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Thank you all for the sanity check, I appreciate it.  It looks like I'm going to liquidate enough to make this happen in a timeframe of about 6mo while still maxing out retirement.I'll be by the housing thread in a few months.
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Dec 1, 2019 18:49
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awesomeolion posted:Anyone have hot tips for exchanging + sending money? I'm trying to send money from a bank in Canada to a bank in South Korea. I've setup what I can only assume is the worst possible option where I just send it from bank to bank and lose a bunch through the various made up fees and %s the Canadian bank charges. I Googled it and it said to send an envelope of bills which sounds pretty cool but a little risky for my liking. I've seen Usain Bolt showing up in a lot of Xoom ads, that's a good sign right? If you have any tips that would be great. Thank you! See if TransferWise supports South Korea - I'm not sure about that one. But I've used them a lot for moving USD/Euro/SKR around as do a lot of people at my company that travel.
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Dec 1, 2019 18:54
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BlackMK4 posted:Thank you all for the sanity check, I appreciate it.
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Dec 1, 2019 19:16
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Motronic posted:See if TransferWise supports South Korea - I'm not sure about that one. But I've used them a lot for moving USD/Euro/SKR around as do a lot of people at my company that travel. Looks like it does, will check it out. Thanks a lot!
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Dec 1, 2019 19:34
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BlackMK4 posted:Thank you all for the sanity check, I appreciate it.  a thread success story.
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Dec 1, 2019 22:07
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H110Hawk posted:
 I posted about lump-sum payoff of my student loan in this thread two years ago also. Sometimes I listen to good advice
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Dec 1, 2019 22:14
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I changed jobs recently and the offer included relocation benefits, and I saw in my last paycheck a line for ‘relocation tx’ listed as an extra 23 k in income. It was a cross-country move but drat. They also have a line on the paycheck under deductions for relo tax offset for around 16k so I don’t owe taxes (I guess?) This year I had estimated we would be skirting the line to not be able to do the standard Roth contribution. Assuming the 23k is added to my MAGI I am pretty confident our income is now past the phase out. How can I calculate our MAGI to find out if we really are over the limit? Do we remove our 401k pre-tax contributions from our gross income and call it a day? We paid off student loans last year so we don’t have that deduction. Can we deduct anything else like pretax health insurance etc? Is the relocation benefit income or deduction for relo tax offset added or removed from our MAGI or ignored? If we think we are over, is it better to contact vanguard about withdrawing them and trying to figure out how to do the backdoor deal now, or wait until we get W2s and see what our actual MAGI is?
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Dec 4, 2019 05:54
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I have a sapphire card so I get emails from chase asking me to open checking accounts all the time. I was looking to see the requirements for their $1000 bonus and I read that they have a $25 monthly service charge on sapphire checking unless you have an average of $75k in your checking account. So my question is why would anyone ever keep that much in a checking account?
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Dec 4, 2019 17:46
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colachute posted:I have a sapphire card so I get emails from chase asking me to open checking accounts all the time. I was looking to see the requirements for their $1000 bonus and I read that they have a $25 monthly service charge on sapphire checking unless you have an average of $75k in your checking account. because you are stupid, stupid rich i knew a guy that as part of a package of various other banking services was required to keep $100k in his checking account to avoid fees
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Dec 4, 2019 18:15
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colachute posted:I have a sapphire card so I get emails from chase asking me to open checking accounts all the time. I was looking to see the requirements for their $1000 bonus and I read that they have a $25 monthly service charge on sapphire checking unless you have an average of $75k in your checking account. Because making $1000 in 3 months just for leaving $75k idle then closing the account is worth it. Any bank worth their salt will look at total assets held with them across all product lines if you're getting into actual rich person accounts the bank wants to have. KYOON GRIFFEY JR posted:because you are stupid, stupid rich I feel like your guy was getting ripped off by his bank. If he was truly stupid rich he should have been able to leave it in some overpriced mutual fund in the banks brokerage arm.
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Dec 4, 2019 18:29
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H110Hawk posted:Because making $1000 in 3 months just for leaving $75k idle then closing the account is worth it. Any bank worth their salt will look at total assets held with them across all product lines if you're getting into actual rich person accounts the bank wants to have. this guy was at the level where it would be like a hundred bucks to me, it was like a rounding error in his total assets.
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Dec 4, 2019 19:46
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Dumb question: Does BFC have a thread for folks to ask for basic business/legal advice/opinions? I know asking the internet for business and legal advice is a dumb idea but I don't exactly have an MBA'ed lawyer on tap.
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Dec 4, 2019 20:39
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Hawkeye posted:If we think we are over, is it better to contact vanguard about withdrawing them and trying to figure out how to do the backdoor deal now, or wait until we get W2s and see what our actual MAGI is? Have you already made deductible IRA contributions for the year? If not just make traditional IRA contributions non deductible and roll over to Roth when ready. If you already have made contributions I’d call Vanguard.
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Dec 4, 2019 20:44
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howdoesishotweb posted:Have you already made deductible IRA contributions for the year? If not just make traditional IRA contributions non deductible and roll over to Roth when ready. If you already have made contributions I’d call Vanguard. We were doing monthly Roth contributions and don’t have traditional contributions this year, but I have a rollover IRA to deal with before doing a backdoor... I’ll try calling vanguard thanks
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Dec 5, 2019 00:19
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Teledahn posted:Dumb question: Does BFC have a thread for folks to ask for basic business/legal advice/opinions? Dik Hz fucked around with this message at 00:47 on Dec 5, 2019 |
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Dec 5, 2019 00:44
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Teledahn posted:Dumb question: Does BFC have a thread for folks to ask for basic business/legal advice/opinions? You'll be staggered at the breadth of experience that this sub-forum possesses.
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Dec 5, 2019 18:46
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Yeah, like I had a coupla basic businesses, ask away
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Dec 7, 2019 03:06
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Hey thanks folks! First I should say I'm in Canada but I'm happy to hear any thoughts on the matter. I work for a privately held family business with multiple rather different divisions (all generally manufacturing but that's unimportant) one of which was incorporated on it's own as a distinct legal entity. This was done mostly for liability issues (their product applications could open them to litigation) but also as a potential prelude to sale. How the forking was done has raised eyebrows with some of my actual accountant colleagues and I'm starting to wonder myself. I'm not enormously concerned for my future, feeling able to find another job (although loving hell is it unpleasant) but the business has a number of longtime employees who are pretty good folk and I do not think they would adapt well to today's job market etc. Honestly though I like it here enough to worry when curious amounts of money are involved in business maneuvers I can't make sense of. Before: Everything was in one privately held company After: Both the old company and the new are separate corporations but both owned by an otherwise empty holding company (wholly owned by the same owner as before) As part of this process assets and inventory were sold to the new company by the old, all the employees were fired and rehired etc etc, all pretty more or less expected and logical. The part that puzzles me is the sale of assets and inventory to the new company is apparently never intended to be repaid, being balanced by the old company taking preferred shares in the new company instead. Aside from a guess of 'tax reasons?' I cannot determine why this would be done. Given the owner still owns both through the holding company I can't see the benefit of one sub-company owning significant portions of another. I can't say I have a complete picture but the new company is more than profitable enough to repay the capital to the old company whose remaining divisions have more expensive business models and could do exciting new things given the opportunity. As mentioned my CPA colleagues are puzzled too and the owner (although entitled to structure their companies as desired) is not disposed to explain, which is not exactly inspiring. Anyway, I'm neither a trained accountant nor lawyer and the number of corporations I've run is a big fat zero but I'm curious what anyone with more experience in business management and potential tax implications would think of the matter. Teledahn fucked around with this message at 08:35 on Dec 12, 2019 |
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Dec 12, 2019 08:14
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That's a lot of things that should be looked at by professionals who get paid for their time, but the basic transaction you describe makes sense: why would NewCo pay actual cash for the assets when it can just give OldCo shares and keep the cash (which would have likely just been cash it got from OldCo in the spinoff process)? All that said, this is a weird way to go about a corporate spinoff, especially if both companies are owned by the same holding. Normally OldCo just spins off all the necessary assets for NewCo to start functioning immediately (and in fact the spin off is mostly a legal fiction as in practice not much changes), so why is your OldCo selling its assets to your NewCo in the first place? You don't have nearly enough information to even start analyzing this problem, so if you're really worried about this, get a lawyer and pay them.
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Dec 12, 2019 14:54
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Agreed. OP, you need to find a lawyer. You should try to find someone who knows not only about accounting issues but who can examine whether the structure of the transaction poses fraudulent conveyance problems.
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Dec 12, 2019 15:27
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I got a one dollar misc credit to my checking (Chase): TRANSFER FROM CHK XXXXXX#### I don't recognize the #### - any ideas? This was a week ago. Don't see anything strange in the account. My checking account is basically only ever used to get my paycheck, pay my mortgage, and pay my credit card. Don't use debit, etc.
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Dec 16, 2019 23:51
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totalnewbie posted:I got a one dollar misc credit to my checking (Chase): Call and ask. It's the only way to know, and if it's fraud, you want to stop it now before someone does the transfer in the other direction.
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Dec 17, 2019 00:15
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Try searching the account number. I had a weird one that turned out to be my IRA getting reported weird. Or it's fraud.
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Dec 17, 2019 00:38
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Teledahn posted:Hey thanks folks! First I should say I'm in Canada but I'm happy to hear any thoughts on the matter. IANAL, but it sounds like they forked it off for the reasons you described: separate the business with liability from the assets. It may or may not withstand legal scrutiny, but it'd probably be expensive to try and find out. But if you're just cashing paychecks, it doesn't really affect you, right?
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Dec 17, 2019 01:19
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totalnewbie posted:I got a one dollar misc credit to my checking (Chase):
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Dec 17, 2019 01:19
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It was my dad. Thanks for letting me know ahead of time.
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Dec 19, 2019 19:39
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So increasingly I'm finding that I am doing banking in California, Texas and North Carolina. Now we are starting to get into real estate and wanting to shuttle money back and forth and the lack of physical locations in these states is beginning to be a problem. Occasionally I have to do business with Capitol One, which has physical banks, but they only have physical banking locations in a handful of states, and not Texas or California. They have some "Cafes" but don't actually employ any bankers at those locations and they're little more than call centers you can walk into; and it's caused problems in the past where a physical face to face solution would have solved the problem in under 15 minutes. Wells Fargo is/was headquartered out of San Francisco so they have physical locations in most every city here in California, they also have a pretty heavy presence in Texas and I'm guessing also NC. They're also objectively evil so looking for other options. Bank of America also is probably pretty similar to Wells Fargo. Are there any "nationwide" banks that have physical locations in most states, but at the same time aren't super evil, and have reasonable customer service?
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Dec 23, 2019 00:08
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Hadlock posted:So increasingly I'm finding that I am doing banking in California, Texas and North Carolina. Now we are starting to get into real estate and wanting to shuttle money back and forth and the lack of physical locations in these states is beginning to be a problem. No. Open an account, use it to close your house, close the account. Or use Charles schwab / Fidelity cash management accounts. Wire transfers are all the same.
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Dec 23, 2019 00:40
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Hadlock posted:Are there any "nationwide" banks that have physical locations in most states, but at the same time aren't super evil, and have reasonable customer service?
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Dec 23, 2019 01:14
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I use Wells Fargo and haven’t had a problem with them.
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Dec 23, 2019 01:52
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Hadlock posted:Are there any "nationwide" banks that have physical locations in most states, but at the same time aren't super evil, and have reasonable customer service? Chase is evil, and their customer service isn't great, but they're just average by bank standards on both. If you're regularly moving real-estate money, the customer service will get better. And they are everywhere. nelson posted:I use Wells Fargo and haven’t had a problem with them. It's nice that you like your extra mystery bonus accounts, but there are good reasons to stay away from Wells Fargo.
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Dec 23, 2019 02:21
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I use chase for my day to day. It is fine and free.
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Dec 23, 2019 02:25
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I use Wells Fargo for most of my day to day banking needs. I justify this to myself by keeping as little money as necessary at WF, and the majority of my cash in (theoretically) less evil institutions.
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Dec 23, 2019 04:10
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If you qualify for USAA, they don't have physical locations, but they don't have physical locations anywhere so they have everyday workflows for doing everything without them. Great customer service, not evil other than being mostly for military families.
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Dec 23, 2019 04:12
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i like nice words
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Anne Whateley posted:If you qualify for USAA, they don't have physical locations, but they don't have physical locations anywhere so they have everyday workflows for doing everything without them. Great customer service, not evil other than being mostly for military families. Not 100% true, they have a single physical location with a traditional bank lobby in San Antonio. Nowhere else, since they got rid of the financial centers a few years ago.
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Dec 23, 2019 04:40
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USAA is probably amazing but literally none of my family on either side has served since pre WW1 so that's a non starter. Definitely don't qualify for immediate/close/distant family allowance. I have exactly one close friend who served a decade ago, and then a distant friend who didn't serve but is married to one. Actually I was looking in to this a while back, NASA Federal Credit Union now allows anyone who has a subscription to Star Trek magazine (no joke) to join their CU. NASA is a proper federal CU with all the benefits of being a government-attached credit union so almost every credit union peers with them.
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Dec 23, 2019 09:20
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Hadlock posted:USAA is probably amazing but literally none of my family on either side has served since pre WW1 so that's a non starter. Definitely don't qualify for immediate/close/distant family allowance. I have exactly one close friend who served a decade ago, and then a distant friend who didn't serve but is married to one. lol holy poo poo that’s amazing
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Dec 23, 2019 14:44
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A few questions: 1. When they were alive my grandparents set up some financial stuff to help their grandchildren pay for college. One of them died when I was very young and the other was suffering from alzheimer's by the time I went to college. She died shortly after I graduated and the money set aside for my college was never used. My parent on their side is just now getting around to dealing with their estate(s). A few days ago said parent deposited some money from a bank account in my parents name into my own saying it was from my grandparents accounts intended to help pay for college. How do I find out what my tax obligations on this are? 2. My car loan currently has a balance of $6,500 at an interest rate of 0.9% I'm thinking about using some of the money from question 1 to pay it off. Since the interest rate is pretty low would I be better putting that $6,500 into a CD with a higher rate and just paying the minimum monthly payments? 3. My credit union (American Airlines) offers something called a "share certificate" it seems to be pretty similar to a CD but has better rates than the ones offered by my other bank (Wells Fargo). Is there any real difference in these other than the name and their rates?
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Dec 24, 2019 18:50
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re:2 it’s probably going to be close to a wash* (think $40 over 1-2 years) but that’s going to depend on what your current car payment is. *assuming if you pay it off now, you take what would be your car payment for the rest of the term and save/invest it.
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Dec 24, 2019 19:58
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KodiakRS posted:A few questions: 1. Gifts have no tax obligation. And that's what this was since it came from your parents account, not that of the estate. If you're in a state where there might be a tax obligation on inheritance your parents just screwed that up and now they owe it. Whoops. 2. You're better off not paying this loan down, unless you need a better DTI for somethin like a mortgage. How you invest that money depends on a lot of things and we don't know what your complete financial picture is, starting with things as simple as do you have a proper 6 month emergency fund already? Any other investments? Are you maxing out your tax advantage retirement space? 3. I'm sure it's different. You need to read what they are offering.
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Dec 25, 2019 02:56
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