Search found 769 matches

by LateStarter1975
Wed Feb 14, 2024 6:37 am
Forum: Personal Finance (Not Investing)
Topic: First time owing federal taxes
Replies: 45
Views: 4461

Re: First time owing federal taxes

coffecakecrocodile wrote: Tue Feb 13, 2024 7:14 pm
LateStarter1975 wrote: Tue Feb 13, 2024 6:16 pm
Hyperchicken wrote: Tue Feb 13, 2024 5:59 pm Congratulations for being on point with your tax withholding.

If for some reason you prefer parting with your money sooner rather than later, you can increase withholdings and/or make estimated payments.
+1
Thank you. Love your signature LateStarter1975. :happy
Thank you and you're welcome
by LateStarter1975
Tue Feb 13, 2024 6:16 pm
Forum: Personal Finance (Not Investing)
Topic: First time owing federal taxes
Replies: 45
Views: 4461

Re: First time owing federal taxes

Hyperchicken wrote: Tue Feb 13, 2024 5:59 pm Congratulations for being on point with your tax withholding.

If for some reason you prefer parting with your money sooner rather than later, you can increase withholdings and/or make estimated payments.
+1
by LateStarter1975
Mon Jan 22, 2024 1:57 pm
Forum: US Chapters
Topic: 🎁 🎉Happy 100th Birthday to Taylor Larimore 🎊🎂
Replies: 429
Views: 43346

Re: 🎁 🎉Happy 100th Birthday to Taylor Larimore 🎊🎂

Congratulations Taylor! What a milestone. Meeting you one day is on my bucket list and I hope that happens soon!
by LateStarter1975
Tue Jan 16, 2024 8:55 pm
Forum: Investing - Theory, News & General
Topic: How did you make your first $1M?
Replies: 148
Views: 35677

Re: How did you make your first $1M?

Toons wrote: Thu Jan 04, 2024 3:50 pm Saving,Investing,Reinvesting ,As much as possible as often as possible,
Compounding did the heavy lifting :mrgreen:
+1
by LateStarter1975
Tue Jan 16, 2024 8:41 pm
Forum: Personal Finance (Not Investing)
Topic: Am i doing ok for my age?
Replies: 44
Views: 6018

Re: Am i doing ok for my age?

Hipospadus wrote: Tue Jan 16, 2024 8:15 pm I am 49. my rent is $2500 a month. I have $280 car payments a month. have no debt , excellent credit, single but in a 6 month relationship now and probably spent on average $500 a month on dates and activities with my gf.

Individual, Rollover IRA and Roth IRA combined is $1.15 million (stocks, ETFs, bonds and treasury bills)
Savings is $260,000
Crypto investment $10K

Monthly Salary is $10K before taxes

any suggestions? thanks
Yes. Reduce savings to 6 months of expenses and invest the rest in the stock market or real estate. Unless of course you are saving for a very large ticket item soon like buying your own home
by LateStarter1975
Wed Jan 03, 2024 12:20 pm
Forum: Personal Investments
Topic: Boglehead's remorse?
Replies: 102
Views: 20371

Re: Boglehead's remorse?

I've been in the Boglehead camp since 2019 after reading JL Collins's Simple Path to Wealth. At the time I owned a handful of equities and mutual funds worth around $350K. Starting that year, I began selling off these individual equities and reinvesting in index funds based on my newfound investing strategy along with advice from this forum. These were good stocks - Humana, United Healthcare, Microsoft, to name a few - with huge capital gains, for which I've paid dearly in CGT's. I pursued this path to diversify, lower risk, and ultimately ensure my path to wealth in retirement. 2019 to 2023 has been an interesting time for investing. Overall, my portfolio grew to about $600K by the end of 2022. In January 2023, I still owned a very large ...
by LateStarter1975
Tue Dec 12, 2023 6:14 pm
Forum: US Chapters
Topic: Post your Financial Milestone Announcements Here
Replies: 3622
Views: 569030

Re: Post your Financial Milestone Announcements Here

This month marks two big milestones I mapped out starting 10 years ago, happening in the same month. 10 years ago, at the start of 2013, I knew nothing about finances. We just had a new born and we were curious about opening a college fund, because, like... that should be a thing my wife and I should do, right? Well, we had a 'financial planner' at the time for investing & insurance purposes and I asked him. Well that opened up a can of worms of how much should I put into the 529, which I then also asked how much should I also be putting into retirement, etc. At the time my spouse and I (32 and 29) had this established: $46,000 put away in a mix of 401k, 403b and Roth accounts Putting about $500 away (in total) each month, or $6,000 an...
by LateStarter1975
Tue Nov 28, 2023 4:32 pm
Forum: Investing - Theory, News & General
Topic: Charlie Munger dies at 99
Replies: 63
Views: 13388

Re: Charlie Munger dies at 99

Thank you so much Charlie for your common sense, no-nonsense investing wisdom you have provided for decades. Rest in peace!
by LateStarter1975
Tue Oct 31, 2023 6:29 pm
Forum: US Chapters
Topic: Post your Financial Milestone Announcements Here
Replies: 3622
Views: 569030

Re: Post your Financial Milestone Announcements Here

That’s fantastic progress since you posted 4 years ago. You’ve gone from net worth of about $150k to over $500k while living in a very expensive place. Don’t compare yourself to a few others on this Forum. You’re about 40 years old, with a long saving and investing timeline ahead of you. You’ll do great if you keep on this upward track. I was under 500k at age 40 and was just starting to learn about investing and BH strategies, and I accelerated really rapidly throughout my 40s. You are doing awesome - stay the course and you will be in great shape. Congrats on figuring out how to get rolling before age 40. Well said. At 40, I was less than $200,000 net worth. I just learnt to focus on myself and keep pushing to get to a better place. Comp...
by LateStarter1975
Sat Sep 16, 2023 7:27 pm
Forum: US Chapters
Topic: Post your Financial Milestone Announcements Here
Replies: 3622
Views: 569030

Re: Post your Financial Milestone Announcements Here

That’s fantastic progress since you posted 4 years ago. You’ve gone from net worth of about $150k to over $500k while living in a very expensive place. Don’t compare yourself to a few others on this Forum. You’re about 40 years old, with a long saving and investing timeline ahead of you. You’ll do great if you keep on this upward track. I was under 500k at age 40 and was just starting to learn about investing and BH strategies, and I accelerated really rapidly throughout my 40s. You are doing awesome - stay the course and you will be in great shape. Congrats on figuring out how to get rolling before age 40. Well said. At 40, I was less than $200,000 net worth. I just learnt to focus on myself and keep pushing to get to a better place. Comp...
by LateStarter1975
Sun Aug 20, 2023 7:04 pm
Forum: Investing - Theory, News & General
Topic: How much gold should you hold in your portfolio?
Replies: 195
Views: 18202

Re: How much gold should you hold in your portfolio?

To achieve optimal portfolio diversification with stocks, bonds, and gold just how much gold should you hold? Well, it seems to depend on how much you have in stocks -- at least according to the efficient frontier from 1972-now. I looked at this using TSM, Intermediate-term Treasuries (ITT), and Gold using Portfolio Visualizer. A well-known portfolio using these 3 assets is the Permanent Portfolio, which consists of 25% stocks, 50% ITT, and 25% Gold. As it turns out, had you invested 25% in TSM the most efficient allocation over the 1972-2023 period would have been about 65% in ITT and only 10% Gold. At the other end of the spectrum, the most efficient portfolio with a 25% allocation to Gold would have been with 70% stocks and only 5% in I...
by LateStarter1975
Sun Aug 20, 2023 7:01 pm
Forum: Personal Investments
Topic: When does the power of compounding interest really kick in?
Replies: 113
Views: 25799

Re: When does the power of compounding interest really kick in?

Wannaretireearly wrote: Sun Aug 20, 2023 11:02 am The daily fluctuations recently have been jaw dropping to me. So I’ll say any amount, or account over $1M. Invested in CD’s yields $50k. Invested in stocks will fluctuate sometimes $50k up or down a week. Those are significant numbers. It would take most of America a year of earnings to yield $50k after taxes.
Apt
by LateStarter1975
Tue Jun 20, 2023 9:48 am
Forum: Non-US Investing
Topic: Newbie [Just starting out, help requested]
Replies: 3
Views: 769

Re: Newbie [Just starting out, help requested]

Shackleton wrote: Tue Jun 20, 2023 9:20 am There is a “Getting Started” page in the wiki that will be a great resource: https://www.bogleheads.org/wiki/Getting_started

There is a section for investors outside of the US, if that applies.
This
by LateStarter1975
Tue Jun 20, 2023 9:47 am
Forum: Personal Investments
Topic: Why do I seem to be behind in investments?
Replies: 23
Views: 3214

Re: Why do I seem to be behind in investments?

retiredjg wrote: Tue Jun 20, 2023 6:51 am
liveinaz wrote: Mon Jun 19, 2023 11:12 pm So my question is why am I doing several percentage points below the S&P 500 and Down Jones? Is this normal?
Your portfolio is 60% stocks and 40% bonds. You are comparing it to 100% stocks. What you are seeing is exactly what is expected.
+1
by LateStarter1975
Tue Jun 20, 2023 9:36 am
Forum: Personal Finance (Not Investing)
Topic: Finance Books For Youngsters
Replies: 6
Views: 563

Re: Finance Books For Youngsters

Cosmicpony wrote: Tue Jun 20, 2023 8:33 am Hello, we are hosting my wife's 14 y/o nephew for a summer arts program and his mom asked me to teach him about finance. His family struggles to get by, his mom is single and working four jobs to make ends meet, so I fear the kid wants to trade stocks with his lawn mowing money to get rich quick. Any book recommendations? The kid is supposed to be really smart, perfect grades in school, so I would like something that will not speak down to him and will give him a well rounded view on how money markets, stocks, bonds, etc. work. Thank you!
The Richest Man in Babylon. It's a simple old classic that will give him the foundation he needs before he reads about stocks and bonds.
by LateStarter1975
Fri Jun 16, 2023 1:32 pm
Forum: Personal Investments
Topic: How to invest house down payment
Replies: 5
Views: 998

Re: How to invest house down payment

Marseille07 wrote: Fri Jun 16, 2023 9:43 am I would not include it in AA because that's money-to-be home equity. Unless your allocation had included home equity before the sale, there's little reason to include it now.

CD is okay, but don't you get penalized if you terminate early? You need to align the timeline in terms of your next home purchase. I'd probably choose a money-market fund here instead.
Seconded. If there is no penalty on the CD for terminating early, then that's fine. But you can get comparable rates (4-5%) on high yield online savings accounts and MM accounts. And keep it separate from your AA
by LateStarter1975
Fri Jun 16, 2023 9:30 am
Forum: Personal Investments
Topic: Thinking of moving to Edward Jones
Replies: 147
Views: 16151

Re: Thinking of moving to Edward Jones

ScubaHogg wrote: Fri Jun 16, 2023 9:14 am OP, is this you?

viewtopic.php?p=7134938#p7134938

viewtopic.php?p=7284826#p7284826

What’s changed in the last month?
I wish OP could respond to this. For added insight
by LateStarter1975
Fri Jun 16, 2023 8:01 am
Forum: Investing - Theory, News & General
Topic: This is Why You Stay the Course - Ben Carlson
Replies: 32
Views: 7015

Re: This is Why You Stay the Course - Ben Carlson

Fallible wrote: Wed Jun 14, 2023 8:11 pm
Marseille07 wrote: Wed Jun 14, 2023 5:27 pm
LateStarter1975 wrote: Wed Jun 14, 2023 12:41 pm I love Ben Carlson. He keeps things simple and uncomplicated. I enjoy reading everything he writes
I would have liked it if the article came out in January 2023 not after going up by 15%.
Having read Ben Carlson for some years, including his 2015 book, A Wealth of Common Sense, I believe his advice here, especially to "prepare and not predict," would be the same.
Absolutely
by LateStarter1975
Wed Jun 14, 2023 12:41 pm
Forum: Investing - Theory, News & General
Topic: This is Why You Stay the Course - Ben Carlson
Replies: 32
Views: 7015

Re: This is Why You Stay the Course - Ben Carlson

Rowan Oak wrote: Tue Jun 13, 2023 1:25 pm
Staying the course means going against your own emotions at times.

Staying the course means thinking and acting for the long term even when it doesn’t feel right in the short-term.

Staying the course means preparing not predicting.

Staying the course means doing nothing when that’s what your plan calls for.
This is Why You Stay the Course
Posted June 13, 2023 by Ben Carlson

https://awealthofcommonsense.com/2023/0 ... he-course/
I love Ben Carlson. He keeps things simple and uncomplicated. I enjoy reading everything he writes
by LateStarter1975
Wed Jun 14, 2023 12:31 pm
Forum: US Chapters
Topic: Post your Financial Milestone Announcements Here
Replies: 3622
Views: 569030

Re: Post your Financial Milestone Announcements Here

shm317 wrote: Wed Jun 14, 2023 8:50 am Net worth just surpassed $5mm. Growing up where money was always a struggle, it feels good to hit my financial goal and be financially independent. Despite doing the same work, it doesn't feel quite as stressful as it used to.
Congratulations. This is awesome
by LateStarter1975
Thu Mar 30, 2023 2:07 pm
Forum: Personal Consumer Issues
Topic: Going to Venice: What To Do or See?
Replies: 66
Views: 5444

Re: Going to Venice: What To Do or See?

Something else I forgot to ask. Should I change some US dollars to Euros for this trip? I've heard that some vendors in Venice accept only cash and do not accept credit cards. is this correct? If so, would carrying US dollars suffice or should I change them to Euros before the trip or at the airport in Venice? Thanks I think having a small amount of cash for smaller purchases or when an establishment prefers cash. As far as getting Euros don’t get them beforehand unless you can get them at market rate without a fee and don’t get them at the airport. If you have a no foreign transaction fee ATM/Debit card them just go to a regular bank upon arrival and get some cash from it. Even if your ATM card has a 3% fee it can still be better than exc...
by LateStarter1975
Thu Mar 30, 2023 10:52 am
Forum: Personal Consumer Issues
Topic: Going to Venice: What To Do or See?
Replies: 66
Views: 5444

Re: Going to Venice: What To Do or See?

Something else I forgot to ask. Should I change some US dollars to Euros for this trip? I've heard that some vendors in Venice accept only cash and do not accept credit cards. is this correct? If so, would carrying US dollars suffice or should I change them to Euros before the trip or at the airport in Venice? Thanks
by LateStarter1975
Thu Mar 16, 2023 12:36 pm
Forum: Personal Consumer Issues
Topic: Going to Venice: What To Do or See?
Replies: 66
Views: 5444

Re: Going to Venice: What To Do or See?

jj45 wrote: Sat Mar 11, 2023 5:29 pm
LateStarter1975 wrote: Sat Mar 04, 2023 5:52 pm DW and I with our two kids (aged 4 and 6) will be going to Venice, Italy next month for a wedding.
My kids were about that age and they would have been happy spending the whole time playing with the pigeons in St. Mark's Square.
Ok, my daughter would definitely love this. Thank you
by LateStarter1975
Sat Mar 11, 2023 9:46 am
Forum: Personal Consumer Issues
Topic: Going to Venice: What To Do or See?
Replies: 66
Views: 5444

Re: Going to Venice: What To Do or See?

sonos wrote: Mon Mar 06, 2023 9:21 am We were in Italy for a month and Venice for 4 days. There were 6 adults and my 2 and 6 year old grandsons. The highlight was when we rented a private water taxi had him take us on a 3 hour tour. We went to the large and very small water ways, stopped a couple of times for drinks, gelatos etc. He took us to areas where many of the employes live. At the end he dropped us off at his favorite restaurant that was close to where we were staying. They know where they can go and not go. Talk to a few and you will connect with one and ask what they would recommend and how much ($300). Have fun and enjoy!
This looks doable with kids. I will consider this. Should I talk to the hotel staff about this?
by LateStarter1975
Sat Mar 11, 2023 9:44 am
Forum: Personal Consumer Issues
Topic: Going to Venice: What To Do or See?
Replies: 66
Views: 5444

Re: Going to Venice: What To Do or See?

I would guess the #1 thing to do would be to hire a gondola and be driven thru some of the canals. The kids would love it. Try to find an entertaining gondolier. #2, for me, would be to ride a vaporetto water bus up the entire Grand Canal. Consider doing it again after dark if that’s feasible with the kids. #3, for me, would be to just explore the city as much as possible on foot. Find the major bridges, like the Rialto, and enjoy gelato. Go inside any of the notable churches. #4, I never did it, but the kids would love going up in the The Campanile di San Marco (tall tower overlooking St. Marks Square). This is very helpful. Thank you so much All good advice. San Marco in particular, and the street that goes from the bus plaza to San Marc...
by LateStarter1975
Sun Mar 05, 2023 10:48 pm
Forum: Personal Consumer Issues
Topic: Going to Venice: What To Do or See?
Replies: 66
Views: 5444

Re: Going to Venice: What To Do or See?

Thanks to all who replied. I'm going to take time to digest all the tips and suggestions and make notes. This was helpful
by LateStarter1975
Sun Mar 05, 2023 5:56 pm
Forum: Personal Consumer Issues
Topic: Going to Venice: What To Do or See?
Replies: 66
Views: 5444

Re: Going to Venice: What To Do or See?

PaunchyPirate wrote: Sat Mar 04, 2023 6:03 pm I would guess the #1 thing to do would be to hire a gondola and be driven thru some of the canals. The kids would love it. Try to find an entertaining gondolier.

#2, for me, would be to ride a vaporetto water bus up the entire Grand Canal. Consider doing it again after dark if that’s feasible with the kids.
#3, for me, would be to just explore the city as much as possible on foot. Find the major bridges, like the Rialto, and enjoy gelato. Go inside any of the notable churches.
#4, I never did it, but the kids would love going up in the The Campanile di San Marco (tall tower overlooking St. Marks Square).
This is very helpful. Thank you so much
by LateStarter1975
Sat Mar 04, 2023 5:52 pm
Forum: Personal Consumer Issues
Topic: Going to Venice: What To Do or See?
Replies: 66
Views: 5444

Going to Venice: What To Do or See?

DW and I with our two kids (aged 4 and 6) will be going to Venice, Italy next month for a wedding. We'll be there for 4 days, so not much time to explore the city. So I wanted to ask, for those who have been to Venice, what is the one thing that is a must-do (or must-see) to do while in Venice that is family-friendly. I don't mind having a list of things to do and I can pick from that list. This way, I don't have to worry too much about figuring things out while I'm there. I will also welcome other tips to know about Venice before we go. Thank you so much.
by LateStarter1975
Tue Dec 27, 2022 5:44 pm
Forum: US Chapters
Topic: My Christmas Gift to You
Replies: 126
Views: 13751

Re: My Christmas Gift to You

Thank you Taylor for your service in the uniform and outside of it. Sincerely appreciate you.
by LateStarter1975
Wed Dec 21, 2022 10:51 pm
Forum: US Chapters
Topic: Thank you Taylor Larimore
Replies: 20
Views: 4283

Re: Thank you Taylor Larimore

Normchad wrote: Wed Dec 21, 2022 9:02 pm Taylor is also the epitome of grace, class, and patience in the internet. He is a role model of mine, and I thank him for it.
Seconded. I have in the past, had private messages back and forth with Taylor and I can only say I am in awe of his humility and grace. Thank you so much Taylor for your service, inspiration and mentorship.
by LateStarter1975
Sun Dec 11, 2022 9:37 pm
Forum: Personal Investments
Topic: Is a 529 the right path?
Replies: 162
Views: 14975

Re: Is a 529 the right path?

There is one major pitfall with the idea of cashflowing college expenses. That is - you have to have cash flow available to pay for your kids college when they turn 18. What if you are disabled in a car acciden when they are 17 and the claim isn't settled or your/their insurance is insufficient when the kid wants to go to college? What if you are unexpectedly unemployed? What if your aging parents, who are not wealthy, suddenly need care in a nursing home at $75,000 a year? What if a number of situations happen? Most kids are college age precisely at one point in their life, which is when they are 18/19. If you aren't ready financially to support them, then they have to get loans. I don't want my children to take out a bunch of loans to at...
by LateStarter1975
Thu Nov 24, 2022 10:34 pm
Forum: Investing - Theory, News & General
Topic: What is your age and asset allocation ?
Replies: 1156
Views: 151998

Re: What is your age and asset allocation ?

Age: 47; DW: 40

AA: 100% stocks

Was previously 80/20, but after the mini-bear market of March 2020, I realized I had the temperament and switched to 100% stocks. Have ridden it this year with the current bear and I'm still very comfortable with my decision.
Plan is to slowly go back to 80/20 between age 55 and 60, when I plan to retire.
by LateStarter1975
Tue Oct 04, 2022 5:26 pm
Forum: Investing - Theory, News & General
Topic: FINRA Financial Literacy Quiz
Replies: 3
Views: 630

Re: FINRA Financial Literacy Quiz

Most Bogleheads should ace this quiz
by LateStarter1975
Sun Sep 11, 2022 6:40 pm
Forum: Personal Investments
Topic: I have 50k in cash- where to put it?
Replies: 14
Views: 2539

Re: I have 50k in cash- where to put it?

I have around 50k just sitting in cash doing nothing. I do plan on buying a house when the market comes down, but i need a place to put it, I don’t like how it’s just sitting. I have maxed my IRA I have maxed I bonds I’m using 401k match I have 12 months emergency savings I don’t necessarily need to put a down payment on a house as I could do fha first time home buyer, but I’d need a good place to put my money. Interest rates are too high for me to buy a home right now. I’d thought about buying a piece of land, but I’m not sure. I’d like some help with this please, what are some good places to put the money? All recommendations are welcome Thank you First I would strongly consider paying off your loans. Interest rates are likely to rise......
by LateStarter1975
Sat Jun 11, 2022 9:46 pm
Forum: Personal Investments
Topic: How are the "100% Stocks" people doing?
Replies: 256
Views: 41986

Re: How are the "100% Stocks" people doing?

I’m basically 100% in S&P for past 25 years (my TSP, mine and wife’s ROTH’s). I’m down whatever the market is down. I haven’t really looked but someone above mentioned the market is down 19% this year. Ok. Been here before. I’m within a few years from retiring from my fedgov position and I know folks would tell me to scale back, but honestly I plan to stay close to 100% until I’m dead. My kids will thank me. What keeps me sleeping soundly is that I have zero debt. I’ve played the pay everything off game during my 30’s and 40’s and I’ve kept the transfers to a minimum so I’m all set going into retirement. I’m not “rich” but I have enough to pay my monthly bills, do some retirement travel while the market sways. And if it drops like 80% ...
by LateStarter1975
Sat May 21, 2022 6:45 pm
Forum: Investing - Theory, News & General
Topic: Are we officially in Bear Market now?
Replies: 153
Views: 18597

Re: Are we officially in Bear Market now?

HMSVictory wrote: Wed May 18, 2022 4:37 pm Not yet I'm still waiting for the throw in the towel world is ending indicator.

I saw one article on WSJ about a lost decade moving forward. I like it better when its front page each and every day that the sky is falling.

This is when the real money is made! :beer
+1
by LateStarter1975
Sat May 21, 2022 6:41 pm
Forum: Personal Investments
Topic: When stocks and bonds drop at the same time, what do you do?
Replies: 98
Views: 12802

Re: When stocks and bonds drop at the same time, what do you do?

artking99 wrote: Wed Oct 10, 2018 3:29 pm Last time this happens, it was around 08 financial crash.
What do I do? I just keep investing and I don't peek at my portfolio...That's what exactly I'm doing now
by LateStarter1975
Tue May 10, 2022 8:51 pm
Forum: Personal Finance (Not Investing)
Topic: Ally Online Savings/Money Market Rate Increases
Replies: 745
Views: 125101

Re: Ally rate is now 0.6%

BogleMelon wrote: Tue May 10, 2022 3:46 pm Just received an email
Your Online Savings Account rate is increasing from 0.50% to 0.60% Annual Percentage Yield (APY) on all balance tiers. Your new APY goes into effect on 05/11/2022, and will appear in your account on 05/12/2022
A whooping 0.10%! :D :sharebeer
Ally has been slow this time around to raise rates. Barclays raised their rates in March to 0.6% with the first Fed rate increase. As at today, Barclay's online savings rate is 0.7%
by LateStarter1975
Sun Apr 17, 2022 12:33 am
Forum: Personal Finance (Not Investing)
Topic: [Marcus Savings Account - Interest rate is now 0.5%]
Replies: 254
Views: 38378

Re: [Marcus Savings Account - Interest rate is now 0.5%]

stocknoob4111 wrote: Sat Apr 16, 2022 8:03 pm I am waiting for Marcus to increase rates now, they were super quick to drop the rates but there is no word on rates going up, still 0.5%

it's been a month since Fed Funds was increased and T-Bill yield has doubled
Barclays has increased their online savings account rate from 0.5% to 0.55%. And I think it happened within 2 weeks of the Fed funds rate increase. So I'm sure others will slowly get around it (I'm looking at you Ally Bank)
by LateStarter1975
Mon Feb 28, 2022 5:06 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax: How To File Multi-member LLC for Rental Property?
Replies: 24
Views: 2838

Re: TurboTax: How To File Multi-member LLC for Rental Property?

The amount of depreciation you can deduct should be the same whether the entity is a multi-member LLC taxed as a partnership or a single member LLC that is a disregarded entity and gores directly on your personal tax return. While I don't use TT Business anymore, I am certain that you can enter depreciation in the program. I am not familiar enough with the program to tell you how to enter it it (might be "Forms" view if the step-by-step questions don't get you to the correct spot). I normally try to have a Business Profit and Loss statement available to make sure the total income the tax program calculates is correct before submitting to IRS. At this point, if you search in the TT Business program and find where to enter the depr...
by LateStarter1975
Sat Feb 26, 2022 9:13 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax: How To File Multi-member LLC for Rental Property?
Replies: 24
Views: 2838

Re: TurboTax: How To File Multi-member LLC for Rental Property?

Amy2017 wrote: Sat Feb 26, 2022 9:07 pm Our state is not a community property state either. It seems different accountants may have different opinions on this subject. You should be able to take depreciation in either scenario. If not, then something is not configurated right with the software.
What you say is very reasonable...I should be able to take depreciation in either scenario. So I'm not sure why I couldn't. Anyway, I've already filed the Partnership return with the IRS, so I guess I would just use the K-1s and input it in our joint tax return. The difference shouldn't be that much. Next year, I may just have to switch our LLC to a single member LLC and avoid this problem
by LateStarter1975
Sat Feb 26, 2022 8:58 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax: How To File Multi-member LLC for Rental Property?
Replies: 24
Views: 2838

Re: TurboTax: How To File Multi-member LLC for Rental Property?

Technically you need to file as multi-member LLC. But our accountant in the past has advised us to file as a single-member LLC when it is a husband and wife only LLC for simplicity. In the end, there is absolutely no difference in tax and IRS will not waste their manpower on something with zero gain. This is exactly what I was on course to do while filing our personal joint tax returns, as it's much simpler and I wouldn't have had to do an LLC partnership return....until I learnt that my state is not a community property state and I cannot file it as a single-member LLC in our joint tax returns. Unfortunately there's going to be a tax difference b/c the TurboTax Business did not offer me any options to depreciate the rental property, so it...
by LateStarter1975
Sat Feb 26, 2022 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax: How To File Multi-member LLC for Rental Property?
Replies: 24
Views: 2838

Re: TurboTax: How To File Multi-member LLC for Rental Property?

You may want to look at https://www.irs.gov/instructions/i1065. (The IRS instructions for Partnership returns). It may not help with the TT interface but it certainly explains depreciation, expenses etc for Partnerships.. Thanks for the link. It's a long publication and I see where they talk about Depreciation. For the life of me, I couldn't really find this on the Turbo Tax Business when I was doing the LLC partnership return (it was easy to do this on the online TurboTax Self Employed software under Schedule E). I'm just realizing keeping our LLC as multi-member will be more of a hassle and I hate to leave some money on the table if I can't do the rental property depreciation using the Turbo Tax Business. Now I'm wondering if it would ma...
by LateStarter1975
Fri Feb 25, 2022 10:21 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax: How To File Multi-member LLC for Rental Property?
Replies: 24
Views: 2838

Re: TurboTax: How To File Multi-member LLC for Rental Property?

Assuming I understand your question. Yes. TurboTax Business should generate two K1s for the two members of your multi-member LLC(which I assume is taxed as a partnership by default). The information in those two K1s will be entered on the appropriate tax returns for the members. Assuming the two members are you and your wife - that would be your joint tax return). That’s it. And once you did it this year, you should be good to go for subsequent years. Just a follow up clarification. I was able to download TurboTax Business and do the multi-member LLC tax return and it generated two K-1s for my wife and I. But here's my conundrum. When I started our Joint personal tax return and put the rental property under Schedule E, I got a net loss of ...
by LateStarter1975
Wed Feb 23, 2022 6:41 pm
Forum: Personal Investments
Topic: IRA Contribution vs Taxable brokerage
Replies: 9
Views: 870

Re: IRA Contribution vs Taxable brokerage

Please bear with me, this is probably the dumbest question but I"m having difficulty thinking it through. I can save $3000 on my tax bill this year if I contribute $14000 ($7000 each me and my wife) into an IRA, or I can take that same $14000 and put it into my taxable brokerage account. With the IRA I will someday pay taxes as ordinary income on the gains, but with the brokerage I can potentially pay 0% interest on the gains. I currently have all my assets in a taxable brokerage account and plan on retiring on that plus SS, my wife and I are very frugal and don't plan on having capital gains income exceeding the 0% bracket. I feel like the right thing to do is put it into an IRA, is this right? where is my thinking off? How about opt...
by LateStarter1975
Wed Feb 23, 2022 6:37 pm
Forum: Investing - Theory, News & General
Topic: U.S. Market Sell-Offs Correlation To World Events
Replies: 12
Views: 1656

Re: U.S. Market Sell-Offs Correlation To World Events

livesoft wrote: Wed Feb 23, 2022 6:14 pm I guess what the media publishes is better than the real truth: "Stocks drop because livesoft is looking for a buying opportunity and no one wants to disappoint him"
Because livesoft likes RBDs.....
by LateStarter1975
Tue Feb 22, 2022 6:35 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax: How To File Multi-member LLC for Rental Property?
Replies: 24
Views: 2838

Re: TurboTax: How To File Multi-member LLC for Rental Property?

samsmith wrote: Mon Feb 21, 2022 11:16 pm Assuming I understand your question. Yes. TurboTax Business should generate two K1s for the two members of your multi-member LLC(which I assume is taxed as a partnership by default). The information in those two K1s will be entered on the appropriate tax returns for the members. Assuming the two members are you and your wife - that would be your joint tax return). That’s it.

And once you did it this year, you should be good to go for subsequent years.
Excellent. You answered my question. Thank you so much. You saved me a trip to the CPA. I have to tell you that even talking to Turbo Tax experts last night, they couldn't give me this clarification. It's why I love this community. Thank you once again.
by LateStarter1975
Mon Feb 21, 2022 9:47 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax: How To File Multi-member LLC for Rental Property?
Replies: 24
Views: 2838

Re: TurboTax: How To File Multi-member LLC for Rental Property?

It's not that hard. As noted, you need a partnership return. As above, you need "Turbotax Business, which is completely different than Turbotax Home & Business." HRBlock Premium and Business also works. The HRblock product tends to be a bit less expensive (and it is bundled with the HRBlock personal software). TurboTaz requires a totally different product. I have used both, and while I have recently switched to Block, I think their program is less intuitive and more "buggy," The customer support is non-existent. So, if you are familiar with TurboTax and this first time feels challenging, I would suggest TurboTax Business as the way to go. It will produce the K1s. Good luck. Just a quick follow up question Samsmith. ...
by LateStarter1975
Mon Feb 21, 2022 4:48 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax: How To File Multi-member LLC for Rental Property?
Replies: 24
Views: 2838

Re: TurboTax: How To File Multi-member LLC for Rental Property?

Thanks. So using the TurboTax Business will generate the K-1s for me? If so, I wouldn't mind using it. Will still be cheaper than using a CPA I have used Turbotax Business only for a Trust's Form 1041 return. In that case, it generates K-1 forms for beneficiaries. But I have no direct experience with preparing a return for a partnership or LLC. Their documentation does say "Guidance and support on S Corp, partnership, C Corp, and multi-member LLC or trust tax forms" and "Distribute K-1 forms electronically in PDF format—no need to make a trip to the post office." Each year, it also asks me whether I want it to generate any 1099-MISC forms for people that I paid and whether I need it to track asset depreciation, but I ha...
by LateStarter1975
Mon Feb 21, 2022 10:07 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax: How To File Multi-member LLC for Rental Property?
Replies: 24
Views: 2838

Re: TurboTax: How To File Multi-member LLC for Rental Property?

It's not that hard. As noted, you need a partnership return. As above, you need "Turbotax Business, which is completely different than Turbotax Home & Business." HRBlock Premium and Business also works. The HRblock product tends to be a bit less expensive (and it is bundled with the HRBlock personal software). TurboTaz requires a totally different product. I have used both, and while I have recently switched to Block, I think their program is less intuitive and more "buggy," The customer support is non-existent. So, if you are familiar with TurboTax and this first time feels challenging, I would suggest TurboTax Business as the way to go. It will produce the K1s. Good luck. Thanks. So using the TurboTax Business wil...