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11
Irvine Real Estate / Re: Need advice!
« Last post by Perspective on Today at 08:49:21 AM »
Don't let the tax tail wag the dog. How much of a gain are you expecting after commissions? Unless your married income is above ~$450K, the capital gain tax will be 15%.
12
Economy & Finance / Re: Which credit card do you use the most?
« Last post by Paris on Today at 07:47:46 AM »
I know our society labels debt as a bad thing but you can use debt to your advantage. We like using other people's money (aka the bank) to invest and make more money than the interest we pay on the loan, esp since interest is cheap these days. Some of the wealthiest people I know use debt to their advantage.

I hope you don't borrow from your home to fund your side business, or use your personal credit cards with unfavorable terms to your advantage.

We're a little smarter than that so NO.  ;)
Personal finances are always separate from business finances under the S Corp and LLC.
13
Water Cooler / Re: The Secret to Building a Great Healthy Marriage
« Last post by morekaos on Today at 07:46:57 AM »
16 years, dated for 4, so that's a total of 2 decades.  Ups and downs, came close several times to total destruction but we are stronger than ever.  I count us as certainly less than perfect but totally fortunate.  After 2 decades you know each other pretty well and know what to steer into and what to stay wide of. We both feel blessed, humbled and incredibly grateful.  Its a feeling we try to instil in our 2 kids, that they should be feel gratitude and not entitlement.
14
Economy & Finance / Re: Which credit card do you use the most?
« Last post by eyephone on Today at 07:09:30 AM »
I know our society labels debt as a bad thing but you can use debt to your advantage. We like using other people's money (aka the bank) to invest and make more money than the interest we pay on the loan, esp since interest is cheap these days. Some of the wealthiest people I know use debt to their advantage.

I hope you don't borrow from your home to fund your side business, or use your personal credit cards with unfavorable terms to your advantage.

15
Economy & Finance / Re: Which credit card do you use the most?
« Last post by ps9 on Today at 07:07:16 AM »
Just disputed a botched shoe purchase with Citi, still under investigation as Citi allows the vendor quite a few weeks to respond.  In the mean time they have credited my account with the purchases but of course it is pending.  I don't believe any bank is as generous and lenient as AMEX when it comes to disputes.  But I do hear Chase Sapphire Preferred cardholders get dedicated service for any issues.  I did call them once and a live person picked up on the second ring! 
16
Water Cooler / Re: The Secret to Building a Great Healthy Marriage
« Last post by eyephone on Today at 06:57:51 AM »
My father in law stashed away a few thousand dollars and nobody knew about it until I accidentally digged it up.

Good detective work, B2Finity! :-)

He gets an A grade for snooping around?
17
"It's not the heat, it's the humidity."
18
Economy & Finance / Re: Which credit card do you use the most?
« Last post by irvinehomeowner on Today at 06:42:14 AM »
Someone posted that the other credit cards have an extended warranty but are they as good as Amex's?

Last year they credited our account for the full price of an electronic that stopped working with minimal fuss (just filled out an online claim form stating when it was bought and how long the manufacturer warranty was).

Has anyone else done that with other cards?
19
Irvine Real Estate / Re: Need advice!
« Last post by eyephone on Today at 06:40:17 AM »
Thank you!

are there any tax implications or penalties, if we put our condo in PS on rent, and use this cash to lease an apartment in CV?

You have to pay taxes on the rental income on your house.

https://turbotax.intuit.com/tax-tools/tax-tips/Rental-Property/Real-Estate-Tax-and-Rental-Property/INF12039.html

https://www.irs.gov/taxtopics/tc414.html



20
Irvine Real Estate / Re: Need advice!
« Last post by irvinehomeowner on Today at 06:32:29 AM »
Instead of uprooting your real estate, to what extent have you talked to the school?

Considering your son is special needs, I would think that the school may make an exception.

If you've already spoken to the principal, keep going up the chain.

Good luck.
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