Search found 13 matches

by mmegu
Mon May 04, 2020 8:37 pm
Forum: Personal Finance (Not Investing)
Topic: College savings if possibly moving internationally? [529 plan, Move from US to Japan]
Replies: 5
Views: 381

Re: College savings if possibly moving internationally? [529 plan, Move from US to Japan]

After you live in Japan for five years, you will be taxed on your worldwide income. Technically, if you follow their tax rules, any income and capital gains in the account will be taxed. Japan does not see accounts like IRAs, 401ks and 529 accounts as having tax free status there. One other thing to...
by mmegu
Mon Mar 16, 2020 8:29 pm
Forum: Non-US Investing
Topic: U.S. expat in Japan with Japanese spouse - pre/post retirement taxation
Replies: 9
Views: 1705

Re: U.S. expat in Japan with Japanese spouse - pre/post retirement taxation

I lived in Japan for over two decades. We are in the US now. I'm a US citizen and my wife is Japanese. One of the top tier accounting firms prepared my taxes each year for both the US and Japan returns. Taxes in Japan are quite onerous: 1. My defined contribution Japanese pension was taxed each year...
by mmegu
Wed Feb 19, 2020 1:15 pm
Forum: Personal Consumer Issues
Topic: Does home insurance cover repairing water pipe outside the house?
Replies: 15
Views: 1286

Re: Does home insurance cover repairing water pipe outside the house?

Interesting timing. I have the same problem. I am awaiting the plumber to arrive shortly to install a new service line as I type this. Most homeowner's insurance companies do not cover it unless you pay for an extra rider. If I paid extra for the rider, the service line coverage would have been up t...
by mmegu
Tue Feb 18, 2020 5:29 pm
Forum: Personal Finance (Not Investing)
Topic: Understanding Tax Implication of Rental Property sale
Replies: 7
Views: 695

Re: Understanding Tax Implication of Rental Property sale

And, do not forget about that insidious Net Investment Tax of 3.8%. That will come into effect at certain income levels.
by mmegu
Sun Feb 09, 2020 11:58 am
Forum: Personal Finance (Not Investing)
Topic: Temporary move abroad: rent or sell home?
Replies: 33
Views: 1607

Re: Temporary move abroad: rent or sell home?

Be VERY CAREFUL about renting your house in the Seattle area. There have been many new anti-landlord laws that have been enacted the past few years. It is very easy for you to find yourself in a tough predicament and you do not want to deal with that from abroad. ex. You must rent to the first perso...
by mmegu
Fri Apr 05, 2019 10:42 am
Forum: Personal Finance (Not Investing)
Topic: URGENT! Expat taxes: California state taxes, driver's license renewal, foreign tax credit,
Replies: 29
Views: 1830

Re: URGENT! Expat taxes: California state taxes, driver's license renewal, foreign tax credit,

I lived as an US expat in Asia for close to 30 years. Here's my 2 cents. 1. You must completely extricate yourself from California (Or, any other high tax state). Do not have a drivers license there. Do not have your California address listed on any type of financial account. Do not register to vote...
by mmegu
Thu Mar 28, 2019 10:25 am
Forum: Personal Consumer Issues
Topic: I would like a boat. I also know nothing about boats
Replies: 147
Views: 10653

Re: I would like a boat. I also know nothing about boats

I recently bought a sailboat. Yes, it was probably the dumbest financial decision of my life. But, it is the best lifestyle decision that I have ever made. I absolutely love it. If you want one, due your research and go for it. Do not let other people talk you out of it with their negativity and tha...
by mmegu
Sun Mar 10, 2019 9:09 pm
Forum: Personal Finance (Not Investing)
Topic: My liability for visiting foreign relatives' emergency medical expenses
Replies: 6
Views: 1307

Re: My liability for visiting foreign relatives' emergency medical expenses

Thank you for the responses. I appreciate it.

The probability of something happening is likely small. But, it sure would be a financially disastrous situation, if I were forced to cover their medical bills.
by mmegu
Sun Mar 10, 2019 10:42 am
Forum: Personal Finance (Not Investing)
Topic: My liability for visiting foreign relatives' emergency medical expenses
Replies: 6
Views: 1307

My liability for visiting foreign relatives' emergency medical expenses

I have elderly relatives visiting from Japan. They will purchase travel medical insurance back in Japan. But, due to their ages, the most coverage they could get is a relatively small amount. If there was an emergency, it would likely only cover a hospital stay for a few days. My concern is the pote...
by mmegu
Wed Jan 30, 2019 11:50 am
Forum: Investing - Theory, News & General
Topic: 1st year with a rental property - hitting singles
Replies: 37
Views: 4295

Re: 1st year with a rental property - hitting singles

2. Know your renter. We interviewed over 20 prospective renters and knew we were getting someone who would not give us problems. I am suspect about this lesson. Where I live that would probably run up against some anti-discriminatory rental laws. Where I live I have to take the first qualified appl...
by mmegu
Wed Jan 16, 2019 7:09 pm
Forum: Personal Finance (Not Investing)
Topic: Why are you NOT buying rental properties?
Replies: 1134
Views: 118711

Re: Why are your NOT buying rental properties?

I have rentals in a very Landlord Un-Friendly west coast city. It is a tough business and I am really questioning my resolve to remain in it. When it goes well, it is fine. But, whenever you think it is starting to go well, the emergency expenses occurs. Boom! Your cash flow for that year just turne...
by mmegu
Wed Jan 16, 2019 11:07 am
Forum: Personal Investments
Topic: Superfund a 529 Account
Replies: 4
Views: 508

Re: Superfund a 529 Account

Thank you. That is what I thought.

I was surprised by Fidelity's telling me that they could not answer that question, though.
by mmegu
Tue Jan 15, 2019 12:46 pm
Forum: Personal Investments
Topic: Superfund a 529 Account
Replies: 4
Views: 508

Superfund a 529 Account

My wife and I are looking to superfund our daughter's 529 account for the maximum allowable amount of $150,000 (5 years at $15,000 for each spouse). Do you know if it is possible to make those investments over the year to a total of $150,000. Or, does it need to be the full amount invested in one sh...