Search found 249 matches

by 47Percent
Sun Aug 12, 2018 10:09 pm
Forum: Personal Finance (Not Investing)
Topic: House Value & Mortgage as a Percentage of Net Worth
Replies: 67
Views: 4051

Re: House Value & Mortgage as a Percentage of Net Worth

47Percent, If you do not think about Q2 and Q3, then, you are assuming that you are very lucky. Aka, you will never be unemployed long enough to use up all your emergency fund. Are you that lucky? No recession and/or economic will affect you adversely. <<Value of home happens partly depending on yo...
by 47Percent
Sun Aug 12, 2018 9:26 pm
Forum: Personal Finance (Not Investing)
Topic: Family HDHP & HSA
Replies: 4
Views: 330

Re: Family HDHP & HSA

1) Yes. $1,000 extra as well if 55 or older. 2) Yes, but the HSA money can't be used on the child's expenses. The child can contribute to his/her own HSA at the family level as well! The money in the child's HSA of course can be used on the child's expenses (but not the parent's expenses). 3) Corre...
by 47Percent
Sun Aug 12, 2018 9:23 pm
Forum: Personal Finance (Not Investing)
Topic: House Value & Mortgage as a Percentage of Net Worth
Replies: 67
Views: 4051

Re: House Value & Mortgage as a Percentage of Net Worth

1) What percentage of a person's gross pay should the monthly payment be? (All inclusive - Mortgage, Principal, Insurance, HOA, etc.). My Guess : In my opinion if it is more than 25% I am buying/renting too much house. So if you are bringing in 10,000 / month gross, you can go up to 2,500/ month in...
by 47Percent
Sun Aug 12, 2018 9:00 pm
Forum: Personal Finance (Not Investing)
Topic: Family HDHP & HSA
Replies: 4
Views: 330

Family HDHP & HSA

1) If one spouse is on Medicare and the other spouse & a child have a Family HDHP, can the non-medicare spouse contribute to HSA at family level? 2) Is that still the case if that child happens to be betn. 18-25, and not a tax dependent but is on the parent's insurance. 3) I am assuming the Medicare...
by 47Percent
Sun Aug 12, 2018 6:11 pm
Forum: Personal Finance (Not Investing)
Topic: High Deductible Health Plans & Retirement
Replies: 11
Views: 1432

Re: High Deductible Health Plans & Retirement

When I hear about Cadillac health insurance plans, I am only reminded of the poor folks who end up driving (old) Cadillacs for whatever reason, but end up paying a ton in operating costs. Unless your company is subsidizing your non HDHP plan heavily, it won't make economic sense. From the fact that ...
by 47Percent
Sun Aug 12, 2018 11:31 am
Forum: Personal Finance (Not Investing)
Topic: how much car can we afford?
Replies: 120
Views: 4513

Re: how much car can we afford?

johussman wrote:
Sun Aug 12, 2018 10:10 am
mid 30s
300k total comp
net worth ~ 1.1M
assets in taxable accounts: ~ 650k
Wrong question -- at least in this forum.

The question ought to be ==> "What is the least car I can live with"?
by 47Percent
Sun Aug 12, 2018 12:19 am
Forum: Personal Finance (Not Investing)
Topic: Private Banking is a trap. Don't do it!
Replies: 55
Views: 6719

Re: Private Banking is a trap. Don't do it!

Spirit Rider wrote:
Sat Aug 11, 2018 7:37 pm
I would use; "I'm not interested", followed by; "Thank you for your time" if they persist and then I would hang up.

That is not being rude, they are.
Just ask them a simple question: "Exactly how stupid you think I am?!!"

They should get the hint.
by 47Percent
Sun Aug 12, 2018 12:17 am
Forum: Personal Finance (Not Investing)
Topic: Private Banking is a trap. Don't do it!
Replies: 55
Views: 6719

Re: Private Banking is a trap. Don't do it!

I would have no problem being rude in this situation. Time = money Wasting my time is not something I look upon favorably. . +1 Once when a Wells Fargo manager was chitchatting with me as usual as to what my "weekend plan" was, I told him "Same as every weekend. I have to go check if Wells Fargo op...
by 47Percent
Sat Aug 11, 2018 11:56 pm
Forum: Personal Finance (Not Investing)
Topic: First time ACA coverage with question
Replies: 18
Views: 1431

Re: First time ACA coverage with question

I will be applying for ACA coverage during open enrollment for 2019 the first time and have a question or two. Our daughter will be graduating college at the end of may 2019. She has a job starting with health insurance in june. I am sure she wont be filed as a dependent on our taxes next year. How...
by 47Percent
Fri Aug 10, 2018 2:07 pm
Forum: Personal Finance (Not Investing)
Topic: Paying off mortgage....risk?
Replies: 14
Views: 1035

Re: Paying off mortgage....risk?

Ok...I know we've beaten this horse to death a thousand times already but please bear with me. I know there are many pros and cons on whether to pay off entire mortgage if one can afford. One cons (or risk) that is at the back of my mind is "what happens in a worse case, total lost event that is no...
by 47Percent
Fri Aug 10, 2018 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: Should I accept a large cash gift from my mother?
Replies: 41
Views: 4646

Re: Should I accept a large cash gift from my mother?

Hi all, When my father died, my mother was left with quite a few rental properties. She has since decided that she doesn't care too much for the stresses of being a landlord, and so this year she has sold off most of the big ones. It wasn't ideal from a tax standpoint, but the stress was affecting ...
by 47Percent
Thu Aug 09, 2018 2:09 pm
Forum: Personal Finance (Not Investing)
Topic: QUESTION ANSWERED - House I paid 157k in 2007 sold for 55k in 2018
Replies: 25
Views: 2589

Re: House I paid 157k in 2007 sold for 55k in 2018 - CPA saying I will owe capital gains tax

In 2007 I bought a house to use as a rental property for $157,000. It was a rental until early 2018 when I sold the house for $55,000. A loss of over $100,000. Today, in an email, my CPA told me I will likely pay capital gains tax on the sale, because of the depreciation I took over the last 10 yea...
by 47Percent
Tue Aug 07, 2018 9:45 pm
Forum: Personal Finance (Not Investing)
Topic: Employer will not indemnify me cause I am retired
Replies: 56
Views: 5213

Re: Employer will not indemnify me cause I am retired

I serve on an advisory committee as a retired teacher and volunteer. This committee recommends to the CFO of our district with regards to the 457b plan. Our committee has mostly working employees and two retired members. We were told that the district will not indemnify retired members. The other m...
by 47Percent
Tue Aug 07, 2018 8:05 pm
Forum: Personal Finance (Not Investing)
Topic: Cash Gift to Sibling - Trust or...?
Replies: 7
Views: 882

Re: Cash Gift to Sibling - Trust or...?

So I am buying some property from my mom and one of the stipulations is that I need to give my sister $400k in cash after she passes and I am trying to figure out ahead of time the best way to do it (she's doing just fine so hopefully way down the road). Can I set up a trust fund now that stipulate...
by 47Percent
Tue Aug 07, 2018 2:07 pm
Forum: Personal Finance (Not Investing)
Topic: Is solar power for your home a worthwhile investment?
Replies: 55
Views: 4539

Re: Is solar power for your home a worthwhile investment?

Can you please explain the system that enables you to connect/disconnect to the grid at will? My system is currently connected to the grid and I didn't know there existed a way to disconnect. In case of power failure, I'd love to be able to still use my solar power. 99% of the solar installations t...
by 47Percent
Tue Aug 07, 2018 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: step-up basis after a spouse's passing
Replies: 26
Views: 2376

Re: step-up basis after a spouse's passing

If simplicity is the goal, then you should probably heed the advice of the other post. From the articles I have read, "Community Property WROS" was specifically created to get the benefits of both avoiding probate (WROS) and full step up (community property). I think I read about half the community...
by 47Percent
Tue Aug 07, 2018 9:48 am
Forum: Personal Finance (Not Investing)
Topic: Is solar power for your home a worthwhile investment?
Replies: 55
Views: 4539

Re: Is solar power for your home a worthwhile investment?

I'd love to save money going to solar. I've run the numbers each year for several years. It doesn't add up. Solar is a money loser for me. I have friends in my area that have gone solar. They definitely fudge the numbers to fit their agenda. They get very defensive when I question them. They know t...
by 47Percent
Mon Aug 06, 2018 11:52 pm
Forum: Personal Finance (Not Investing)
Topic: Prescription Price Shopping?
Replies: 37
Views: 2177

Re: Prescription Price Shopping?

I know there are online sites that allows you to compare prices of medication but that is without insurance. If I have insurance does it pay to check with various pharmacies to see which one is cheapest? I don't know how insurance on prescriptions work. Does insurance simple cover x% of the retail ...
by 47Percent
Mon Aug 06, 2018 10:23 pm
Forum: Personal Finance (Not Investing)
Topic: Milestones on the way to FI [Financial Independence]
Replies: 33
Views: 4267

Re: Milestones on the way to FI [Financial Independence]

Being in HCOL with crazy housing market, I never consider house equity as real money. It is real money, but I am not going anywhere, and I like the place. So I don't even think much about equity in the home. Net worth = investable assets (even though equity in home crossed 2 comma range long time ag...
by 47Percent
Mon Aug 06, 2018 4:23 pm
Forum: Personal Finance (Not Investing)
Topic: step-up basis after a spouse's passing
Replies: 26
Views: 2376

Re: step-up basis after a spouse's passing

In a community property state all securities deemed community property, irrespective of how they are titled, get a full step-up at the time of one spouse passing. The same is true for real estate too. No so. The properties should be held as “community property WROS” in order to receive a full step-...
by 47Percent
Mon Aug 06, 2018 4:09 pm
Forum: Personal Finance (Not Investing)
Topic: step-up basis after a spouse's passing
Replies: 26
Views: 2376

Re: step-up basis after a spouse's passing

Regardless of what the custodian does or doesn't do, when the sale of assets is reported to the IRS, you can override the custodian-designated cost basis when filling out Schedule D. In my H&R Block tax software, you report what the tax forms say (since the IRS will get a copy of them). Then there ...
by 47Percent
Mon Aug 06, 2018 2:29 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting to a Bypass Trust
Replies: 5
Views: 265

Re: Gifting to a Bypass Trust

I'm involved in a family situation and am wondering about gifting to a Bypass Trust. Daddy died a few years ago and his assets went into a bypass trust. Momma gets the income and the adult kids will get the principal (currently invested in a 70/30 portfolio, so it should continue to grow even after...
by 47Percent
Mon Aug 06, 2018 1:59 am
Forum: Personal Finance (Not Investing)
Topic: I pay $6K in rent. Am I an idiot for not buying?
Replies: 72
Views: 12789

Re: I pay $6K in rent. Am I an idiot for not buying?

If you are pulling in $80k/month or $960k a year......I have to laugh at the "if you don't buy now, you might not ever afford it" comments from IRL network. I'm also wondering how/why someone making a cool million a year is even asking this question. You've clearly won the game. Rent, buy, lease, i...
by 47Percent
Sun Aug 05, 2018 10:10 pm
Forum: Personal Finance (Not Investing)
Topic: Best way to lose $200 in taxable income?
Replies: 95
Views: 6319

Re: Best way to lose $200 in taxable income?

I like the options idea. Just buy $200 in options and let them expire worthless unless I incur a gain of $400. But what can I buy for $200? Don't know much about options trading. I might want to wait until closer to end of year in order to get the amount exactly right but that would almost surely i...
by 47Percent
Sun Aug 05, 2018 7:34 pm
Forum: Personal Finance (Not Investing)
Topic: Buying retirement home
Replies: 5
Views: 1027

Re: Buying retirement home

the increased equity will fund the purchase in cash for a new home on a lake in a much lower taxed State. We will need no mortgage, because by May of next year our mortgage balance will be about 125k, giving us almost 500k of equity after commission. This gain will be under the 500k allowable for a...
by 47Percent
Sun Aug 05, 2018 6:49 pm
Forum: Personal Finance (Not Investing)
Topic: What prevents residential real estate buyers from colluding to bring down prices?
Replies: 32
Views: 2542

Re: What prevents residential real estate buyers from colluding to bring down prices?

Carefreeap wrote:
Sun Aug 05, 2018 6:28 pm

Depends. In CA and many other states most buyers are represented by buyer's agents who are contractually working for the fiduciary interest of the buyer.
Contractually, may be. Unfortunately, their incentive system is upside down. So, in practice, not so much!
by 47Percent
Sun Aug 05, 2018 5:49 pm
Forum: Personal Finance (Not Investing)
Topic: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?
Replies: 75
Views: 4735

Re: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?

I do not have my own personal business and my children do travel sports. Often we fundraise from local businesses for small sponsorships -- think dentist, realtor, etc. These funds go to the team's travel tournament fees, uniforms, and sometimes rental space for practices. This year, I am thinking ...
by 47Percent
Sun Aug 05, 2018 5:38 pm
Forum: Personal Finance (Not Investing)
Topic: What prevents residential real estate buyers from colluding to bring down prices?
Replies: 32
Views: 2542

Re: What prevents residential real estate buyers from colluding to bring down prices?

In a residential real estate context, there are often only a handful of potential buyers. People who are renting in the area before they buy (i.e., most experienced buyers) have no real urgent need to buy, and another acceptable home will come on the market within a few weeks or at most months. But...
by 47Percent
Sun Aug 05, 2018 5:26 pm
Forum: Personal Finance (Not Investing)
Topic: Best way to lose $200 in taxable income?
Replies: 95
Views: 6319

Re: Best way to lose $200 in taxable income?

Sometimes I wonder about this myself. I play close the ACA cliff, and the difference is about $10,000 in taxes (premium refund actually) even if the income exceeded the threshold by a few dollars. I am scared to death that someone would 1099-MISC me for some bonus that I wangled somewhere sometime d...
by 47Percent
Sun Aug 05, 2018 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: step-up basis after a spouse's passing
Replies: 26
Views: 2376

Re: step-up basis after a spouse's passing

In a community property state all securities deemed community property, irrespective of how they are titled, get a full step-up at the time of one spouse passing. The same is true for real estate too. No so. The properties should be held as “community property WROS” in order to receive a full step-...
by 47Percent
Sun Aug 05, 2018 10:33 am
Forum: Personal Finance (Not Investing)
Topic: step-up basis after a spouse's passing
Replies: 26
Views: 2376

Re: step-up basis after a spouse's passing

The big difference, of course, lies in your case being the community property state. Plus, what I don't know is whether, due to the new-ish brokerage cost basis reporting requirements, if Schwab would still let me enter date of death initial valuations if this happened currently. But at the time, I...
by 47Percent
Sun Aug 05, 2018 9:34 am
Forum: Personal Finance (Not Investing)
Topic: step-up basis after a spouse's passing
Replies: 26
Views: 2376

step-up basis after a spouse's passing

This is only for planning purposes at this time. In a community property state all securities deemed community property, irrespective of how they are titled, get a full step-up at the time of one spouse passing. The same is true for real estate too. My question is, do the brokerages update their sys...
by 47Percent
Sat Aug 04, 2018 9:44 pm
Forum: Personal Finance (Not Investing)
Topic: IRA conversion or take capital gains?
Replies: 8
Views: 503

Re: IRA conversion or take capital gains?

I retired last year and am waiting until age 70 to file for my SS. I have sufficient moneys in my taxable accounts to cover expenses. DW filled for SS this year and I will be getting spousal benefits on her account. Being in a low tax bracket I was considering doing IRA conversions to Roth to fill ...
by 47Percent
Sat Aug 04, 2018 6:53 pm
Forum: Personal Finance (Not Investing)
Topic: Should I open a new CC to get 0% interest on a large purchase then cancel the card?
Replies: 5
Views: 694

Re: Should I open a new CC to get 0% interest on a large purchase then cancel the card?

The wife and I recently bought a new house. We are looking to get shutters and a fence installed with an estimated cost of eight thousand dollars. Is there a disadvantage to opening a new CC with 0% interest for x amount of months to use for this purchase? We would pay off the balance before the in...
by 47Percent
Sat Aug 04, 2018 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: Co - signed a Mortage, Now wants out
Replies: 57
Views: 5991

Re: Co - signed a Mortage, Now wants out

Really??? Gill, does that mean your estate can't be settled until someone else's mortgage is paid off? Or can the executor proceed (assuming the mortgage is up to date at the time) and distribute your remaining assets? It doesn't sound right that someone who co-signed a loan could just have her est...
by 47Percent
Sat Aug 04, 2018 10:34 am
Forum: Personal Finance (Not Investing)
Topic: When to transfer stocks to kids
Replies: 27
Views: 1497

Re: When to transfer stocks to kids

viewer0 wrote:
Sat Aug 04, 2018 10:17 am
47Percent wrote:
Sat Aug 04, 2018 8:49 am

It is understood that as the child fails the support test
Why ? What are the criteria to pass the support test ?
https://taxmap.irs.gov/taxmap/pub17/p17 ... MP3bed64db

Test 4 under qualifying child is the support test.
by 47Percent
Sat Aug 04, 2018 8:49 am
Forum: Personal Finance (Not Investing)
Topic: When to transfer stocks to kids
Replies: 27
Views: 1497

Re: When to transfer stocks to kids

In the interest of steering the conversation back towards OP's original question.. Can someone please confirm/verify/refute that a minor child (say in middle school) can claim the full standard deduction of $12K under the following situation: Age approx. 13 Lives at home with both parents who file M...
by 47Percent
Sat Aug 04, 2018 7:24 am
Forum: Personal Finance (Not Investing)
Topic: When to transfer stocks to kids
Replies: 27
Views: 1497

Re: When to transfer stocks to kids

My recommendation would be to NEVER transfer the stock to your children. When our son was young, I transferred some stocks to his name. He's 25 now and the value of his brokerage account is about $100,000. He quit his job and doesn't feel much pressure to find another one. The bottom line is that w...
by 47Percent
Sat Aug 04, 2018 12:46 am
Forum: Personal Finance (Not Investing)
Topic: When to transfer stocks to kids
Replies: 27
Views: 1497

Re: When to transfer stocks to kids

livesoft wrote:
Sat Aug 04, 2018 12:43 am
47Percent wrote:
Sat Aug 04, 2018 12:40 am
I have no reason to doubt the veracity of the article.
Neither do I.
Just curious.. why would you then say viewer0's understanding is not correct?!
by 47Percent
Sat Aug 04, 2018 12:40 am
Forum: Personal Finance (Not Investing)
Topic: When to transfer stocks to kids
Replies: 27
Views: 1497

Re: When to transfer stocks to kids

Just to make sure I understand, let's say I have 100K worth of stock of which I accrued $25K LTCG, I transfer 100K worth of stock to my child, then sell it in her UTMA account , my child makes $25K LTCG and files her own taxes with near zero tax owed. Is the above understanding correct ? No, your u...
by 47Percent
Sat Aug 04, 2018 12:07 am
Forum: Personal Finance (Not Investing)
Topic: When to transfer stocks to kids
Replies: 27
Views: 1497

Re: When to transfer stocks to kids

@47Percent that was really valuable info. I was looking for such info. One question : why is it advisable to deploy this strategy for college going kids, why not any age, why not before college ? Just to make sure I understand, let's say I have 100K worth of stock of which I accrued $25K LTCG, I tr...
by 47Percent
Fri Aug 03, 2018 6:00 pm
Forum: Personal Finance (Not Investing)
Topic: Opening a brokerage account for minors
Replies: 5
Views: 441

Re: Opening a brokerage account for minors

I was talking with a colleague about the new Fidelity Zero fee funds and he mentioned that he was going to open up an account for his kids. He wasn't interested in moving his taxable account to them to pay taxes on the gains. Thanks!! Moving an account doesn't mean he has to pay taxes on the gains....
by 47Percent
Fri Aug 03, 2018 10:07 am
Forum: Personal Finance (Not Investing)
Topic: Grandchildrens Education Expense
Replies: 7
Views: 774

Re: Grandchildrens Education Expense

After re-reading this it seems I just need to liquidate, as needed from her trust, and get over selling the shares. I think so. One thing I think you should try to make sure of is that she continues to have no sentimental attachment to these shares because, after all, you clearly have a big sentime...
by 47Percent
Fri Aug 03, 2018 9:33 am
Forum: Personal Finance (Not Investing)
Topic: When to transfer stocks to kids
Replies: 27
Views: 1497

Re: When to transfer stocks to kids

My total asset invested in stocks is $6M in stocks. When is a good time to transfer some stocks to my kids who are high school age now ? and how much ? Of course it is best to keep it in your name so that it passes after you/your spouse to them so that they can get the step up. But you can do a few...
by 47Percent
Thu Aug 02, 2018 8:56 pm
Forum: Personal Finance (Not Investing)
Topic: Co - signed a Mortage, Now wants out
Replies: 57
Views: 5991

Re: Co - signed a Mortage, Now wants out

Mortgage underwriting has become more "complex" in the last ten or so years. The borrowers would also need to have adequate income to support the mortgage payment - Completely agree. In 2013 I was trying to take advantage of the historically low interest rates and refinance my home at 3% with Wells...
by 47Percent
Thu Aug 02, 2018 12:06 pm
Forum: Personal Finance (Not Investing)
Topic: Co - signed a Mortage, Now wants out
Replies: 57
Views: 5991

Re: Co - signed a Mortage, Now wants out

Hi, Bogleheads. I co-signed my brother in law's mortgage 6 years ago. My sister filed a bankcruptcy ~ 2 years before they bought the house. Now, I wanted out of it. The plan is to have my sister's name on it and get mine out. It's a 30 year 2.75% fix mortgage. We don't want to refinance and we want...
by 47Percent
Thu Aug 02, 2018 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Co - signed a Mortage, Now wants out
Replies: 57
Views: 5991

Re: Co - signed a Mortage, Now wants out

Note that the phrase, "I co-signed my brother in law's mortgage," is not really the right way to think about it. It's really, "My brother-in-law and I co-signed a 30-year mortgage." OP must have got the answer he/she was (not) looking for already. A chain is only as strong as the weakest link. For ...
by 47Percent
Thu Aug 02, 2018 2:08 am
Forum: Personal Finance (Not Investing)
Topic: Create taxable events to claim AOTC (Amer Opp Tax Crdt)
Replies: 16
Views: 750

Re: Create taxable events to claim AOTC (Amer Opp Tax Crdt)

Re: Roth conversion.. On or before 12/31/2018 which is a Monday this year. I don't know if it is a market holiday though. I would recommend that you not cut it that close. Different brokerages have different cut offs. Get it done before Christmas. I would go for Roth conversion over tax gain harvest...
by 47Percent
Tue Jul 31, 2018 8:30 pm
Forum: Personal Finance (Not Investing)
Topic: How to prepare for "the talk"
Replies: 64
Views: 4897

Re: How to prepare for "the talk"

As for the OP, my husband and I are exactly the ages of your parents and if either of my kids presumed to patronize me by attempting to have 'the talk' I would be more than annoyed. It's a bit of a mystery to me why so many young(ish) bogleheads seem to assume that a 60 year old is a doddering old ...
by 47Percent
Tue Jul 31, 2018 2:17 pm
Forum: Personal Finance (Not Investing)
Topic: How to prepare for "the talk"
Replies: 64
Views: 4897

Re: How to prepare for "the talk"

What questions should I ask them? What should I ask them to share with me? If things are as bad as I imagine, how do I share advice without hurting feelings or making them feel overwhelmed/scared/anxious? Any help would be greatly appreciated I don't agree with those who suggest it is not your busi...