Search found 387 matches

by newbie001
Fri Dec 29, 2017 1:52 am
Forum: Personal Finance (Not Investing)
Topic: Maxing out 401k with purely after-tax contributions?
Replies: 5
Views: 840

Maxing out 401k with purely after-tax contributions?

I have a strange question. Suppose someone with a salary of 60K has access to a 401k plan through their employer and the plan permits after-tax (non-Roth) contributions. If no employee deferrals were made during the year (and thus no employer match), could the person on December 31st fund the 401k t...
by newbie001
Fri Sep 22, 2017 9:20 pm
Forum: Personal Investments
Topic: Tax Efficiency of Hard Money Lending
Replies: 6
Views: 816

Re: Tax Efficiency of Hard Money Lending

Yes, you are correct- the interest on the loan would be taxed as ordinary income.
by newbie001
Sun May 28, 2017 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: 401K and SEP Contribution Limits
Replies: 6
Views: 703

Re: 401K and SEP Contribution Limits

I also am not an expert, but I think a person can participate in two 401(k) plans simultaneously but can only make 18K in elective deferrals in the aggregate. But if the OP's side business was profitable enough (I think he would need something like 225K?), I think his solo 401(k) could be funded wit...
by newbie001
Wed May 17, 2017 2:43 pm
Forum: Personal Investments
Topic: private stock held by sgl owner corp.
Replies: 3
Views: 346

Re: private stock held by sgl owner corp.

I'd be careful about holding stock through a C corporation. I'm guessing the bank is a C corporation and thus your C corporation might qualify for the dividends received deduction, but if your C corporation ever wanted to sell the bank stock, as a C corporation it will not qualify for preferential l...
by newbie001
Wed May 17, 2017 2:02 pm
Forum: Personal Consumer Issues
Topic: What are the powers of HR in a company?
Replies: 40
Views: 4956

Re: What are the powers of HR in a company?

Always remember that HR are not on your side. Never interact with them unless it is required. They are not your friend. +1 HR's primary purpose is to make sure the company doesn't get sued. Their secondary purpose is to fulfill their primary purpose. Then comes book & legwork of managing issues aro...
by newbie001
Wed May 10, 2017 9:35 pm
Forum: Personal Consumer Issues
Topic: Sunscreen for men in office environment
Replies: 25
Views: 4338

Re: Sunscreen for men in office environment

Elta MD makes a great line of sunscreens that a lot of dermatologists recommend. There is a bit of shine to it but I think that is inevitable with a high quality sunscreen. It's a good kind of shine though, makes the skin look healthy rather that greasy. They make a tinted version if your skin is da...
by newbie001
Wed Apr 26, 2017 10:57 pm
Forum: Personal Finance (Not Investing)
Topic: Need advice about permanent life insurance policies
Replies: 17
Views: 2436

Re: Need advice about permanent life insurance policies

I'm not looking for specific credentials. He said he wasn't comfortable doing it because of the types of policies and the amounts. No, he didn't sell to me. Haha. Can you give an example of a type that's too complicated? Is the amount too high or too low for him to evaluate? For low amounts, I don'...
by newbie001
Tue Apr 25, 2017 11:47 pm
Forum: Personal Finance (Not Investing)
Topic: Any Boglehead wanting to sell used CFB books?
Replies: 2
Views: 760

Any Boglehead wanting to sell used CFB books?

Hello all, I am thinking of taking the CFP exam. know quite a few BHs have taken it. Fortunately, am able to avoid taking the course certificaion due to some other benchmarks I meet. However, I need textbooks for each the 6 areas on the CFP test (I am leaving aside the "Capstone" requirement for now...
by newbie001
Mon Apr 24, 2017 12:16 am
Forum: Personal Finance (Not Investing)
Topic: IRS Code 453 Trust
Replies: 8
Views: 1827

Re: IRS Code 453 Trust

I've never heard of a 453 trust, but FWIW the general rule is that any portion of gain on the diposition of property that is attributable to depreciation recapture does not qualify for installment sale treatment- it's recognized in the year of the disposition. I'd be skeptical of any tax scheme prom...
by newbie001
Sat Apr 08, 2017 12:17 am
Forum: Personal Finance (Not Investing)
Topic: Loan to family member interest/tax question
Replies: 9
Views: 1060

Re: Loan to family member interest/tax question

OP take this FWIW. I looked into this issue a couple of years back and recall that there were a few cases with similar arrangements that the IRS successfully challenged on the ground that the "loan" was actually an upfront gift. As such, it used up a portion of the donor's lifetime exclusion from ta...
by newbie001
Wed Jan 11, 2017 9:33 pm
Forum: Investing - Theory, News & General
Topic: How Bad was 2008, really?
Replies: 321
Views: 38317

Re: How Bad was 2008, really?

It was incredibly scary- definitely affected me permanently. I distinctly remember making generous contributions to my 401k every other week in the fall of 2008 and seeing my balance decline each month. As many have pointed out in this thread, all the cheery talk of "stocks being on sale" means noth...
by newbie001
Mon Jan 09, 2017 9:12 pm
Forum: Personal Finance (Not Investing)
Topic: Relocation to the Dallas, TX Area
Replies: 32
Views: 4071

Re: Relocation to the Dallas, TX Area

As others have mentioned, West Plano can get a bit expensive. Frisco and Richardson are nearby and good places to look. The Canyon Creek neighborhood in Richardson might be out of your budget with the rise in DFW housing prices over the last few years. Other good neighborhoods in Richardson are Gree...
by newbie001
Wed Dec 07, 2016 5:29 pm
Forum: Personal Finance (Not Investing)
Topic: Purchasing a 2016 Honda CRV EX -- the best out the door price I have found is $25,875.20 -- is this reasonable?
Replies: 22
Views: 2750

Re: Purchasing a 2016 Honda Civic EX -- the best out the door price I have found is $25,875.20 -- is this reasonable?

Ladies and Gents, This is only the second time in my life I have ever negotiated on a vehicle. I am purchasing a 2016 Honda Civic EX. I have played the game via e-mail of negotiating the dealerships down the best I possibly can. The best out the door price (including registration and all fees) I ha...
by newbie001
Wed Nov 30, 2016 2:56 pm
Forum: Personal Finance (Not Investing)
Topic: What level of wealth will get the attention of an estate attorney?
Replies: 39
Views: 7397

Re: What level of wealth will get the attention of an estate attorney?

I am about to begin the process of finding a new attorney to revise or rewrite a trust. Some firms state explicitly on their web sites that they focus on high net worth individuals or multi-generational wealth transfer. The definition of high net worth is $1 million or more, but I have the feeling ...
by newbie001
Sat Oct 22, 2016 9:24 pm
Forum: Personal Finance (Not Investing)
Topic: Attorney Hourly Rates?
Replies: 65
Views: 10234

Re: Attorney Hourly Rates?

Lots of aspects to this issue. What really upsets me is an attorney (supposedly in their field of expertise and experience) billing (at an hourly rate) a lot of time doing "research" on an issue or matter where, it seems to me, they should already know a lot about. I do not want to, unreasonably, c...
by newbie001
Tue Oct 11, 2016 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: Tax implication: Reducing W2 income to increase 1099 income
Replies: 10
Views: 1106

Re: Tax implication: Reducing W2 income to increase 1099 income

The bigger concern I would have if I were you is if they truly will pay you for the same job as a mix of w2 and 1099 are you really an independent contractor at all? A lot of people seem to think this is up to the person & employer when it's really not.... The IRS has guidelines for when you are cl...
by newbie001
Thu Aug 25, 2016 3:39 pm
Forum: Personal Finance (Not Investing)
Topic: Real Estate agents who operate on an hourly rate
Replies: 73
Views: 10146

Re: Real Estate agents who operate on an hourly rate

To really get your interests aligned with the real estate agent's, structuring their fee to be something like 25% of the sale price over the assessed value (assuming assessed is close to market-vale) would be ideal. Great point. It reminds me of what college football coach Lou Holtz once said he wo...
by newbie001
Mon May 09, 2016 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: Leave kids money by trust or outright/tax implications
Replies: 71
Views: 11360

Re: Leave kids money by trust or outright/tax implications

Asset protection is primarily a state law issue, although federal law can be very important in some situations (e.g., bankruptcy). In my state (TX), a beneficiary can be the sole trustee of a trust and still have protection from creditors provided distributions are limited to an ascertainable standa...
by newbie001
Tue Dec 08, 2015 6:13 pm
Forum: Personal Finance (Not Investing)
Topic: Creating a will with or without a lawyers help?
Replies: 31
Views: 2812

Re: Creating a will with or without a lawyers help?

I think legalzoom wills and the like are fine for simple situations like a person leaving everything to spouse or to kids. If the estate plan involves trusts or a client who is potential subject to state and/or federal estate tax, I wouldn’t dreaming of using legalzoom.
by newbie001
Wed Dec 02, 2015 1:15 pm
Forum: Investing - Theory, News & General
Topic: Historically, was gold's "value" simply that it was a convenient, yet hard to counterfeit symbol?
Replies: 70
Views: 5750

Re: Historically, was gold's "value" simply that it was a convenient, yet hard to counterfeit symbol?

I am not sure how serious the following article is intended to be, but I've seen stuff like that before, where a person in search of the perfect natural currency starts with the periodic table and winnows it down until only gold remains. http://www.npr.org/sections/money/2011/02/15/131430755/a-chemi...
by newbie001
Tue Nov 17, 2015 11:45 am
Forum: Personal Finance (Not Investing)
Topic: Cheapest way to order contact lenses?
Replies: 27
Views: 5480

Re: Cheapest way to order contact lenses?

I've used 1-800-CONTACTS and Walgreens.com in the past.
by newbie001
Fri Nov 13, 2015 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: High Earner Careers?
Replies: 254
Views: 39182

Re: High Earner Careers?

While there are certainly a lot of physicians and lawyers on this board, my impression is that the majority of the very high earning posters here are in tech. The salaries in law are quite bi-modal. http://abovethelaw.com/uploads/2012/07/NALP-2011-Salaries-Graph-540x366.jpg Very true about the bi-m...
by newbie001
Fri Nov 13, 2015 4:46 pm
Forum: Personal Finance (Not Investing)
Topic: High Earner Careers?
Replies: 254
Views: 39182

Re: High Earner Careers?

I work in the estate planning field and my firm's clients are generally either physicians or, more commonly, small business owners. The business owners are often in industries that never struck me as being lucrative (e.g., scrap metal), but 300K is chump change to most of them. It's amazing how much...
by newbie001
Wed Oct 28, 2015 5:12 pm
Forum: Personal Finance (Not Investing)
Topic: whole life pitched as way to pay for kids college
Replies: 67
Views: 9543

Re: whole life pitched as way to pay for kids college

Follow up question if anyone would like to comment. My mom set up irrevocable trusts for our three kids and funded 10k each.I am the trustee (father) in control of the funds to be used at my discretion for the benefit of the child(ren). Attorney who set them up says these don't need to be reported ...
by newbie001
Mon Oct 26, 2015 10:44 am
Forum: Personal Consumer Issues
Topic: [visiting] Austin, TX
Replies: 22
Views: 2911

Re: Austin, TX

More food suggestions: - BBQ: Salt Lick in Dripping Springs. It's festive. They have live music at times (Fri and Sat nights are probably good). Other good choices: Rudy's, Franklins (everyone raves about this place, but people line up early and there is a long wait), County Line. - Sushi/Asian fus...
by newbie001
Thu Oct 08, 2015 12:06 pm
Forum: Personal Consumer Issues
Topic: Where in the U.S. can I buy a house for under $250k that's a nice place to live?
Replies: 152
Views: 20117

Re: Where in the U.S. can I buy a house for under $250k that's a nice place to live?

I'm not sure if it meets the criteria of warn and sunny- it definitely has winters- but Nashville is tough to beat. It's a city with lots of history, great nightlife, friendly people, and a very reasonable cost of living. It has one downside that reminds me of Austin a bit- the secret of its awesome...
by newbie001
Tue Oct 06, 2015 11:05 am
Forum: Investing - Theory, News & General
Topic: S & P 500 "fair value" (as of 3-04-16 )
Replies: 168
Views: 21347

Re: S & P 500 "fair value" as of 10-02-15

^^ You'll notice, nedsaid, that I suggested Rx 4's valuation-based timing strategies were "not only unhelpful, but hazardous, for newbie Bogleheads." One of the primary reasons for this Forum's popularity is that serves as an educational tool for investors of all skill and experience levels — but m...
by newbie001
Thu Oct 01, 2015 10:31 am
Forum: Investing - Theory, News & General
Topic: Gold synthesis and its effects on long term store of value
Replies: 77
Views: 6860

Re: Gold synthesis and its effects on long term store of value

Good post, boomdeyada. Psteinx, I remember your thread! (I actually posted in it, now that I look back). I find the idea of a small allocation to gold attractive as a kind of insurance against disaster-type events, but the possibility of artificially produced gold does detract from that attractivene...
by newbie001
Wed Jun 03, 2015 3:11 pm
Forum: Investing - Theory, News & General
Topic: Warning Signs [Economic health indicators]
Replies: 283
Views: 51461

Re: Warning Signs

Thanks for the post, Clearly Irrational- I always enjoy yours, even if, as you say, they are not actionable. My entire knowledge of finance could be written in large script on a postcard, but I have gleaned from blogs like Hussman's and Philosophical Economics that much of the current valuation deba...
by newbie001
Fri Apr 24, 2015 9:40 am
Forum: Personal Finance (Not Investing)
Topic: Student Loan Consolidation- DRB
Replies: 11
Views: 1735

Re: Student Loan Consolidation- DRB

Ditto to what a lot of people said above. The application process is tedious and the customer service slow, but the rates are rock-bottom. I refi'd about 10 months ago and it's been smooth sailing since with auto payment. IMO refi'ing with DRB is well worth the trouble.
by newbie001
Wed Mar 25, 2015 12:08 pm
Forum: Personal Finance (Not Investing)
Topic: Can I be an HCE and make less than $115k?
Replies: 13
Views: 1671

Re: Can I be an HCE and make less than $115k?

I agree with neurosphere. I think OP's HR department is wrong about this.
by newbie001
Tue Mar 24, 2015 4:55 pm
Forum: Personal Finance (Not Investing)
Topic: Removing an asset from a living trust: Taxable event ??
Replies: 12
Views: 2986

Re: Removing an asset from a living trust: Taxable event ??

Transactions between a grantor and his or her revocable trust are ignored for federal income tax purposes, so your revocable trust distributing property to you is not a taxable event. Rev. Rul. 85-13 is usually cited as the authority in this area. Not legal advice- just offering my thoughts.
by newbie001
Mon Mar 16, 2015 7:17 pm
Forum: Investing - Theory, News & General
Topic: U.S. Stock Valuations — Making History?
Replies: 46
Views: 7228

Re: U.S. Stock Valuations — Making History?

If the Schiller PE/10 measurement is suspect on its own, what about when viewed in conjunction with other measurements? I think that Tobin's Q is well above average, and the market cap to GDP ratio is also quite high, although both are well under the dot com bubble amounts. I'm sure others can add a...
by newbie001
Mon Mar 16, 2015 12:07 pm
Forum: Personal Investments
Topic: Advice for New Investor w/ Tons of Graduate Debt
Replies: 33
Views: 4473

Re: Advice for New Investor w/ Tons of Graduate Debt

Do yourself a favor: call Sofi, or someone like Sofi, and consolidate those loans into a MUCH lower rate. Trust me, it can be done. (I have six figures in law school debt, none of which is above 4%, although I admit some right now is at variable rates that could go up in the future). As others have...
by newbie001
Tue Jan 27, 2015 9:29 pm
Forum: Personal Finance (Not Investing)
Topic: Will this transaction create a taxable event?
Replies: 2
Views: 477

Re: Will this transaction create a taxable event?

No, transactions between the person or (spouses) setting up the trust (the settlor) and his/her/their revocable trust are ignored for tax purposes.
by newbie001
Wed Jan 21, 2015 11:10 pm
Forum: Personal Finance (Not Investing)
Topic: Explain me some tax law!
Replies: 16
Views: 2749

Re: Explain me some tax law!

If the LLC is treated as a partnership for federal tax purposes, making distributions of the partnership's income doesn't convert ordinary income to capital gain.
by newbie001
Wed Jan 21, 2015 11:05 pm
Forum: Personal Finance (Not Investing)
Topic: Explain me some tax law!
Replies: 16
Views: 2749

Re: Explain me some tax law!

Texas has a franchise tax that applies to businesses, which is similar to an income tax (but is generally based on gross receipts). Franchise tax can be assessed based on nexus to Texas, regardless of domicile of the business or its members. However, small businesses with gross receipts of less than...
by newbie001
Wed Jan 14, 2015 11:23 am
Forum: Personal Finance (Not Investing)
Topic: rental property depreciation
Replies: 25
Views: 3036

Re: rental property depreciation

OP, as you say, it's good to check with a lawyer/accountant. My understanding FWIW is as follows: -when you contribute property to a corporation, the property has a carryover basis in the hands of a corporation. That basis is used for depreciation, not the fair market value on the date of the contri...
by newbie001
Mon Jan 12, 2015 5:33 pm
Forum: Investing - Theory, News & General
Topic: Why Is "Deflation" A Bad Thing??? How To Prepare/Profit?
Replies: 87
Views: 9034

Re: Why Is "Deflation" A Bad Thing??? How To Prepare/Profit

I still find the whole idea of deflation confusing, especially in the case of Japan. People speak of Japan as having deflation for the past 10 -20 years, yet what I've seen on two visits to Japan (1971 & 2007), roughly one month each time, is people everywhere in Japan living well, no visible pover...
by newbie001
Mon Jan 05, 2015 2:39 pm
Forum: Investing - Theory, News & General
Topic: Hussman finally admits the obvious
Replies: 16
Views: 3402

Re: Hussman finally admits the obvious

To be clear, Hussman is quoting another guy in the quote in the OP. I don't think he's endorsing those words.
by newbie001
Fri Dec 19, 2014 9:57 am
Forum: Personal Finance (Not Investing)
Topic: Federal Taxes - Sticker Shock (And how to reduce)
Replies: 58
Views: 7661

Re: Federal Taxes - Sticker Shock (And how to reduce)

TheTimeLord wrote:$17,000/$150,000 = 11.3% effective rate.

You consider this high? You are going to be very disappointed if you get a raise.
My thoughts exactly. I am green with jealousy over that tax rate, and I make less than OP!
by newbie001
Thu Dec 18, 2014 3:40 pm
Forum: Personal Finance (Not Investing)
Topic: Where to find the cheapest mortgage?
Replies: 30
Views: 7579

Re: Where to find the cheapest mortgage?

I think Erates is pretty tough to beat. Although I didn't get my loan through them (it just closed two days ago), I was able to get one of the big banks with a local branch to match the terms of Erate's proposed loan. Saved me a good chunk of change. The guy I dealt with at Erates was very impressiv...
by newbie001
Fri Dec 05, 2014 11:21 am
Forum: Personal Finance (Not Investing)
Topic: Legal Protections Question (Rental Property)
Replies: 29
Views: 3295

Re: Legal Protections Question (Rental Property)

IMO holding a rental property in an LLC is a no-brainer. As someone mentioned upthread, you can always be sued in your personal capacity if you are negligent or commit an intentional tort, so an LLC is not a guarantee of protection against liability. But they offer quite a bit of protection against ...
by newbie001
Fri Dec 05, 2014 10:36 am
Forum: Personal Finance (Not Investing)
Topic: Question about donating inherited appreciated securities
Replies: 3
Views: 1187

Re: Question about donating inherited appreciated securities

OP, I agree with your conclusion, although there are always exceptions to general rules (e.g., contributing appreciated property to certain private foundations can raise issues, there are caps on how much a person can claim in charitable deductions in a year, etc.). From the relevant part of Section...
by newbie001
Wed Dec 03, 2014 8:38 pm
Forum: Personal Finance (Not Investing)
Topic: Buying home without a buyer's agent
Replies: 41
Views: 3195

Re: Buying home without a buyer's agent

Everything has gone smoothly so far with only a few hours of work on my part. I'll close in a couple of weeks and get about $4300 back, so I'm really happy with the experience (at least so far). Nice. And congrats! What is the sales price? Thanks! Much appreciated. The purchase price was 215K, alth...
by newbie001
Tue Dec 02, 2014 8:10 pm
Forum: Personal Finance (Not Investing)
Topic: Buying home without a buyer's agent
Replies: 41
Views: 3195

Re: Buying home without a buyer's agent

When we bought a house several years ago, we found it ourselves on the internet and checked it out at an open house. We then hired a buyer's agent to represent us but negotiated a flat rate fee (that would be substantially less that the standard commission split) because our agent wouldn't have to ...
by newbie001
Fri Nov 28, 2014 4:43 pm
Forum: Personal Consumer Issues
Topic: Unbroken!
Replies: 20
Views: 5506

Re: Unbroken!

It is a truly amazing story. Much respect to that man. I've seen him interviewed and it is incredible to see how joyous he is; no apparent bitterness despite all the suffering he went through.
by newbie001
Thu Nov 27, 2014 12:05 pm
Forum: Personal Finance (Not Investing)
Topic: The Mega Backdoor Roth IRA
Replies: 424
Views: 187500

Re: The Mega Backdoor Roth IRA

I posted largely the same material on a different thread - reposting it here because this thread is more active. You can see from the Kitces blog that the IRS has not really clarified this issue, particularly with respect to Sec 402(c)(2). Personally, I agree with the Kaye Thomas strategies at Fair...
by newbie001
Thu Oct 23, 2014 5:26 pm
Forum: Personal Investments
Topic: question re. capital gains tax on "mandatory exchange"
Replies: 5
Views: 791

Re: question re. capital gains tax on "mandatory exchange"

Interesting question. Sometimes involuntary conversions of property, even if cash is received, qualify for nonrecognition treatment if the proceeds are thereafter re-invested in similar property. Unfortunately, though, the vanilla closing of a mutual fund is not going to qualify. Publication 544 tal...