Personal Finance May move internationally on short notice. We have 3 vehicles that we would not take with us. What is the best way to dispense/sell these cars? They are all in good working order. |
- May move internationally on short notice. We have 3 vehicles that we would not take with us. What is the best way to dispense/sell these cars? They are all in good working order.
- My best friend has stage 4 cancer. And she needs insurance. What are the possible Cons for me financially if we got married?
- [USA - TX] Purchased home was supposed to have been built in 2002, was actually 1961..
- I have a new nephew and I'd like to setup some sort of trust fund type thing for him.
- Please help. I Received a letter from Pioneer Credit Recovery about $6500 in Delinquent Tax Debt...
- Identity theft apartment fees
- How do capital gains taxes work?
- Mortgages and Closing Costs as first time home buyer - huge differences between lenders??
- Tax problem- Can't sleep - Help
- Pay off student loan or save/invest?
- How can I ask my boss to reduce my hours so I can focus on improving myself?
- Planning on quitting my full time job and learning a trade
- Is there a way to calculate how much house you can buy if you know what you don’t want your monthly mortgage to exceed?
- Received a confusing collection notice from a very old debt today
- Why are my taxes so high?
- Living Rent Free and Hope to Buy
- USA. Release of lien or something.
- Should I hold off on paying my student loans?
- Financial advisor for how to save/invest?
- First time getting a job soon. Don't know much about taxes or anything.
- What's the smartest way to come up with a 20% down payment out of the following options?
- Can I return a car I owe money on to the dealership to "cancel" my loan?
- I rented a large, six bedroom house in 2018 and 2019, and subletted 5 rooms. What can I claim as deductions? Rent that I paid to my landlord? Electricity? Cable TV?
| Posted: 25 Oct 2020 09:08 AM PDT We would normally sell our vehicles via Craigslist for what we feel is the best deal. But if the international move happens, we won't have time to sell it ourselves. I was wondering what the next best option is. We had one car quoted in the past from CarMax. I understand their business model in that they need to underbid to make a profit, but the amount offered seemed extremely low compared to the KBB price. What are good options for getting rid of cars quickly and getting a fair price? [link] [comments]  |
| Posted: 25 Oct 2020 03:36 PM PDT My best friend found out she has stage four breast cancer. She is only 29. If we got married and I added her on my insurance. What could be the possible financial cons for me if she passes? [link] [comments]  |
| [USA - TX] Purchased home was supposed to have been built in 2002, was actually 1961.. Posted: 25 Oct 2020 09:03 AM PDT We bought a house (central Texas) a year ago at $83000. It was listed as being built in 2002, which was believable given the materials used on the inside. Everything is very late-90s looking if you know what I mean. But really, it was impossible to tell, it's only had 2 owners and both took really great care of it, and it's had tons of updates (new floors, windows, bathroom, siding, roof, a/c unit are all new). The only thing that might've given away the age is the kitchen sink honestly. A year has past and now suddenly the local appraisal district has changed the building date to 1961. This past month we've had to dig up the pipes in the back yard and found Orangeburg pipes, so the 1961 date makes some sense. However, part of the reason we chose this house was due to its supposed newer build date (in a small rural city with tons of 100yr old houses, this was a 'must-have'). Also, this has caused our insurance rate to double. We can swing it, but it does put a serious dent in our wallets. Why would the house have been listed as being built in 2002, why did it change, and do you think there's anything we could say to our insurance company (or the appraisal district) to lower the bill? I wonder if I could get my tax rate lowered? Edit: I'm not seeking any kind of legal discourse. I'm just wondering whether or not anyone thinks this is something I could speak to my insurance company about. What's done is done - we like the house and the area and we're willing to work with what we have. The issue is that having our insurance rate literally doubled is going to put a financial strain on us (not crisis level or anything, but nevertheless). [link] [comments]  |
| I have a new nephew and I'd like to setup some sort of trust fund type thing for him. Posted: 25 Oct 2020 09:42 AM PDT I don't have alot of money but I figure $100 twice (birthday and Christmas) a year for the next ~20 or so years might be of some significance. I'd like for it to be in his name and for my parents and myself to be able to contribute when we can, but I don't want my nephew's parents to have access to it. I love my brother to death but he's terrible with money. His wife on the other hand is a cretin and would probably take the money to buy into a pyramid scheme or something to try and sell essential oils or makeup on Facebook. They live in Maine and my father suggested to look into state sponsored things of this sort. We all are not super financially savvy. What do you all suggest is a good course of action here? Are there 20 year bonds or something like that? Is there a product out there for this type of thing? Thanks for any advice! [link] [comments]  |
| Please help. I Received a letter from Pioneer Credit Recovery about $6500 in Delinquent Tax Debt... Posted: 25 Oct 2020 07:30 AM PDT I know that Pioneer is legit and that the IRS is using private agencies to collect delinquent tax debts. According to their letter I owe money for 3 different Tax Periods— • 201112 (2011 taxes) — $3150 (og tax) + $1415 (interest) + $1165 (penalty) = $5730 • 201512 (2015 taxes) — $81 (og tax) + $18 (interest) + $21 (penalty) = $120 • 201912 (2019 taxes) — $418 (og tax) + $3 (interest) + $9 (penalty) = $430 So we're talking about $6500 total. 2015 & 2019 are legit, and only amount to $550—which I can easily pay. Unfortunately—I have lost the majority of my personal paperwork & records for the past 15-20 years (long story), so I am skeptical of the 2011 tax debt. Regardless... What are my options? I'm mostly concerned about the 2011 debt. 2011 is almost 10 years old at this point. From what I understand, this means that there is a pretty good chance that it is age barred—or passed the States Statute of Limitations, and MUST age-off. ⬆ Does this count with IRS debt like it does with Student Loans? If Pioneer tries to sue and takes me to court—would a judge dismiss a 10-year-old tax debt? Lastly... Will this effect my credit score in any way? If so... How long do I have until it hits my credit? [link] [comments]  |
| Posted: 25 Oct 2020 07:33 AM PDT I had my identity stolen. Someone tried to rent an apartment with my information. The apartment company sent the application fees to hunter Warfield debt collection agency. I've asked for the original bill or contract they haven't provided it yet. Just looking for advice for how to proceed forward with out this affecting my credit. [link] [comments]  |
| How do capital gains taxes work? Posted: 25 Oct 2020 06:56 AM PDT If I buy a stock for $100 and sell it for $150, am I being taxed for all $150 of that stock or only the $50 that im profiting from? In otherwords, do I get taxed on the whole amount or only the profit? Edit. Thanks guys I understand now. [link] [comments]  |
| Mortgages and Closing Costs as first time home buyer - huge differences between lenders?? Posted: 25 Oct 2020 07:36 AM PDT My Fiance and I have started the process of looking for a home to purchase in the coming months. I have learned a lot about the process and wanted to ask some questions to people here who may be more knowledgeable about the best way to proceed. We used Zillow's service to find a lender who then set us up with an agent. The lender is Liberty Home Mortgage. The process has been okay so far - I've learned that we are being pre-underwritten as we have yet to receive rate quotes or costs as we have been providing documents of our income and assets. A big thing that stuck out to me was the lender quoting us around $3,000-$5,000 in lender fees as part of the closing costs. These seemed really high to me as we are only aiming for a 275k property with 10% down so mortgage will be $247.5k, and paying 2% just in the lender fees seemed a bit high. When I brought this up with him, he suggested we could essentially offer over asking price on the home and ask for a seller concession on the amount offered over asking, but this just sounds like a win for the lender as they get their closing costs paid for, and a loss for us as now they're baked into our mortgage! I looked around more, and found online lender called Better Mortgage. I read reviews and people said that they're great if your situation is simple, and ours is. We both have W2 salary incomes, make $175k gross/year with 780+ credit scores. I'd imagine we are prime borrowers. With Better Mortgage, we got quotes both on closing costs and rates, and the closing costs in total were only 2% of the mortgage as they charge $0 in lender fees. Also, they offered an additional $2,000 credit off closing costs (bringing it down to around 1%) if we use an agent they endorse. Is there any catch to this? It seems like a no brainer to use a service that will ultimately cut our closing costs down to nearly 1% compared to almost 5% using the other guy. [link] [comments]  |
| Tax problem- Can't sleep - Help Posted: 25 Oct 2020 06:03 PM PDT Hello, I am terrified of the shame that will come with this conversation with my local CPA. So here ya go, dear personal finance gurus. Tell me what to do next. For the past five years, I have been a non-filer. I am head of household of a family of 6 (four kids and disabled spouse). We qualified for public assistance, and this has kept the family fed. During this time, I worked as counselor at a mental health center. I was paid through a business entity I set up in 2012. Each year I probably made around 30k. I cannot sleep thinking about all those years that my business did not pay taxes because I took every red cent to keep lights on and food on the table. Questions:. What kind of tax professional should I contact, a CPA or tax attorney? How far back can you change a business status from sole proprietor to S- Corp or LLC? If I am audited, how much does it cost to have a professional help with this? Where do I even start? Thanks all. [link] [comments]  |
| Pay off student loan or save/invest? Posted: 25 Oct 2020 06:47 PM PDT I'm 33 and finally starting to get my finances on track after some life hurdles. I'm set to reach my first two goals of paying off my credit card debt and reaching a $10k emergency fund by January. I'd like to keep $10k minimum EF for now since my job doesn't feel 100% secure at the moment. My salary is currently $50k. I have $13k in student loans left (private loan not federal) that I refinanced to 4% interest. With the payment plan I'm on, it will take me 4 years to pay off if I pay the minimum $283/month. In January when I reach my EF goal and pay off the credit card, what do I do next? Pay off the student loan ASAP or just keep paying the $283/mo and save/invest the money instead? I just opened a 403(b) account through my employer and am contributing only 5% right now (there's no match unfortunately). I am considering opening a Roth IRA and maxing it out starting in 2021. Thoughts? [link] [comments]  |
| How can I ask my boss to reduce my hours so I can focus on improving myself? Posted: 25 Oct 2020 05:39 AM PDT I work as a restaurant manager. Been there for 10 years. I regularly work 50 to 60 hour weeks, 13 to 14 hour days, and back to back closes to opens. I'm getting burned out. I have been trying various self help type things to work on my goals, such as exercise and eating right. Honestly, I just don't think I have enough hours in the week to do what I want to do. I don't want to sound lazy, but I want to work on my health (both physical and mental) so I can better do my job. I came to my boss before and asked for advice with my schedule. He mentions limiting my closes to once a week, and giving myself more off the floor time to get the administrative things done. The problem is I am the only manager with full time availability. The other managers are in college, so I work my schedule around their classes. This means I HAVE to close multiple times a week because I am the only one available to do so, and I also have to work lunch as most of them are in classes then. There is no way for me to have the kind of schedule he says I should have. I have a child on the way, and I am worried that I will never have time to be with them, or I will be too exhausted. I want to have a serious discussion about my hours, but I feel so guilty about it. I have looked for other jobs, but I can't find anything other than entry level minimum wage type ones. I thought about being a bit more forceful than I usually am. I know my job is secure, and I feel bad about doing this, but I honestly need to think of myself and my child. If it means the store has no closing manager some days, then we need to close at 5 or he has to come in to close. Am I being selfish? How would you approach this issue? [link] [comments]  |
| Planning on quitting my full time job and learning a trade Posted: 25 Oct 2020 02:19 PM PDT I see this question has been asked a lot but I feel my circumstance is a bit different. I am currently 23, single with no children, I have no education past high school, I have a one bedroom apartment with my live in girlfriend and my personal monthly expenses comes out to $1,200. Currently I work for a large company making around $50,000 a year before taxes. For the last 5 years (since graduation) I have wanted to go to school to become a barber and eventually open up my own shop. The program is only 1 year and I have no problem working while I go to school, but my current schedule runs on 12 hour swing shifts(6pm-6am one month and 6am-6pm the next). Our days also rotate from weekends to weekdays monthly and I work mandatory overtime with a only a couple days notice, so it makes starting a business on the side very difficult and attending school pretty much impossible. I'll be honest, the job I have right now is demanding but overall a pretty good place to work at considering the average salary in my area is $35,000. I've used this job to buy a car, pay off my credit card debt and save up money that I plan to use to start some side hustles like flipping and drop shipping once I quit. I also won't be jobless while attending school, I have an old server job waiting for me where the average is $500 a week. I mainly plan on doing this because I'm not feeling fulfilled at my current job and I want to get the ball rolling while I'm young on a career in a field that I enjoy and also gives me time to pursue my entrepreneurial goals. My father also has no education and has just worked for a few different companies as a manual worker throughout his life and I just see how he has dropped his dreams for a safe life with a salary and 401k. I'm not saying there is anything wrong with that at all, ensured income is great. I just want to chase my dreams and take risk while have the chance. Any advice on my situation or how to to ease the transition would be greatly appreciated. If you think I shouldn't do it I would also like to hear why. Thanks in advance! [link] [comments]  |
| Posted: 25 Oct 2020 01:14 PM PDT Most mortgage calculators require you to input loan interest rate, loan amount, and loan term, but I already know the monthly amount I don't wish to exceed. Maybe I'm overthinking it but I can't figure out how much my loan amount should be max so as not to exceed the monthly payment I wish to have. [link] [comments]  |
| Received a confusing collection notice from a very old debt today Posted: 25 Oct 2020 07:06 AM PDT Hello everyone! Background: I have had credit problems in the past, and at one point even had a car repossessed. Long story. However, for the accounts in question I was able to make contact with my creditors and made reasonable payment arrangements. I got everything paid off except the car loan, which one day suddenly stopped withdrawing automatic payments. I tried many times to contact the collector, but according to the internet they went under and did not notify me who (if anyone) they sold my debt to. Nothing showed up on my credit report, but eventually on all three of my reports the account balance showed zero and the account closed. This was in 2017. Fast forward to today, I check my mail and find a letter from a creditor I don't recognize. In short, they are trying to collect on that old auto loan, but the text is confusing. Here it is: "Your account() has been referred to our office by UHG I, LLC with a past due amount of $6,162.55. Unless you notify this office within 30 days after receiving this notice that you dispute the validity of this debt, or any portion thereof, this office will assume this debt is valid. If you notify this office in writing within 30 days from receiving this notice that you dispute the validity of this debt, or any portion thereof, this office will obtain verification of the debt or obtain a copy of a judgment and mail you a copy of such judgment or verification. If you request in writing within 30 days after receiving this notice, this office will provide you with the name and address of the original creditor, if different from the current creditor. Due to the age of your account the above creditor is not able to file suit against you but if you take specific action such as making a written promise to pay, the time for filing a suit will be reset. To make paying your account more convenient we offer Payment-by-phone at [REDACTED] or via Web Pay at [REDACTED]. We accept checking, savings, and debit or credit card. This communication is from a debt collector and is an attempt to collect a debt. Any information obtained will be used for that purpose." So, my question is this: how do I proceed? I have a feeling from how it's worded that they bought the debt for a song and are trying to fish for whatever they can get. Am I at any credit risk if I ignore this? Do I need to contact them and make arrangements? Thanks, everyone! [link] [comments]  |
| Posted: 25 Oct 2020 08:07 PM PDT I started a new job and I just saw my first paycheck and... the taxes are a lot. My gross income is $2437.13, Taxes were $1398.36 and my net pay was $1038.77. Is this normal? It seems like I'm paying over 50% in taxes! Who could I consult with? I appreciate any help or tips. [link] [comments]  |
| Living Rent Free and Hope to Buy Posted: 25 Oct 2020 06:27 PM PDT (M)y (23) girlfriend (23) and I currently have been together for 5.5 years. Around 8 months ago at the start of COVID we made the decision to move in together into my parents basement. We have our own bedroom, laundry room, storage area, bathroom, living room & office. The only thing we share is an entrance and a kitchen with my parents. Things have been going well living together, and I have also been working out of town the past two months and no issues have arose. The situation is this. My girlfriends Great Aunt, whose husband passed away 5 years ago, is currently in the hospital and is unable to move back into her home as her next place to go is the old age home. She owns a beautiful 6 acre plot in Ontario, Canada with a 1980's Raised Ranch w/ two shops and alot of grass areas. The house is completely paid off as well. Her only daughter, 55 yrs old married and has a 4 yr old, has requested that my girlfriend and I move in, rent free to maintain the property and potentially purchase the property privately after an unset amount of time. I have a farming background which helps to take care of the 6 acres of grass and we are very responsible mid twenty year olds who don't party. My girlfriend makes $36,000 annually working in a pharmacy and I own my own business making about $55,000 - $75,000 annually. This is a dream property and a dream location as our families are extremely close by. Once we move in and get settled what should our next steps to be to purchase this place? (we have read many ideas of rent to own, mortgage etc.) **6 acre property, 1980s raised ranch (3 bd, 2 bth), two shops** [link] [comments]  |
| USA. Release of lien or something. Posted: 25 Oct 2020 09:51 AM PDT I loaned a friend some money a while back. One promissory note and mortgage on her home, both of which I had recorded, then a year later we rolled some of it into a much smaller amount for which I have a promissory note that I did not record. Both notes were paid as agreed. Now a couple years later she is applying for another mortgage from a broker, and the two notes that I recorded have not been properly cleared. I spoke with the owner of her Title company, and he wants me to FedEx him the originals with "Paid in Full" written on them with my signature, and he will take care of filing them. I am a little reluctant to let go of the originals. Does this sound like the proper procedure? I thought that all I would have to do is file a Release of Lien. Not entirely sure how all this works. I would be grateful for some input. [link] [comments]  |
| Should I hold off on paying my student loans? Posted: 25 Oct 2020 05:36 PM PDT Hello, I recently graduated college in May and I'm attending grad school. I have approximately 6k in undergrad student loan debt and about 8k savings. Due to me being in grad school these loans won't start accruing interest until Spring 2022. Should I just invest my savings instead of paying these loans off immediately? If so, what should I invest in? CD, Index Funds, etc? [link] [comments]  |
| Financial advisor for how to save/invest? Posted: 25 Oct 2020 06:15 PM PDT I just accepted a job offer that will double my income and put me in the low 6 figures and I'm feeling very overwhelmed. I know the basics, like 401k contributions and an emergency fund, but I'm going to have around $4,000/month disposable income after all taxes, bills, etc. and I know that there are better ways to use it than sticking it in a savings account but I don't even know where to start to figure it out. Is there a type of financial advisor or service for someone like me? Who can manage that? Or who can coach me on it? What should I be searching for? For what it's worth, I have no debt apart from mortgage. I'm not sure if that's relevant. [link] [comments]  |
| First time getting a job soon. Don't know much about taxes or anything. Posted: 25 Oct 2020 08:10 PM PDT I'm about to get my first job at Food Lion hopefully and am hoping to get about 10$ an hour. I know that I don't actually bring home $10 an hour but how much is taken off? (In Va if it matters) I've heard it's more like 8 or 9 after they take away for the tax. After that tax I take the rest home right? I'm still under my parents so I don't know? Thanks for the help! [link] [comments]  |
| What's the smartest way to come up with a 20% down payment out of the following options? Posted: 25 Oct 2020 04:23 PM PDT What's the smartest way to come up with a 20% down payment out of the following options? Quick back story of my situation: I currently own a small condo that I rent out for $1900 per month in San Diego that costs me around $1500 per month all in including principal, interest, taxes, insurance, and HOA fees. It's currently on a 3.5% 30 year fixed mortgage since it was originally my primary residence. I bought the place back in 2015 so i'm already 5 years into the mortgage. I am currently living in my girlfriend's father's rental house with her and my share of the rent is only $1000 per month which is one of the reasons the math made sense. Unfortunately, our relationship is a little on the rocks and there is a good chance it won't work out much longer so i'll have to move out of the rental :( Since my the tenants just signed a new 1 year lease, moving back into my condo isn't an option. That being the case, I am looking to potentially buy another small condo to make my new primary residence since the rates are so low and I wouldn't ever find a rental for $1000 again since it was almost half of market rent for my area. I'm almost 34 years old and don't really want roommates at this point even though that could save money. I considered a duplex but they are way out of my price range even with a tenant on the other side. The entry level condo's here in San Diego are between $300k-$350k in any of the decent parts of town near my work. That being the case, I will need around $60k-$70k the new down payment. Finally my question, which option is the smartest and why? Option 1: Do a cash out refi of my condo for the down payment since It's worth around $330k-$340k and I currently owe $186k. Downside of this option is I would go from a 3.5% rate to almost 5% or more since it's an investment property now and not my primary anymore. Option 2: Take some of the money out of my retirement accounts which has around $120k between my 401k, 457b, and Roth IRA. Perk of this option is since I tested positive for covid this year, I can avoid the 10% early withdrawal penalty and can also spread the tax burden of the 401k/457b over 3 years. Option 3: Use some of the 30k I have in cash combined with option 1 or 2. This is my emergency fund however and I don't like the idea of draining this below 25k since I will have 2 properties at this point which increases the risk of needing it . Thank you for reading and letting me vent! [link] [comments]  |
| Can I return a car I owe money on to the dealership to "cancel" my loan? Posted: 25 Oct 2020 09:31 AM PDT Long story short, my car payments are the vast majority of my bills aside from rent. I have a really bad 12% auto loan that eats up ~$270/month, and insurance is another ~$100/month. I've tried refinancing, I got denied because my income wasn't high enough; they required me to input the entirety of rent, even though I split with roommates so my technical rent obligation is ~70% of my income. The reason I'm considering this is that I'm moving to a city with robust public transit, and the yearly unlimited ticket cost is $1000. I already own a nice commuter bicycle. It's a high CoL city though, so I'm trying to cut every expense I can. I'm also trying to use extra income to pay off credit cards. Would I be able to "sell" my car back to the dealership? Would I have to pay the difference in the actual value of the car and the leftover on the loan? Relevantly, the loan is held by a digital bank, not the dealership. I want to explore my options, and I want to know what impacts it will have on my credit score, because I'm just now getting it back up and want to avoid hits. I've thought about paying off the difference between the loan and the value, then trying to sell it privately, but I also don't know the details of that since I don't hold the title. Would I transfer the auto loan to them? Any help is greatly appreciated. I'm in school right now and trying to dig myself out of the financial hole I've been in the last couple years. Edit: I forgot to mention, with the move, I have to find parking for it which will cost at least another $150/month since I'll be in downtown. [link] [comments]  |
| Posted: 25 Oct 2020 07:48 PM PDT I rented the rooms fully furnished and provided a flat rate that included electricity and cable TV. [link] [comments]  |
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