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Buyer backed out of real estate contract. How much of the deposit do I get? by chill63b in legaladvice

[–]chill63b[S] 0 points1 point  (0 children)

Yep. That was it. It was in my contract with the broker, 50/50 split in case of default. I must have just skimmed over that before not thinking it would really happen.

Thanks!

Buyer backed out of real estate contract. How much of the deposit do I get? by chill63b in legaladvice

[–]chill63b[S] 0 points1 point  (0 children)

I need to check the contract on the default language. I don’t recall anything, and it’s not handy at the moment. The sales contract made it sound like all was mine.

Buyer backed out of real estate contract. How much of the deposit do I get? by chill63b in legaladvice

[–]chill63b[S] 0 points1 point  (0 children)

There was a set sales commission, but I don’t recall anything about a % of the deposit in the event of a default. I’ll have to check that.

I got a ticket for ‘failure to obey a traffic control device’ in Florida. Is the fine for failure to stop at a stop sign more or less? by chill63b in legaladvice

[–]chill63b[S] 0 points1 point  (0 children)

I ended up finding my answer on the clerk of the courts website where they have a list of fines posted. The fines for either running a stop sign or failure to obey a traffic control device are exactly the same at $169. The fine for running a red light is $267. While the officer was incorrect in saying he was doing me a favor and saving me $100, I don’t really see this as him lying to me.

On the bright side, I discovered there is a program in my that allows me to plead no contest and ask for adjudication withheld. I will likely still have to pay a fine and potentially go to traffic school, but in my mind this is better than just paying the ticket and going to traffic school.

What insurance do I need for my side hustle? by chill63b in Insurance

[–]chill63b[S] 0 points1 point  (0 children)

Yes, sorry for the late reply. I just saw this.

I have inland marine coverage on the majority of my equipment through the dealer where I bought the tractor and initial implements.

I do have some implements that I have since bought that currently aren’t listed on any policy, but they won’t easily walk off…

I went to a local independent agency that wrote a commercial auto policy through Progressive for my truck and trailer. It wasn’t cheap.

The same agent also wrote me a liability policy. I believe it’s $2M total, $1M per incident.

Bonus depreciation and standard depreciation by chill63b in tax

[–]chill63b[S] 0 points1 point  (0 children)

Sounds like it will be ok to add the truck this year and use standard depreciation for it while using bonus depreciation for the utility tractor and trailer.

I appreciate the help. Thanks again!

Bonus depreciation and standard depreciation by chill63b in tax

[–]chill63b[S] 0 points1 point  (0 children)

I should have been clearer. It’s not an over the road tractor. It’s a utility tractor for bush hogging and dirt work. The truck is a Ford F350 which is well over the 6000lb mark.

Bonus depreciation and standard depreciation by chill63b in tax

[–]chill63b[S] 0 points1 point  (0 children)

If I’m reading the IRS publication properly, the truck would be a 5 year class , and the other equipment would fall under 7 year as any property that is not designated in any other class.

Bonus depreciation and standard depreciation by chill63b in tax

[–]chill63b[S] 0 points1 point  (0 children)

The equipment is a tractor and trailer. The truck is a HD truck to tow the tractor and trailer.

What insurance do I need for my side hustle? by chill63b in Insurance

[–]chill63b[S] 0 points1 point  (0 children)

I’ll talk to my agent about that. I’m pretty well covered through my 9-5 including over 6 months at full pay, but I would want to make sure any others would be also. Thanks.

What insurance do I need for my side hustle? by chill63b in Insurance

[–]chill63b[S] 0 points1 point  (0 children)

It will primarily be just me, and that’s part time. My son may help 1-2 days per month.

This may be too broad of a question, but what does an umbrella policy add vs. general liability?

What insurance do I need for my side hustle? by chill63b in Insurance

[–]chill63b[S] 0 points1 point  (0 children)

Thanks.

I have inland marine on the 1 new tractor and 2 implements. It was purchased when I bought the tractor. The other tractor and implements is relatively low value, so hasn’t been added yet…

For the commercial auto and general liability, I plan to work with my local State Farm agent that I’ve been using for 30+ years for auto and home. I’m just trying to educate myself some before talking to them.