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I'm perpetually amazed at the large quantities of time people will waste or inconveniences they will put themselves through to save trivial amounts of money. Like I get it if you are in a tough situation where you've only got time to spend and no money, but that's not what it is in many cases.
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Jul 4, 2017 19:48
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Cold on a Cob posted:Amateur landlords never cease to amaze me. God bless mine for subsidizing my living expenses though. I've done a lot of tax returns for (mostly) amateur landlords, and I can tell you that 50% of them at best make a net income on their rentals. The only upside is that you get someone to subsidize your property as it appreciates in value. It's still not a good investment idea, but you can at least get a deduction on your income taxes, and when you do eventually sell, it's taxed at 50% of your marginal rate instead of full income amount.
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Jul 4, 2017 19:54
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Guinness posted:I'm perpetually amazed at the large quantities of time people will waste or inconveniences they will put themselves through to save trivial amounts of money. More like time he will waste/inconvenience in order to make an internet post about how that being cheaper is absurd. He probably had fun on the beach, as well.
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Jul 4, 2017 20:01
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Jeffrey of YOSPOS posted:More like time he will waste/inconvenience in order to make an internet post about how that being cheaper is absurd. He probably had fun on the beach, as well. Yeah, being a student allows him to get away with this sort of stuff and the internet fame probably justifies the means, but 18 hours on a beach while only springing for one cocktail and sleeping in a rental car in order to reach these "savings" is a stretch. Did he even eat?!
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Jul 4, 2017 20:19
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Teeter posted:Guy thinks that the train from Newcastle to London is too expensive so he finds a cheaper route by flying indirectly through the Spanish island of Menorca instead. Not great if your time is valuable, but he is a student quote:As well as the flights, he also spent £7.50 on a hire car, which he slept in, and splashed out on a £4 cocktail - meaning his entire trip was £40 cheaper than taking the train. Hell of a lot more fun than a British train.
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Jul 4, 2017 20:33
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The actual album isn't amazing, but this Imgur title sure calls to this thread: So far my free boat has only cost me $500 (day 3) Trying to get a link but stymied by my phone. I'll try to edit it in
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Jul 4, 2017 23:40
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mojo1701a posted:I've done a lot of tax returns for (mostly) amateur landlords, and I can tell you that 50% of them at best make a net income on their rentals. The only upside is that you get someone to subsidize your property as it appreciates in value. And you have to recapture all that depreciation. Unless you are in the highest tax bracket you are not saving any money on depreciation. So even if you are making a small amount each year you will have a tax bill due when you sell
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Jul 5, 2017 01:01
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lampey posted:And you have to recapture all that depreciation. Unless you are in the highest tax bracket you are not saving any money on depreciation. So even if you are making a small amount each year you will have a tax bill due when you sell Solution to deprecation recapture: never sell
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Jul 5, 2017 03:34
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That guy is not nearly as good of a writer as he thinks he is.
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Jul 5, 2017 04:07
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Noggin Monkey posted:That guy is not nearly as good of a writer as he thinks he is. I think he was imitating the register's bofh house style tbh
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Jul 5, 2017 04:20
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lampey posted:And you have to recapture all that depreciation. Unless you are in the highest tax bracket you are not saving any money on depreciation. So even if you are making a small amount each year you will have a tax bill due when you sell They could 1031 exchange into another property if they are in the US, then when it finally passes to your heirs, the cost basis steps up and they can start depreciating the asset anew or sell it without capital gains.
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Jul 5, 2017 04:48
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crazypeltast52 posted:They could 1031 exchange into another property if they are in the US, then when it finally passes to your heirs, the cost basis steps up and they can start depreciating the asset anew or sell it without capital gains. I can almost guarantee you the people I talk to that want to be landlords "on the side" are not aware of these things and would claim to make a profit but never talk about the furnace that just blew out and wiped out the last 12months of their razor thin margins.
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Jul 5, 2017 06:48
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Ye Olde Bad With Money Tournamente will be accepting submissions through the end of the work week. If you haven't nominated a historical BWM story yet, now's the time!
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Jul 5, 2017 07:17
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Also this is an extremely good postBreetai posted:John Smith watches the toddler approach the hot stove and smirks: the child is about to learn a valuable lesson. Two lessons, in fact, if it does not have the wherewithal and foresight to later apply an ointment to the burn to avoid infection setting in. He dispassionately watches the object lesson in self-actualisation unfold.
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Jul 5, 2017 13:24
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My father called me the other day to let me know that they finally listened to me about their timeshare and American Airlines Credit Card (that has an annual fee and they only use debit) were wastes of money. Hooray. They cancelled the card and then somehow rolled their timeshare into a different package from the timeshare vendor. This new one has access to different places, so they will be more likely to use it!  Apparently, they could have sold the timeshare but they like the idea of being "forced" to take a vacation and not having to do research or price-shopping. Leon Trotsky 2012 fucked around with this message at 14:45 on Jul 5, 2017 |
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Jul 5, 2017 14:42
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Leon Trotsky 2012 posted:My father called me the other day to let me know that they finally listened to me about their timeshare and American Airlines Credit Card (that has an annual fee and they only use debit) were wastes of money. I can force them to take vacations and tell them where to go for the cost of a gun and a nominal googling fee
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Jul 5, 2017 14:52
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You can lead a horse to a timeshare but you can't make him sell.
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Jul 5, 2017 14:53
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Hoodwinker posted:You can lead a horse to a timeshare but you can't make him sell. you can lead a horese to a timeshare, and he will see it, and get scared and die
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Jul 5, 2017 14:54
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Horse timeshares: for people who like the idea of being "forced" to have horses
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Jul 5, 2017 14:56
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lampey posted:And you have to recapture all that depreciation. Unless you are in the highest tax bracket you are not saving any money on depreciation. So even if you are making a small amount each year you will have a tax bill due when you sell That's true, which is why we usually don't take depreciation on them unless the client's already in a high bracket, we make it clear to the client to hold on to that cash when they sell. Also in Canada, you can't take depreciation (or CCA as it's called on our returns) to create or increase a loss. Don't know how it is in the US.
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Jul 5, 2017 14:58
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In a related vein, one of my coworkers is currently complaining that they were very disappointed in their hotel they stayed at in Jamaica. It was a 5-star hotel and she did not like it at all. She is especially upset because she hired a "high-end" travel agent to plan her trip. Based on her re-telling, it looks like she got booked at a Sandals all-inclusive resort and they booked a horseback ride on the beach and a tour through town. I have no idea how much the high-end travel agent cost, but I'm pretty sure that making a reservation at a Sandals resort is not difficult. Mainly, I just wanted to post this because it reminded me that travel agents still exist, people still use them, and apparently the market sector is diverse enough that they have "high-end" agents.
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Jul 5, 2017 15:05
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Serious question: travel agents still exist?! e: Well I guess it makes sense for rich people who need to feel coddled and can't be assed to do things themselves without someone assuring them that they're getting the best most exclusive version of something
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Jul 5, 2017 15:07
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ate all the Oreos posted:Serious question: travel agents still exist?! I can confirm that, as of July 5th in the year of our lord 2017, at least one does.
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Jul 5, 2017 15:09
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spog posted:drat gays, wanting to be treated like normal people. They should just stay in the closet and not bring attention to themselves. Breetai posted:You're equally entitled to post like a randroid lacking in basic humanity, and the consequence of your unwise action is to have people motivated by something other than relentless cynicism call you out for it. Enfys posted:It would have been better for her if she had listened to her brother, but she didn't fully understand the potential consequences of the risk she was taking Haifisch posted:Yeah, her choices in that situation were basically "keep it all bottled up ..." or "[tell the mugger, gently caress you, you don't have the balls to pull the trigger, you bitch]". pig slut lisa posted:Also this is an extremely good post tldr: Self-actualisation is a luxury reserved for those capable of feeding / housing themselves. John Smith fucked around with this message at 15:17 on Jul 5, 2017 |
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Jul 5, 2017 15:14
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mojo1701a posted:That's true, which is why we usually don't take depreciation on them unless the client's already in a high bracket, we make it clear to the client to hold on to that cash when they sell. Rental properties in the United States depreciate like other capital assets, as far as I know it is not optional to depreciate when dealing with schedule E rental assets. It is a simple subtracted element of taxable gain or loss and it is definitely possible to have a cash gain but tax loss on rental properties on the United States.
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Jul 5, 2017 15:16
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ate all the Oreos posted:Serious question: travel agents still exist?! My mom takes pilgrimages (ie package tours that are organized through the church) and I'm pretty sure they use a travel agent, mostly because they're all 50+ people that don't want to plan their own trip. BEHOLD: MY CAPE posted:Yeah organizing travel for 50 people is a little different than just googling plane tickets and hotel rooms, it's understandable that you would use a travel agency for something like that. Just like you'd use a wedding planner to organize a dinner and party for 200 people *lobs grenade into thread, ducks* Oh, agreed. I was just saying that they still exist. poo poo, I meant they're all at least 50+ years old, not that there's 50+ people going. It's usually more like 8-10 and some of them need to be dragged to try new things. I mean, I'm going to Paris in a month and a half, and she still thinks I should've booked with some tour group instead of doing my own research and finding out what's interesting to do and what's cool to eat and see, etc. mojo1701a fucked around with this message at 15:25 on Jul 5, 2017 |
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Jul 5, 2017 15:17
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mojo1701a posted:My mom takes pilgrimages (ie package tours that are organized through the church) and I'm pretty sure they use a travel agent, mostly because they're all 50+ people that don't want to plan their own trip. Yeah organizing travel for 50 people is a little different than just googling plane tickets and hotel rooms, it's understandable that you would use a travel agency for something like that. Just like you'd use a wedding planner to organize a dinner and party for 200 people *lobs grenade into thread, ducks*
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Jul 5, 2017 15:21
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ate all the Oreos posted:Serious question: travel agents still exist?!
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Jul 5, 2017 15:21
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BEHOLD: MY CAPE posted:Rental properties in the United States depreciate like other capital assets, as far as I know it is not optional to depreciate when dealing with schedule E rental assets. It is a simple subtracted element of taxable gain or loss and it is definitely possible to have a cash gain but tax loss on rental properties on the United States. Hmm. In Canada, you have a maximum allowable amount of depreciation you can take, but it's still your choice as to how much you want to claim on any asset (again, unless it causes a loss on a rental; business and corporate income allows it). It's basically like any other line item expense (except its calculation is on another page of the schedule). The only upside to not claiming CCA is that there's a larger percentage claimable as it's all based on declining balance. That's good to know, thanks. We have a few clients that we do 1040's for, but they're almost always non-residents so we never do anything more than that.
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Jul 5, 2017 15:22
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ate all the Oreos posted:Serious question: travel agents still exist?! We used one to book part of our honeymoon but if you're doing it for anything other than getting a deal on a hotel and flight you're doing it wrong. Sure if you love sanitized bullshit, have a travel agent plan your activities I guess. Seems dumb as hell.
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Jul 5, 2017 15:25
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John Smith posted:Exactly. drat fools just don't learn. If you are living under my roof, then you obey my orders. Whether you agree with my orders or not is immaterial, your compliance is what is required. If my orders are for you to spin 3 times like a top every time you walk through a interior door, then you drat well spin. Can you gently caress off with your low rent ayn rand bullshit to some other thread already? Post and/or discuss BWM for once in your miserable life instead of constantly making GBS threads this thread up. https://www.reddit.com/r/personalfinance/comments/6ld567/20000_cc_debt_9000_left_on_car_loan_just_barely/ quote:So as the title says I am very in debt due to some very bad financial decisions as well as some stuff going on in my personal life. Im fully accepting that I made this bed and now I'm lying in it. More debt than their (current) annual income, of which 2/3 is spent on rent/car. Not a recipe for success.
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Jul 5, 2017 15:53
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What kind of dog eats $120 worth of food each month?
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Jul 5, 2017 15:55
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Leon Trotsky 2012 posted:What kind of dog eats $120 worth of food each month? I could see it very easily happening for a larger breed.
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Jul 5, 2017 16:00
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Leon Trotsky 2012 posted:What kind of dog eats $120 worth of food each month? A healthy 1,100-pound horse will eat feed and hay costing from $100 to more than $250 per month on average.
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Jul 5, 2017 16:01
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Noctone posted:I could see it very easily happening for a larger breed. I have a tiny dog now that will take 2 months or more to finish a 30-lb bag of the fancy dry food that costs $50. It's nice. But I've had a Samoyed and an Akita who both ate fancy dry food and didn't get up to $120 a month.
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Jul 5, 2017 16:03
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horses are vegan
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Jul 5, 2017 16:04
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I love it when people throw out these incredibly vague fixed costs to come up with a precise leftover amount of their paycheque. $294 is a very precise number given that he gives a vague food budget, no mention of any kind of sundry expenses (unless he lumps everything like cleaning supplies under food), no vet care, no car maintenance, no mention of other bills like heat/electricity (maybe these are included in rent though), no entertainment. People can pile up a lot of debt when they have no real sense of what they are actually spending each month.
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Jul 5, 2017 16:06
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Leon Trotsky 2012 posted:I have a tiny dog now that will take 2 months or more to finish a 30-lb bag of the fancy dry food that costs $50. It's nice. I was thinking more like a Great Dane or a Mastiff.
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Jul 5, 2017 16:13
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Enfys posted:I love it when people throw out these incredibly vague fixed costs to come up with a precise leftover amount of their paycheque. Im sure there are plenty of articles on this out there already, but people are really good at predicting inflows yet terrible at projecting outflows. A lot of times someone will say "my grocery bill was $50 this week so multiply by 4 and it's $200 a month" without for a second imagining they might want to go to a restaurant at some point in June. Or you know...buy Christmas or holiday gifts in November/December
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Jul 5, 2017 16:57
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John Smith posted:Exactly. drat fools just don't learn. If you are living under my roof, then you obey my orders. Whether you agree with my orders or not is immaterial, your compliance is what is required. If my orders are for you to spin 3 times like a top every time you walk through a interior door, then you drat well spin. ok honey e: Crap that's a lame snipe 
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Jul 5, 2017 18:03
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