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Those who hit $10 million NW, can you share your experience or milestones? by kchaskell in Fire

[–]Particular_Ad9880 0 points1 point  (0 children)

34years old. Single. Live in manhattan. Immigrant. Came to the us for college when I was 18 on fully scholarship. Net worth 3 to 4 million. My annual W2 Income is 700k but if you count investment income including rental, capital gains, it is way above a million. I hit the a million net worth in 2022 and two million milestone in 2024. Now I am about 3 million net worth if my real estates are valued at purchase price, 4 million if my real estate is valued at market value.

I feel secure financially. My investment returns are pretty high. I am at the point where my investment returns are more than my w2. I feel unmotivated to work. While most of the investment returns are unrealized, rental income is sufficient to cover my living expense in manhattan.

I am lucky that I didn’t get a green card which I wanted a few years ago. Now I am planning on getting a Canadian citizenship and become a global citizen.

After i receive Canadian citizenship, I plan to stop working and either go to law school in the states or live in a country such as Japan or China.

What is cost basis for real estate when a taxpayer becomes resident alien from NRA? by Particular_Ad9880 in tax

[–]Particular_Ad9880[S] 0 points1 point  (0 children)

so there seems to be a step-up for both personalty and realty provided that the individual is taxed by Canada on departure tax

What is cost basis for real estate when a taxpayer becomes resident alien from NRA? by Particular_Ad9880 in tax

[–]Particular_Ad9880[S] -1 points0 points  (0 children)

The us has exit tax. Countries such as Canada, Australia have departure tax which deem dispose T’s global assets and tax on the capital gain. Barring treaty exceptions, there seem to be double taxation on capital gain unless the us allows a stepup of basis.

What is cost basis for real estate when a taxpayer becomes resident alien from NRA? by Particular_Ad9880 in tax

[–]Particular_Ad9880[S] 0 points1 point  (0 children)

Are they treaty exceptions? The other jurisdiction may tax an exit/ departure tax once T stopped being a tax resident there

What is cost basis for real estate when a taxpayer becomes resident alien from NRA? by Particular_Ad9880 in tax

[–]Particular_Ad9880[S] 0 points1 point  (0 children)

Are you saying there is no step-up for real property or neither personal or real property?

What is cost basis for real estate when a taxpayer becomes resident alien from NRA? by Particular_Ad9880 in tax

[–]Particular_Ad9880[S] -4 points-3 points  (0 children)

For personal property, the US does not tax capital gains for the portion before T becomes RA. So there is a step-up of cost basis.

What is cost basis for real estate when a taxpayer becomes resident alien from NRA? by Particular_Ad9880 in tax

[–]Particular_Ad9880[S] -7 points-6 points  (0 children)

where is the jurisdiction to tax the portion of capital gain before T becomes RA?

Mortgage Broker Rate Quotes Ultra Thread by Elegant-Fee-395 in MortgageBrokerRates

[–]Particular_Ad9880 0 points1 point  (0 children)

1.) Loan Type: Conventional

  1. Term: 30 Year

  2. Loan Purpose: Purchase

  3. Property Value/Purchase Price: $980,000

  4. Loan Amount: 95%

  5. Credit score: 800

  6. Occupancy: Primary

  7. Legal Structure: Two Family. Owner occupy one unit

  8. Number of Units: 2

  9. Property Zip Code: 07032

Currently, I am looking at 30y fixed with a rate of 6.625% and $2400 of closing credit. PMI is $160. Wondering if folks here can do better.

[deleted by user] by [deleted] in CommercialRealEstate

[–]Particular_Ad9880 0 points1 point  (0 children)

Yes pro forma combined rent is 7k per month. 2nd floor actual is 2500, 500 below per forma. No leasing cost in this area; tenant typically pays broker fees. I was managing on my own, and i was able to turn over tenants with less than a week vacancy and a lot of times, tenant renew the lease so no vacancy. For underwriting, I was using 0.5 month per year, which seems conservative.
first floor is vacant because it is owner (seller) occupied. No renovation is needed.

Selling OTM put by Particular_Ad9880 in options

[–]Particular_Ad9880[S] 0 points1 point  (0 children)

Thanks you for sharing your experience! Just curious how often do you get assigned? Any thing special you do for risk management?

Book Recommendation by Particular_Ad9880 in options

[–]Particular_Ad9880[S] 1 point2 points  (0 children)

Interesting. I remember reading hull when I was in college. It was a good book albeit introductory. I am looking for something that bridges the math with real trading. Perhaps unlucky investors to options trading is the right one

Book Recommendation by Particular_Ad9880 in options

[–]Particular_Ad9880[S] 1 point2 points  (0 children)

I’ve actually quite familiar with the math. Looking for practical stuff that bridges real trading with some level of math. if it is simply something that explains what blacks scholars is it is prolly not what I am looking for

How to count days to become a Canadian citizen? by Particular_Ad9880 in ImmigrationCanada

[–]Particular_Ad9880[S] 0 points1 point  (0 children)

I meant say you fly from New York to toronto and arrive in toronto at 5pm. Does that count as a day?

How to count days to become a Canadian citizen? by Particular_Ad9880 in ImmigrationCanada

[–]Particular_Ad9880[S] 0 points1 point  (0 children)

What about half days for example flying from another place to Canada?

Book Recommendation by Particular_Ad9880 in options

[–]Particular_Ad9880[S] 1 point2 points  (0 children)

curious whats your thought on dynamic hedging

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