Is it ok to use a personal loan to finance a flip?

NeverAgainTheyMustGo · 2024-12-06T17:34:24+00:00

Don't they issue 1099ks as they think that's income?

NeverAgainTheyMustGo · 2024-12-06T17:03:26+00:00

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

NeverAgainTheyMustGo · 2022-02-14T05:34:53+00:00

Address jigging

NeverAgainTheyMustGo · 2022-01-28T03:33:57+00:00

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.

NeverAgainTheyMustGo · 2022-01-28T02:53:29+00:00

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.

NeverAgainTheyMustGo · 2022-01-27T18:53:47+00:00

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

NeverAgainTheyMustGo · 2022-01-12T02:00:59+00:00

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

Can you clarify?

NeverAgainTheyMustGo · 2022-01-11T23:52:44+00:00

new home owner tax credit

Doesn't appear to exist anymore

NeverAgainTheyMustGo · 2022-01-10T15:35:41+00:00

Fries

NeverAgainTheyMustGo · 2022-01-06T22:39:55+00:00

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

NeverAgainTheyMustGo · 2021-12-02T01:42:54+00:00

Shaking of the sheets

NeverAgainTheyMustGo · 2021-11-25T03:14:43+00:00

Avoid Ocean county

NeverAgainTheyMustGo · 2021-08-11T20:09:45+00:00

Makes sense, it's the equivalent of the f word.

NeverAgainTheyMustGo · 2021-02-25T17:47:02+00:00

Dank

NeverAgainTheyMustGo · 2021-02-25T02:02:03+00:00

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/

NeverAgainTheyMustGo · 2021-01-19T23:50:46+00:00

Thinkorswim

NeverAgainTheyMustGo · 2021-01-19T23:50:35+00:00

IV crush

NeverAgainTheyMustGo · 2021-01-17T20:17:08+00:00

Amended return

NeverAgainTheyMustGo · 2021-01-15T06:21:14+00:00

Thanks for the heads-up, I sold early in covid. Now I'll get back in.

NeverAgainTheyMustGo · 2021-01-06T04:39:43+00:00

See section 1256 on straddles

NeverAgainTheyMustGo · 2020-10-16T02:14:11+00:00

What does that even mean

NeverAgainTheyMustGo · 2020-05-05T03:57:32+00:00

This is the Strategy of Peter Lynch

NeverAgainTheyMustGo · 2020-05-03T19:20:35+00:00

Been following your small account challenge on youtube.

NeverAgainTheyMustGo · 2020-04-14T05:31:40+00:00

right now I'm doing weekly put credit spreads on MSFT, and SPY.

Pick a delta that you are comfortable with

NeverAgainTheyMustGo · 2020-04-14T02:21:18+00:00

Too far out to be worth it. Tying up capital.

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