Search found 575 matches

by financial.freedom
Mon Aug 26, 2019 1:05 pm
Forum: Personal Finance (Not Investing)
Topic: What do you think about this $4M house idea?
Replies: 103
Views: 8484

Re: What do you think about this $4M house idea?

Tell them to call you 3 months before they are going to stop using the model and you’ll consider a deal then. And what do you do when the house is now selling for 5.5 million instead of 3.9?:) Of course if it is only worth 3 million..... If it’s $5.5 million you say “No thanks!” and if it’s $3 mill...
by financial.freedom
Mon Aug 26, 2019 1:03 pm
Forum: Personal Finance (Not Investing)
Topic: What do you think about this $4M house idea?
Replies: 103
Views: 8484

Re: What do you think about this $4M house idea?

AZAttorney11 wrote: Mon Aug 26, 2019 11:50 am The OP's username seems inconsistent with this thread.

As others have said, this is a dreadful deal for you.
Agreed, we'll move on
by financial.freedom
Mon Aug 26, 2019 12:57 pm
Forum: Personal Finance (Not Investing)
Topic: What do you think about this $4M house idea?
Replies: 103
Views: 8484

Re: What do you think about this $4M house idea?

Yes, I also HATE decorating. The layout is perfect, new house, move-in ready. My wife and I work long hours and we still haven't finished decorating our house after living here for several years... Thanks again! This has to be one of the dumbest reasons to buy a model house including the furniture....
by financial.freedom
Mon Aug 26, 2019 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: What do you think about this $4M house idea?
Replies: 103
Views: 8484

Re: What do you think about this $4M house idea?

Tell them to call you 3 months before they are going to stop using the model and you’ll consider a deal then. And what do you do when the house is now selling for 5.5 million instead of 3.9?:) Of course if it is only worth 3 million..... The leaseback seems like real pain. What is the tax results o...
by financial.freedom
Mon Aug 26, 2019 12:53 pm
Forum: Personal Finance (Not Investing)
Topic: What do you think about this $4M house idea?
Replies: 103
Views: 8484

Re: What do you think about this $4M house idea?

Model home in a neighborhood of empty lots is risky. One financial downturn and your developer could go bankrupt, dropping the value of your home and leaving you will empty lots for neighbors. I’m sure you think this will never happen in the part of CA you live in. Indeed, we already know how that ...
by financial.freedom
Mon Aug 26, 2019 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: What do you think about this $4M house idea?
Replies: 103
Views: 8484

Re: What do you think about this $4M house idea?

A $3M mortgage plus 1% property tax is only $185k/yr. It's a lot of money but when you make 500k+ (which I assume OP does) it's not that big of a deal. I beg to differ. In CA $500k turns into $300k after taxes (if you are lucky/smart), now wipe out another $185k for the mortgage + property taxes, y...
by financial.freedom
Mon Aug 26, 2019 12:49 pm
Forum: Personal Finance (Not Investing)
Topic: What do you think about this $4M house idea?
Replies: 103
Views: 8484

Re: What do you think about this $4M house idea?

Tell them to call you 3 months before they are going to stop using the model and you’ll consider a deal then. And what do you do when the house is now selling for 5.5 million instead of 3.9?:) Of course if it is only worth 3 million..... The leaseback seems like real pain. What is the tax results o...
by financial.freedom
Sun Aug 25, 2019 11:34 pm
Forum: Personal Finance (Not Investing)
Topic: What do you think about this $4M house idea?
Replies: 103
Views: 8484

Re: What do you think about this $4M house idea?

Tell them to call you 3 months before they are going to stop using the model and you’ll consider a deal then. And what do you do when the house is now selling for 5.5 million instead of 3.9?:) Of course if it is only worth 3 million..... The leaseback seems like real pain. What is the tax results o...
by financial.freedom
Sun Aug 25, 2019 7:19 pm
Forum: Personal Finance (Not Investing)
Topic: What do you think about this $4M house idea?
Replies: 103
Views: 8484

Re: What do you think about this $4M house idea?

Property taxes could easily run $100k in many areas. In California, the property taxes after a home is sold is 1% of the sale price or $390,000 in this case. Since they would not be living in it, they wouldn't get the homeowners's exemption until they move in. OP, What would it cost if they built t...
by financial.freedom
Sun Aug 25, 2019 7:09 pm
Forum: Personal Finance (Not Investing)
Topic: What do you think about this $4M house idea?
Replies: 103
Views: 8484

Re: What do you think about this $4M house idea?

tigerdoc93 wrote: Sun Aug 25, 2019 6:46 pm Honestly, I think to myself, “OMG that’s a lot of money for a house!”
It really is... I grew up in a small town with less than 2,000 people.

Things get out of control in SoCal.

But YOU HAVE to see this house, LOL
by financial.freedom
Sun Aug 25, 2019 7:08 pm
Forum: Personal Finance (Not Investing)
Topic: What do you think about this $4M house idea?
Replies: 103
Views: 8484

Re: What do you think about this $4M house idea?

veindoc wrote: Sun Aug 25, 2019 6:45 pm If the home for sale or no? If they are still using it, I’m not sure why you need to buy it now. Will $100k be more less or equal to carrying costs? Are you paying utilities or will they?
They will pay utilities, HOA, etc.

HOA is 400 per month
by financial.freedom
Sun Aug 25, 2019 7:08 pm
Forum: Personal Finance (Not Investing)
Topic: What do you think about this $4M house idea?
Replies: 103
Views: 8484

Re: What do you think about this $4M house idea?

A 30 year, $3M mortgage at 3.92% would be over $14K/month. You would be spending over $168K per year for a mortgage on a house that someone else uses for 2-3 years. Maybe it is just me but it sounds like a horrible deal for you guys. Even if you got them up to $150K per year, a longshot, you are st...
by financial.freedom
Sun Aug 25, 2019 7:07 pm
Forum: Personal Finance (Not Investing)
Topic: What do you think about this $4M house idea?
Replies: 103
Views: 8484

Re: What do you think about this $4M house idea?

Gill wrote: Sun Aug 25, 2019 6:43 pm The rent is way below a fair rental. $400,000 might be more in line with the value of the property.
Gill
Great idea, I'll look up comparable rental properties.
by financial.freedom
Sun Aug 25, 2019 6:38 pm
Forum: Personal Finance (Not Investing)
Topic: What do you think about this $4M house idea?
Replies: 103
Views: 8484

What do you think about this $4M house idea?

My wife looked at some beautiful homes in a new development in SoCal. The school district is excellent, 10/10 school ratings. Gated community. Nice views etc. Since it's a new development, they need the model show homes for 2-3 years while they sell the other homes/lots. The houses range mostly from...
by financial.freedom
Tue Aug 20, 2019 4:06 pm
Forum: Personal Investments
Topic: Two different 401k plans with two different timelines (fiscal year vs. calendar year) -- is this an issue?
Replies: 7
Views: 394

Re: Two different 401k plans with two different timelines (fiscal year vs. calendar year) -- is this an issue?

The 19k limit is a calendar year limit and is for 401k contributions (pre-tax and Roth). Anything over $19k for 2019 is an excess contribution. Assuming the plans are unrelated, any employer contributions to the respective plans should be fine as long as they meet the individual plan limits. Thanks...
by financial.freedom
Tue Aug 20, 2019 2:46 pm
Forum: Personal Investments
Topic: Two different 401k plans with two different timelines (fiscal year vs. calendar year) -- is this an issue?
Replies: 7
Views: 394

Two different 401k plans with two different timelines (fiscal year vs. calendar year) -- is this an issue?

I have two different 401k plans as follows: 1. Group 401k on fiscal year (July to July) -- max out to 56k (7k employee contribution, rest is employer profit sharing contribution). 2. Solo 401k as independent contractor (calendar year, Jan 1st to Dec 31st) -- plan is to contribute 12k employee contri...
by financial.freedom
Thu Jun 27, 2019 4:12 pm
Forum: Personal Investments
Topic: Can I max out these two 401k plans?
Replies: 10
Views: 1145

Re: Can I max out these two 401k plans?

It is clear from the OP's post that they are maxing out the annual addition limit (2019 = $56K) with only employer contributions. I don't know why people are confused by this. As long as the group he works for or the hospital the group provides services for, do not own the outpatient imaging center...
by financial.freedom
Wed Jun 26, 2019 5:47 pm
Forum: Personal Investments
Topic: Can I max out these two 401k plans?
Replies: 10
Views: 1145

Can I max out these two 401k plans?

As a physician, I work at a hospital with a group that has the hospital contract for imaging. This job allows the group profit-sharing and I'm maxing out the plan (56k = 20% profit). On the side, I also work at a stand-alone outpatient imaging center in a different city, different company, and I'm p...
by financial.freedom
Mon Jun 17, 2019 1:01 pm
Forum: Personal Finance (Not Investing)
Topic: Traffic ticket: Anyone use ticket Ninja or similar service?
Replies: 5
Views: 1084

Traffic ticket: Anyone use ticket Ninja or similar service?

Has anyone on the forum used ticket Ninja or a similar service for traffic ticket? They charge $99 and refund the money if not successful. This is not a question about legal advice, it is rather whether the service provided was worthwhile, how it worked and which vendor is the best. As an aside, thi...
by financial.freedom
Tue May 28, 2019 10:52 am
Forum: Personal Consumer Issues
Topic: What’s the best material for paving driveway?
Replies: 33
Views: 2651

Re: What’s the best material for paving driveway?

The most common reason by far that concrete cracks is that the proper expansion joints are not placed in it (i.e. a hard cut through the concrete such that no span is greater than 10'). That being said, pavers are a pricey but very effective alternative. What type of climate do you live in? We live...
by financial.freedom
Tue May 28, 2019 10:51 am
Forum: Personal Consumer Issues
Topic: What’s the best material for paving driveway?
Replies: 33
Views: 2651

Re: What’s the best material for paving driveway?

Concrete pavers are popular in my area. They usually lay the perimeter pavers in a concrete foundation and set the middle pavers in sand. That will vary by region I'm sure. You'll get a very different answer in Florida than you will in Upstate New York. What region do you live in? Live in SoCal, th...
by financial.freedom
Tue May 28, 2019 10:41 am
Forum: Personal Finance (Not Investing)
Topic: Can I deduct a loss for non-paying patients?
Replies: 48
Views: 4118

Re: Can I deduct a loss for non-paying patients?

One of the hospitals I work at has a pretty bad payer mix -- I'm told the physicians only collect 30% from billing because a lot of patients are Medical (Medicaid) and Medicare that denies the charges. Am I able to deduct these as losses? Are you saying Medicare denies legitimate charges? I am on M...
by financial.freedom
Tue May 28, 2019 10:38 am
Forum: Personal Finance (Not Investing)
Topic: Can I deduct a loss for non-paying patients?
Replies: 48
Views: 4118

Re: Can I deduct a loss for non-paying patients?

One of the hospitals I work at has a pretty bad payer mix -- I'm told the physicians only collect 30% from billing because a lot of patients are Medical (Medicaid) and Medicare that denies the charges. Am I able to deduct these as losses? Are you saying Medicare denies legitimate charges? I am on M...
by financial.freedom
Tue May 28, 2019 10:34 am
Forum: Personal Consumer Issues
Topic: What’s the best material for paving driveway?
Replies: 33
Views: 2651

What’s the best material for paving driveway?

My driveway is asphalt, cracked and falling apart. What is the best material for a new driveway? I don’t want to do asphalt again. Concrete lasts longer but still cracks. Maybe interlocking stone pavers because they can easily be replaced if cracked? I’m willing to spend more if it looks nice and wi...
by financial.freedom
Sun May 26, 2019 8:37 pm
Forum: Personal Finance (Not Investing)
Topic: Can I deduct a loss for non-paying patients?
Replies: 48
Views: 4118

Re: Can I deduct a loss for non-paying patients?

You may be able to deduct losses if you switch to accrual accounting instead of cash accounting. Under accrual accounting you would recognize all revenue when you earn it (perform the service) and then recognize losses when they are written off as uncollectable. So there is an option that allows a ...
by financial.freedom
Sun May 26, 2019 8:36 pm
Forum: Personal Finance (Not Investing)
Topic: Can I deduct a loss for non-paying patients?
Replies: 48
Views: 4118

Re: Can I deduct a loss for non-paying patients?

A friend of mine is an a ER physician and in a large group of 50 plus providers group. He said that his group is organized as a not for profit organization even though it is an eat what you kill practice . They Call all denied and non collected money as charity care that allows them to call themsel...
by financial.freedom
Sun May 26, 2019 8:33 pm
Forum: Personal Finance (Not Investing)
Topic: Can I deduct a loss for non-paying patients?
Replies: 48
Views: 4118

Re: Can I deduct a loss for non-paying patients?

No, cannot deduct as losses. I looked into this awhile ago. Don't feel like trying to find exactly where. In a sense, it's already a deduction because you didn't get the income. In accrual based accounting, Let's say you see a patient a accounted $500 as revenue and $500 for accounts receivable. Th...
by financial.freedom
Sun May 26, 2019 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: Can I deduct a loss for non-paying patients?
Replies: 48
Views: 4118

Re: Can I deduct a loss for non-paying patients?

A friend of mine is an a ER physician and in a large group of 50 plus providers group. He said that his group is organized as a not for profit organization even though it is an eat what you kill practice . They Call all denied and non collected money as charity care that allows them to call themsel...
by financial.freedom
Sun May 26, 2019 8:28 pm
Forum: Personal Finance (Not Investing)
Topic: How to Minimize Your Emergency Care Expenses
Replies: 402
Views: 193736

Re: How to Minimize Your Emergency Care Expenses

Great post. I wish we got 250 from Medicare for a CT. A Ct Abd/ Pelvis with contrast pays the radiologist 93 dollars. For all billing, we average about 25% more than medicare, but of course, the private insurance at 2-3x averages out the no pays. "I'm willing to share this risk with you if it ...
by financial.freedom
Sun May 26, 2019 7:25 pm
Forum: Personal Finance (Not Investing)
Topic: Can I deduct a loss for non-paying patients?
Replies: 48
Views: 4118

Re: Can I deduct a loss for non-paying patients?

I had the same issue before I retired, and the accountants answer was always "no". Thank you for the reply. I'm read the IRS guidelines and a little confusing. Before you retired, did you try to minimize your time at such facilities? I work at a few locations, and maybe the best strategy ...
by financial.freedom
Sun May 26, 2019 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: Can I deduct a loss for non-paying patients?
Replies: 48
Views: 4118

Re: Can I deduct a loss for non-paying patients?

CAsage wrote: Sun May 26, 2019 6:10 pm I think this type of thing has come up before; you cannot deduct a loss on income you did not receive. It just lowers your overall income....
Thanks! Appreciate it. Do you have a source? I'm trying to read through the IRS guidelines.
by financial.freedom
Sun May 26, 2019 7:14 pm
Forum: Personal Finance (Not Investing)
Topic: Can I deduct a loss for non-paying patients?
Replies: 48
Views: 4118

Re: Can I deduct a loss for non-paying patients?

One of the hospitals I work at has a pretty bad payer mix -- I'm told the physicians only collect 30% from billing because a lot of patients are Medical (Medicaid) and Medicare that denies the charges. Am I able to deduct these as losses? Are you saying Medicare denies legitimate charges? I am on M...
by financial.freedom
Sun May 26, 2019 7:13 pm
Forum: Personal Finance (Not Investing)
Topic: Can I deduct a loss for non-paying patients?
Replies: 48
Views: 4118

Re: Can I deduct a loss for non-paying patients?

One of the hospitals I work at has a pretty bad payer mix -- I'm told the physicians only collect 30% from billing because a lot of patients are Medical (Medicaid) and Medicare that denies the charges. Am I able to deduct these as losses? Are you saying Medicare denies legitimate charges? I am on M...
by financial.freedom
Sun May 26, 2019 6:09 pm
Forum: Personal Finance (Not Investing)
Topic: Can I deduct a loss for non-paying patients?
Replies: 48
Views: 4118

Can I deduct a loss for non-paying patients?

One of the hospitals I work at has a pretty bad payer mix -- I'm told the physicians only collect 30% from billing because a lot of patients are Medical (Medicaid) and Medicare that denies the charges. Am I able to deduct these as losses?
by financial.freedom
Sat May 11, 2019 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: Tips for trading in diamond ring
Replies: 8
Views: 833

Re: Tips for trading in diamond ring

How new is the appraisal? Do you have a GIA(Gemological Institute of America), AGI certificate or whatever the present industry standard testing services are today? The GIA certs used to indicate the cut, color and clarity, refractiveness, luminescence and other traits. If your appraisal was done b...
by financial.freedom
Sat May 11, 2019 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: Tips for trading in diamond ring
Replies: 8
Views: 833

Re: Tips for trading in diamond ring

Your best option may be to trade it in at the store where you purchased it, if that is possible. They probably will give you credit for the purchase price, as long as you upgrade sufficiently (cost wise). I’ve read good things about this buyer, based in NYC, but can’t personally vouch for them: htt...
by financial.freedom
Sat May 11, 2019 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: Tips for trading in diamond ring
Replies: 8
Views: 833

Re: Tips for trading in diamond ring

I'm getting my wife a bigger diamond and trading in the old one. The best place in our area seems to be the jewelry district in LA, it's one of the largest in the country, seems to have the best selection and reasonable prices from what I can tell. Do you have any tips before I meet with them? We h...
by financial.freedom
Sat May 11, 2019 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: Tips for trading in diamond ring
Replies: 8
Views: 833

Tips for trading in diamond ring

I'm getting my wife a bigger diamond and trading in the old one. The best place in our area seems to be the jewelry district in LA, it's one of the largest in the country, seems to have the best selection and reasonable prices from what I can tell. Do you have any tips before I meet with them? We ha...
by financial.freedom
Thu Mar 21, 2019 9:46 pm
Forum: Personal Finance (Not Investing)
Topic: How to undo 401k 2018 contributions?
Replies: 2
Views: 425

Re: How to undo 401k 2018 contributions?

This just happened to my wife. I called Fidelity and they advised me to write a “Letter of Instruction” requesting that the over contribution amount be withdrawn in the form of a check sent to my wife’s business. This needs to happen before April 15, 2019. From what was explained to me on the phone...
by financial.freedom
Tue Mar 19, 2019 11:20 pm
Forum: Personal Finance (Not Investing)
Topic: How to undo 401k 2018 contributions?
Replies: 2
Views: 425

How to undo 401k 2018 contributions?

I contributed 2k of employee income to my solo 401k at Charles Schwab from 1099 income as sole proprietor in 2018, however now that I've filed taxes the job overall is in the negative. So CPA says I can't contribute. I should have profit in 2019, should I see if they can change it to a 2019 contribu...
by financial.freedom
Tue Mar 19, 2019 3:51 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question for Solo 401k
Replies: 6
Views: 416

Re: Tax question for Solo 401k

I just did the research for the sole proprietor side over the last two weeks. If you are a sole proprietor filing schedule C and schedule SE, then your employer AND employee contributions to a pre-tax solo 401k are summed and go on Schedule 1, line 28. Neither of these amounts is a deductible busin...
by financial.freedom
Tue Mar 19, 2019 3:33 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question for Solo 401k
Replies: 6
Views: 416

Re: Tax question for Solo 401k

I just did the research for the sole proprietor side over the last two weeks. If you are a sole proprietor filing schedule C and schedule SE, then your employer AND employee contributions to a pre-tax solo 401k are summed and go on Schedule 1, line 28. Neither of these amounts is a deductible busin...
by financial.freedom
Tue Mar 19, 2019 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question for Solo 401k
Replies: 6
Views: 416

Tax question for Solo 401k

Is the employee contribution for solo 401k PRE tax?

Trying to figure out where it goes on the 1040/which form to file.

Thanks!
by financial.freedom
Fri Mar 08, 2019 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: Should I start an S corp?
Replies: 16
Views: 1036

Re: Should I start an S corp?

BlueFin wrote: Fri Mar 08, 2019 1:19 pm In some states such as New Jersey you'll have to have a workers comp insurance policy.
We live in CA, thanks!
by financial.freedom
Fri Mar 08, 2019 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: Should I start an S corp?
Replies: 16
Views: 1036

Re: Should I start an S corp?

MichCPA wrote: Fri Mar 08, 2019 1:36 pm I might consider having the legal form of an LLC for flexibility and then chose, between partnership/proprietor, S-Corp, and C-Corp taxation.

You could elect whatever tax status benefits you, and you limit your liability.
Thank you!
by financial.freedom
Fri Mar 08, 2019 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: Should I start an S corp?
Replies: 16
Views: 1036

Re: Should I start an S corp?

clemrick wrote: Fri Mar 08, 2019 12:23 pm Please realize that paying less in "employment taxes" means less Social Security when you retire or get disabled if your employment/self-employment income is less than $132,900.
We each exceed that limit on our W2 regular jobs. This 60k is a side gig.
by financial.freedom
Fri Mar 08, 2019 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: Should I start an S corp?
Replies: 16
Views: 1036

Re: Should I start an S corp?

Your CPA is wrong about deductions. There is virtually no difference in business expense deductions with an S-Corp vs. a sole proprietor. If this is the only source of income, an individual will save with an S-Corp vs. sole proprietorships at your income levels, is 15.3% FICA taxes on distributions...
by financial.freedom
Fri Mar 08, 2019 2:31 pm
Forum: Personal Finance (Not Investing)
Topic: Should I start an S corp?
Replies: 16
Views: 1036

Re: Should I start an S corp?

I'm one to comment on this very subject FF. So I will tell you what you are up against when you decide to go S Corp. as I did from a fast talking accountant. Not sure how long you have been with your accountant or what your relationship is thereof. I will only comment on the slick accountant that w...
by financial.freedom
Fri Mar 08, 2019 10:55 am
Forum: Personal Finance (Not Investing)
Topic: Should I start an S corp?
Replies: 16
Views: 1036

Should I start an S corp?

My spouse and I both work as sole proprietors out of our home office and receive a total of about 60k in 1099 income. Our CPA states that we'll have more deductions and save on self employment tax if we form an S corp.

Is this a good idea? What are the pros and cons?

Thank you in advance!
by financial.freedom
Sat Feb 16, 2019 8:42 pm
Forum: Personal Finance (Not Investing)
Topic: Stolen check, what should I do?
Replies: 18
Views: 1721

Stolen check, what should I do?

My landscaper just had his car broken into, and belongings were stolen including the check I wrote him. I cancelled the check. Do I also need to change the account number since the check contains our account and routing number? Or is that step unnecessary?

Thank you in advance!