- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Say you recieved $200,000 cash inheritance....
Posted on 5/23/17 at 9:57 am to bharris4qb1
Posted on 5/23/17 at 9:57 am to bharris4qb1
1)Pay off debt outside of house
2)Put remaining money toward house principal.
2)Put remaining money toward house principal.
0
Posted on 5/23/17 at 9:59 am to bharris4qb1
Buy 5 200k rental houses with 20% down.
Posted on 5/23/17 at 10:40 am to bharris4qb1
Down payment on vacation home
Posted on 5/23/17 at 11:05 am to MSMHater
quote:
Pay off my house
The only debt we carry outside of a mortgage is my wife's student loan. Sad thing is $200K wouldn't even pay my house off in full
This post was edited on 5/23/17 at 11:07 am
Posted on 5/23/17 at 11:29 am to Hammond Tiger Fan
Pay off house
Invest Invest Invest
Invest Invest Invest
Posted on 5/23/17 at 1:57 pm to bharris4qb1
Figure out your tax burden for inheritance, put that aside to cover tax liability.
Pay off all high interest debt (credit cards or unsecured loans).
With remaining amount, if its enough to buy a house to your liking, pay cash. If not figure 35% of your total gross income as a monthly payment - find house that fits that cost and pay 20% down.
If you have anything left over, Vegas/Macau/Monaco. Fly first class - its nicer than the cattle ranch in the back.
Pay off all high interest debt (credit cards or unsecured loans).
With remaining amount, if its enough to buy a house to your liking, pay cash. If not figure 35% of your total gross income as a monthly payment - find house that fits that cost and pay 20% down.
If you have anything left over, Vegas/Macau/Monaco. Fly first class - its nicer than the cattle ranch in the back.
Posted on 5/23/17 at 2:45 pm to edsmithiii
Go on a very nice vacation and invest the rest. I would possibly pay my vehicle loan off even though it is less than 2% but I don't think I would touch my mortgage.
This post was edited on 5/23/17 at 2:46 pm
Posted on 5/23/17 at 2:47 pm to edsmithiii
quote:
If not figure 35% of your total gross income as a monthly payment
Ain't no way in hell would I pay this for a mortgage. Who in the right mind wants to be house poor?? My mortgage equates to just over 11% of my total gross household income. I never base my personal financial decisions off of my gross income anyway because I never see all of that money.
This post was edited on 5/23/17 at 2:51 pm
Posted on 5/23/17 at 3:49 pm to Hammond Tiger Fan
If you based your house mortgage as 35% of your gross income you'd be fricked.
35% mortgage + insurance, taxes, maintenance, utilities = 50% of your gross income
Your take home is only 70% after taxes so you'd be living off of 20% for savings, day to day, and emergency fund. You'd be poor for a very long time
35% mortgage + insurance, taxes, maintenance, utilities = 50% of your gross income
Your take home is only 70% after taxes so you'd be living off of 20% for savings, day to day, and emergency fund. You'd be poor for a very long time
Posted on 5/23/17 at 3:51 pm to bharris4qb1
Index funds
Posted on 5/23/17 at 3:52 pm to Hammond Tiger Fan
quote:
Ain't no way in hell would I pay this for a mortgage. Who in the right mind wants to be house poor?? My mortgage equates to just over 11% of my total gross household income. I never base my personal financial decisions off of my gross income anyway because I never see all of that money.
My mortgage is < my annual gross income.
Maybe he meant net, which is still high but at least in the area of reasonableness.
Posted on 5/23/17 at 4:45 pm to edsmithiii
quote:zero
Figure out your tax burden for inheritance
Posted on 5/23/17 at 11:39 pm to edsmithiii
The "receiver" of the inheritance doesn't pay the tax.
Posted on 5/24/17 at 5:16 am to Hammond Tiger Fan
quote:
The only debt we carry outside of a mortgage is my wife's student loan. Sad thing is $200K wouldn't even pay my house off in full
No debt outside house and 500000 would leave me with a 6 figure mortgage. Guess a lot of people here live in rural area or bought in the 80's.
With 200k I think I'd try my luck with a beach rental. We've got to find an excuse to get away more and i think if I had a spot and an had some open dates i'd make more of an effort
Posted on 5/24/17 at 8:04 am to matthew25
quote:Are you trying to say the dead person gets taxed?
The "receiver" of the inheritance doesn't pay the tax.
Nobody pays inheritance tax on anything less than 5.45 million...
Posted on 5/24/17 at 1:49 pm to lsupride87
quote:
Are you trying to say the dead person gets taxed?
Umm...yeah...the estate would pay any estate tax liability, son.
Posted on 5/24/17 at 2:27 pm to lsupride87
quote:
Are you trying to say the dead person gets taxed?
Nobody pays inheritance tax on anything less than 5.45 million...
You are confusing inheritance tax and estate tax.
An "inheritance" is something actually received from the estate of the deceased.
In a handful of states, there are taxes on inherited money based on the income of the person doing the inheriting.
An estate tax is paid from the estate of the deceased. This is where the 5.45 million comes in. But as a technical matter you will never owe estate taxes on a "$200,000 cash inheritance" because the $200,000 would not have been distributed to you without estate taxes being addressed first.
Another way of saying it is that while it is certainly possible for an estate tax to cause a person to have a smaller inheritance than he would have received otherwise, the point where it becomes an "inheritance" occurs after the point of taxation.
Posted on 5/25/17 at 7:17 am to studentsect
Lots of good ideas.
I'd put it in a money market account and treat it like a large emergency fund.
I'd put it in a money market account and treat it like a large emergency fund.
Posted on 5/25/17 at 12:03 pm to bharris4qb1
Pot stocks
Or pot
Or pot
Posted on 5/25/17 at 12:41 pm to Thib-a-doe Tiger
5 years ago I'd of said pay off your debts, but honestly now I'm more of a don't kill the "golden goose". I'd put the money into an investment account, and maybe take half of any income and spend it on something or pay off a debt once a year. There's some years it could have $40,000 in income. So take $20k of that and use it for something. If you want to take a vacation in honor of whoever passed, I don't have an issue but I'd wait until there was enough money earned to do that.
This post was edited on 5/25/17 at 12:42 pm
Page 2 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News