Search found 369 matches

by Cuzz35
Thu Jan 25, 2018 4:57 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone want to share their monthly budget? Here's ours
Replies: 20
Views: 2943

Re: Anyone want to share their monthly budget? Here's ours

Family 5 (2 college 1 HS) Me: 54 DW: 49 Gross Annual: $475-600k Post Tax Investments: 2M Pre-Tax 980k Home -Valued at 550k Outstanding mortgage: 87k 2 Car Leases: 1,490 Insurance 396 Gas 229 Registration 50 Service 50 Cable 161 Phone/Cell 225 Electric 284 Garbage 1,580 Water 130 Movies 50 Newspaper...
by Cuzz35
Wed Jan 24, 2018 3:12 pm
Forum: Personal Finance (Not Investing)
Topic: Dear wife quits job and now we are down to 1 income
Replies: 190
Views: 16224

Re: Dear wife quits job and now we are down to 1 income

How does this set a wrong example? What's wrong with a spouse, male or female deciding to stay home and raise their children? Would you have anything to say if it were a male deciding to stay home? I work all the time and my son tells me (he's 6) he doesn't want to work when he grows up because tha...
by Cuzz35
Wed Jan 24, 2018 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: Dear wife quits job and now we are down to 1 income
Replies: 190
Views: 16224

Re: Dear wife quits job and now we are down to 1 income

If your wife is interested in raising them at home, you might find there isn't much difference financially whether she works or stays home for the next few years. This is a very old fashion way of thought. Even if it’s break even, a spouse *should* continue to work to maintain their skills and care...
by Cuzz35
Wed Jan 24, 2018 2:42 pm
Forum: Personal Finance (Not Investing)
Topic: Dear wife quits job and now we are down to 1 income
Replies: 190
Views: 16224

Re: Dear wife quits job and now we are down to 1 income

What if the mom doesn't want to work? That's a family decision not a 'mom' decision. It's going to be a hard one when you are $700/month in the hole and no longer saving anything at all. The OP has $67,000 in a taxable account. If the mom takes a year off to spend with the kid, they might use like ...
by Cuzz35
Sat Jan 20, 2018 7:21 am
Forum: Personal Finance (Not Investing)
Topic: CPA Careers
Replies: 10
Views: 1386

Re: CPA Careers

There is always public accounting which encompasses alot of different things but the two largest is tax and auditing services. I would say starting salaries vary by location and size of firm but I would guess mid $50k for someone out of college going to a large firm in most areas. I started at $52k...
by Cuzz35
Fri Jan 19, 2018 8:02 pm
Forum: Personal Finance (Not Investing)
Topic: CPA Careers
Replies: 10
Views: 1386

Re: CPA Careers

There is always public accounting which encompasses alot of different things but the two largest is tax and auditing services. I would say starting salaries vary by location and size of firm but I would guess mid $50k for someone out of college going to a large firm in most areas. I started at $52k ...
by Cuzz35
Thu Jan 18, 2018 3:07 pm
Forum: Personal Finance (Not Investing)
Topic: CPA says home sale capital gains tax exclusion criteria changed for 2018?
Replies: 13
Views: 1470

Re: CPA says home sale capital gains tax exclusion criteria changed for 2018?

I could give him a pass for not knowing off the top of his head every change in the new bill. Especially since there were alot of changes back and forth at the last minute.

I can't give him a pass for not figuring out the correct answer.
by Cuzz35
Thu Jan 11, 2018 7:16 pm
Forum: Personal Finance (Not Investing)
Topic: State tax credits that can be bought/traded
Replies: 11
Views: 1558

Re: State tax credits that can be bought/traded

Unfortunately I do not psteinx. I've only on my 4th year and the firm has been doing it his way for a long time. I'm sure there is some sort of authority for the position, I just do not know it. Most of our clients purchase credits and have been audited and to my knowledge, this treatment has not b...
by Cuzz35
Thu Jan 11, 2018 8:34 am
Forum: Personal Finance (Not Investing)
Topic: How much/little money to give kids in will so they continue to work
Replies: 95
Views: 8331

Re: How much/little money to give kids in will so they continue to work

32 year old, father of 2 soon to be three here. If I inherited a substantial amount of money I would quit working in a heart beat. Not because I want to be lazy, just because I don't think the most important thing in life is trying to make a buck. I want to see my kids more and do things with them I...
by Cuzz35
Fri Dec 22, 2017 1:38 pm
Forum: Personal Finance (Not Investing)
Topic: Do you see a meaningful change in your income with new Tax Bill?
Replies: 266
Views: 21331

Re: Do you see a meaningful change in your income with new Tax Bill?

Calculators say my savings will be around $3k which is entirely driven by the new child tax credit.

My state taxes however will go up about $800 because they have their own standard deduction if you don't itemize at the federal level which is only $3k.
by Cuzz35
Fri Dec 15, 2017 8:58 am
Forum: Personal Finance (Not Investing)
Topic: What are your favorite tax deductions and credits for 2017?
Replies: 33
Views: 2286

Re: What are your favorite tax deductions and credits for 2017?

Personally, IRA and HSA contribution deductions. Most bogleheads probably wouldn't do traditional IRA contributions and my tax rate but having a lower income means cash flow needs to be higher. Plus in the past I've been able to drop AGI low enough to get the savers credit. Not this year though. Cli...
by Cuzz35
Thu Sep 21, 2017 11:04 am
Forum: Personal Finance (Not Investing)
Topic: Tax issues relocating abroad, avoid capital gains by gifting to foreign partner
Replies: 20
Views: 1353

Re: Tax issues relocating abroad, avoid capital gains by gifting to foreign partner

Not an expert in this area so please forgive me if I am wrong. Others will hopefully clarify. Don't take this as 100% correct or advice please. Just trying to get the conversation started. Couple of thoughts. 1. She has a US SSN? Is she a greencard holder or U.S. citizen? Sounds like she is probably...
by Cuzz35
Thu Sep 21, 2017 10:44 am
Forum: Local Chapters and Bogleheads Community
Topic: Metro Atlanta Bogleheads Local Chapter
Replies: 60
Views: 9987

Re: Metro Atlanta Bogleheads Local Chapter

Steph,

Congratulations on your new job.

I would suggest sending an email to the group. I don't know how often everyone checks to see if people are replying to this thread.
by Cuzz35
Sun Aug 27, 2017 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: How much $$$ should I expect working in CPA's office for the tax season
Replies: 8
Views: 1452

Re: How much $$$ should I expect working in CPA's office for the tax season

CPA here in a 300 person firm.

We pay our interns $24 an hour (maybe more now). So depending on the size of the firm you are working for and location, you could very well be close the this.
by Cuzz35
Sun Jul 16, 2017 9:50 am
Forum: Personal Finance (Not Investing)
Topic: Large future capital gain
Replies: 8
Views: 1174

Re: Large future capital gain

Do you materially participate in the company or are you a passive investor? The gain will likely be subject to net investment income tax (3.8%) if you are passive. Also if you are passive, do you have suspended passive losses that would be freed up upon sale? This would help reduce the gain a bit if...
by Cuzz35
Tue Jul 11, 2017 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: Income tax preparation cost?
Replies: 32
Views: 3080

Re: Income tax preparation cost?

Seems high to me too. My small business LLC runs about $1k per year in Cal. However, I just got nailed with a huge tax bill for my personal return which was almost triple what I paid in the past. I usually pay ~$2,200 for my Fed and State and got a bill for almost triple this year. I am floored. I ...
by Cuzz35
Mon Jun 05, 2017 9:34 pm
Forum: Personal Consumer Issues
Topic: Worth it to buy expensive clothes?
Replies: 91
Views: 11232

Re: Worth it to buy expensive clothes?

There's a distinction between expensive and good quality. I'd definitely pay more for good quality, but I've found that they're not always directly correlated. Example: Brooks Brothers dress shirts are expensive, and they look nice. But the quality is garbage. I received several shirts a little ove...
by Cuzz35
Tue May 16, 2017 12:12 pm
Forum: Personal Finance (Not Investing)
Topic: Selling rental condo - capital gains even though selling at same price??
Replies: 23
Views: 1957

Re: Selling rental condo - capital gains even though selling at same price??

Your basis for determining gain is $170k (plus improvements) minus depreciation. Your basis for determining loss is $80k (plus improvements) minus depreciation. Sounds like you will only have some gain related to depreciation recapture. A sales price between these points results in no gain or lose....
by Cuzz35
Tue May 16, 2017 10:08 am
Forum: Personal Finance (Not Investing)
Topic: High Earners - What's Your Profession?
Replies: 613
Views: 96916

Re: High Earners - What's Your Profession?

Divisional CFO in a LCOL area...wife is PRN PT - in a good year earnings can hit the back 9 of 6 figures but generally we are hitting at about hole 7 or 8. Engineer by training, started as a navy pilot, but earnings really started after graduation from a top MBA program...still considering what to ...
by Cuzz35
Tue May 16, 2017 10:05 am
Forum: Personal Finance (Not Investing)
Topic: Selling Rental Property to Tenant
Replies: 10
Views: 1046

Re: Selling Rental Property to Tenant

See this thread for taxes which also references several other threads that deal with the same tax issue.

viewtopic.php?f=2&t=210739&p=3233645#p3233645
by Cuzz35
Wed May 03, 2017 8:18 am
Forum: Personal Finance (Not Investing)
Topic: Paying foreign contractor - do I need to withhold?
Replies: 4
Views: 609

Re: Paying foreign contractor - do I need to withhold?

Where is this contractor performing the work? If it is in Vietnam I do not believe you have a withholding requirement. Is the contractor an individual or company? §881 imposes a 30% tax on amounts received by foreign corporations from sources within the United States but only to the extent the amoun...
by Cuzz35
Tue Apr 18, 2017 8:40 pm
Forum: Personal Finance (Not Investing)
Topic: Starting "web site business". Need an LLC?
Replies: 20
Views: 2143

Re: Starting "web site business". Need an LLC?

I would talk to your attorney/accountant and have him explain how taxation of LLC's work in Tennessee. While a single member LLC is disregarded for federal income tax purposes, they are taxable to Tennessee and have to pay a franchise and excise tax. Might still be the best option but may need to co...
by Cuzz35
Tue Apr 18, 2017 11:26 am
Forum: Investing - Help with Personal Investments
Topic: My Story so far. Totally confused! Vanguard, Charles Schwab, Merrill Edge. Managing own portfolio... or NOT?
Replies: 86
Views: 8432

Re: My Story so far. Totally confused! Vanguard, Charles Schwab, Merrill Edge. Managing own portfolio... or NOT?

Hi Tyler Aspect, Where can I see the actual percentage of large-cap, mid-cap and small-cap within VTI? I looked through here but didn't see that information... https://personal.vanguard.com/us/funds/snapshot?FundId=0970&FundIntExt=INT I do see the sector composition but that is actually something I...
by Cuzz35
Sun Apr 16, 2017 9:26 am
Forum: Personal Finance (Not Investing)
Topic: Is my new accountant giving me a fair deal on form 5471?
Replies: 3
Views: 375

Re: Is my new accountant giving me a fair deal on form 5471?

This sounds reasonable. What is their hourly rate? What were you being charged before?
by Cuzz35
Sun Apr 16, 2017 9:25 am
Forum: Personal Finance (Not Investing)
Topic: Is my new accountant giving me a fair deal on form 5471?
Replies: 3
Views: 375

Re: Is my new accountant giving me a fair deal on form 5471?

This sounds reasonable. What is their hourly rate?
by Cuzz35
Mon Apr 10, 2017 5:35 pm
Forum: Personal Finance (Not Investing)
Topic: Sold Rental Property IRS 4797 form questions
Replies: 7
Views: 849

Re: Sold Rental Property IRS 4797 form questions

Hi Cuzz34, 1. No. Line 14 on schedule D is ZERO. The gain from 4797 is going into the line 11 which seems correct. 2. Due to the above, I think all the gain is not going into "ordinary income". But I think I have figured out by comparing with and without where some of the other increase is happenin...
by Cuzz35
Mon Apr 10, 2017 5:31 pm
Forum: Personal Finance (Not Investing)
Topic: Sold Rental Property IRS 4797 form questions
Replies: 7
Views: 849

Re: Sold Rental Property IRS 4797 form questions

I usually don't worry about splitting it out. Aside from the recapture it will all be taxed at long term rates anyways.
by Cuzz35
Mon Apr 10, 2017 2:18 pm
Forum: Personal Finance (Not Investing)
Topic: Sold Rental Property IRS 4797 form questions
Replies: 7
Views: 849

Re: Sold Rental Property IRS 4797 form questions

It's hard to say without seeing your return. Here are a couple of guesses. 1. You don't have the property coded correctly as 1250 property and its all being taxed as ordinary income. Is it flowing to line 14 on page 1 of your return or schedule D? 2. You have unrecaptured 1231 losses from the prior ...
by Cuzz35
Thu Apr 06, 2017 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Taxpayer vs. Tax Preparer: Whose responsibility to identify and calculate state tax-free muni dividends?
Replies: 10
Views: 964

Re: Taxpayer vs. Tax Preparer: Whose responsibility to identify and calculate state tax-free muni dividends?

When I was a new staff just getting started in public accounting, I would look up every fund on this website that would let you enter total dividends and it would calculate state muni interest, interest from U.S. government bonds, foreign dividends (for all world type funds) etc. Then after a year I...
by Cuzz35
Wed Apr 05, 2017 9:31 am
Forum: Personal Finance (Not Investing)
Topic: High Income earners, whats your Tax Strategy?
Replies: 113
Views: 13769

Re: High Income earners, whats your Tax Strategy?

I have alot of clients that invest in syndicated conservation easements. They basically invest into a partnership that owns a piece of land that it later places an easement on. The valuations are based on highest and best use of the property and not it's raw fair market value. So most clients get a ...
by Cuzz35
Mon Apr 03, 2017 10:37 pm
Forum: Personal Finance (Not Investing)
Topic: Low-earners- What is your profession?
Replies: 262
Views: 29255

Re: Low-earners- What is your profession?

CPA working as a manager in a public accounting firm. Currently at $90k. I hope to break $100k in another year.

Spouse no longer works but made maybe $50k working full time in a hospital and part time for a private practice as a Registered Nurse.
by Cuzz35
Fri Mar 31, 2017 3:00 pm
Forum: Personal Finance (Not Investing)
Topic: Schedule E Income Question 2016 , helping my parents.
Replies: 9
Views: 724

Re: Schedule E Income Question 2016 , helping my parents.

I just wanted to point out one thing about taking depreciation. Yes you may have to recapture this later. However, depreciation offsets ordinary income while the recapture is taxed at capital gain rates at a maximum of 25%. I believe depreciation is recaptured at ordinary income rates not to exceed...
by Cuzz35
Fri Mar 31, 2017 9:52 am
Forum: Personal Finance (Not Investing)
Topic: Schedule E Income Question 2016 , helping my parents.
Replies: 9
Views: 724

Re: Schedule E Income Question 2016 , helping my parents.

I just wanted to point out one thing about taking depreciation. Yes you may have to recapture this later. However, depreciation offsets ordinary income while the recapture is taxed at capital gain rates at a maximum of 25%.
by Cuzz35
Thu Mar 30, 2017 5:42 pm
Forum: Personal Finance (Not Investing)
Topic: How to file form 8621 as an amendment to my return?
Replies: 1
Views: 200

Re: How to file form 8621 as an amendment to my return?

Are you sure it's a passive foreign investment company? What type of company is it?
What is the value of the shares you own?
Did you receive any distributions/dividends?
by Cuzz35
Fri Mar 24, 2017 7:23 am
Forum: Personal Finance (Not Investing)
Topic: Primary residence mortgage over the 1.1M mortgage interest deduction cap ... what to do?
Replies: 13
Views: 1651

Re: Primary residence mortgage over the 1.1M mortgage interest deduction cap ... what to do?

My only concern would be if the interest tracing rules would allow you to deduct interest as a rental expense on a loan whose funds were used to pay down a mortgage on your primary residence.

I don't know the answer but this is where I would start.
by Cuzz35
Sat Mar 18, 2017 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: Loss on K-1 from investment in LLC
Replies: 2
Views: 345

Re: Loss on K-1 from investment in LLC

Hey there.

It's sound like you are a passive investor. I would look up passive activity loss rules and you will find your answer.
by Cuzz35
Wed Mar 15, 2017 9:55 am
Forum: Personal Finance (Not Investing)
Topic: Georgia Low Income Housing Tax Credit
Replies: 6
Views: 861

Re: Georgia Low Income Housing Tax Credit

To claim the credit on your GA return you need to file schedule 2 - GA Tax credits. The credit code is going to be 109. You need to fill in the company that generated the credit and the EIN. The rest should be fairly self explanatory. Happy to help if you have any more specific questions feel free t...
by Cuzz35
Wed Mar 15, 2017 9:49 am
Forum: Personal Finance (Not Investing)
Topic: Georgia Low Income Housing Tax Credit
Replies: 6
Views: 861

Re: Georgia Low Income Housing Tax Credit

Hi there. I see these all the time. The IT-HC is fairly straight forward. It should show the amount of credits you were allocated under the tax year. The unused carry forward section is where you would enter any LIHTC that was carried over from 2015. Below that you add up the two boxes above that to...
by Cuzz35
Thu Feb 23, 2017 11:52 am
Forum: Personal Finance (Not Investing)
Topic: Help analyzing retal duplex in rural Rome GA
Replies: 6
Views: 502

Re: Help analyzing retal duplex in rural Rome GA

I'll let others chime in with their thoughts but wanted to say hello as someone who grew up in Rome and lived there up until just over a year ago. Knowing what I know about Lindale, I would be concerned about the quality of tenants. So make sure you do your due diligence. Would a real estate agent b...
by Cuzz35
Mon Feb 20, 2017 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: Tax prep training recommendations?
Replies: 14
Views: 1521

Re: Tax prep training recommendations?

Don't take this as a full on recommendation but I just wanted to say that I am currently a CPA and manager at a large CPA firm in Atlanta. I got my start from attending the H&R Block training program. I signed up because I was interested in doing financial planning and someone had suggested that lea...
by Cuzz35
Thu Feb 16, 2017 11:55 pm
Forum: Personal Finance (Not Investing)
Topic: Exchange Traded Partnership K-1 Help Needed
Replies: 2
Views: 260

Re: Exchange Traded Partnership K-1 Help Needed

Any share of the partnerships income you receive will increase your basis. Vanguard does not track this. When you dispose units in the fund, the k-1 will come with a sales schedule which will help you calculate your adjusted basis.
by Cuzz35
Wed Feb 15, 2017 11:37 pm
Forum: Personal Finance (Not Investing)
Topic: Capital Gains [for rental property]
Replies: 1
Views: 220

Re: Capital Gains [for rental property]

It depends. Were any of them converted from your primary residence? Did you have any 1231 losses in the previous 5 years? Any gain due to depreciation is typically recaptured at a maximum 25%. The rest would be taxed at standard long-term capital gain rates (max 20%). You could also be subject to th...
by Cuzz35
Sat Feb 11, 2017 11:12 am
Forum: Personal Finance (Not Investing)
Topic: Selling rental condo - capital gains even though selling at same price??
Replies: 23
Views: 1957

Re: Selling rental condo - capital gains even though selling at same price??

Your basis for determining gain is $170k (plus improvements) minus depreciation. Your basis for determining loss is $80k (plus improvements) minus depreciation. Sounds like you will only have some gain related to depreciation recapture. A sales price between these points results in no gain or lose. ...
by Cuzz35
Thu Feb 09, 2017 11:11 am
Forum: Personal Finance (Not Investing)
Topic: Tax question - Itemizing
Replies: 16
Views: 1460

Re: Tax question - Itemizing

Depending on your itemized deductions and federal/state tax rates, it may be beneficial to elect to itemize even though your standard deduction is higher. In Georgia, the standard deduction for state purposes is very low. If you itemize for federal you can use that number instead. So it's possible t...
by Cuzz35
Fri Jan 13, 2017 2:49 pm
Forum: Personal Finance (Not Investing)
Topic: FAFSA for High Net Worth Parents?
Replies: 71
Views: 8269

Re: FAFSA for High Net Worth Parents?

I put two kids through college. I was reluctant to fill out the FASFA based on estimates from online calculators. Friends suggested I fill it out and said I might be surprised. Reluctantly I filled it out for kid 1 the first year. No surprises. I never filled it out again. Friends who advised us to...
by Cuzz35
Wed Jan 11, 2017 5:52 pm
Forum: Personal Finance (Not Investing)
Topic: Form 5471 and Turbotax
Replies: 9
Views: 1933

Re: Form 5471 and Turbotax

OK, I'm a big booster of DIY with TurboTax. Check out any of my previous posts for proof of that... But doing a 5471 yourself seems like less than a optimal choice given the complexity (which is very high), the time required (hours and hours for a professional accountant), and the penalty (which is...
by Cuzz35
Tue Oct 04, 2016 10:45 pm
Forum: Personal Finance (Not Investing)
Topic: Moving to Canada - US citizen - tax help/assets?
Replies: 6
Views: 912

Re: Moving to Canada - US citizen - tax help/assets?

One place to start would be to read the U.S. Canada Tax Treaty. Treaties deal alot with the problem of double taxation issues between two countries. Most countries have tie breaker rules to determine which country you ultimately pay tax in if you are a dual citizen. My guess is Canada's treaty has t...
by Cuzz35
Thu Sep 29, 2016 5:48 am
Forum: Personal Finance (Not Investing)
Topic: Does Form 4562 Need to be filed for Rental Property Every Year
Replies: 3
Views: 1176

Re: Does Form 4562 Need to be filed for Rental Property Every Year

I didn't include Form 4562, Depreciation and Amortization (Including Information on Listed Property), with my 2014 return because I didn't have any property to add. Should I have included it just to report the amount of depreciation from previous years? If you read the instructions it says to file ...
by Cuzz35
Sat Sep 03, 2016 8:54 pm
Forum: Local Chapters and Bogleheads Community
Topic: Metro Atlanta Bogleheads Local Chapter
Replies: 60
Views: 9987

Re: Metro Atlanta Bogleheads Local Chapter

Andrea,

I will attend the meeting if you will send me the information. I missed the survey as I haven't followed this thread to closely.

It might be worth pming those that have posted on here in the past as they might notice that.

Excited to meet everyone.
by Cuzz35
Wed Aug 10, 2016 5:24 pm
Forum: Personal Finance (Not Investing)
Topic: Best Course for CFP
Replies: 9
Views: 970

Re: Best Course for CFP

I have used Zahn based on recommendations from others but personally was not impressed.

Having used Becker to prepare the the CPA exam, Zahn just seemed underwhelming.

I would still encourage you to look into Zahn when attempting to compare different courses.