Search found 65 matches

by Lucky2Invest
Sat Dec 12, 2020 9:02 pm
Forum: Personal Investments
Topic: Harvest just enough LT Gains, Pay $0 Federal Tax
Replies: 6
Views: 1045

Re: Harvest just enough LT Gains, Pay $0 Federal Tax

Can someone link that great tax calculator that shows where all the tax is coming from with the numbers that are input?
by Lucky2Invest
Thu Dec 10, 2020 2:13 pm
Forum: Personal Finance (Not Investing)
Topic: Wash Sale? 30 Day Rule....
Replies: 2
Views: 273

Wash Sale? 30 Day Rule....

I can't seem to find the rule on this....I have some very large capital gains this year that I would like to offset with a loss on a specific stock (stock A). BUT I purchased more of the stock on Dec 2, so I'm worried I won't be able to take the loss this year as 30 days from last purchase would tak...
by Lucky2Invest
Thu Dec 10, 2020 2:05 pm
Forum: Personal Finance (Not Investing)
Topic: Minimize Estate Tax AFTER Exemption Levels Reached
Replies: 25
Views: 1274

Re: Minimize Estate Tax AFTER Exemption Levels Reached

Can you do a 1 year GRAT? I seem to see 2 yr is the minimum. If you can do a 1YR Grat it seems this would be a very good and "simple" solution that you could just do year after year after year...There is no downside, just legal fees...right?
by Lucky2Invest
Thu Dec 03, 2020 12:29 pm
Forum: Personal Finance (Not Investing)
Topic: Minimize Estate Tax AFTER Exemption Levels Reached
Replies: 25
Views: 1274

Re: Minimize Estate Tax AFTER Exemption Levels Reached

Short term rolling Grats can (in theory) remove a surprising amount from an estate when markets are volatile, due to their asymmetric behavior with gains and losses. I’ve never tried it so i don’t know if there are any gotchas. If you lock assets up in partnerships you can value them below market v...
by Lucky2Invest
Thu Dec 03, 2020 12:00 pm
Forum: Personal Finance (Not Investing)
Topic: Minimize Estate Tax AFTER Exemption Levels Reached
Replies: 25
Views: 1274

Re: Minimize Estate Tax AFTER Exemption Levels Reached

Short term rolling Grats can (in theory) remove a surprising amount from an estate when markets are volatile, due to their asymmetric behavior with gains and losses. I’ve never tried it so i don’t know if there are any gotchas. If you lock assets up in partnerships you can value them below market v...
by Lucky2Invest
Thu Dec 03, 2020 11:20 am
Forum: Personal Finance (Not Investing)
Topic: Minimize Estate Tax AFTER Exemption Levels Reached
Replies: 25
Views: 1274

Re: Minimize Estate Tax AFTER Exemption Levels Reached

Short term rolling Grats can (in theory) remove a surprising amount from an estate when markets are volatile, due to their asymmetric behavior with gains and losses. I’ve never tried it so i don’t know if there are any gotchas. If you lock assets up in partnerships you can value them below market v...
by Lucky2Invest
Thu Dec 03, 2020 11:10 am
Forum: Personal Finance (Not Investing)
Topic: Minimize Estate Tax AFTER Exemption Levels Reached
Replies: 25
Views: 1274

Re: Minimize Estate Tax AFTER Exemption Levels Reached

Gill wrote: Wed Dec 02, 2020 9:41 pm Don’t they need to keep this to live on or is that not necessary?
Gill
There is a pension that takes care of most of this. Maybe a small amount needed to live off but still a large chunk of change...
by Lucky2Invest
Wed Dec 02, 2020 9:10 pm
Forum: Personal Finance (Not Investing)
Topic: Minimize Estate Tax AFTER Exemption Levels Reached
Replies: 25
Views: 1274

Minimize Estate Tax AFTER Exemption Levels Reached

Long story short my parents have used up their lifetime estate tax exemptions ($22M) through various trusts. There remains in excess of $7M in low cost stock that would be taxed at 40% if they passed today. Is there anything that can be done here to get money out of the estate or lower the appraised...
by Lucky2Invest
Sun Nov 08, 2020 5:57 pm
Forum: Personal Finance (Not Investing)
Topic: Share your net worth progression
Replies: 2475
Views: 564108

Re: Share your net worth progression

age 46, single wage earner, married , kids 7,7,10. Wages averaged over time so did entered into the timeframe). All dates are beginning of the year. Includes a home worth $300k. All of these are net of taxes. 01/2000 - $0 01/2005 - $60k ( Wage Averaged between 65k to 100k) 01/2008 - $125k 01/2009 -...
by Lucky2Invest
Fri Oct 30, 2020 1:40 pm
Forum: Personal Finance (Not Investing)
Topic: My LenderFi refinance is going well
Replies: 1751
Views: 162802

Re: My LenderFi refinance is going well

I locked my rate with LenderFi on the first 2 days of October after sending all the information they requested. Now I haven't heard anything since....I called and they said to wait for an email....Is this common? Almost a month of no contact?
by Lucky2Invest
Fri Oct 30, 2020 12:52 pm
Forum: Personal Finance (Not Investing)
Topic: Landlords: How are you doing this year?
Replies: 159
Views: 20126

Re: Landlords: How are you doing this year?

Large Metro Area... Had 2 long term tenants who were month to month, in studios, move out September 31. Both sat empty until I dropped rent from 1600 to 1400. New tenants both had less than stellar credit but at that point I took whatever I could get... Had 1 tenant in a large duplex with a big yard...
by Lucky2Invest
Wed Oct 28, 2020 1:15 pm
Forum: Personal Finance (Not Investing)
Topic: Possible to Pass On Irrevocable Trust to Children?
Replies: 21
Views: 1280

Re: Possible to Pass On Irrevocable Trust to Children?

If you "disclaim" everything, that would be like you died. What does the trust say about what would then happen to your share? Even if you figure that out, you should still see a lawyer to confirm and see if there are other options. It says... "if should die....Trustee shall distribu...
by Lucky2Invest
Wed Oct 28, 2020 1:10 pm
Forum: Personal Finance (Not Investing)
Topic: Possible to Pass On Irrevocable Trust to Children?
Replies: 21
Views: 1280

Re: Possible to Pass On Irrevocable Trust to Children?

OP, looking back over a few of your posts, it appears you are 34 years of age. It also appears that in 2014, at age 28 your received a gift of $5 million. Is this trust in addition to that gift and are you sure you're willing to part with signnificant assets at your age when you could easily live 6...
by Lucky2Invest
Tue Oct 27, 2020 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Possible to Pass On Irrevocable Trust to Children?
Replies: 21
Views: 1280

Possible to Pass On Irrevocable Trust to Children?

My parent's created an Irrevocable Trust for me 22 years ago. I have never taken ANY distributions and the assets (stocks) have grown to about 2.5M. I am wondering if it is possible to "pass this on" to my children NOW without it hitting my estate. I have other assets that I believe will p...
by Lucky2Invest
Mon Sep 14, 2020 10:29 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10050
Views: 710168

Re: Refinance Mega Thread

Has anyone had any luck with Interest Only refinance on a Jumbo? I keep hearing "because 30 and 15 yr's are so low we aren't offering ARM's at the moment"....
by Lucky2Invest
Fri Aug 21, 2020 10:53 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard vs Fido vs Schwab as corporate trustee
Replies: 30
Views: 1946

Re: Vanguard vs Fido vs Schwab as corporate trustee

I didn’t think you could use Vanguard as trustee if you had real estate...I could be wrong. In any case...I went through this a couple years ago searching high and low for a corporate trustee. We ended up not using a corporate trustee as our situation was quite unique. But Schwab was our favorite an...
by Lucky2Invest
Thu Aug 13, 2020 5:06 pm
Forum: Personal Finance (Not Investing)
Topic: Financially Independent young - why not retire?
Replies: 42
Views: 5913

Re: Financially Independent young - why not retire?

Property Tax Exempt? Just curious, how does the Property Tax Exemption work? Are you exempt from paying all of it forever, no matter where you move? Don't get me wrong, you and all veterans deserve that and more, I just didn't know this and think it's cool. Are you pretty high up to receive that ben...
by Lucky2Invest
Sat Jul 25, 2020 10:38 pm
Forum: Personal Investments
Topic: $600k to invest in real estate, pay cash or leverage?
Replies: 8
Views: 1022

Re: $600k to invest in real estate, pay cash or leverage?

If there isn’t a time issue why not wait and see how this all shakes out? Unless you are going to lowball several properties and get them for 20% off list price, I would recommend waiting. If this gets a lot worse, you will be kicking yourself for buying a property you can’t rent out. On that same t...
by Lucky2Invest
Sat Jul 25, 2020 9:27 pm
Forum: Personal Investments
Topic: $600k to invest in real estate, pay cash or leverage?
Replies: 8
Views: 1022

Re: $600k to invest in real estate, pay cash or leverage?

You will always do better with more leverage assuming not “too much leverage”. If it must be real estate can you do 50% Loan to Value? This will keep you safe if things go south due to Covid/2nd wave, while still allowing you some leverage. You should use the current environment to you advantage. If...
by Lucky2Invest
Fri Jul 24, 2020 11:15 pm
Forum: Personal Finance (Not Investing)
Topic: State Tax Payment (Virginia) - Significant Penalty
Replies: 3
Views: 711

Re: State Tax Payment - Significant Penalty

I get these letters/notices too many times. I have several LLCs and always seem to forget to file certain state paperwork or pay certain taxes on time. I have NEVER had to pay the crazy penalty they put in the letter. They do make me pay the interest. The key is to call and talk to someone. Everyone...
by Lucky2Invest
Thu Jul 16, 2020 11:53 am
Forum: Personal Finance (Not Investing)
Topic: Loan to a Friend - was it done right?
Replies: 16
Views: 1504

Re: Loan to a Friend - was it done right?

That’s how I’ve always (twice) done it. You declare the yearly interest received in the year it was received. I never declared/documented the principal on any tax forms. Just made sure I had the signed documents with dates in case the irs ever came knocking.
by Lucky2Invest
Thu Jul 16, 2020 11:37 am
Forum: Personal Investments
Topic: Interest Rate Arbitrage: .5% Margin Rate
Replies: 7
Views: 388

Re: Interest Rate Arbitrage: .5% Margin Rate

I see some 1 Yr Cd's and Online Savings Accounts at 1.1%. That would give me a guaranteed .6%. Would it? What is the chance that the margin rate would increase? What is the chance above 1.1% CD rate? This is a classic lend-long borrow-short play. Normally is pays out nicely. After all, this is basi...
by Lucky2Invest
Thu Jul 16, 2020 11:00 am
Forum: Personal Investments
Topic: Interest Rate Arbitrage: .5% Margin Rate
Replies: 7
Views: 388

Interest Rate Arbitrage: .5% Margin Rate

Looking for some options here... I'm currently able to borrow on margin at .5%. I would never ask a Boglehead about investing in the stock market on margin, but I'm wondering if there is a safe way to take advantage of these once in a lifetime rates. I would plan on keeping my borrowing below 10% of...
by Lucky2Invest
Tue Jun 30, 2020 4:11 pm
Forum: Personal Consumer Issues
Topic: YoutubeTV subscription now $64.99/month
Replies: 174
Views: 17802

Re: YoutubeTV subscription now $64.99/month

You all know you can share this subscription with two family members or friends? So it’s really only $20 per month each person. Just can’t have more than 3 devices logged in at once
by Lucky2Invest
Thu May 07, 2020 7:19 pm
Forum: Personal Finance (Not Investing)
Topic: Trying to lower tax on short term capital gains. Do conservation easements work?
Replies: 137
Views: 9563

Re: Trying to lower $800k tax on short term capital gains. Do conservation easements work?

Repeated advice? I’m answering questions he is asking and have repeatedly said to ask a lawyer. I have no dog in the fight. I have said it’s going to be difficult but again, for $800k its certainly worth looking into. The title says $800k tax so I assume that’s the actual tax and not the number he’s...
by Lucky2Invest
Thu May 07, 2020 6:34 pm
Forum: Personal Finance (Not Investing)
Topic: Trying to lower tax on short term capital gains. Do conservation easements work?
Replies: 137
Views: 9563

Re: Trying to lower $800k tax on short term capital gains. Do conservation easements work?

I was going off $800k in short term cap gains tax. But if it’s a gain of $800k and STCG on that it really doesn’t change the strategy here. It’s still a significant amount of money. The problem I see is it’s going to be difficult to do 750 hrs of work by the end of the year by the time he closes on ...
by Lucky2Invest
Thu May 07, 2020 4:33 pm
Forum: Personal Finance (Not Investing)
Topic: Trying to lower tax on short term capital gains. Do conservation easements work?
Replies: 137
Views: 9563

Re: Trying to lower $800k tax on short term capital gains. Do conservation easements work?

I don't pretend to know enough to take my word for thism so please find a good lawyer, AS I AM ABOUT TO ALSO, who can help you with this. You don't need a RE license. Read the link below with more information. I was wrong... it's actually 750 not 850 hours. This includes management, acquisition, con...
by Lucky2Invest
Thu May 07, 2020 12:57 pm
Forum: Personal Finance (Not Investing)
Topic: Trying to lower tax on short term capital gains. Do conservation easements work?
Replies: 137
Views: 9563

Re: Trying to lower $800k tax on short term capital gains. Do conservation easements work?

I am in same boat except not as much of a gain unfortunately...here is my plan I will be bringing my tax accountant. Purchase investment property. In your case buy a $2MM property ASAP and use ACCELERATED DEPRECIATION to maximize losses. You could use a time frame of 3 years so theoretically you co...
by Lucky2Invest
Thu May 07, 2020 8:59 am
Forum: Personal Finance (Not Investing)
Topic: Trying to lower tax on short term capital gains. Do conservation easements work?
Replies: 137
Views: 9563

Re: Trying to lower $800k tax on short term capital gains. Do conservation easements work?

I am in same boat except not as much of a gain unfortunately...here is my plan I will be bringing my tax accountant. Purchase investment property. In your case buy a $2MM property ASAP and use ACCELERATED DEPRECIATION to maximize losses. You could use a time frame of 3 years so theoretically you co...
by Lucky2Invest
Wed May 06, 2020 12:04 pm
Forum: Personal Finance (Not Investing)
Topic: Trying to lower tax on short term capital gains. Do conservation easements work?
Replies: 137
Views: 9563

Re: Trying to lower $800k tax on short term capital gains. Do conservation easements work?

I am in same boat except not as much of a gain unfortunately...here is my plan I will be bringing my tax accountant. Purchase investment property. In your case buy a $2MM property ASAP and use ACCELERATED DEPRECIATION to maximize losses. You could use a time frame of 3 years so theoretically you cou...
by Lucky2Invest
Sat Jan 25, 2020 1:06 pm
Forum: Personal Finance (Not Investing)
Topic: State Estate Tax consequences moving grandpa
Replies: 3
Views: 584

State Estate Tax consequences moving grandpa

I’m curious how this works. Grandma and Grandpa live in Florida. They will be subject to the federal estate tax as large estate. Obviously no state Estate Tax as they live in Florida. Grandma is sick and probably doesn’t have much time left. The plans are to move Grandpa to upstate NY when she passe...
by Lucky2Invest
Mon Jan 20, 2020 12:09 pm
Forum: Personal Investments
Topic: State capital gains tax after mid-year move
Replies: 5
Views: 386

Re: State capital gains tax after mid-year move

I’m not sure the exact rule but when I was in similar situation my attorney instructed me to get driver license, change mailing address and voting registration right away. Then if possible wait 6 months and you should have firmly established residency.
by Lucky2Invest
Wed Dec 25, 2019 5:29 pm
Forum: Personal Finance (Not Investing)
Topic: Goodbye USAA
Replies: 72
Views: 9701

Re: Goodbye USAA

Cut by 63% or to 63% of what you were paying with USAA? Of course even the latter is a lot of money saved. And I agree, there's no particular reason to be loyal to any company, at least any big corporation (Vanguard and USAA are big corporations even if their ads want us to make warm and fuzzy abou...
by Lucky2Invest
Wed Dec 25, 2019 1:15 pm
Forum: Personal Finance (Not Investing)
Topic: Goodbye USAA
Replies: 72
Views: 9701

Goodbye USAA

I have always heard how lucky I was to qualify for USAA. “They are the best” “They offer the best rates”... After reading a thread on here I decided to see what else is out there. I admit I haven’t paid much attention to my bill as I autopay but I did notice my yearly bill this year was incredibly e...
by Lucky2Invest
Wed Dec 18, 2019 1:09 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401K Intuit Payroll: When do Deductions Occur?
Replies: 1
Views: 163

Solo 401K Intuit Payroll: When do Deductions Occur?

I am a Single Owner LLC taxes as S Corp. I do all my payroll through Intuit Payroll. I have taken the Maximum $19,000 Employee Contribution and a $6,000 Employer Contribution. I notice in the paychecks I am still paying Income Tax both Federal and State. Maybe I just didn't pay attention in the past...
by Lucky2Invest
Wed Dec 11, 2019 11:52 pm
Forum: Personal Investments
Topic: Cost Basis Adjustment: Does This Auto Flag IRS?
Replies: 10
Views: 991

Re: Cost Basis Adjustment: Does This Auto Flag IRS?

whodidntante wrote: Wed Dec 11, 2019 11:36 pm I got audited this year. It was not a big deal. It helps if you're right, and can demonstrate it. It took me a couple of hours to respond including research.
Did they audit your cost basis or something else? Did they challenge or even respond after your response?
by Lucky2Invest
Wed Dec 11, 2019 11:17 pm
Forum: Personal Investments
Topic: Cost Basis Adjustment: Does This Auto Flag IRS?
Replies: 10
Views: 991

Re: Cost Basis Adjustment: Does This Auto Flag IRS?

(But I did have the needed documentation if audited.) True for non-covered shares whether an amendment or original return. OP - for most of history, taxpayers have been reporting cost basis on their returns and the IRS has had no direct method to verify it. That is, it has always been essentially t...
by Lucky2Invest
Wed Dec 11, 2019 4:07 pm
Forum: Personal Investments
Topic: Cost Basis Adjustment: Does This Auto Flag IRS?
Replies: 10
Views: 991

Cost Basis Adjustment: Does This Auto Flag IRS?

I have transferred my assets from one brokerage to another and now this year to another. Each time it seems the original cost basis of most of the stocks are NOT transferred over, more so for the older stocks I’ve held for 10 plus years. It shows a cost basis of zero but Schwab, Etrade let you “adju...
by Lucky2Invest
Fri Oct 18, 2019 3:26 pm
Forum: Personal Investments
Topic: Leveraging Investment with Pledged Asset Loan
Replies: 48
Views: 3138

Re: Leveraging Investment with Pledged Asset Loan

You will get eaten alive here for even suggesting this. But given your circumstances (FIRE) why do anything even remotely risky? If you really want to go this route isn’t there a leveraged etf that would give similar results without the 3-4.5% loan?
by Lucky2Invest
Sun Oct 13, 2019 3:41 pm
Forum: Personal Investments
Topic: How to Invest in Friends Private Business
Replies: 19
Views: 1318

Re: How to Invest in Friends Private Business

Not true at all. I said my friend would pay the taxes and then pay himself back before giving me the profits. There was no fraud intended. I was simply asking people’s opinion if it was doable. I can see that this is the wrong place to ask such a question so I will just consult with my lawyer.
by Lucky2Invest
Sun Oct 13, 2019 1:56 pm
Forum: Personal Investments
Topic: How to Invest in Friends Private Business
Replies: 19
Views: 1318

Re: How to Invest in Friends Private Business

Thanks for the comments so far. Again this is a solid investment for me. It meets my risk appetite.

My question has to do with the irs and how the transferring of money would work in their eyes. Any ideas?
by Lucky2Invest
Sun Oct 13, 2019 1:31 pm
Forum: Personal Investments
Topic: How to Invest in Friends Private Business
Replies: 19
Views: 1318

How to Invest in Friends Private Business

Hey All I’m a bit confused on the best way to go about this. My best friends private company offers company stock which has paid a 13-15% dividend every year for the last 19 years. I finally convinced him to buy some for me during the next buying period...December. Now we are wondering how we go abo...
by Lucky2Invest
Wed Oct 09, 2019 10:45 pm
Forum: Personal Finance (Not Investing)
Topic: Strategic Way to take Bonus to minimize Taxes?
Replies: 5
Views: 593

Re: Strategic Way to take Bonus to minimize Taxes?

I’m an independent contractor with a solo 401k. They won’t match my contributions. I’m already maxing my Solo401k. I’m a contractor so not offered the companies 401k
by Lucky2Invest
Wed Oct 09, 2019 10:25 pm
Forum: Personal Finance (Not Investing)
Topic: Strategic Way to take Bonus to minimize Taxes?
Replies: 5
Views: 593

Strategic Way to take Bonus to minimize Taxes?

Hi everyone. I’m a contractor (single member llc)for a large, not quite Fortune500 company. I have worked there for 10 years and make a salary. 3 years ago they started a bonus program to offer additional incentive. They have deferred the bonus for 3 years until I tell them how I want to receive it....
by Lucky2Invest
Fri Jun 28, 2019 7:28 pm
Forum: Personal Finance (Not Investing)
Topic: Relationship mortgage discounts for moving a million assets
Replies: 734
Views: 113563

Re: Relationship mortgage discounts for moving a million assets

This thread is going to save me hundreds of thousands of dollars. I had never heard or even thought such a thing existed. So thank you. Question: is this a one time thing for transferring money or does it continue as long as you have the money at the institution? If i transferred money could I get a...
by Lucky2Invest
Fri Jun 14, 2019 10:46 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need "Professional Trustee?"
Replies: 46
Views: 4249

Re: Do I need "Professional Trustee?"

If the two of you are the trustees for each other, there could be a risk that the IRS could say that it's reciprocal. Marty Shenkman and I wrote an article on reciprocal trusts in the April 2012 issue of Trusts & Estates that discusses that concept in detail: https://www.kkwc.com/wp-content/upl...
by Lucky2Invest
Fri Jun 14, 2019 4:57 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need "Professional Trustee?"
Replies: 46
Views: 4249

Do I need "Professional Trustee?"

Hey Everyone My parents have asked me and my twin sister to serve as trustees for their Dynasty trust. In the first meeting with the lawyer, she (lawyer) told us that she would be the 3rd trustee and would take a 1.25% fee of the assets per year. After research this seems pretty standard. The trust ...
by Lucky2Invest
Sat Dec 02, 2017 2:07 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard Website ISSUES
Replies: 2
Views: 603

Vanguard Website ISSUES

Let me start by saying I love everything Vanguard stands for but I am having a very tough time with their website. I have a solo 401k set up which I access through the Vanguard Small Biz website. That website is very limited, they instruct you to access the personal investor side of the Vanguard web...
by Lucky2Invest
Wed Nov 08, 2017 9:36 pm
Forum: Personal Consumer Issues
Topic: what pickup truck
Replies: 65
Views: 7723

Re: what pickup truck

What pickup truck do you recommend and why? Are the new eco-boost 6 cyl. with twin turbos by Ford reliable? Whymcan't the Tundra 5.7 L get better gas mileage? Has Ford and Ram cured their electronic issues? Are GMC and Chevrolet pickups that bad to be poorly rated by Consumer Reports driver satisfa...
by Lucky2Invest
Thu Sep 21, 2017 12:17 am
Forum: Personal Consumer Issues
Topic: replace freon???
Replies: 17
Views: 1742

Re: replace freon???

You can buy a new, sealed 25lb jug of Freon on Ebay for $132. Then pay the HVAC pro an hour labor to install it. Installation is not a DIY effort. But the OP says his unit is R-410a. I suspect that what you call "Freon" is actually R-22, which is pure CHClF2. R-410A is a blend containing ...