Optimum House Buying/Renting Strategy

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Bueller?

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Seems like my strategy is not very popular. What would you recommend in my current situation.   I currently own my home outright and in a few months wil...

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StarTrekDoc wrote: I Find This Humerus wrote: Zaphod wrote: I Find This Humerus wrote: Zaphod wrote: I Find This Humerus wrote: What is the optimum house buying/renting strategy t...

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Zaphod wrote: I Find This Humerus wrote: Zaphod wrote: I Find This Humerus wrote: What is the optimum house buying/renting strategy to take advantage of Section 121 and other tax...

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Lordosis wrote: Ugh that sounds awful. Even if it was guaranteed to make money I would still not do it. And it is not even guaranteed. What if housing does not appreciate? Click to expan...

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Zaphod wrote: I Find This Humerus wrote: What is the optimum house buying/renting strategy to take advantage of Section 121 and other tax advantages?   My plan is to buy a house i...

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Why not buy the house in full? Even if I write off the mortgage interest in only saves my my tax bracket percentage in the end so I still end up paying...

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Lordosis wrote: Ugh that sounds awful. Even if it was guaranteed to make money I would still not do it. And it is not even guaranteed. What if housing does not appreciate? Click to expan...

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What is the optimum house buying/renting strategy to take advantage of Section 121 and other tax advantages?   My plan is to buy a house in fu...

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Peds wrote: I Find This Humerus wrote: Peds wrote: Timbuktu bag. Click to expand… which one? those can get pricey Click to expand… its a messenger bag....

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Peds wrote: Timbuktu bag. Click to expand... which one? those can get pricey...

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abds wrote: I’m a little bit of a car guy so I’m curious what car he wants. And I didn’t want to read 15 pages to find it. Click to expand... 570S...

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childay wrote: abds wrote: Has anywhere in the last 15 pages clarified what exactly the “supercar” is? As in make and model?  Click to expand… Certainly not.  That would require another 15 p...

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q-school wrote: this isn’t directed at entrepreneurMD to be clear. i completely understand why people would want to keep things private, and would not post a picture of my car here. what is curiou...

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fatlittlepig wrote: I Find This Humerus wrote: CordMcNally wrote: I Find This Humerus wrote: CordMcNally wrote: I Find This Humerus wrote: So my partner posed this question to me:   Is it pos...

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CordMcNally wrote: I Find This Humerus wrote: CordMcNally wrote: I Find This Humerus wrote: So my partner posed this question to me:   Is it possible to purchase the car under the practice LLC t...

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CordMcNally wrote: I Find This Humerus wrote: So my partner posed this question to me:   Is it possible to purchase the car under the practice LLC to tax deduct the ownership costs (maintenance, int...

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Infinity wrote: I Find This Humerus wrote: So my partner posed this question to me:   Is it possible to purchase the car under the practice LLC to tax deduct the ownership costs (maintenance, int...

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So my partner posed this question to me:   Is it possible to purchase the car under the practice LLC to tax deduct the ownership costs (maintenance, int...

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fatlittlepig wrote: jacoavlu wrote: I hate to bump this thread after it’s died down but it seem appropriate to add here that based on some comments I reached out to EntrepreneurMD with an offer to / i...

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EntrepreneurMD wrote: Tim and OP, One thing the significantly wealthy do is they leverage their assets to become even more wealthy, while enjoying the asset – even a depreciating asset. I purchased my ...

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  fatlittlepig wrote: https://ibb.co/HphmVqj FLP’s car, 28K out the door, superior to the ferrari in almost all aspects other than “exclusivity” LOL If FLP notices a scratch on the car, instead of hyperv...

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1faztnsx wrote: Zaphod wrote: Honestly if you can stomach not buying brand new, and dont hold forever it may not cost as much as you think. Let someone else take the depreciation hit. Check sites l...

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1faztnsx wrote: I’ll chime in since I bought a 150K entry level supercar last year. While I could have paid cash, my approach was putting down enough cash that I will never be “upside down” on...

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angeladiaz99 wrote: I Find This Humerus wrote: Any car aficionados out there? My partner knows I’m frugal and so he asked me what the smartest way to buy a supercar is. I’m not sure but if i...

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dennis wrote: Sorry, you’ll get no sympathy from me for making a very bad decision. The consumption treadmill you’re on is a guarantee you will be working a long time unless your partner...

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Any car aficionados out there? My partner knows I'm frugal and so he asked me what the smartest way to buy a supercar is. I'm not sure but if it was up...

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edwinebert wrote: Well last year I thought they did a great job.  We had withheld taxes for a nanny we had, I had my physician income, my wife was a student, and I had 1099 income....

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jacoavlu wrote: Me? A radiology practice. Click to expand... Oh you mean you're a partner in a radiology practice?...

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curious, what's your "small business?"

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for a premium

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Jack_Sparrow wrote: Remember the tax law changed, and business expenses write-offs aren’t nearly as easy to come by anymore in the itemized deduction because its a percentag...

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i need a more powerful PC to do my moonlighting telehealth work. I'm not satisfied with the prebuilt desktop solutions from dell, apple, etc.   ...

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This thread got off-topic.

 

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CM wrote: Lordosis wrote: He did that post on wci this past winter. He got a ton of flack.  Click to expand… I liked that post. For physicians who work less than 60 hours per week without...

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is that 470k combined or each?

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G wrote: MBA seems to be the go-to, right?  several threads about that here and I think on the blog.  CPE seems narrowly useful.  JD, CPA are widely known and more generally applic...

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SLC OB wrote: Tangler wrote: Leadership not letters. Just lead, letters are silly nonsense . Leading by example is not the best way………it is the only way. Letters?!! another exam...

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Faithful Steward wrote: I would recommend reading the following WCI article before making decisions on how to structure your Solo 401(k). Pre-tax contributions may not be the best idea. You may...

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What are some suggested degrees to get to move into a more leadership/administrative position?

 

 

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Wow, what kind of side gig pays you 50k assuming it's not that time consuming? i.e. how do you have so much free time to make an extra 50k? Are you p...

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G wrote: I Find This Humerus wrote: 500mil OBGYN lawsuit in my state  Click to expand… as in half a billion dollars? Click to expand... Sorry I meant to type $50 million   ...

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CordMcNally wrote: I Find This Humerus wrote: Yes this. I don’t want to potentially lose my car in a malpractice suit from my main W2 job. Click to expand… Do you have any reports of ...

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Kamban wrote: Unless it is a Bugatti Veyron costing > $1M it is not worth it to put it in the LLC. Click to expand... Why?...

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CordMcNally wrote: I took it that he’s trying to protect his car from being in a judgement, not that he’s trying to limit where lawsuits stemming from the car can go. Click to expand... ...

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I am mainly a W2 employee but do some contractor work for a local medical insurance company which is 1099.   Should I create an LLC and get paid fro...

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CordMcNally wrote: I’m impressed that you have two different dedicated offices in your home for your 1099 jobs. Click to expand... I have two separate workstations/computers for two diffe...

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I have two offices in my home for two different 1099 jobs. Can I deduct all or a percentage of my home security system costs? Is it based on percent of...

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“rise to the level of a trade or business"   This is exactly my question, does anyone actually know what this means yet?    ...

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What if instead I made 100k in 1099 income selling wingding or through real estate investing. With a 500k wW2 income just for arguments sake, could I...

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spiritrider wrote: You are an SSTB subject to the $157.5K – $207.5 taxable income phaseout. Not even close to being able to qualify for the QBI deduction...

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@G How much did it cost you?

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The more I read about QBI, the more confused I get.   Explain this to me using simple numbers: W2 Income: $500,000 1099 Income as a per diem doctor: $10...

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Dilaudidopenia wrote: CordMcNally wrote: It’s all a gamble on PSLF and with the data coming in, odds are against you. Click to expand… Unless you know somet...

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What happens when the money is not there?

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jfoxcpacfp wrote: I Find This Humerus wrote: What do you mean by “cheat” taxes? Click to expand… By “cheat”, I was referring to the scenario you laid out below: I Find This H...

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What do you mean by "cheat" taxes? If I understand correctly, if I deduct the full $10,000 year one and I close down year two, I would pay back $10,00...

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Yes I have to look into it more to do my homework before I dig in.   By startup costs I meant more material and tool costs, things that I have a go...

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I'm thinking about making some craft projects on the side. I don't know how well the business will do but it if goes under I'll be financially ok still. C...

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HumbleInvestor wrote: Owner occupied commercial properties are not considered investment properties if the owner occupies atleast 50.1% of the space. Such properties have lower down payment ...

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HumbleInvestor wrote: If you are going to occupy a part of the space then you get favorable financing. Click to expand... Can you elaborate on this please?...

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True but every business needs an office unless you are implying businesses will close.

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How do you discreetly place a urinal?

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Thinking about buying an office building with about 6 offices in it to rent out. Anyone try this before? Good or bad idea? I figure a business office...

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jfoxcpacfp wrote: I Find This Humerus wrote: jfoxcpacfp wrote: I Find This Humerus wrote: What do you mean by this, ” but you cannot deduct use it as a deduction against your ear...

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jfoxcpacfp wrote: I Find This Humerus wrote: What do you mean by this, ” but you cannot deduct use it as a deduction against your earned income.”? Click to expand… Sorry for the...

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What do you mean by this, " but you cannot deduct use it as a deduction against your earned income."?

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Hello,   I am a W-2 employee with a side per diem job (1099) both in the same field of medicine. I'd like to take classes to pursue an MPH which ...

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jfoxcpacfp wrote: I Find This Humerus wrote: spiritrider wrote: If you have 1099 income you are a business. You will be both employer and employee. Click to expand… No no. Someone else o...

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Peds wrote: I Find This Humerus wrote: But it doesn’t apply to doctors right? So what’s the point? Click to expand… re-read the tax code. everyone can apply it, but the circumstances chang...

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Vesalius wrote: I am a struggling physician, but not in the usual sense of the word struggling.  I am struggling to have comfort with my financial success. For much of my career I was a ty...

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I've heard non-copmpetes are rarely upheld and if the group really wants to sue you over that it makes them look worse in my opinion.

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caprivenky wrote: This year my gross may end up at 900k and with subtracting office and staff expenses may end up taking home 500-600k 1. Will this disqualify me from getting the ...

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But it doesn't apply to doctors right? So what's the point?

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But I can still deduct correct?

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Well the conference gives me both knowledge and new practices to keep current and up to date with both jobs since they are the same just for different...

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So what specifically can be written off? Flights, hotels, meals, car rental?

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i have full time academic job, W2 pay.   This year I started a side per diem job in the same specialty to add to my income. Can I deduct the cost o...

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G wrote: Although if your plan is to buy premium, might as well do it when there is a 40% discount. I can’t justify a home office, but I sure wish I could have...

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jz wrote: A whole separate room in my house will be devoted to this 1099 job so carpet, shelves, etc are all fully tax deductible? You have described a home office ...

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jacoavlu wrote: wait, so you stand on the chair? Click to expand... Sorry I meant those electric desks that go up and down between sitting and standing height for bette...

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jacoavlu wrote: Yes. But is the fancy chair just decoration? Click to expand... No for comfort while I work....

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edited below

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Maybe a stupid question, but what prevents me from going out and buying the most expensive desk and chair I can find?   if I will make a total $10...

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i need to buy a work desk to hold a computer I will only be using for my 1099 job. There is no more space on my home desk.   can I splurge and bu...

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In the process of buying a new house. Single, no kids.   Should I put my parents names on the deed? Will it help protect my house in the event o...

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spiritrider wrote: If you have 1099 income you are a business. You will be both employer and employee. Click to expand... No no. Someone else owns an online business and I will be working from ...

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What is a solo-k? And why? I Should clarify I do not own the business but will be an employee. When you say proportionate you mean if I work 10 days out...

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I bought a memory foam mattress from Amazon for around 140. BEST. MATTRESS. EVER. Do not spend 1k on a mattress!

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I am starting an online business part-time where I will be working out of a home office.   What can I deduct for tax purposes? I will be using an enti...

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Dreamgiver wrote: Specifically a Montana llc is used because there is no state sales tax in MT. That is the only reason as far as I know. Click to expand... Other states don't ha...

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spiritrider wrote: Yes, as I said a default single member LLC files the exact same tax return as a sole proprietor. I will repeat again. There is almost no difference in deductibl...

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But can I  still deduct business related expenses such as a new desk, Internet, electricity, my room in my house if I don't form an LLC?

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i plan on making about 50k in moonlighting from a side medical gig this year. Is it better for me to form an LLC or s corp and get paid via that for tax...

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30 year 5/1 ARM, 7/1 ARM, or 10/1 ARM?   Thinking about 5/1 ARM and then refinance after 5 years for hopefully lower interest rate. Thoughts?  ...

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Why not get a doctor's loan and put the 20% you saved up into an ETF? Over 30 years you would earn more money from the ETF than you lost by have a higher...

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Nevada vs Delaware, discuss.

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Should I use a real-estate agent when buying a "for-sale by owner" house or can I leverage not using a real estate agent to get the house at a better...

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Anyone here sell goods they make online? If so where and did you form an LLC?   Also, what's your average profit margin on your items?...