u/Far_Classic878

In Southern and Central Westchester?

Which oil companies out there are allowing you to lock in prices in the ffield county area? I think I’m screwed because although I’m locked in at $3.00ish my contract ends early December.

It’s a total of $185,000 of unreported rental income over the course of 5 years but taxes were filed.

Expenses for the rental are about $138,295 for the 5 years.

How much taxes do you think I will owe plus the penalties? I’m guessing around $10,000 for unpaid taxes but trying to figure out penalties and interest is where I get stuck.

I’m trying to figure out if I should prepare for $15,000 or $30,000.

Anyone renting out to family under market? Are you deducting expenses? I have spoken to a CPA and Tax Attorney they both say regardless, it’s deemed an investment property and expenses can be deducted. They know the situation about renting out to family under market.

Everything I read on IRS says claim rent, but I can’t deduct the expenses.

It’s 2 units and one unit is market and the other isn’t probably $1000 under and soon to be $500 under.

I just don’t want any smoke with the IRS, but I only don’t want to miss out on deductions which would greatly impact our desire to keep this home.

Every year the IRS will see about $3000 a year profit once expenses are deducted.

10 walk min walk to Sono train station

Utilities included (cooking gas, oil, electric)

No dishwasher, no laundry onsite

Separate entrance

Street Parking

Railroad apt style

500 sq ft

$1800 a month

Nothing fancy but well maintained

Hello,

I didn’t report income for 5 years for a personal use property. I probably owe $4500 in taxes each year maybe less if they let me go back and deduct my share of property taxes.

Should I just send irs a payment through direct pay asap while I do the amend with a cpa? I feel like they will receive the money and not know what it’s for if there’s no paperwork yet?

I co-inherited a property in 2021 and family members live there. My father deposits $1400 into our joint account so I never really considered that rent he just puts it into our joint account and I pay his bills with it and other things.

I have another family member in another unit she pays us $500 a month I thought this would all fall under the family gift break so I thought nothing of it but I have been researching lately after I purchased my own home and have tenants at my primary house (I report rental income here). It’s so below what an actual rental would cost.

How do I fix this? Would my dad’s situation fall under non-rent since he just puts cash into a joint account? Would something be triggered if we go to sell the property? What penalties could we be looking at?

We’re currently able to max out both our 401ks, both Roths and put $10,000 towards 529 for our 2 children. I’m probably going to get a decrease in income soon so I’m trying to figure out what to prioritize in regards to retirement.

We have about $525,000+ in retirement ($438,000 401ks, $46,000 Roths, $40,000 brokerages). We are hoping to be able to retire in 15-17 years around late 50s so most likely before age 59 1/2.

With this salary deduction one spouse can max out their 401k, the other spouse can max out their 401k too but then we would have no money left for Roth max. The other option is one spouse maxes out their 401k and the other uses $14,000 for the Roth max(or whatever it is at the time) and take $14,000 from 401k contributions.

I know some people might say stop contributing the $10,000 to the 529 but we also get a state tax deduction for that which helps!

Which would you do? 

I can see the Roth being a priority since we want to retire before we can pull from the 401k but Rule of 55 is an option. I also see maxing out the two 401ks as an option because it lowers our taxable income.

How do you deduct utilities as an expense when you own a 2 family home when one unit doesn’t pay rent (they are family live there for free) and the other unit is a non-family member, regular tenant. All utilities are included for the tenant everything is one meter.

If I’m claiming the oil bill for the month that’s $1000 but I’m only claiming $1500 in rent for the one unit for the month it would just seem weird to the IRS, no?

DISCOVER IS SELLING OFF THEIR ROTH IRA CDs TO ANOTHER BANK AND GIVING YOU THE OPTION TO DO A TRANSFER TO ANOTHER BANK PENALTY FREE!!!

When people ask on here what was your biggest money mistake and I always say having a 10 year Roth IRA CD! In 2019 I was afraid of money and had no idea what I was doing so I locked all my money in there with a 3% interest rate. I figure in 10 years I would thank my younger self.

At the time it seemed like a good idea because banks were paying so low but it wasn’t until 2020/2021 when I started learning about investing. I was still making foolish mistakes with money but I eventually learned how to be smart in 2024.

By 2024 I have 5 more years until my Roth CD matures. It was literally the past few weeks I wondered if Roth IRA CDs were even a thing at other banks because a HYSA pays more why would people go for it? I couldn’t find any bank with it and wondered what would I do when my account matured.

LUCKILY DISCOVER PROVIDED ME WITH AN EASY OUT!!! I am lucky that my money was locked away because during 2020-2021 I was chasing meme stocks and what-not and would have most likely lost all that money but 2024 and on I missed out on some gains.

My bank that has my other roth gave me an extremely simple form to fill out so hopefully there will be no issues. Investing it immediately in VOO. The total interest from the ROTH CD after 7 years was about $300 hahah! I have $17,000 in there.

We live in a HCOL in the suburbs of NYC. There are excellent parks, trains to NYC, excellent schools, nature, little crime, great restaurants etc but I don’t see how our children will be able to afford to live here as adults.

I plan on letting them stay here as long as they want but my first apartment was only $1100 in a HCOL city in CT. If rates continue where I’m at then it will be $3000 for a 1 bedroom. Houses will for sure be 1 million minimum…

What are you doing to ensure your children can afford to live where you are? I will definitely teach them more in depth about saving, pay for their college, try to steer them to an AI-proof major in college, not kick them out or charge rent and when we are retired throw them money while we are alive (after we satisfy our own life expenses of course).

There are plenty of people now that did the right thing, picked the right career, made the right financial decisions and still can’t afford to live here. We are only able because a parent died and we inherited money. I don’t want to have to die for my kids to be able to afford to live here!

Hello my autistic son is 7.5 he has started telling us that when he turns his head fast or looks fast he will see a creature like for a second. It always seems to be in one particular room of the house. He was even able to draw it.

We have no other concerns he does well in school, with friends, he plays sports, he’s kind etc.

One parent is Adhd I also suspect my son might be too.

Did you experience this as a child? As an adult? I’m trying to see if this is an autistic/adhd or something else.

I started listening to Ramit Sethi and Andrew Giancola and I notice a lot of the advice is geared towards people who need to get out of debt, new to investing etc. Or the topics are geared towards people that are doing fine but with middle class incomes. A lot of how to get on track to be a millionaire sort of material…

Are there any particular episodes with these two that I should check out or any other finance youtubers/podcasters that I may find beneficial?

We know how much we need to retire, we have a high income, we invest/save 35% of our income, own a home in a HCOL area, own an investment property in a similar area, going to fund our kids’ college, no debt except the 3.6% mortgage, know our annual spend and all of the things.

Listening to these guys is great because they just confirm that we are doing well, but I want to know more. I want to know how I can approve as someone part of the top 10%.

Any suggestions?

Hello my son is 7.5 years old and autistic and has recently stumbled upon scary stuff on youtube he is drawn to it. He said (during the day) that he sees this creepy dog character and as I’m standing there says he sees in right there where I’m pointing in this particular part of our house he even drew it.

He doesn’t recall ever seeing the character on youtube but has been watching creepy stuff. He has never seen anything before that wasn’t there. He said he saw it yesterday a couple times today but that’s it. He recognizes it might be his imagination from the creepy stuff but this is so concerning to me.

Should I be concerned? Anyone experience this? He is off youtube for sure!

I have crunched the numbers numerous times, but I’m starting to doubt it? This is just so hard. 

We are age 42 and 43 hoping to be ABLE to retire at age 57-58 but probably won’t retire until our youngest graduates college we will be 59/60. The reason for that is we want to fully fund both of our kids’ college. We contribute $10,000 a year to that and there is currently $52,000+ they are age 5 and 7. So the goal is 57-58 but 59-60 is fine.

Here is our info:

We currently have about $500,000 in retirement assets a mix of 401ks, brokerages and Roths. Our plan is to max out both 401ks and both Roths until we hopefully can retire in 15 years. So that’s $63,000 a year minimum and we’ll do any catch up contributions when we are of age.

Our CURRENT spend is $120,000 a year so we are predicting our spend in retirement will be $150,000 a year. I will get insurance through the state, we currently get $35,000 a year in rental income which we will have in retirement(a unit part of our primary home) this is in a desirable area in a nyc suburb so I assume the rent will increase.

I also co-own an inherited property that will be sold at one point I’d net $200,000 and that is a very conservative estimate. I’d invest most of that.

Is this not enough? How could it not be enough? What am I missing?

I’ve done the math with a financial advisor, Chatgpt, myself and you reddit folks and it’s clear as long as we max out our 401ks we can retire around age 55-57.

This is about 15 years away. We max out our 401ks, roth and contribute $10,000 to the 529 so we do more than just the 401k. Our annual spending for life expenses (living expenses and fun) is around $120,000. We end up saving $3000-$5000 a month which goes into a sinking fund for house renovations nothing urgent there is currently $20,000 there. We have $40,000 in a separate emergency fund.

Is it dumb of me to be more liberal about our spending because of this? We can retire early very comfortably and we currently have this excess left over every month.

Anyone else battling with this? Save more on top of an already very comfortable future retirement or spend $500 for a pair of sunglasses, order the most expensive bottle of wine…

I’m not into fashion, electronics, art or jewelry so I’m partly battling if we should splurge this extra and what to actually splurge it on.

For those that are retired or near…how many years do you have saved for your retirement emergency fund? I mean for when the market isn’t doing well and it would be bad to pull from your accounts.

How far in advance do you start saving for that?

I’m pouring all of my money into retirement accounts and after maxing 401ks, roths, life expenses, 529, saving for home renovations there is nothing left.

I would need to cut back greatly to fund an emergency account to keep in a HYSA. I’m about 15 years out from retiring.

Any thoughts?

I see many people talk about reading levels being problematic and I can see why, but then how do you figure out where your child ranks and what books to get?

My child is almost done with 1st grade and his school rates the books they give out by letters and he reads a mix of G-I books (mostly I).

For those not using letter rankings then how do you determine if a student is on grade level or not? They expect the students to be at letter J at the end of the 1st grade.

For FYI, they use phonics and the curriculum is Fundations. They use F&P benchmark assessments as well as MAP testing.