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Posts By tigerrocket
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Money Talk
re: Switching jobs and 401k question - tigerrocket
Because it's a relatively small amount, I would roll it over to the 401k. I wouldn't want to bother with another account, unless you were planning on making contributions to the new IRA. Those contributions might not be deductible depending on your income anyway. ...
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Money Talk
re: CFP - tigerrocket
I think it is more helpful for a young advisor's confidence in the early part of their career, and the information learned is valuable, but I have only had about 6 prospects/clients ask if I was a CFP in the last 20 years. Most of my clients don't even know what it is. I think that there are too...
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Money Talk
re: CPA Question - EDIT - Can I retroactively fill out a 1099-Misc for IC work? - tigerrocket
I have several properties, each one in a different LLC, and my CPA makes me get a w-9 signed by everyone I pay over $600. It's a pain in the a$$ to keep up with. I was hoping to prove him wrong....
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Money Talk
re: CPA Question - EDIT - Can I retroactively fill out a 1099-Misc for IC work? - tigerrocket
Follow up question: If the rental property is owned by an LLC, would this constitute a trade or business?...
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Money Talk
re: CPA Question - EDIT - Can I retroactively fill out a 1099-Misc for IC work? - tigerrocket
My CPA would have made me issue a 1099 to the individual who did the A/C work, assuming he is an independent contractor. ...
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Money Talk
re: Deducting Mortgage Interest on Two Houses in Same Year? - tigerrocket
an expense is not a deduction, but that is why you hired a cpa. ...
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Money Talk
re: Deducting Mortgage Interest on Two Houses in Same Year? - tigerrocket
On the rental property, the interest is an expense. On primary residence or second home, the interest is considered a deduction. ...
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Money Talk
re: Power of Attorney Question - tigerrocket
When I did it the last time, the title company prepared the forms, and my wife came in and signed in advance. ...
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Money Talk
re: Real estate or stock market? - tigerrocket
Yes, I have some not so good tenants, but I've gotten better at the selection process. I am also doing more commercial rentals now. It helps to have lot's of handymen in your network, so you aren't the one doing all the work. I do find it interesting how most people are more comfortable with...
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Money Talk
re: Real estate or stock market? - tigerrocket
I'm not saying that the stock market hasn't produced good returns if you look back over it's history, I'm just stating that most investors don't have the stomach to stay invested in bad times. What would you do in 2008, if your million dollar account went down 45%? What return would it take to get ...
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Money Talk
re: Real estate or stock market? - tigerrocket
I personally like real estate more, because I have a physical asset that I can see and touch. My observations with the stock market tell me that most people don't have the stomach to withstand the volatility of the stock market. They get updated account values several times a day, and as soon as a...
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Money Talk
re: Inheritance what to do - tigerrocket
Question 1. If you cash out the beneficiary IRA, you will pay ordinary income tax, but not a 10% penalty. It will probably put you in a much higher tax bracket. I would not cash it in except for the Required minimum distribution. Question 2. The mutual funds that you buy with the proceeds of t...
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Money Talk
re: Self employed retirement plans? - tigerrocket
You are probably talking about a 401k with a profit-sharing component, not a straight 401k plan?...
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Money Talk
re: Buying a vehicle in Texas for tax savings - tigerrocket
Texas has a sales tax....
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Money Talk
re: Have the markets peaked? - tigerrocket
I'm not sure that the Fed has any motivation to raise rates and especially not aggressively. Raising rates aggressively would crush the market though....
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Money Talk
re: Help buying a GMC - tigerrocket
I bought the same vehicle back on December 31st. The sticker was $52,155. I paid $46,750. The incentives seem to be much better now. All I had was the rebate. There doesn't seem to be too many of these around. The dealer had to get mine from New Iberia. (FYI: there have been two recalls alr...
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Money Talk
re: Started the new job - Simple IRA - tigerrocket
I assume that the employer matches dollar for dollar on the first 3% that the employee contributes. In order to get the full $3k employer match, the employee would have to be making $100k....
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Saints Talk
re: Tony Gonzalez, Should We? - tigerrocket
Gonzales can go anywhere. He has been released by the Falcons. No trade necessary....
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Money Talk
re: Simple IRA Broker/Advisor Question - tigerrocket
I believe there is a two year waiting period starting from when you first contributed....
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Money Talk
re: Simple IRA Broker/Advisor Question - tigerrocket
I believe that if it is a 5304 SIMPLE plan, then you can go to any institution. If it is a 5305 Simple plan, you are limited to the one institution. The type of plan is chosen at setup by the employer. Sometimes employers don't want to send checks to multiple institutions....
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Posts By tigerrocket
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