Recent content by qwerty

Irvine parents care about the college brand until their kids don’t get in. Then they become more practical. I’m in the accounting field and locally the top accounting school is USC. But the big four hire plenty of people from UCLA/UCI/Fullerton/UCSB. I would say you have just a good of a...

I didn’t read the story but I have a friend who is a GM of a region of a national distributor and he fought as much as he could to avoid getting electric delivery trucks. The economics made no sense but they were forced on him by corporate for ESG related reasons. Many public companies do token...

Panda probably lives around the corner from IHO :)

From fidelity: If your child is not filing a tax form that reports his or her earned income, consider maintaining a written log of their earnings in case the IRS asks questions. Unlike traditional IRAs, contributions to Roth IRAs are made with after-tax dollars. This means the account owner...

I just looked up the definition of the net investment tax on the IRS site and the gain from the sale of a home is excluded so it would not be subject to the additional 3.8% tax

I didn’t read the Forbes article :-)

Unless you are truly wealthy I would think most people would not sell their homes. Once you get over the 500k exemption you are paying upwards of 54% (44% fed + 10% CA) in taxes on the gain. The replacement home becomes to costly. If you bought a home for $1M and sold for $3M you would get...

Paging OCtoSV, Paging OCtoSV

I think the view on the full college experience and its benefits will probably change if it hasn’t already. The full college experience made sense when it was affordable. Now it is not affordable for most families. If your choices are $400k for the full college experience vs $200k by living at...

You should reach out to USCTrojanCPA to sign you up at any new developments. He provides a rebate.

I’m not looking to buy but if I was this neighborhood would not be on my list just for this reason

I tend to agree with everything you said. I’m curious what OCtoSV would say, I believe he is the one said Tesla would never be caught and will leave everyone on their dust.

The initial gain is $1M ($2.5M sales price less $1.5M purchase price). Selling costs would be about $125,000 (5% x $2.5M) so the adjusted gain is $875,000. Next we would subtract $500,000 for the gain exemption (assumes married), so the taxable gain $375,000. The taxes would be as follows: -...

If you sell a home that is worth $3M that you bought for $1M, you would have a $2M gain. For simplicity we will assume no selling costs and assuming married filing jointly and capital tax rate of 20%. After the $500k exemption you are paying long term capital gains taxes of 20% for federal on...

To me it’s about letting kids be kids and enjoy their youth. They have their entire adult life to work and deal with marriage, kids, shitty bosses, working 60 hour weeks in their 20s etc. Society seems to be shifting and putting more pressure on kids from the time they are 7-8 years old. It’s...