Search found 1237 matches

by JGoneRiding
Mon Dec 10, 2018 5:33 pm
Forum: Personal Finance (Not Investing)
Topic: What if you reach your number before retirement?
Replies: 11
Views: 1341

Re: What if you reach your number before retirement?

You either retire early (my plan) ; somewhere along the way realize you are over saving and cut back and enjoy early; or c) you live it up more then expected later? I guess there is d) your heirs just get more?

You will figure it out and life is never linear
by JGoneRiding
Mon Dec 10, 2018 4:32 pm
Forum: Personal Finance (Not Investing)
Topic: Spousal SS Benefit
Replies: 13
Views: 1147

Re: Spousal SS Benefit

Her spousal benefit would be based in your benefit at your Fra minus a reduction for claiming early
by JGoneRiding
Mon Dec 10, 2018 12:21 am
Forum: Personal Finance (Not Investing)
Topic: Are US long-term capital gains a marginal tax rate?
Replies: 8
Views: 710

Re: Are US long-term capital gains a marginal tax rate?

Where do I find (ideally at irs.gov) where this is explained? Publication 17 "Your Federal Income Tax", which contains the answer for virtually every federal tax question ever asked on Bogleheads. :D Unfortunately, the 2018 edition is not out yet, so there isn't a good guide for this year's tax cha...
by JGoneRiding
Mon Dec 10, 2018 12:17 am
Forum: Personal Finance (Not Investing)
Topic: How will 80k inheritance affect medicaid, section 8, food stamp eligibility in PA?
Replies: 26
Views: 2823

Re: How will 80k inheritance affect medicaid, section 8, food stamp eligibility in PA?

Op. I will restate what I said above. Your best bet is to find a social worker in your state that specializes in this. There are organizations to help with this specific problem. And I understand your concerns. I have a brother on dshs and flat told my parents if they didn't get him set up with a sp...
by JGoneRiding
Mon Dec 10, 2018 12:04 am
Forum: Personal Finance (Not Investing)
Topic: Some odd tax complications?
Replies: 1
Views: 290

Re: Some odd tax complications?

I am not sure what the question is exactly but in order for a cpa to help you avoid unnecessary 2018 taxes you need help so last month, you only have 3 weeks left to do any sort of changes that would affect your taxes.

It sounds like the 2017 issue has come and gone.
by JGoneRiding
Sun Dec 09, 2018 10:22 pm
Forum: Personal Finance (Not Investing)
Topic: How will 80k inheritance affect medicaid, section 8, food stamp eligibility in PA?
Replies: 26
Views: 2823

Re: How will 80k inheritance affect medicaid, section 8, food stamp eligibility in PA?

What you are suggesting sounds like fraud and theft. If there were no strings placed on the inheritance you can t legally except it for her. Hiding it for her in some manner would also be illegal. But you might totally get away with it. In your shoes with no trust structure for the money. Your mothe...
by JGoneRiding
Sun Dec 09, 2018 10:12 pm
Forum: Personal Finance (Not Investing)
Topic: Renting out 1st first home; how to get mortgage for second?
Replies: 40
Views: 3288

Re: Renting out 1st first home; how to get mortgage for second?

They don't care so long as you had the intent to move in at the time of purchase. Given the loan to value I'm guessing the OP has owner occupied the property for several years. OP I've done what you have proposed. I think you're smart to keep the property if you think you will return to CA. Too oft...
by JGoneRiding
Sat Dec 08, 2018 10:58 pm
Forum: Personal Finance (Not Investing)
Topic: Any way to trade land without paying taxes or exchanging funds?
Replies: 19
Views: 1410

Re: Any way to trade land without paying taxes or exchanging funds?

Thanks for all the responses. Looks like this is going to be more complex than I was hoping for. I'll be calling the accountant and attorney on Monday. We're not interested in anything illegal, just hoping to find a legal way to trade properties without paying taxes on it. Maybe that's not possible...
by JGoneRiding
Sat Dec 08, 2018 8:40 pm
Forum: Personal Finance (Not Investing)
Topic: ACA - prove you don't have income
Replies: 22
Views: 2991

Re: ACA - prove you don't have income

You show them your spouses income. You do file jointly right?
by JGoneRiding
Sat Dec 08, 2018 8:38 pm
Forum: Personal Finance (Not Investing)
Topic: Single, self employed, 45k in debt, 375k in equity. what’s my move?
Replies: 16
Views: 1468

Re: Single, self employed, 45k in debt, 375k in equity. what’s my move?

Yes if you take 150k and see it as retirement only money for 25 yr from now and invest it as money that you don't need for 30 years this is a Good move. It's unlikely you will get another chance. But you also have to figure out living on 40k. My husband is 38 and has yet to clear 40k. You live a rea...
by JGoneRiding
Fri Dec 07, 2018 11:07 pm
Forum: Personal Finance (Not Investing)
Topic: Any way to trade land without paying taxes or exchanging funds?
Replies: 19
Views: 1410

Re: Any way to trade land without paying taxes or exchanging funds?

You should be able to. Deeds are actually recorded generally that have seen "for $1" in our area you would just need to consult a title company to put the work through with the county though technically you could do this yourself. My first step would be the building dept though. I have been in there...
by JGoneRiding
Thu Dec 06, 2018 11:31 pm
Forum: Personal Finance (Not Investing)
Topic: Can I classify this as deferred revenue somehow?
Replies: 6
Views: 574

Re: Can I classify this as deferred revenue somehow?

I think you are looking at either/or but not both. I sort of do this with rentals, get deposits, but the money is legally not considered mine until I claim against it on move out. So I claim damages against the deposits and that as income in the year of move out and the refunded amount is never repo...
by JGoneRiding
Thu Dec 06, 2018 8:32 pm
Forum: Personal Finance (Not Investing)
Topic: Short term use of retirement funds
Replies: 4
Views: 407

Re: Short term use of retirement funds

Do you have any significant non retiremnt funds? You could take a margin loan and pay back with no tax consequences. How much are we talking relatively? Is the current house all paid for or close to it? I think a heloc or bridge loan is a good idea. If you knew for sure you could be done in 60 days ...
by JGoneRiding
Thu Dec 06, 2018 8:02 pm
Forum: Personal Finance (Not Investing)
Topic: Rentals and qualified business income 199a?
Replies: 0
Views: 106

Rentals and qualified business income 199a?

Great I hate irs grey zones! I had no idea what so ever that rentals fell into this lovely new category though I guess it's a win?? We own 4 ish rentals. 1 was sold this year and had tons of hands on maintenance there is capital gains to deal with but most likely the rental part is a small loss 1 is...
by JGoneRiding
Mon Dec 03, 2018 10:43 pm
Forum: Personal Finance (Not Investing)
Topic: Home Purchase Price vs. Gross Income
Replies: 59
Views: 4280

Re: Home Purchase Price vs. Gross Income

Reading threads with conversations about setting yourself/family up for financial success even through hard times, I’m curious what other Boglegeads ratio of home purchase price is vs. gross income and whether you live in a LCOL, MCOL or HCOL. For my family, it was about 1.93x at time of purchase a...
by JGoneRiding
Mon Dec 03, 2018 10:34 pm
Forum: Personal Finance (Not Investing)
Topic: Home Purchase Price vs. Gross Income
Replies: 59
Views: 4280

Re: Home Purchase Price vs. Gross Income

We bought our house at 1.25 times of our combined gross income 20 years ago. Today it is worth 1.25 times our income. We live in a fairly low cost of living area. I think a person should buy a house that they can afford to pay off in 15 years while also saving at least 10% of their pay for retireme...
by JGoneRiding
Mon Dec 03, 2018 10:10 pm
Forum: Personal Finance (Not Investing)
Topic: Power of attorney for Mom?
Replies: 12
Views: 959

Re: Power of attorney for Mom?

Power of attorney is for before death and it can be hugely helpful as mom ages to already have it in place. Technically you should have your on log in with the proper authorization to her account rather then hers. Them sending you the code might sound good bit could mess things up if she is calling ...
by JGoneRiding
Mon Dec 03, 2018 5:27 pm
Forum: Personal Finance (Not Investing)
Topic: Support for non-dependent Child in College
Replies: 6
Views: 777

Re: Support for non-dependent Child in College

I didn't go looking for the irs regs but I thought it was 26 if they were unmarried and had NOT completed a bachelor's degree?
by JGoneRiding
Mon Dec 03, 2018 5:22 pm
Forum: Personal Finance (Not Investing)
Topic: Renting out 1st first home; how to get mortgage for second?
Replies: 40
Views: 3288

Re: Renting out 1st first home; how to get mortgage for second?

What is your current mortgage holder going to think about you renting out your personal residence? Is that allowed in your mortgage? If not, you risk getting it called. They don't care so long as you had the intent to move in at the time of purchase. Given the loan to value I'm guessing the OP has ...
by JGoneRiding
Mon Dec 03, 2018 5:14 pm
Forum: Personal Finance (Not Investing)
Topic: Renting out 1st first home; how to get mortgage for second?
Replies: 40
Views: 3288

Re: Renting out 1st first home; how to get mortgage for second?

Are you planning on buying before you rent out? Essentially, yes. We want to be approved to buy before we get the rental situation finalized. Considering your income, what would be your debt to income ratio if you consider both mortgages but not the rental income? that might have more sway in getti...
by JGoneRiding
Mon Dec 03, 2018 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: Renting out 1st first home; how to get mortgage for second?
Replies: 40
Views: 3288

Re: Renting out 1st first home; how to get mortgage for second?

I did this with no issue what so ever 3 years ago. We simply did a 90% loan and paid pmi and then refied 18 mos later. I very intentionally wanted the rental had been the long term plan. I had no real complications . I needed the signed lease in place. I had the advantage of other rental income from...
by JGoneRiding
Fri Nov 30, 2018 10:13 pm
Forum: Personal Finance (Not Investing)
Topic: Budgeting strategies
Replies: 21
Views: 1798

Re: Budgeting strategies

Theoretically I budget for "future discretionary items" this would be the car trailer and for "house repair needs" reality is I just have a savings pot and take as I feel.like it and am terrible at keeping the budget
by JGoneRiding
Fri Nov 30, 2018 9:12 pm
Forum: Personal Finance (Not Investing)
Topic: Room for Roth conversion?
Replies: 12
Views: 889

Re: Room for Roth conversion?

So what I want to know is what are you living on? I mean it looks like you have maybe 8k in discretionary income but not even that if you are also filling up the Roth? Where are you even getting enough income from to do that?

Either way it's fairly impressive
by JGoneRiding
Thu Nov 29, 2018 10:51 pm
Forum: Personal Finance (Not Investing)
Topic: MAGI for ACA subsidy
Replies: 2
Views: 495

Re: MAGI for ACA subsidy

Thank you for the info! I don't qualify for chip. We are right close to the max cliff for a family of 4. My employer is generous for me but I pay 100% of the family plan for the kid (s). That was were I wasn't sure if they could qualify for ACA based on family size and income without a parent on the...
by JGoneRiding
Thu Nov 29, 2018 9:03 pm
Forum: Personal Finance (Not Investing)
Topic: Form 709 [Gift tax] for gifting to child
Replies: 21
Views: 1058

Re: Form 709 [Gift tax] for gifting to child

Why on earth do you file taxes separately in a community property state? If I had a spouse that wanted that I would honestly see it as grounds for divorce. Absolutely the worse of both worlds one would have to have an amazingly high student loan to even consider it as legally half of your income is ...
by JGoneRiding
Thu Nov 29, 2018 3:47 pm
Forum: Personal Finance (Not Investing)
Topic: Employeer taking vacation days on public holidays - is this legal or normal?
Replies: 99
Views: 7404

Re: Employeer taking vacation days on public holidays - is this legal or normal?

I don’t think there is a law that private employers have to give people public holidays off. I don’t think there is a law that requires employers to give ANY days off THAT depends on your state . Lots now have required sick leave on the books for all employers of all sizes and all types of employees.
by JGoneRiding
Thu Nov 29, 2018 3:39 pm
Forum: Personal Finance (Not Investing)
Topic: MAGI for ACA subsidy
Replies: 2
Views: 495

MAGI for ACA subsidy

Just want to make sure I have this right. For the purpose of aca. The MAGI would be gross income minus retirement deductions and the above line student lone interest deduction correct? How would rental income interact with that? Would you just add in the final amount on schedule c to your w2 adjuste...
by JGoneRiding
Thu Nov 29, 2018 12:07 am
Forum: Personal Finance (Not Investing)
Topic: Wiki - Progressive tax
Replies: 25
Views: 2030

Re: Wiki - Progressive tax

So great! I think it will be a good link for all the times we get questions :)
by JGoneRiding
Wed Nov 28, 2018 11:46 pm
Forum: Personal Finance (Not Investing)
Topic: Gift tax question
Replies: 175
Views: 6651

Re: Gift tax question

Hi - sorry I was working all day and couldn't respond. I spoke to my mortgage loan officer at the bank I am doing the mortgage at to discuss the options. Here is what the loan officer said to do (and we have gotten the approval from our parents as well). Let me know what you think. Parents gift us ...
by JGoneRiding
Wed Nov 28, 2018 4:02 pm
Forum: Personal Finance (Not Investing)
Topic: Gift tax question
Replies: 175
Views: 6651

Re: Gift tax question

They could gift 60 now and Jan 1 then it's only 10k that has to go on the form. Just a thought
by JGoneRiding
Tue Nov 27, 2018 11:24 pm
Forum: Personal Finance (Not Investing)
Topic: Employeer taking vacation days on public holidays - is this legal or normal?
Replies: 99
Views: 7404

Re: Employeer taking vacation days on public holidays - is this legal or normal?

Dvm not md. But this would be covered by my contract. My boss hasn't pulled that what he has done is to give us zero credit for all holidays that fall on a none scheduled work day. Incredible unfair when Christmas/new years fall on Sat/Sun as then I am deprived of 24 hours of the 7 paid holidays I a...
by JGoneRiding
Tue Nov 27, 2018 10:58 pm
Forum: Personal Finance (Not Investing)
Topic: Advice on Heavy Cash Position
Replies: 18
Views: 3101

Re: Advice on Heavy Cash Position

Unless you are planning in buying a house in the next 3 months i wouldn't worry about paying off your "longest " account. They will still report paid in full to the credit report for quite a while. It might drop like 10 to 30 points but should be min. I woukd only worry about that really if I was in...
by JGoneRiding
Tue Nov 27, 2018 10:14 am
Forum: Personal Finance (Not Investing)
Topic: 25k Bonus - Tax Consequences?
Replies: 20
Views: 2328

Re: 25k Bonus - Tax Consequences?

This reply is just a starting point; please don't depend on it as I just came up with it Googling around. Looks like the Feds will take 22%. Think, California will tax some of it at 8% and some of it at 9.3% Unless you are personally earning more than the approx 128,000 cap, it looks like you will ...
by JGoneRiding
Mon Nov 26, 2018 9:33 pm
Forum: Personal Finance (Not Investing)
Topic: Getting sued from an already settled car accident... 2 years later! Is this legal?
Replies: 44
Views: 7386

Re: Getting sued from an already settled car accident... 2 years later! Is this legal?

stan1 wrote:
Mon Nov 26, 2018 9:04 pm
Contact your insurer and follow their directions.
I wouldn't make any additional posts admitting fault or anything else about the case.
This plus a 100. Make no reply whatsoever to these people fwd all correspondence to your insurance company until they instruct you otherwisd.
by JGoneRiding
Mon Nov 26, 2018 9:29 pm
Forum: Personal Finance (Not Investing)
Topic: 23 years old 40K saved. What would you do?
Replies: 39
Views: 3329

Re: 23 years old 40K saved. What would you do?

I am seriously impressed! At 23 i also was in graduate scho, while i lived very frugally I couldn't live at home and was more like 60 to 70 k negative net worth. I think the above is very reasonable idea. 6k for this year and next is a lot less than you would pay in rent but it sounds like your pare...
by JGoneRiding
Mon Nov 26, 2018 9:24 pm
Forum: Personal Finance (Not Investing)
Topic: Prepaying state property taxes
Replies: 8
Views: 806

Re: Prepaying state property taxes

In my state (OR) property tax bills come in the fall. If you pay in full by the November due date, you get a 3% discount. If you pay 2/3 by November with the remainder in May of the next year, you get a 2% discount. Or you can pay 1/3 by November and the rest in February and May, with no discount. ...
by JGoneRiding
Mon Nov 26, 2018 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: paying off all but 1 dollar of CC
Replies: 83
Views: 8190

Re: paying off all but 1 dollar of CC

I keep getting dinged for not having enough debt. Says so right on the screen. My wife gets the same thing. But we are both in the 830+ so I am OK with that. Unless you have a perfect score (do not think that is actually possible) they are required by law to give you reasons for your "lower" score.
by JGoneRiding
Mon Nov 26, 2018 10:13 am
Forum: Personal Finance (Not Investing)
Topic: When to stop and settle at one place?
Replies: 27
Views: 3075

Re: When to stop and settle at one place?

Well even the army gives priority to leaving families in place while children are in hs so for sure by then ideally.

It's tough moving kids at that age. Though My mom attended 3 high schools and doesn't seem to have minded much she also has no friends from then
by JGoneRiding
Sun Nov 25, 2018 2:17 pm
Forum: Personal Finance (Not Investing)
Topic: I'm so CHEAP! Don't think it is healthy.
Replies: 36
Views: 6836

Re: I'm so CHEAP! Don't think it is healthy.

You are actually doing better then you think. You have about 1 year salary saved BEFORE 30 which is where vanguard recommends. So you are doing ok. Clearly you aren't that cheap if you are paying >1/4 of your rent each month just for the pleasure of cable!
by JGoneRiding
Sun Nov 25, 2018 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: How do tax brackets work?
Replies: 37
Views: 5601

Re: How do tax brackets work?

I fixed the spelling in the thread title "How to" to "How do". Here's an explanation: 2018 Tax Brackets: How They Work, Examples, & Myths from taxact,com. Look at the example under "How tax brackets work". The concept of paying tax on each additional dollar of income is explained in gory detail in ...
by JGoneRiding
Sun Nov 25, 2018 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Draw Question
Replies: 32
Views: 2914

Re: Social Security Draw Question

In cases where one spouse has a significantly higher income than the other spouse, it is very common that the best approach is for the lower earning spouse to file early and the higher earning spouse to delay to age 70. The reason is that the surviving spouse gets the larger benefit of the two. So ...
by JGoneRiding
Sun Nov 25, 2018 1:35 pm
Forum: Personal Finance (Not Investing)
Topic: What's the 'safest' decision?
Replies: 17
Views: 2362

Re: What's the 'safest' decision?

I would have a paid for home first. Do the schedule E rental property deductions make it more attractive to pay off the 3.125% home mortgage? I too would like to have a paid off home (and it’s doable) but I’m hesitant to go down that road because of the hisortically low interest rate on it. You sai...
by JGoneRiding
Sat Nov 24, 2018 7:14 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Draw Question
Replies: 32
Views: 2914

Re: Social Security Draw Question

In cases where one spouse has a significantly higher income than the other spouse, it is very common that the best approach is for the lower earning spouse to file early and the higher earning spouse to delay to age 70. The reason is that the surviving spouse gets the larger benefit of the two. So ...
by JGoneRiding
Sat Nov 24, 2018 6:57 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security questions, please help!
Replies: 21
Views: 3245

Re: Social Security questions, please help!

You could start the application process now telling them you want to start benefits at max benefit in July of next year. One reason to do this is if you were to become notable worse and wanted to you could get a lump sum. Though that would reduce your wife survival benefit. Pretty sure I read on on...
by JGoneRiding
Sat Nov 24, 2018 2:24 pm
Forum: Personal Finance (Not Investing)
Topic: Should I sell my house?
Replies: 59
Views: 4777

Re: Should I sell my house?

I am a 'LL and I wouldn't go into it at all in your situation . Sell the bay house put most of the money into the house in Boston DO NOT increase your budget! Invest what you don't put intpnthe house. For your ages and incomes your savings is behind. You have 2 professionals and are lucky to find go...
by JGoneRiding
Sat Nov 24, 2018 2:07 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security questions, please help!
Replies: 21
Views: 3245

Re: Social Security questions, please help!

You could start the application process now telling them you want to start benefits at max benefit in July of next year. One reason to do this is if you were to become notable worse and wanted to you could get a lump sum. Though that would reduce your wife survival benefit. Without the dollar amount...
by JGoneRiding
Thu Nov 22, 2018 5:01 pm
Forum: Personal Finance (Not Investing)
Topic: 529 Plan as an Uncle
Replies: 21
Views: 1670

Re: 529 Plan as an Uncle

Personally I would give them a graduation gift that they could use to pay off their loans assuming they work hard and graduate. I wouldn't get involved in college savings for a niece/nephew or even my own kids. If you have loans, you have more skin in the game and work harder. A free ride does not ...
by JGoneRiding
Tue Nov 20, 2018 11:27 pm
Forum: Personal Finance (Not Investing)
Topic: Weigh in on our Marital Argument =)-- HCOL edition
Replies: 102
Views: 10562

Re: Weigh in on our Marital Argument =)-- HCOL edition

I have a 376k mortgage on a 130k income (though taxes are cheap) and it really isn't that bad. We don't take fancy vacations but go some where each year. A 500k mortgage on your income won't be a problem at all. I think if you find a 3 bed where you and your husband are both content that would be id...
by JGoneRiding
Tue Nov 20, 2018 10:22 pm
Forum: Personal Finance (Not Investing)
Topic: Weigh in on our Marital Argument =)-- HCOL edition
Replies: 102
Views: 10562

Re: Weigh in on our Marital Argument =)-- HCOL edition

OP, read this thread with your spouse: https://www.bogleheads.org/forum/viewtopic.php?p=4159387#p4159387 It's about another couple in HCOL that is feeling overwhelmed by housing costs AND have brutal commutes. I'd lean toward the 3bed in your current neighborhood. You have ~$700k+ of equity, so a 3...
by JGoneRiding
Mon Nov 19, 2018 11:45 am
Forum: Personal Finance (Not Investing)
Topic: How high can House prices go
Replies: 67
Views: 8416

Re: How high can House prices go

Thanks y’all for suggestions. At this point, we have 2 options - 1. Go ahead with $545k house as we already paid $30k. 2. Buy a brand new 2000 sqft townhome for $360k - the floor plan is almost the same as a single family house, has a 2 car garage. The price difference is only 160k - actually 170k ...