford to both bail out your personal retirement by paying for houses we don't want in addition to bailing out the failing social security system that your elected officials raided because poor decisions loaded up the government with debt. It's easy to blame the next guy rather than taking ownership. Boomers took a risk by counting on home values to continue to rise and assuming someone would want to buy the same product they would be listing. ...
- Mon May 21, 2018 4:59 pm
- Forum: Personal Finance (Not Investing)
- Topic: Fractional Ownership [Property]
- Replies: 33
- Views: 6050
Re: Fractional Ownership [Property]
Timeshares are great for the developers, but that's about it. I'd either rent and have options each year or fully own the unit myself and have access whenever I wanted (and control of the property).
- Mon May 21, 2018 3:34 pm
- Forum: Personal Finance (Not Investing)
- Topic: Buying a Vacation Rental Property as an Investment
- Replies: 54
- Views: 10022
Re: Buying a Vacation Rental Property as an Investment
When you factor in 25% management fees for local property managers, ever increasing VRBO website listing fees, higher cleaning fees due to short tenant lives of vacation properties, etc I just believe you can find much better and more passive returns in other sectors of real estate if you want RE exposure.
- Fri May 18, 2018 2:50 pm
- Forum: Personal Finance (Not Investing)
- Topic: Surgeon salary vs owning a business salary/profit?
- Replies: 47
- Views: 6637
Re: Surgeon salary vs owning a business salary/profit?
If you're making that much as a CPA, you're probably a Big 4 partner. Aside from high stress in that position, you will have suffered through a career of high stress to even get to that point. Or maybe you could get to that salary level after hanging a shingle and building a business over decades. But you won't roll out of school and make that right away. Not to mention the high stress it'll take to build that business. As others have suggested, you probably need to reconfigure your thought process. I agree, you will have no family or social life to get to that point as a CPA. Also, "owning a business" is all over the spectrum...you could own a real estate development company making millions of dollars per deal (with lots of risk...
- Tue May 15, 2018 11:49 am
- Forum: Personal Investments
- Topic: How can I clear $40-60,000/yr with $1,000,000 cash... Low Risk?
- Replies: 71
- Views: 13453
Re: How can I clear $40-60,000/yr with $1,000,000 cash... Low Risk?
You're either investing to win or investing to "not lose". It sounds like you want to win, but have the risk profile of "not lose." Stay away from Ponzi Schemes, these traits are right up their sales pitch.
Why not just allocate the $1,000,000 based on the proper asset allocation for your risk tolerance/age? Why are you carving out the $1,000,000 and treating it as a separate "bucket." You've already missed a nice run up trying to time the market that would have offset future declines, so clearly timing the market and waiting for the next crash is not the strategy for you. Invest it according to your overall asset allocation strategy and forget about it.
Why not just allocate the $1,000,000 based on the proper asset allocation for your risk tolerance/age? Why are you carving out the $1,000,000 and treating it as a separate "bucket." You've already missed a nice run up trying to time the market that would have offset future declines, so clearly timing the market and waiting for the next crash is not the strategy for you. Invest it according to your overall asset allocation strategy and forget about it.
- Fri May 11, 2018 2:49 pm
- Forum: Personal Consumer Issues
- Topic: Buying a Boat
- Replies: 50
- Views: 7650
Re: Buying a Boat
I live on the gulf coast and have always had or had access to a boat. I bought my current boat 3 years ago and use it as often as possible. In the summer this is nearly every weekend. It's really a lifestyle. We fish, go to islands/sandbars, cruise to dinner/bars on the water. We enjoy entertaining our friends on it as well. If you can afford it and truly love the water, do it. Some folks are "boat people" and some aren't. Mine is a 22 foot center console with a 200hp Yamaha 4 stroke. It has served me well and maintenance is minimal because I keep it on a trailer and not in a slip (I live 2 miles from the marina). If you're running in saltwater, flush the engines after every trip and give it a good wash to get the salt off everyth...
- Wed Apr 18, 2018 9:57 am
- Forum: Personal Investments
- Topic: I want to pay off my mortgage. Am I crazy?
- Replies: 54
- Views: 8956
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 then, the payment is $2019 a month. I retired three years ago. My monthly budget is $17,500 a month. I find that I can easily make the $2019 payment, and my thinking is that if I paid the mortgage off early I'd have $1.6 million (at least) of my net worth tied into my house and that that's too much. I'd rather keep investing the money elsewhere and remain more liquid. I for one think there is such a thing as good debt. Once the interest rate adju...
- Tue Apr 17, 2018 10:51 am
- Forum: Personal Finance (Not Investing)
- Topic: Rentals and Security Deposits
- Replies: 21
- Views: 2484
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 is returned until the lease is up and the inspection has been completed. Any other alternate arrangement can be worked out among the rooomates. If one moves out at renewal, do an assessment at that point and determine how much of the deposit will be returned and have a new lease signed with new tenants names on it and a "fresh" security deposit related to that lease.
- Fri Mar 23, 2018 4:04 pm
- Forum: Personal Finance (Not Investing)
- Topic: Losing friends/family when wealthy
- Replies: 118
- Views: 15349
Re: Losing friends/family when wealthy
This is 100% true and a great reminder that not all important things can be measured on a balance sheet.VictoriaF wrote: ↑Thu Mar 22, 2018 4:22 pm 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 don't have common stories and adventures.
If you don't shop where your friends shop, you don't share tips and disappointments.
You have to participate in some of your friends activities, or make new friends whose goals and lifestyle are similar to yours.
Victoria
- Fri Mar 23, 2018 3:58 pm
- Forum: Personal Finance (Not Investing)
- Topic: Losing friends/family when wealthy
- Replies: 118
- Views: 15349
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 were able...never extravagantly... two children that are very smart, talented, and well adjusted....increasingly more generous with others...? Yeah, I don't think its your "money." You say you live modestly, drive average cars, etc...not sure what they'd be "jealous" of based on that description. Describing your kids as "very smart, talented, well adjusted" and saying you're "increasingly more generous with other...
- Fri Mar 23, 2018 3:00 pm
- Forum: Personal Consumer Issues
- Topic: Your favorite Florida beach??
- Replies: 52
- Views: 7578
Re: Your favorite Florida beach??
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 from me, but the crowds have gotten so bad in the summer and the traffic can be a nightmare. Recently we've started going to Orange Beach/Perdido Key area more than Destin.
If you don't need a ton of bars, head east of Destin to Watercolor, Seaside, 30A areas.
- Mon Mar 19, 2018 4:45 pm
- Forum: Personal Consumer Issues
- Topic: What is your favorite reasonably priced bourbon?
- Replies: 362
- Views: 53963
Re: What is your favorite reasonably priced bourbon?
Evan Williams....reminds me of my college days....KSOC wrote: ↑Mon Mar 12, 2018 5:17 amSwitched to Evan Williams from Jim Beam. Very nice bourbon at great price. I will drink it with regular seltzer, lime seltzer, but usually Coke Zero.destinationnc wrote: ↑Sun Sep 24, 2017 8:31 pmSurprised 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 asked for reasonably pried bourbon and this is probably your best value.
- Mon Mar 19, 2018 4:43 pm
- Forum: Personal Consumer Issues
- Topic: What is your favorite reasonably priced bourbon?
- Replies: 362
- Views: 53963
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.
- Mon Mar 19, 2018 4:38 pm
- Forum: Personal Consumer Issues
- Topic: Least Expensive Way to Comprehensively Learn Law
- Replies: 22
- Views: 2231
Re: Least Expensive Way to Comprehensively Learn Law
You and I have very different definitions of "fun."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.
- Mon Mar 12, 2018 3:06 pm
- Forum: Personal Consumer Issues
- Topic: traveling to mexico, should I be concerned?
- Replies: 107
- Views: 13178
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...
- Thu Mar 08, 2018 8:44 pm
- Forum: Personal Consumer Issues
- Topic: Replacing vanities?
- Replies: 21
- Views: 2642
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. Keep that in mind when you are shopping for vanities and take measurements to get an idea of how it will all fit. I was thankful for flexible extensions to connect the P trap to the sink once I discovered that little hiccup.... I don't know where you live, but where I live those flexible extensions are not up to code. They sell them at the local Home Depot, but that doesn't mean they are up to code. Correct. They aren’t up to code here either....
- Thu Mar 08, 2018 1:56 pm
- Forum: Personal Consumer Issues
- Topic: Is this too much for a kitchen?
- Replies: 69
- Views: 10717
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 investment deal, $45k in a $215kish house is a lot, but it's not an investment deal - it is your home. If you can afford it and plan on staying there for a long time, go for it. I'd hate to spend 15+ years in a house with a kitchen I did not like because someone on bogleheads said the % is too high for your house. Being happy with your kitchen and living there and seeing it everyday for 15+ years has a lot more weight than purely what % it was on ...
- Thu Mar 08, 2018 1:46 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: 892
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 misc (returned attorney fees) this year. Because if I disclose 1099 misc, then my tax bill is double of the tax deduction or savings I gained in previous years. It will be cheaper for me just to pay back the tax I saved in previous years because of the deduction. Is there anyway I can do this reversal of deduction in intuit. Thanks in advance. Your situation is known as “recoveries” and it is relatively common even though the recoveries may be fr...
- Thu Mar 08, 2018 1:29 pm
- Forum: Personal Consumer Issues
- Topic: Replacing vanities?
- Replies: 21
- Views: 2642
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. Keep that in mind when you are shopping for vanities and take measurements to get an idea of how it will all fit. I was thankful for flexible extensions to connect the P trap to the sink once I discovered that little hiccup....
- Thu Mar 08, 2018 1:25 pm
- Forum: Personal Consumer Issues
- Topic: food safety after power outage
- Replies: 26
- Views: 3130
Re: food safety after power outage
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, but before I had that...if it was questionable, I just threw it away. I'd be willing to lose a few thousand dollars of food to not go through food poisoning again (been there done that). It is not fun!
- Wed Feb 28, 2018 10:27 am
- Forum: Personal Finance (Not Investing)
- Topic: Will my lax approach to record keeping fly in an audit?
- Replies: 40
- Views: 5130
Re: Will my lax approach to record keeping fly in an audit?
I saw this happen before in my past life as a tax CPA too. Either you have the mileage log or you don't. If you don't, the IRS disallows the deduction, adjusts your tax liability and adds penalty & interest.knightrider wrote: ↑Wed Feb 28, 2018 9:15 amI am guessing there is more to the story. All insurance agents drive a lot. I am sure he could show documented client visits to demonstrate he drives 30k/year..fishmonger wrote: ↑Wed Feb 28, 2018 8:56 am 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.
- Tue Feb 27, 2018 4:07 pm
- Forum: Personal Finance (Not Investing)
- Topic: # X Gross = Home price?
- Replies: 81
- Views: 8710
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.
- Thu Feb 22, 2018 2:16 pm
- Forum: Personal Consumer Issues
- Topic: Florida in the summer [thinking about moving there]
- Replies: 132
- Views: 18862
Re: Florida in the summer
Yes, you will become an amateur meteorologist during hurricane season. Pro tip: you don't need to start worrying until they send Jim Cantore to your area....ebabin wrote: ↑Sun Jan 18, 2015 9:24 pmAdding to fear mongering: don't forget the gators, coral snakes and hurricanes. Palm trees, and rum runners help mask the fear.Toons wrote:four7s wrote: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
- Thu Feb 22, 2018 2:02 pm
- Forum: Personal Consumer Issues
- Topic: Bogleheads with $100K+ MSRP cars?
- Replies: 146
- Views: 24014
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 Challenger I was concerned almost everywhere I went. Yep. I have Ferraris (just the cheap ones:)) street parked in SF and nobody really notices. Some other parts of the country people look at you when you show up in a BMW 3 series. Funny enough you could drive a pickup with a 30k+ higher MSRP and nobody would care. And obviously some people love the attention so it is a plus. Here on the gulf coast if you had a Ferrari you would stick out. Even if it was...
- Fri Feb 09, 2018 4:03 pm
- Forum: Investing - Theory, News & General
- Topic: U.S. stocks in free fall
- Replies: 36221
- Views: 4653409
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 course because a little squall isn't going to sink the ship.
I'm staying the course because a little squall isn't going to sink the ship.
- Fri Feb 09, 2018 3:56 pm
- Forum: Personal Consumer Issues
- Topic: For BHs who actually like cars - [what car do you drive every day?]
- Replies: 280
- Views: 28832
Re: For BHs who actually like cars - [what car do you drive every day?]
I love my truck because it tows my boat well . 2006 Tundra 180k miles. When it dies 10 years from now, I'll buy another Tundra.
- Fri Feb 09, 2018 3:52 pm
- Forum: Personal Consumer Issues
- Topic: Car people: 2014 E63 AMG or 2018 E400 wagon??
- Replies: 69
- Views: 8500
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 thinks? +1 If you want to take pride in a vehicle and your driving get a Corolla manual 6-speed. It'll last forever with easy maintenance and you'll be connected with your driving experience far beyond any luxo coupe or wagon. I'm not even a car guy, but come on a corolla isn't even close to an AMG in terms of fun. I'd personally rather drive an old pickup truck so I can have more money in my boat fund and most "car guys" get on my nerve...
- Fri Feb 09, 2018 3:33 pm
- Forum: Personal Consumer Issues
- Topic: Buying a rental house. Pay cash or mortgage?
- Replies: 21
- Views: 2912
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 return when you compare the hassle to say buying an index fund. Leveraging rentals is the way to make them work out well investment wise, but the leverage multiplier cuts both ways in the event of vacancies other emergencies. It's all about risk tolerance/management.
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 return when you compare the hassle to say buying an index fund. Leveraging rentals is the way to make them work out well investment wise, but the leverage multiplier cuts both ways in the event of vacancies other emergencies. It's all about risk tolerance/management.
- Fri Feb 09, 2018 3:29 pm
- Forum: Personal Consumer Issues
- Topic: Not happy where we live
- Replies: 26
- Views: 4249
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.