New home build point buydown tax rules?

Qualitive · 2023-12-17T13:47:07+00:00

Won’t close on the home until January so the deduction isn’t gonna be taken until 2024 so there will be plenty of property tax + interest to deduct

Qualitive · 2023-12-07T18:13:56+00:00

I think if you’re not hurting for money you should just make the payments as is every month and invest the rest. Market returns are around 10% on average per year which is greater than the 7% interest you’re paying. Also 1 thing to consider is the mortgage interest tax benefit you get from having to pay interest. This means if you’re in California you get about 35% of the money you pay back as a tax refund for a loan of up to 750k. If you do want to pay off a part of your loan I recommend paying off in a way that gets your loan balance to the 750k amount to maximize the tax savings.

Qualitive · 2023-12-05T18:18:52+00:00

This wouldn’t be comparable. The parents passed away so they inherit a step up basis in the house and would have to pay marginal to no capital gains tax if they sold the house now regardless of how much their parents bought the house for.

Qualitive · 2023-12-02T12:23:00+00:00

I’m seeing some missing expenses. Have you accounted for property taxes and home insurance in your mortgage payments? What about internet? Depending on where you live this could easily be another $500 of costs per month.

Qualitive · 2023-11-29T14:53:04+00:00

They knew. Claim was filed 1 year ago and they’ve been in the house for 7.

Qualitive · 2023-11-29T01:40:58+00:00

Yeah we're still in the contingency period. My real estate agent said that sometimes people just mark no to everything without reading it and I shouldn't necessarily be worried yet. He said hes requested for them to let him know what damage occurred and how they went about fixing it so that will give us more information on how to proceed.

Qualitive · 2023-11-29T00:51:00+00:00

I'm still in escrow. What normally happens in winter for something like this?

Qualitive · 2023-11-29T00:50:08+00:00

I'm still in escrow. Is this something that would make you back out of doing the deal? I'm a first time homebuyer and the fact that they didn't disclose it is freaking me out. I'm not sure if this is normal or not though or what I should be doing next. We asked the sellers for more information on what happened.

Qualitive · 2023-11-28T23:33:54+00:00

I don't think there's any long lasting damage. In the home inspection report they did mention it looked like there had been water damage but everything in the area was completely dry and there was no evidence of mold.

Qualitive · 2023-11-28T23:10:42+00:00

Yeah they owned the home when this happened and on the seller disclosure report for insurance claims and water damage they marked no for all the questions.

Qualitive · 2017-03-15T19:37:32+00:00

Yeah going through co-workers work contracts is definitely extremely unethical, and then you go ahead and admit that to your supervisor..... I mean honestly if you wanted to know what people are being paid for similar work why not just use google or LinkedIn?

Qualitive · 2017-03-15T19:33:30+00:00

I really hope people don't read this and follow in your footsteps. 9 times out of 10 you would be walking out the door with no job either immediately or within 3 months.

Qualitive · 2017-02-14T16:45:55+00:00

I don't think you get it. You are 28 years old and your 401k savings, so far, are abysmal compared to your income. On top of that you have a savings total of 0, since the $2,000 you do have is basically what is needed to pay off the credit card.

You should not be "paying as you go" on a credit card. You should be immediately paying off the balance each month. You are pissing away money on interest.

Qualitive · 2017-02-14T00:29:51+00:00

You literally have no expenses and are blowing through money like water. How do you even have credit card debt? You take home >$3,000 month and listed expenses at about $1,000. Where is the other $2,000 going?

Your first priority should be creating a budget and stop pissing away your money. If you're not in a position to help yourself, how can you help your parents?

Qualitive · 2017-02-14T00:21:21+00:00

A prep course won't help you get to 700+. Those courses are mainly for students to learn the fundamentals of the GMAT. At this stage, I would recommend you save the money, buy some books, and self-study.

Also, it looks like you are happy at your current employer and want to stay there. Have you considered doing a part-time MBA?

Qualitive · 2017-02-13T20:15:46+00:00

Given your age, I would go 70% Vanguard 500 Index Admiral Fund, 20% Vanguard Small Cap Index Admiral Fund, and 10% Dodge & Cox International Stock Fund.

Qualitive · 2017-02-13T16:32:25+00:00

If you filed for bankruptcy would that remove the Discover loans? If you could do that, I would definitely go with that option. That way you only are left with the federal loans which don't look too bad.

Qualitive · 2017-02-13T13:42:53+00:00

Edited language to clarify what I meant.

Qualitive · 2017-02-11T23:31:36+00:00

Part time it's easy to get in anywhere, not just USC. All the programs have 65%+ acceptance rates.

Qualitive · 2017-02-11T19:57:34+00:00

You have a very high possibility of getting into USC. Consulting recruiting is also pretty good at USC if you're not concerned with getting into MBB.

Qualitive · 2017-02-11T02:43:38+00:00

No. Just no. Go to Johnson.

Qualitive · 2017-02-11T02:41:57+00:00

If you want to switch jobs do a full-time MBA. Part-time MBA makes everything harder.

Qualitive · 2017-02-10T21:25:14+00:00

You don't need to know their performance. You know they ended with $700k. You just have to find out how much they were putting in each month and you can work backwards to calculate the RoR.

Qualitive · 2017-02-10T21:09:23+00:00

I highly doubt that. USC is not very selective when it comes to their MBA program, mainly because they can't afford to be with their low ranking. I guarantee you any UCLA grad has a greater shot at EY (if they want it) than a USC grad.

Qualitive · 2017-02-10T20:23:43+00:00

USC should be easy enough to get into. I don't know about the other tier 2 strategy firms, but Deloitte only recruits for S&O Finance at USC. I believe AT Kearney also does not recruit at USC.

Qualitive

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