Search found 2171 matches

by miamivice
Tue Oct 15, 2019 11:35 am
Forum: Personal Finance (Not Investing)
Topic: Suggestions for college savings
Replies: 20
Views: 1764

Re: Suggestions for college savings

Hello again, I have a 4yo child. I have started for my child since year 1 in a 529 account. My plan is to fully fund my child 's education. In another post I made regarding home affordability, some have suggested me to keep 529 savings low as it will affect my child's fafsa. I am completely unaware...
by miamivice
Tue Oct 15, 2019 7:56 am
Forum: Personal Consumer Issues
Topic: Invited to join HOA board. Pros/cons?
Replies: 58
Views: 4705

Invited to join HOA board. Pros/cons?

Just recently, I was invited to join the HOA board. I had put together a presentation of some concerns around our neighborhood, it impressed the board, and they decided that maybe I should join. They apparently had someone recently step down and need to backfill the position. For those folks who hav...
by miamivice
Mon Oct 14, 2019 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: Donating Home
Replies: 7
Views: 1100

Re: Donating Home

As others said, if you are donating $25k to an entity who then demolishes your house, that's not a charitable deduction. That's payment for services rendered.

I would also concur that there is no way that fair market value of bits and pieces of your home is worth $125k.
by miamivice
Sun Oct 13, 2019 7:42 pm
Forum: Personal Investments
Topic: What’s the point of a taxable account?
Replies: 62
Views: 6810

Re: What’s the point of a taxable account?

In addition to the “nowhere else to put it” reason, it’s also useful to have some money that is not locked up until retirement. Afty, They are not retirement accounts. They are tax-advantaged accounts. The money is not locked up until retirement. Please do not spread wrong information. https://www....
by miamivice
Sun Oct 13, 2019 7:19 pm
Forum: Personal Finance (Not Investing)
Topic: Should I invest in a ski in / ski out condo?
Replies: 50
Views: 5309

Re: Should I invest in a ski in / ski out condo?

Every year around this time, I start thinking about ski season. One thing that I always have been interested in is buying a ski in / ski out condo. Wanted to see any comments about whether this would be a good idea. Here's the situation: The ski in / ski out lodge is in an affordable, yet growing a...
by miamivice
Sun Oct 13, 2019 6:48 pm
Forum: Personal Investments
Topic: What’s the point of a taxable account?
Replies: 62
Views: 6810

Re: What’s the point of a taxable account?

In addition to the “nowhere else to put it” reason, it’s also useful to have some money that is not locked up until retirement. Afty, They are not retirement accounts. They are tax-advantaged accounts. The money is not locked up until retirement. Please do not spread wrong information. https://www....
by miamivice
Sun Oct 13, 2019 6:42 pm
Forum: Personal Investments
Topic: What’s the point of a taxable account?
Replies: 62
Views: 6810

Re: What’s the point of a taxable account?

The point of a taxable account is to set aside money for a future purchase that is large in size. One example is a vehicle. Rather than taking out a car loan, and paying interest, one can dip into their taxable account and pay for the car cash. Other examples include other big expenses. Vacations, R...
by miamivice
Sat Oct 12, 2019 2:06 pm
Forum: Personal Finance (Not Investing)
Topic: Should I invest in a ski in / ski out condo?
Replies: 50
Views: 5309

Should I invest in a ski in / ski out condo?

Every year around this time, I start thinking about ski season. One thing that I always have been interested in is buying a ski in / ski out condo. Wanted to see any comments about whether this would be a good idea. Here's the situation: The ski in / ski out lodge is in an affordable, yet growing an...
by miamivice
Sat Oct 12, 2019 11:05 am
Forum: Personal Investments
Topic: Taxable investment account for college?
Replies: 114
Views: 6423

Re: Taxable investment account for college?

I recommend funding a Roth IRA before a 529 plan because, quite frankly, for most people that's the best decision for them. OK that makes sense. Agree that Roth IRA contributions can be used for college. For our family, we want to keep Roth IRA money for retirement so we can pull tax free Roth IRA ...
by miamivice
Sat Oct 12, 2019 11:01 am
Forum: Personal Investments
Topic: Taxable investment account for college?
Replies: 114
Views: 6423

Re: Taxable investment account for college?

But don't you have to belt tighten in the years before college, in order to save extra into 529s? Then the existence of the 529 balances drive up your Expected Family Contribution. Unless you are at a much higher rate of income than my hypothetical $100k income family, so that the EFC exceeds cost ...
by miamivice
Sat Oct 12, 2019 9:58 am
Forum: Personal Investments
Topic: Taxable investment account for college?
Replies: 114
Views: 6423

Re: Taxable investment account for college?

An important thing to keep in mind is that money is fungible and just because an account has the word “retirement” in it, that doesn’t mean it can’t be used for other purposes. In fact, congress wrote a fair amount of flexibility into the relevant tax law to accommodate just that. (Shout out to Kla...
by miamivice
Sat Oct 12, 2019 9:26 am
Forum: Personal Investments
Topic: Taxable investment account for college?
Replies: 114
Views: 6423

Re: Taxable investment account for college?

If you only expect to have one kid in college at a time, and you can fully fund a 401k and two Roth IRAs annually, you are pretty close to being able to fund your kids college education by just redirecting new retirement savings. Yes, one (might) be able to cash flow college if income is sufficient...
by miamivice
Fri Oct 11, 2019 9:06 pm
Forum: Personal Investments
Topic: Taxable investment account for college?
Replies: 114
Views: 6423

Re: Taxable investment account for college?

We have a lot of people trying to outsmart the tax code. I will state again my view: a) 401k money - cannot be used for college without sacrificing tax advantages of 401k. b) Roth IRA money - contributions can be withdrawn but no tax advantages for college savings. Contributions are limited to 12k p...
by miamivice
Fri Oct 11, 2019 4:01 pm
Forum: Personal Investments
Topic: Taxable investment account for college?
Replies: 114
Views: 6423

Re: Taxable investment account for college?

It strikes me that nobody has yet claimed that they have actually pulled money out of their retirement accounts to pay for college, though I trust your intent to do so with your Roth if you needed to. I am of the same mind that we are committed to fully funding college. I'm pretty sure nobody on Bo...
by miamivice
Fri Oct 11, 2019 3:11 pm
Forum: Personal Investments
Topic: Taxable investment account for college?
Replies: 114
Views: 6423

Re: Taxable investment account for college?

KlangFool, just to remind you, you frequently encourage people to take money out of retirement tax-advantaged accounts to pay for college. After all, "Money is fungible" is one of your favorite expressions. miamivice, I corrected your post. KlangFool My question stands. You have argued in favor of ...
by miamivice
Fri Oct 11, 2019 2:50 pm
Forum: Personal Investments
Topic: Taxable investment account for college?
Replies: 114
Views: 6423

Re: Taxable investment account for college?

We haven't had to make any withdrawals, any payments we've made have been cash flowed. Scholarships, grants, the kids' earnings and the kids' loans have mostly covered things. So far, the loans haven't been an undue burden. DD1 paid her loans off in a few years. DS2 is taking a slower route, but he...
by miamivice
Fri Oct 11, 2019 11:56 am
Forum: Investing - Theory, News & General
Topic: 529 and FIRE
Replies: 29
Views: 3238

Re: 529 and FIRE

We live in CA where there is no state tax benefit to contributing to a 529. Still, it makes sense because of the tax-free withdrawals. I think our goal would be to not overshoot by too far. But who knows how much our 2 kids' educations will be? $200k for college per kid? $200k for graduate school p...
by miamivice
Fri Oct 11, 2019 11:36 am
Forum: Personal Investments
Topic: Taxable investment account for college?
Replies: 114
Views: 6423

Re: Taxable investment account for college?

I think teen's post about her specific situation really shines a light on why 529s don't make sense for her situation. I would concur that for a family of 7 that is on free/reduced meals, a 529 is way, way down the priority list and it's safe to say that a 529 shouldn't be a big consideration. Also ...
by miamivice
Thu Oct 10, 2019 3:30 pm
Forum: Personal Investments
Topic: Capital Gains on Sale of Land
Replies: 9
Views: 788

Re: Capital Gains on Sale of Land

I buy lots, subdivide them, and sell accordingly. This is a normal expense that adds to my cost basis on nearly every project. Other improvements are utilities (i.e. power, water, etc.), access such as a rock or milling driveway, or anything else that can be proven to add value to the parcel. Someo...
by miamivice
Thu Oct 10, 2019 2:15 pm
Forum: Personal Investments
Topic: Capital Gains on Sale of Land
Replies: 9
Views: 788

Re: Capital Gains on Sale of Land

We are in the process of placing our land on the market with a real estate agent. My understanding is the real estate fees can be subtracted from the cost basis of the land to reduce the capital gains we owe. We paid a forestry mulching company to clear the land due to the dense underbrush and tree...
by miamivice
Thu Oct 10, 2019 10:06 am
Forum: Personal Consumer Issues
Topic: Neighbor filming a TV Show
Replies: 71
Views: 3868

Re: Neighbor filming a TV Show

In reality, the moment that the activity becomes problematic for you, go check into a hotel and spend a couple days there. Then send a bill to the homeowner who invited the TV crew. If they don't pay the bill, file a lawsuit in small claims court. That would be a waste of time and money. Unless the...
by miamivice
Thu Oct 10, 2019 9:18 am
Forum: Personal Consumer Issues
Topic: Neighbor filming a TV Show
Replies: 71
Views: 3868

Re: Neighbor filming a TV Show

In reality, the moment that the activity becomes problematic for you, go check into a hotel and spend a couple days there. Then send a bill to the homeowner who invited the TV crew. If they don't pay the bill, file a lawsuit in small claims court. That would be a waste of time and money. Unless the...
by miamivice
Thu Oct 10, 2019 8:47 am
Forum: Personal Consumer Issues
Topic: Neighbor filming a TV Show
Replies: 71
Views: 3868

Re: Neighbor filming a TV Show

In reality, the moment that the activity becomes problematic for you, go check into a hotel and spend a couple days there. Then send a bill to the homeowner who invited the TV crew. If they don't pay the bill, file a lawsuit in small claims court.
by miamivice
Wed Oct 09, 2019 8:09 pm
Forum: Personal Consumer Issues
Topic: Do you carry your passport with you during international travel?
Replies: 110
Views: 9561

Re: Do you carry your passport with you during international travel?

livesoft wrote:
Wed Oct 09, 2019 2:59 pm
I leave it in the hotel safe and carry a copy unless I need the original, say at a bank, currency exchange, police station, or the Bat Cave.
Do you set the combination of the hotel safe to 1-2-3-4?
by miamivice
Wed Oct 09, 2019 8:06 pm
Forum: Personal Consumer Issues
Topic: My mechanic just wrecked my car - advice?
Replies: 101
Views: 8143

Re: My mechanic just wrecked my car - advice?

UPDATE - I also wanted to see if anyone had any new info on the doctrine of "diminished value " in the insurance industry? My agent mentioned it (without specific advice). I found this article and understand the general idea but don't know how to apply it to this situation exactly. I'm not that wor...
by miamivice
Wed Oct 09, 2019 3:08 pm
Forum: Personal Consumer Issues
Topic: My mechanic just wrecked my car - advice?
Replies: 101
Views: 8143

Re: My mechanic just wrecked my car - advice?

So, things happen, but invariably there'll be a chorus of people on here telling you to sue them into next year. They absolutely should make it right, but I don't think this is a situation where you'll "get one over on them". My ideas: 1. They fix the car for your free of charge and offer an extend...
by miamivice
Wed Oct 09, 2019 3:08 pm
Forum: Personal Consumer Issues
Topic: My mechanic just wrecked my car - advice?
Replies: 101
Views: 8143

Re: My mechanic just wrecked my car - advice?

Do not allow them to repair it - they will cut all possible corners. It is your car and you need to take charge at this pint and oversee all repairs. Because your car was damage, regardless of who was driving, call your insurance company and file a claim. The company will then go after the the shop...
by miamivice
Wed Oct 09, 2019 2:48 pm
Forum: Personal Consumer Issues
Topic: My mechanic just wrecked my car - advice?
Replies: 101
Views: 8143

Re: My mechanic just wrecked my car - advice?

How old is older? Are you in the market for a new (or new to you) vehicle? I think that I would probably ask the mechanic to buy the vehicle at market value from me, and then I would buy a new to me vehicle instead. I wouldn't want a car that had been in a collision and repaired, due to no fault of ...
by miamivice
Wed Oct 09, 2019 2:44 pm
Forum: Personal Consumer Issues
Topic: Consumer Reports
Replies: 36
Views: 3448

Re: Consumer Reports

For what I usually buy, Amazon reviews are excellent and generally reflective of product quality. Except for car review, I am not sure what consumer reports would offer than Amazon reviews do not.
by miamivice
Wed Oct 09, 2019 9:20 am
Forum: Personal Investments
Topic: Taxable investment account for college?
Replies: 114
Views: 6423

Re: Taxable investment account for college?

6. So if I simulated what was suggested from those advocating maximizing retirement savings, it would look something like this(?): liquidate the taxable this year, withhold more income to max out 401k, use part of the liquidated taxable on current expenses. Rinse and repeat over the next several ye...
by miamivice
Wed Oct 09, 2019 9:00 am
Forum: Personal Investments
Topic: Taxable investment account for college?
Replies: 114
Views: 6423

Re: Taxable investment account for college?

6. So if I simulated what was suggested from those advocating maximizing retirement savings, it would look something like this(?): liquidate the taxable this year, withhold more income to max out 401k, use part of the liquidated taxable on current expenses. Rinse and repeat over the next several ye...
by miamivice
Wed Oct 09, 2019 8:30 am
Forum: Personal Investments
Topic: Taxable investment account for college?
Replies: 114
Views: 6423

Re: Taxable investment account for college?

6. So if I simulated what was suggested from those advocating maximizing retirement savings, it would look something like this(?): liquidate the taxable this year, withhold more income to max out 401k, use part of the liquidated taxable on current expenses. Rinse and repeat over the next several ye...
by miamivice
Wed Oct 09, 2019 8:26 am
Forum: Personal Investments
Topic: Taxable investment account for college?
Replies: 114
Views: 6423

Re: Taxable investment account for college?

The majority opinion here on BH is to max out tax advantaged retirement accounts first before funding a 529. I don't agree that this is the "majority opinion", and I'd be worried if it was. There may be a subset of folks who think that maximizing retirement savings is a legitimate goal in and of it...
by miamivice
Tue Oct 08, 2019 9:27 pm
Forum: Personal Investments
Topic: Taxable investment account for college?
Replies: 114
Views: 6423

Re: Taxable investment account for college?

Klangfool is really trying to help. No, he has a vendetta against 529s and has made it his mission on Bogleheads to discourage people from using them for any purpose. He is 100% opposed to the existence of a 529. $90k earmarked for college can be placed in a 529 or in retirement accounts. The money...
by miamivice
Tue Oct 08, 2019 3:07 pm
Forum: Personal Investments
Topic: Overfunding a 529 - weighing risk / reward
Replies: 18
Views: 1803

Re: Overfunding a 529 - weighing risk / reward

The penalty for non-qualified withdrawals is two fold: First you pay a 10% penalty and you also have to pay income tax at your marginal tax rate. For most Bogleheads, your marginal tax rate is much, much higher than long term capital gains tax. Most parents do not fund kids grad school. In many cas...
by miamivice
Tue Oct 08, 2019 3:03 pm
Forum: Personal Finance (Not Investing)
Topic: Asset protection
Replies: 34
Views: 3231

Re: Asset protection

my wife is a new nurse practitioner and the cost of personal malpractice insurance is very high $3k - $5k per year in relation to her salary which has led me down the asset protection route. She works under an MD who added her to his malpractice policy, but I don't want to rely on that. We live in ...
by miamivice
Tue Oct 08, 2019 11:15 am
Forum: Personal Investments
Topic: Taxable investment account for college?
Replies: 114
Views: 6423

Re: Taxable investment account for college?

angelescrest, Please verify that whether you qualify for the following tax credits if you max up your Trad. 401K. https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit https://www.bogleheads.org/wiki/Saver%27s_credit KlangFool Interesting. No, not for EITC but we could get to ...
by miamivice
Tue Oct 08, 2019 11:06 am
Forum: Personal Finance (Not Investing)
Topic: Withdrawing 401k money penalty free prior to 59 1/2
Replies: 18
Views: 2281

Withdrawing 401k money penalty free prior to 59 1/2

A common adage on here is that 401k accounts are more than just retirement accounts - they are tax advantaged accounts. Indeed, some posters have claimed that one can withdraw money from 401k penalty free prior to age 59.5, however, these posters never take the time to explain. Can someone explain t...
by miamivice
Tue Oct 08, 2019 9:59 am
Forum: Personal Investments
Topic: Taxable investment account for college?
Replies: 114
Views: 6423

Re: Taxable investment account for college?

We are in the 12?% tax bracket at the moment, and would likely move up to 22% later when spouse is working more. angelescrest, Please verify that whether you qualify for the following tax credits if you max up your Trad. 401K. https://www.irs.gov/credits-deductions/individuals/earned-income-tax-cre...
by miamivice
Tue Oct 08, 2019 9:55 am
Forum: Personal Investments
Topic: Taxable investment account for college?
Replies: 114
Views: 6423

Re: Taxable investment account for college?

We are in the 12?% tax bracket at the moment, and would likely move up to 22% later when spouse is working more. angelescrest, Please verify that whether you qualify for the following tax credits if you max up your Trad. 401K. https://www.irs.gov/credits-deductions/individuals/earned-income-tax-cre...
by miamivice
Tue Oct 08, 2019 9:50 am
Forum: Personal Investments
Topic: Taxable investment account for college?
Replies: 114
Views: 6423

Re: Taxable investment account for college?

401K is not retirement money. You can withdraw them penalty-free before 59 1/2 years old. This statement is plain wrong. You generally cannot access 401k money prior to retirement penalty / 59.5 penalty free. miamivice, You are wrong! https://www.madfientist.com/how-to-access-retirement-funds-early...
by miamivice
Tue Oct 08, 2019 9:48 am
Forum: Personal Investments
Topic: Taxable investment account for college?
Replies: 114
Views: 6423

Re: Taxable investment account for college?

We are in the 12?% tax bracket at the moment, and would likely move up to 22% later when spouse is working more. angelescrest, 1) At 12% tax bracket, your long-term capital gain tax rate is 0%. You get tax-free growth at your taxable account. Why do you want to contribute to the 529? 2) When your s...
by miamivice
Tue Oct 08, 2019 9:42 am
Forum: Personal Investments
Topic: Taxable investment account for college?
Replies: 114
Views: 6423

Re: Taxable investment account for college?

KlangFool wrote:
Sun Oct 06, 2019 6:19 pm
401K is not retirement money. You can withdraw them penalty-free before 59 1/2 years old.
This statement is plain wrong. You generally cannot access 401k money prior to retirement penalty / 59.5 penalty free.
by miamivice
Tue Oct 08, 2019 9:37 am
Forum: Personal Investments
Topic: Taxable investment account for college?
Replies: 114
Views: 6423

Re: Taxable investment account for college?

Any money that you expect to pay for college should be in a 529, as gains from today on will be tax free. There is no other account that you can save for college and avoid taxes on growth as effectively as a 529. I concur that you should ensure that you'll be able to retire per your plan, but am sur...
by miamivice
Mon Oct 07, 2019 9:29 pm
Forum: Personal Investments
Topic: Overfunding a 529 - weighing risk / reward
Replies: 18
Views: 1803

Re: Overfunding a 529 - weighing risk / reward

The penalty for non-qualified withdrawals is two fold: First you pay a 10% penalty and you also have to pay income tax at your marginal tax rate. For most Bogleheads, your marginal tax rate is much, much higher than long term capital gains tax. Most parents do not fund kids grad school. In many case...
by miamivice
Mon Oct 07, 2019 9:00 pm
Forum: Personal Consumer Issues
Topic: Broken driver-side window. What to do?
Replies: 30
Views: 2489

Re: Broken driver-side window. What to do?

I've never been in this situation before, so I thought I'd come to the best place I know for advice. Vandals/thieves shattered my driver-side window breaking into my car last night. (2018 Mazda 3) I have a $500 deductible on my comprehensive insurance coverage as well as rental-car coverage. I'm wo...
by miamivice
Mon Oct 07, 2019 9:00 pm
Forum: Personal Finance (Not Investing)
Topic: Providing for a adult child with serious illness
Replies: 11
Views: 1671

Re: Providing for a adult child with serious illness

I know a family who had a child with a serious and rare disease. That particular child milked the parents for a long time using the disease as an excuse for needing money. Eventually the cash cow went dry upon which the child stopped talking to the parents. Be careful. I am not saying your son will ...
by miamivice
Mon Oct 07, 2019 8:46 pm
Forum: Personal Consumer Issues
Topic: Broken driver-side window. What to do?
Replies: 30
Views: 2489

Re: Broken driver-side window. What to do?

I've never been in this situation before, so I thought I'd come to the best place I know for advice. Vandals/thieves shattered my driver-side window breaking into my car last night. (2018 Mazda 3) I have a $500 deductible on my comprehensive insurance coverage as well as rental-car coverage. I'm wo...
by miamivice
Fri Oct 04, 2019 4:30 pm
Forum: Personal Finance (Not Investing)
Topic: gifting
Replies: 30
Views: 2078

Re: gifting

The personal exemption today is $11 million for a single, or can be up to $22 million for a married person. Will this limit affect you? That’s Federal. OP might, for example, live in MA, where it’s $1M. Yes. I don't discuss state taxes on this forum because the vast majority of posters don't reveal...
by miamivice
Fri Oct 04, 2019 3:41 pm
Forum: Personal Finance (Not Investing)
Topic: gifting
Replies: 30
Views: 2078

Re: gifting

In a conversation with financial planner working on estate planning he said we could gift now and if over the 15k allowed limit it will go against me personal exemption upon death. I think there are a lot smarter people here than me so I am asking opinions. I am considering paying off my daughters ...