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Amory Blaine
| Favorite team: | LSU  |
| Location: | New Orleans |
| Biography: | |
| Interests: | |
| Occupation: | |
| Number of Posts: | 17 |
| Registered on: | 8/5/2015 |
| Online Status: | Not Online |
Recent Posts
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Tax Question – Start Up Expenses and Rental Real Estate
Posted by Amory Blaine on 12/9/18 at 9:37 pm
I’m trying to understand what I can legally deduct for tax purposes related to a rental property purchased this year.
I purchased the property in 2018 and have spent approximately $20,000 between capital expenditures and expenses in order to get it rentable. I would estimate $7,000 in expenses, p...
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re: Forwarding business mail to your house?
Posted by Amory Blaine on 10/27/17 at 4:22 pm
My experience with the USPS mail forwarding service is that it can delay the mail arriving at the final destination by weeks. I would not recommend that type of delay for business correspondence. ...
Coastal Maine
Posted by Amory Blaine on 4/17/17 at 9:19 pm
Planning a trip to coastal Maine this summer. Would love any suggestions on accommodations, restaurants, activities, etc. Would especially like to hear about "under the radar" towns.
Right now, I'm thinking mostly small B&Bs, but could definitely be convinced by a great hotel or resort recommenda...
re: Removing PMI from Wells Fargo Mortgage
Posted by Amory Blaine on 3/25/17 at 8:50 pm
[quote]1. Has anyone done this through Wells Fargo?[/quote]
I did this successfully with Wells Fargo last year.
[quote]2. If I have the house appraised for this purpose and it appraises for more than its original value, does this get back to the tax assessor and result in my property taxes goi...
re: Tax Return for Condo Association
Posted by Amory Blaine on 3/7/17 at 7:31 pm
Thanks everyone. I'm fairly confident in my ability to complete form 1120-H so I will give it a shot this year.
Do I need to file a Louisiana return as well? If so which form?...
Tax Return for Condo Association
Posted by Amory Blaine on 1/26/17 at 7:13 pm
I live in a small six unit condo building. To my knowledge the association, which has been in existence since 2007, has not filed any tax returns.
A few questions:
Can we start filing this year and ignore the past years or do we need to file returns going back to 2007?
Do condo association...
Condo Building Manager - Advice Needed
Posted by Amory Blaine on 4/10/16 at 9:34 pm
I own a condo in a 6-unit building in Uptown New Orleans. For the past 10 years we have handled all dues collection, insurance payments, and maintenance on our own between the owners. Circumstances are changing and we've decided that we need a property/building manager to handle essentially everythi...
re: Could you help me understand taxes and my rental property?
Posted by Amory Blaine on 3/11/16 at 10:11 pm
[quote]Something isn't adding up for me. I thought this rental property was generating a loss for you. If that's the case you definitely should not be paying more in taxes. If anything, your tax liability could be reduced depending on other factors. [/quote]
This. Can you preview your Sch. E in T...
re: Advice on telling tenants to buy or be prepared to move...
Posted by Amory Blaine on 2/16/16 at 10:31 am
Where is the property?...
re: Spinoff thread: How much did your parents save for your college educ?
Posted by Amory Blaine on 2/5/16 at 3:58 pm
Wow. I'm surprised by the responses on this thread.
My parents saved approximately $40k for each my brother and me which allowed us both to graduate debt free.
We were told we could have whatever was left over when we graduated. I was fairly foolish and spent almost all of it on 5 years at LSU...
re: Is it worth accelerating mortgage payment to avoid PMI?
Posted by Amory Blaine on 1/28/16 at 8:02 pm
[quote]Bought my house in July 2012, purchase price of $213k, discounts brought it down to $205k, appraised for $218k, put down about 12%.
Mortgage holder is Wells Fargo, got appraisal done through them in September 2014 (costs $400) to remove PMI, house needed to appraise for at least $226k, ap...
re: Is it worth accelerating mortgage payment to avoid PMI?
Posted by Amory Blaine on 1/26/16 at 9:03 pm
[quote]WF said no to what? They are required to take it off at 78%...[/quote]
My loan is with Wells Fargo as well. They will not remove PMI unless you've made improvements to the property (even if an appraisal gets you to 20% equity). Based on the previous post not all improvements qualify.
I ...
re: .
Posted by Amory Blaine on 1/20/16 at 9:30 pm
[quote]I'm enrolled in the post tax (roth?) 401k[/quote]
Someone better versed than me can probably clarify, but for a couple years I thought my "post-tax" contributions to my 401(k) were to a "Roth" 401(k)... they weren't. From what I understand, in the "post-tax" plan you contribute post-tax, b...
re: Can I contribute $18k before-tax to 401(k) and max out Roth IRA at $5,500?
Posted by Amory Blaine on 12/23/15 at 12:07 pm
[quote]ETA: The comment you saw refers to 401(k) limits, which can be either Roth 401 (post-tax) or traditional 401 (pre-tax). Has nothing to do with an IRA of either flavor.[/quote]
Thanks. That makes sense... Feeling a little idiotic for not picking up on that....
Can I contribute $18k before-tax to 401(k) and max out Roth IRA at $5,500?
Posted by Amory Blaine on 12/23/15 at 10:57 am
I always assumed I could max out both, but when I logged in to my 401(k) this morning I saw this note:
"Special note about IRS contribution limits for 2016: In 2016, the IRS before-tax and Roth contribution limit will remain at $18,000. For those turning age 50 or older in 2016 and contributing t...
re: How much credit card debt are you in?
Posted by Amory Blaine on 10/19/15 at 8:35 pm
[quote]I just got a 95 dollar credit not to cancel so -$95.00[/quote]
What card? I haven't found a way to avoid the annual fee on Chase Sapphire Preferred or Chase United......
Should I increase contributions to HSA or 401(k)?
Posted by Amory Blaine on 10/7/15 at 8:38 pm
Currently maxing out ROTH IRA and contributing 8% of salary to 401(k)... company matches 6%. I contribute $1,700 to my HSA and I'm trying to decide if I increase the HSA to the max contribution of $3,350 or increase my 401(k) contribution by $1,650?
Also, if I ever switch from a HDHP to a PPO can...
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