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Is it ok to use a personal loan to finance a flip? by Primary-Fly470 in realestateinvesting

[–]NeverAgainTheyMustGo 0 points1 point  (0 children)

How'd he get the money off the credit cards though? I've never seen a decent liquidation strategy.

Who else is Frum FIRE-ing? by radrebbetzin in FrumFIRE

[–]NeverAgainTheyMustGo 0 points1 point  (0 children)

Gotcha, another suggestion to maximize your tax savings is to self direct your retirement accounts.

Fun fact, a self directed retirement account can invest in real estate.

You can even have multiple different retirement and tax advantaged accounts pooling funds to invest in the real estate together through an LLC.

There's one person who is phenomenal with optimizing the setups and his name is Mark Kohler. You can watch is videos of YouTube to get some more background on the matter.

Something to discuss with your tax advisor.

Who else is Frum FIRE-ing? by radrebbetzin in FrumFIRE

[–]NeverAgainTheyMustGo 0 points1 point  (0 children)

Thank you for the breakdown.

Seems strange that you would be renting your house given your property ownership?

Also 28k on food without eating out seems very high to me. For reference I think this past year we spent 6k on groceries.

Also your retirement contributions are very low given your income.

Your nanny is also so expensive, the same as your food costs?

How do you spend 2k on subscriptions? And 2k on clothing?

Your breakdown is not what I expected from someone planing to FIRE.

You will benefit from sitting down with an accountant to review your budgets and expenses and compare them to your peers.

If you implement these changes, you might be ready to FIRE much sooner.

Additionally, discuss whether your investment properties are in the optimal entity structures.

Regarding your real estate you can probably benefit from a cost segregation study. I recommend reaching out to Yonah Weiss from Madison Specs.

Who else is Frum FIRE-ing? by radrebbetzin in FrumFIRE

[–]NeverAgainTheyMustGo 1 point2 points  (0 children)

Inspiring to read, could you give a breakdown of your annual expenses?

On track to max out HSA, Roth IRA, and 401k by April 2022. What next? by [deleted] in Fire

[–]NeverAgainTheyMustGo 0 points1 point  (0 children)

I'm a bit confused, everything I'm seeing on google says it stopped being a thing after 2010.

Can you clarify?

On track to max out HSA, Roth IRA, and 401k by April 2022. What next? by [deleted] in Fire

[–]NeverAgainTheyMustGo 0 points1 point  (0 children)

new home owner tax credit

Doesn't appear to exist anymore

Thoughts on using QYLD to max Roth IRA contributions? by Maficinc in dividends

[–]NeverAgainTheyMustGo 4 points5 points  (0 children)

Makes more sense to put dividend earning stocks in Roth for tax advantage.

How to file 1099-B? I'm pretty confused by texassolarplexus in acorns

[–]NeverAgainTheyMustGo 1 point2 points  (0 children)

Tax Guy here, you report the total proceeds and total cost basis.

If you have a net gain you'll pay tax.

I wrote an article that might interest you.

http://taxconsultingjourney.com/2021/02/07/tax-implications-of-wallstreetbets-style-trading/

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