| Money Talk|| re: Tenants just offered to buy house - NEWBIE on 3/27/14 at 9:52 pm|
Adding to the above post, to determine whether capital gains taxes will be owed, you must determine your basis in the property. Ask your CPA or look at your records to determine how you have been depreciating the home. Also determine whether or not you have made any capital improvements that would ...
| Money Talk|| re: Looking to buy a lot tomorrow need advice! - NEWBIE on 3/26/14 at 9:09 pm|
Pull a purchase agreement of the Greater Baton Rouge realtor site.
You, as buyer, have the choice of where to close. Make sure there is a title opinion given by an attorney.
The title company will order a title history(abstract). The attorney will review and make sure the title is clear. If...
| O-T Lounge|| re: My deodorant ruins shirts - NEWBIE on 3/26/14 at 7:59 pm|
| Money Talk|| re: 1031 exchange - NEWBIE on 3/13/14 at 11:58 am|
$1250 for a basic forward exchange is what I've heard. ...
| Money Talk|| re: Title insurance--is it a good buy? - NEWBIE on 3/13/14 at 9:13 am|
A title attorney is liable for their title opinion for three years.
What do you mean questionable servitude? If the attorney is aware if it, it has most likely been recorded and should state exactly what it is.
In regards to title insurance, it's about your risk tolerance. To me, a relativel...
| Money Talk|| re: sub-chapter S corp? - NEWBIE on 2/16/14 at 8:59 pm|
Enter your numbers in this tax calculator for each scenario....
| Money Talk|| re: sub-chapter S corp? - NEWBIE on 2/16/14 at 8:41 pm|
I don't feel comfortable giving that advice out. I am not a tax professional. I just know some of the benefits of filing as different designations.
Found this on SBA.gov:
[quote]Disadvantages of an S Corporation
Stricter Operational Processes. As a separate structure, S corps require sch...
| Money Talk|| re: sub-chapter S corp? - NEWBIE on 2/16/14 at 8:12 pm|
I am not sure when you must designate as an S-Corp with the IRS. Maybe Poodle or someone else can chime in. I'm sure any CPA's office would know off hand.
Remember, you can not switch back and forth from one to the other. I believe after several years, you can go back to filing as an LLC, but t...
| Money Talk|| re: sub-chapter S corp? - NEWBIE on 2/16/14 at 6:46 pm|
I think I could have worded that differently.
If you have a single member LLC or a multiple member/manager LLC, you are taxed as a sole proprietorship or as a partnership. Both of these are taxed at year end when you file a 1040SE, self-employment tax.
If you file as an s-corp, you do not pa...
| Money Talk|| re: sub-chapter S corp? - NEWBIE on 2/16/14 at 4:25 pm|
You can pay yourself a normal "fair" salary and also through distributions.
Your salary will have taxes taken out of it.
The distribution portion will not have the self-emp. tax and will be taxed at your person income level.
I believe that rate is still 15.3%, so you can save yourself a sign...
| Money Talk|| re: No compete agreements - NEWBIE on 2/5/14 at 11:25 pm|
They are heavily disfavored in Louisiana, but that does not mean they are unenforceable. They need to specifically identify the area it applies and the duration.
I would run it by an attorney before you sign. ...
| Money Talk|| re: LLC question for rental property purchase - NEWBIE on 1/28/14 at 3:11 pm|
[quote]Bama, how much were the fees for moving the properties to the LLC? I briefly looked into forming an LLC but was worried that I might have to pay ~1.5% of the value to move them to the LLC.[/quote]
The fees are not a percentage to transfer, at least not in La. They include the cost of prep...
| Money Talk|| re: LLC question for rental property purchase - NEWBIE on 1/25/14 at 6:24 pm|
File the LLC prior to closing. It would help to have it before the purchase agreement is signed so that you will not have to assign the purchase agreement to your new LLC. You can literally have the LLC set up in a day or two on the internet.
The title company will prepare a certificate of au...
| O-T Lounge|| re: OT lawyers/debt collectors... - NEWBIE on 1/24/14 at 8:39 pm|
What state was the judgment rendered?...
| Money Talk|| re: Landowner liability protection using LLC question - NEWBIE on 1/19/14 at 7:07 pm|
Create the LLC and then do an act of contribution to your new entity. Any real estate attorney can do that for a minimum fee.
Are there any agreements in place that the other coowners need to consent to the transfer of your interest?
Also, are there any current encumbrances against the prope...
| Money Talk|| re: Real estate attorneys: is title insurance needed? - NEWBIE on 1/16/14 at 11:12 pm|
I can understand your frustration with the way he handled it.
I wanted your opinion because I will be in the field in a couple years. I want to hear as many client complaints as possible so I can avoid the same issues in the future.
Thanks for the response. ...
| Money Talk|| re: Real estate attorneys: is title insurance needed? - NEWBIE on 1/16/14 at 10:27 pm|
[quote]and I guarantee he won't get a chance to do again. [/quote]
You will not bring your future real estate business to the attorney because he is trying to sell you an owner's policy?
Hope this doesn't come across the wrong way. Just curious as to why you made that decision. I would just t...
| O-T Lounge|| re: D R Horton the builder - NEWBIE on 1/16/14 at 4:46 pm|
They will try to force you to close with their in-house title company. They will offer discounts off the house price or upgrades. Then they will make up for it with closing costs.
Get an early quote of the settlement fees that they will charge so you are not surprised at closing.
eta: see ab...
| Movie/TV Board|| re: Best movies on Netflix atm - NEWBIE on 1/5/14 at 1:21 am|
| O-T Lounge|| re: Recommend a cheap Android tablet to root - NEWBIE on 12/1/13 at 7:00 pm|
Look at the nexus tablets like the poster above said.
The nexus10 2 is supposed to be coming out very soon, so the price may drop on the original....
| Money Talk|| re: Obamacare Tax repurcussions from sale of raw land - NEWBIE on 11/25/13 at 12:16 pm|
My understanding is that the 3.8% does apply this year. But you will also own capital gains taxes.
I believe at that income level, you would pay 29.8% in capital gains taxes. (20% cap gains, 6% La tax, 3.8% Obamacare)
Talk to a cpa or look into a 1031 exchange to minimize/defer any potential ...
| Money Talk|| re: Future Value of a Lease - NEWBIE on 11/13/13 at 11:45 am|
To get what he did, use excel:
=PV(.04/12,20*12,4000)= ~ $660k
If you open the function tool in excel, it will explain what each number is. You can then play with the interest rate to adjust accordingly for inflation. ...
| Gaming Board|| re: Universal Remote for PS3 Slim and Samsung TV, any suggestions? - NEWBIE on 10/21/13 at 10:23 pm|
Sorry, just assumed it worked. I have an xbox and it works.
You need this [link=(http://www.amazon.com/Logitech-Harmony-Adapter-PlayStation-3/dp/B00267S7XW)]LINK[/link]
You could set up different activities on the remote and use it in your living room and bedroom. That may justify the pric...
| Gaming Board|| re: Universal Remote for PS3 Slim and Samsung TV, any suggestions? - NEWBIE on 10/21/13 at 9:55 pm|
[link=(http://www.amazon.com/Logitech-Harmony-Universal-Remote-Touchscreen/dp/B009EIUH6G/ref=sr_1_3?ie=UTF8&qid=1382410400&sr=8-3&keywords=logitech+harmony+one)]Logitech Harmony One[/link]
I have the previous model and have zero complaints.
It has a rechargeable battery.
Very easy to progra...
| O-T Lounge|| re: Is this Samsung 55" a decent TV? - NEWBIE on 10/19/13 at 1:13 pm|
You will have to go through a receiver to use those speakers....
| O-T Lounge|| re: Breckenridge for skiing.. where to stay? - NEWBIE on 10/16/13 at 2:50 pm|
Tyra 2 or something like that.
Google map 4 O'Clock Road and right where it makes a 90 degree turn is the snowflake lift. Many of those condos are walk out/ski in.
That lift typically isn't too crowded and lets you avoid some of the cluster like at the base of some of the larger peaks.
| Money Talk|| re: Customizable Mortgage Amortization Schedule - NEWBIE on 10/15/13 at 8:50 pm|
| O-T Lounge|| re: Polite way to correct someone who calls you wrong name - NEWBIE on 10/6/13 at 11:15 pm|
| Outdoor Board|| re: My new hunting buddy - NEWBIE on 10/6/13 at 9:51 pm|
Don't mean to hijack, but where did you get the doodle?
Is that one a first or second gen?
I have heard that you should try to get a g1. Is that true?
On topic, that cur is a cool looking pup....
| O-T Lounge|| re: House Title Company Cost - NEWBIE on 10/2/13 at 12:30 pm|
If that includes title insurance, that sounds reasonable.
I would recommend Hyde Title or Baton Rouge Title....