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CitizenKain posted:I don't understand how someone's dream must own car is a Mini. Unless you are a huge fan of The Italian Job or something. But it's an exotic
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Jun 20, 2018 21:13
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CitizenKain posted:I don't understand how someone's dream must own car is a Mini. Unless you are a huge fan of The Italian Job or something. I think I've shared here before that my neighbor bought her dream car a few years ago, a Mercury Mountaineer. Some people do not dream big.
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Jun 20, 2018 21:17
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canyoneer posted:Some people do not dream big. Exactly. You either dream big or dream mini. I’ll show myself out, thanks
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Jun 20, 2018 21:35
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Enchanted Hat posted:Maybe you Yanks should learn to speak proper English. Buildings really do depreciate though, and in cases where they don't you pay recapture tax which is not as favorable as capital gains. E: you've is a perfectly acceptable contraction for "you have" ????
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Jun 20, 2018 21:45
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SlapActionJackson posted:Buildings really do depreciate though, and in cases where they don't you pay recapture tax which is not as favorable as capital gains. It's a little weird to American ears to hear it as a contraction for "you have", meaning "you possess", whilst hearing it as a contraction for "you have ____", meaning you ______ed in the past, or "you have to ____" as an imperative to ____ is perfectly cromulent.
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Jun 20, 2018 21:55
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It doesn't sound weird to my American ears. Though I might say it more like "you've got multiple properties" instead of "you've multiple properties".
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Jun 20, 2018 22:04
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SlapActionJackson posted:Buildings really do depreciate though, and in cases where they don't you pay recapture tax which is not as favorable as capital gains. Man, we have surviving buildings from the BCs. I'm not an expert on buildings, but as long as you do proper maintenance, I'd expect a house to remain standing for a really, really long time. And I think maintenance expenses are deductible, but don't quote me on that, I know very little about this area of tax. And as OneTruePecos says, it's weird to see "you've" used like this. If it's referring to ownership of a house, I'd expect either "if you have a house" or "if you've got a house", but "if you've a house" just looks and sounds incorrect.
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Jun 20, 2018 22:11
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Enchanted Hat posted:And as OneTruePecos says, it's weird to see "you've" used like this. If it's referring to ownership of a house, I'd expect either "if you have a house" or "if you've got a house", but "if you've a house" just looks and sounds incorrect. Broaden your media horizons!
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Jun 20, 2018 22:12
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canyoneer posted:I think I've shared here before that my neighbor bought her dream car a few years ago, a Mercury Mountaineer. Wait I'm confused, I thought realistic and attainable goals were a good thing in this corner of SA There's something to envy from those who have life aspirations and longtime desires that even a 35k/yr job can fulfill
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Jun 20, 2018 22:14
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Enchanted Hat posted:Man, we have surviving buildings from the BCs. I'm not an expert on buildings, but as long as you do proper maintenance, I'd expect a house to remain standing for a really, really long time. And I think maintenance expenses are deductible, but don't quote me on that, I know very little about this area of tax. Unless you're building your house out of hand-carved stone blocks like the Incans, it's probably going to fall apart and require a full rebuild in less than a century. The timescales for building depreciation do seem very generous though.
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Jun 20, 2018 22:19
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Vox Nihili posted:Unless you're building your house out of hand-carved stone blocks like the Incans, it's probably going to fall apart and require a full rebuild in less than a century. The timescales for building depreciation do seem very generous though. Oh, really? I had no idea, my bad! I thought you could keep a brick house standing pretty much indefinitely.
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Jun 20, 2018 22:32
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Enchanted Hat posted:Oh, really? I had no idea, my bad! I thought you could keep a brick house standing pretty much indefinitely. The 1% rule of thumb for home maintenance costs basically implies a 100 year depreciation schedule. That doesn't mean everything in your house will last exactly 100 years, just that it averages out. Those brick walls may stand for a couple hundred years (though not without maintenance...), but the floors and roof may need to be replaced 3 times in the first century.
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Jun 20, 2018 22:37
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Even the brick exteriors will eventually need tuck pointing as the mortar and bricks will have different expansion/contraction cycles with seasonal temperature changes.
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Jun 20, 2018 22:42
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Yeah, define complete rebuild. There are plenty of Victorian era buildings around in CO, even a bunch of old wood frontier houses. The house I grew up in will be turning 100 soon, and I can tell you with confidence that aside from the places that were remodeled for improvements rather than repairs, a whole lot of it is still original.
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Jun 20, 2018 23:54
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22 Eargesplitten posted:Yeah, define complete rebuild. There are plenty of Victorian era buildings around in CO, even a bunch of old wood frontier houses. The house I grew up in will be turning 100 soon, and I can tell you with confidence that aside from the places that were remodeled for improvements rather than repairs, a whole lot of it is still original. I can guarantee that vastly more than 100% of the original build cost of a 100 year old wooden house in currently saleable condition has been spent on maintenance. You could expect that the roof, windows, siding, and every major system has been replaced or overhauled 4-5 times in 100 years.
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Jun 21, 2018 00:16
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Enchanted Hat posted:Oh, really? I had no idea, my bad! I thought you could keep a brick house standing pretty much indefinitely. Of course you can, by constantly putting money into upkeep. Also the huge majority of "brick houses" are actually brick veneer built with ties over a wooden frame.
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Jun 21, 2018 00:18
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BEHOLD: MY CAPE posted:I can guarantee that vastly more than 100% of the original build cost of a 100 year old wooden house in currently saleable condition has been spent on maintenance. You could expect that the roof, windows, siding, and every major system has been replaced or overhauled 4-5 times in 100 years. https://www.atlasobscura.com/places/keldur-hall
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Jun 21, 2018 00:27
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CitizenKain posted:I don't understand how someone's dream must own car is a Mini. Unless you are a huge fan of The Italian Job or something. https://www.youtube.com/watch?v=a50JeC8igR8
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Jun 21, 2018 00:34
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Yeah there are many types of interesting and unusual dwelling structures that can survive for indefinite time periods as long as they are constantly maintained.
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Jun 21, 2018 00:37
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wasnt disagreeing with you just imagine how much they've spent on the upkeep, all the way to a time where they fuckin didn't use currency in internal matters and bartered in external
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Jun 21, 2018 00:40
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OneTruePecos posted:It's a little weird to American ears to hear it as a contraction for "you have", meaning "you possess", whilst hearing it as a contraction for "you have ____", meaning you ______ed in the past, or "you have to ____" as an imperative to ____ is perfectly cromulent. Yes, it's.
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Jun 21, 2018 02:31
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BEHOLD: MY CAPE posted:People who live paycheck-to-paycheck denominate their lives in 2 week increments, it is more intuitive to understand a biweekly payment based on a biweekly paycheck than it is to understand a monthly payment. Best example i have ever seen of this. Had an acquaintance that went through the whole interview and hiring process for a state job. Got an offer that was a 10-15% pay increase, and ended up turning it down because they only pay once a month. So many people tried to talk them through it, but they couldn't understand how they could get their check on the first and pay rent and then somehow pay their credit card, car, etc without their check on the 15th. Sad part is they were probably right as that money they got on the first would've been gone by the time everything else was due.
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Jun 21, 2018 03:19
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zonacat posted:Best example i have ever seen of this. Had an acquaintance that went through the whole interview and hiring process for a state job. Got an offer that was a 10-15% pay increase, and ended up turning it down because they only pay once a month. That's ok. The pay increase would have put him in a higher tax bracket so he would make less money overall. \s
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Jun 21, 2018 03:31
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bob dobbs is dead posted:wasnt disagreeing with you Yeah apparently what happens to those turf houses is that eventually the root structure in the sod just decomposes and that is what provides the structural integrity to the walls. So you have to cut out new turf blocks and meticulously replace them within the standing structure.
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Jun 21, 2018 03:36
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Depreciation is an accounting and tax concept for matching the costs of acquiring some large asset to the revenue it generates over a long period of time. It is not a description of the actual condition or lifespan of the physical asset, nor is it a description of the market value of the asset.
Gabriel Grub fucked around with this message at 04:57 on Jun 21, 2018 |
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Jun 21, 2018 04:55
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sale on Banksy art posted:Depreciation is an accounting and tax concept for matching the costs of acquiring some large asset to the revenue it generates over a long period of time. It is not a description of the actual condition or lifespan of the physical asset, nor is it a description of the market value of the asset. Additionally, tax depreciation is based on the premise that people will try to write down assets as fast as possible, while financial reporting assumes people want to write down assets as slowly as possible and the rules for both may or may not overlap as a result.
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Jun 21, 2018 06:03
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Subjunctive posted:What’s the simple addition that gets you from two weeks to a month? (The only car loan I’ve ever had was paid every two weeks, as with my mortgage.) pr0zac posted:Not trying to be mean, but you're really kind of undermining your own argument here. Yes, I hosed up. I read it as he was dividing his monthly payment in half for the purposes of his post, not that he actually had a bi-weekly i.e. 26 payment/year schedule. I guess because my brain just rejected the idea that someone would pay that much on those terms for a used $27k Mini Cooper. I should know better, reading this thread.
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Jun 21, 2018 07:12
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Ixian posted:Yes, I hosed up. I read it as he was dividing his monthly payment in half for the purposes of his post, not that he actually had a bi-weekly i.e. 26 payment/year schedule.
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Jun 21, 2018 07:32
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moana posted:I think what prozac meant was that 330 times 2 is not 760. I know, hence the hosed up part. The irony, etc. My shame is almost entirely mitigated by the fact I don't have that guys car payment. Or, for that matter, car (sorry Mini lovers).
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Jun 21, 2018 08:44
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sale on Banksy art posted:Depreciation is an accounting and tax concept for matching the costs of acquiring some large asset to the revenue it generates over a long period of time. It is not a description of the actual condition or lifespan of the physical asset, nor is it a description of the market value of the asset. The IFRS defines depreciation as the systematic allocation of the depreciable amount of an asset over its useful life, so it is a reflection of the lifespan of the physical asset. The other depreciation method in IAS 16 is the revaluation method where you periodically revalue the asset and set its value to the fair (market) value. So under IFRS, depreciation is in fact a description of the lifespan of the physical asset or a description of the market value, depending on the method you use. I feel bad about putting boring accounting chat in the BWM thread, so I'm going to derail bird myself. 
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Jun 21, 2018 09:56
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canyoneer posted:I think I've shared here before that my neighbor bought her dream car a few years ago, a Mercury Mountaineer. SO many posts on /r/personalfinance where some early 20's "dream car" is either a WRX or some idiotic 2r year old Japanese mustang. Most often times these are cars they have never actually driven, but would be otherwise reasonably attainable on an average salary if the idiot in question weren't 23 with 6 moving violations on their driving record. But yeah....I mean.....dream better. It's fine to have an achievable goal as well, but describing things like that as your "dream" is just a little sad.
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Jun 21, 2018 14:48
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Advice for a 20 year old who feels stuck. https://www.reddit.com/r/personalfinance/comments/8sq4up/advice_for_a_20_year_old_who_feels_stuck/ quote:Hi everyone. I wanted to see what this community had to say about my predicament. I'm 20 years old, work a job that maybe makes me a little over $100 a week, and I have nothing to my name. My fiancé works about 35-39 hours a week and makes anywhere from $350 to the upper 400's every two weeks. We live with his parents and they pay for our car insurance, phone bills, etc. Long story short, I'm ready to leave. But he and I together do not make enough money to support ourselves comfortably. His car gets HORRIBLE gas milage and mine skips.
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Jun 21, 2018 16:49
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quote:Luckily our family life is fine. My fiancé’s mom is absolutely fine with housing us, I’m just sick of living here. 
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Jun 21, 2018 16:53
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Struggling with huge debt for years, thinking about declaring bankruptcy https://www.reddit.com/r/personalfinance/comments/8s0ky9/struggling_with_huge_debt_for_years_thinking/ quote:I've been struggling with debt for years, and it has hardly gone down. I'm barely able to sustain myself and I've been lagging behind on bills more and more. I think I need to do something about this soon. $18k underwater on a $34k car is almost impressive. He'd be fine if his financially irresponsible sister would help him pay off all these stupid debts like she's supposed to! 
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Jun 21, 2018 17:02
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quote:My family made a huge mistake of trading in two underwater cars, and I have a monthly payment of $600.
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Jun 21, 2018 17:13
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quote:I wish I could sell my car and buy something much cheaper, but auto loans just don't work that way. Lmbo... well actually it can work that way. You just don't trade in two underwater cars into another underwater car. I like the whole "my family" did it too... presumably one of these underwater cars was his sisters? The other maybe his own? His mom's? Hopefully someone else.
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Jun 21, 2018 17:18
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That kid needs to just stop paying for a few months, put the money he saved into a used beater, and let them repo the car. If they come after him for a deficiency balance he can BK, and he may as well do it sooner rather than later. I can't believe he agreed to take a loan to cover negative equity on a family member's car. What a dumbass.
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Jun 21, 2018 17:32
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Nocheez posted:Advice for a 20 year old who feels stuck. I get it that she wants to move out because most 20 year olds don't like living at home, but they make a combined $25k/year, which is just over the poverty line for 2 people. Even in the small town south, I don't know how you make that work. And I think she said they don't want an apartment, they want a house, or something with a yard.
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Jun 21, 2018 21:51
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Nocheez posted:Advice for a 20 year old who feels stuck. Splicer posted:I'm confused. therobit posted:That kid needs to just stop paying for a few months, put the money he saved into a used beater, and let them repo the car. If they come after him for a deficiency balance he can BK, and he may as well do it sooner rather than later. I can't believe he agreed to take a loan to cover negative equity on a family member's car. What a dumbass.
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Jun 21, 2018 21:57
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sale on Banksy art posted:Depreciation is an accounting and tax concept for matching the costs of acquiring some large asset to the revenue it generates over a long period of time. It is not a description of the actual condition or lifespan of the physical asset, nor is it a description of the market value of the asset. Depreciation is based on the approximate expected life of the item. Insurance companies use depreciation tables, too, to determine the approximate value of an item that was lost in an insurable event. It only relates to revenue insofar as it's alao a system by which the tax burden attached to your revenue stream can be reduced.
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Jun 22, 2018 00:22
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