Search found 16 matches

by jameskay
Fri Nov 20, 2020 12:00 am
Forum: Personal Finance (Not Investing)
Topic: Prop 19 CA Inheritance Property Implications
Replies: 136
Views: 7421

Re: Prop 19 CA Inheritance Property Implications

Thanks for the link to the property tax map. I checked my neighborhood and see that I pay less than all other immediate neighbors. I aggressively petitioned for lower assessments during a couple recessions which has me lower than folks that have been here longer. I checked around the corner and fou...
by jameskay
Tue Nov 17, 2020 7:16 pm
Forum: Personal Finance (Not Investing)
Topic: Prop 19 CA Inheritance Property Implications
Replies: 136
Views: 7421

Re: Prop 19 CA Inheritance Property Implications

Make 100% sure you understand the capital gains issue vs the property tax issue before you do anything. Capital gains matters irrespective of whether the house is worth more than $1000000. Hypothetical scenario: - House cost basis is $100000 - House is worth $1000000 at the time of inheritance. Prop...
by jameskay
Mon Nov 09, 2020 5:06 pm
Forum: Personal Investments
Topic: Fidelity HSA, Pre-Tax: Logistical questions
Replies: 3
Views: 537

Fidelity HSA, Pre-Tax: Logistical questions

Thanks to reading this forum, I have learned a lot about HSAs. I just set up (but not yet funded) one with Fidelity as per advice. But have some remaining questions. Background I left a megacorp earlier this year (August 2020). Stayed on the megacorp's HDHP (for whole family of 5) thru COBRA. I had ...
by jameskay
Fri Nov 06, 2020 4:39 am
Forum: Personal Finance (Not Investing)
Topic: 20 year old taking semester off for internship.
Replies: 13
Views: 1040

20 year old taking semester off for internship.

My 20 year old son has found a decent paid internship (on his own - not part of school program) that he decided to start in Jan 2021. This is instead of being a full time student in his spring semester of his in-progress Junior year of college. Why? - He is ahead of graduation pace / he can still gr...
by jameskay
Fri Oct 09, 2020 8:08 am
Forum: Personal Finance (Not Investing)
Topic: Should Dad sell highly appreciated home?
Replies: 50
Views: 5135

Re: Discouraging Dad from selling highly appreciated home

Just have your Dad consult a lawyer to figure out the best way to do this. Given the taxes in California, there are undoubtedly all sorts of tax-avoidance schemes to take advantage of if you have enough money to pay someone to plan and execute it for you. If there’s a relatively simple way for your...
by jameskay
Thu Oct 08, 2020 10:12 pm
Forum: Personal Finance (Not Investing)
Topic: Should Dad sell highly appreciated home?
Replies: 50
Views: 5135

Re: Discouraging Dad from selling highly appreciated home

Your proposal would result in an increase for her Dad as to his monthly housing costs ($3,500 rent received minus $1,550 mortgage payment minus $2,000 rent expended) and no financial benefit for him but would instead result in a windfall for you and DW. $350k for her Dad now vs. ~$900k for you and ...
by jameskay
Thu Oct 08, 2020 9:45 pm
Forum: Personal Finance (Not Investing)
Topic: Should Dad sell highly appreciated home?
Replies: 50
Views: 5135

Re: Discouraging Dad from selling highly appreciated home

Appreciate those giving honest feedback that DW and I look selfish. We will show this thread to Dad and let him judge - he has so far agreed with this plan , but he should enjoy his money if he chooses. Our honest intention is to keep the 150K in the family that we feel like is being thrown out oth...
by jameskay
Thu Oct 08, 2020 8:58 pm
Forum: Personal Finance (Not Investing)
Topic: Should Dad sell highly appreciated home?
Replies: 50
Views: 5135

Re: Discouraging Dad from selling highly appreciated home

Are you sure of the tax on a $500,000 gain? Sounds very high. I would feel he should sell rather than retaining for a new basis which could disappear. The rent is a very low return on a $900,000 asset. Gill Wouldn’t a 500k appreciation have 250k shaved off for a home? So fed CG TAXE ON 250k? It's a...
by jameskay
Thu Oct 08, 2020 8:40 pm
Forum: Personal Finance (Not Investing)
Topic: Should Dad sell highly appreciated home?
Replies: 50
Views: 5135

Re: Discouraging Dad from selling highly appreciated home

I agree with tomtoms. I’m sure you’re overestimating the tax and depriving your Dad of funds he might enjoy having. Also, who is going to make the mortgage payments? Gill We got the tax by adding the hypothetical sale in turbotax on top of his actual 2019 return numbers. I believe it is correct. Re...
by jameskay
Thu Oct 08, 2020 7:43 pm
Forum: Personal Finance (Not Investing)
Topic: Should Dad sell highly appreciated home?
Replies: 50
Views: 5135

Re: Discouraging Dad from selling highly appreciated home

Gill wrote: Thu Oct 08, 2020 7:38 pm Is he married now? Not clear from your post. Also, is this his primary residence?
Gill
He's not married and this is his primary residence (and only real estate holding)
by jameskay
Thu Oct 08, 2020 7:32 pm
Forum: Personal Finance (Not Investing)
Topic: Should Dad sell highly appreciated home?
Replies: 50
Views: 5135

Should Dad sell highly appreciated home?

I would greatly appreciate anyone's comments on the course of action DW and I and her Dad are thinking. - Dad's age: 80 - He lives in a Condo bought in 1980 (California / HCOL); 100K adjusted cost basis'; 90 mins from my home - Condo's estimated worth is 900K, can clear 850K after closing costs. - H...
by jameskay
Tue Sep 08, 2020 11:38 pm
Forum: Personal Finance (Not Investing)
Topic: Bank of America free payroll service (in CA)
Replies: 17
Views: 1228

Re: Bank of America free payroll service (in CA)

I am in CA, and I have used this Bank of America / Intuit "free" payroll service for years, happily. As suggested above, upon creation of your paychecks, the site DOES properly calculate your CA state taxes based on your inputs (Personal income tax, SUI (Unemployment), ETT (Employment Trai...
by jameskay
Wed Sep 02, 2020 12:24 pm
Forum: Investing - Theory, News & General
Topic: What is your age and asset allocation ?
Replies: 296
Views: 20589

Re: What is your age and asset allocation ?

Ages: 52 and 48 Still working, but switched to less stressful, lower paid recently. Overall AA: 50% equity, 50% fixed income Roth: 100% equities (total stock market index) Tax-Deferred Retirement: 80% bonds, 20% equities (total stock and bond index) Taxable: 65% stocks, 35% fixed income (munis, ibon...
by jameskay
Wed Aug 12, 2020 10:31 pm
Forum: Personal Consumer Issues
Topic: Considerations Before Going Solar
Replies: 24
Views: 2261

Re: Considerations Before Going Solar

I got solar ~13 years ago in CA; all in all I am happy financially and "feel good", but it is not without headache. 1. You want to know how old your roof is. Ask your solar contractor to estimate, if s/he doesnt know then consider independent exception. Ask your solar contractor how much t...
by jameskay
Mon Aug 10, 2020 5:32 pm
Forum: Personal Finance (Not Investing)
Topic: Purchasing MIL's home as she moves to 55+ community: best practices
Replies: 18
Views: 1868

Re: Purchasing MIL's home as she moves to 55+ community: best practices

You did not mention how much the house appreciated since she bought it / whether she will owe capital gains... That might affect whether it is best for her or her heirs to sell it now. Since the basis steps up after death, I know people who are loaning money to parents to NOT sell their house to kee...
by jameskay
Fri Jul 24, 2020 11:05 am
Forum: Personal Investments
Topic: Vanguard Retirement Savings Trust II
Replies: 2
Views: 345

Vanguard Retirement Savings Trust II

https://institutional.vanguard.com/web/cfv/product-details/fund/0338 This stable value fund, available in my corporate 401K plan, is yielding 2.3% as of 23-JUL-2020. Total Bond Market Index is about 1.2%, Ultra Short Term Bond Index is about 1.1%. a) Can someone explain how it is possible that this ...