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Spur08

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Everything posted by Spur08

  1. My fault. Definitely buying their new home. So, ultimately, it sounds legit. Still pisses me off though
  2. Hm..maybe we're not on the same page. Folks are selling their home to someone else. Brother is selling rental house to someone else and buying (1031) a new home for the folks. Folks pay rent for year or whatever, then "buys" the home from brother at the remaining balance of the mortgage (dad will pay it off completely). Brother 1031s to vet building. From what I read in that link above, it's allowed as long as certain conditions are met.
  3. Right. Which he plans to roll into when they (him and his wife that he doesn't know if he likes) open their own vet practice. They will, or plan to, buy a property to do this. Don't get me wrong. I am vehemently against this but, to my dad, he's just trying to help out one of his kids. In my opinion, my brother has put himself as priority #1 during their housing transition process. I've run out of things to throw at this deal to break it up so we'll see. My dad tells me if the deal gets fucked and there are [IRS or other] repercussions, then it's all on my brother.
  4. That's the rule I meant. Didn't realize there was a difference. They do meet both criteria.
  5. It sounds like my folks are claiming the one-time, over 55 rule of exemption on paying cap gains on your primary residence, so they're not worried about their 1031. Per my dad, my brother's tax burden on his property is $20K or so and he's "clearing this" through some organization where "this is what they do"
  6. This isn't the half of it. Almost 40 year old who is the most self centered person I know. He's a pro at making his problems everyone else's problem. He says that all upkeep was paid via rental income that was maintained in the LLC (separate) acct From what I'm getting from this, it can be done as long as certain stipulations are met.
  7. Bear with me while I set the scene. My folks are planning on moving out of our childhood home and moving a little closer to me, my brother, and their grandkids. My brother does some real estate transactions through a LLC that he opened/owned pre-marriage. He owns a rental property in Fort Worth that was purchased pre-marriage. He claims that it has been maintained post-marriage by accounts within the LLC that have always been separate. This month, he is selling the rental property for a profit. One question I have is when, if ever, does this account or its assets become community property? No pre-nup in their marriage. Transition back to the folks. My brother has convinced my parents to let him 1031 exchange the profit from the rental property into buying their home so that he can avoid paying cap gains. After a year, my parents would then buy the property back from my brother as both my parents head into retirement. My brother believes, at that time, he and his wife will be in a better position to open their own vet practice and wants to use that rental property money for doing just that. Personally, I have a lot of issues with this and I’m trying to educate myself on the disadvantages of this approach. First, my brother’s [second] marriage is not a strong one. He has mentioned to me over the weeks how he thinks he would be better off financially with a divorce. As such, one concern I have is whether or not the home my parents will be living in will be safe/secure if my brother was to go through a divorce at that time. Second, are there any tax disadvantages for my parents or my brother in using this approach? It seems like an extremely convoluted and complex way to avoid paying cap gains for a year and this money is going to end up in a community property destination anyways.
  8. I've read zero of this thread so I don't know if any of it is addressed previously. I love Witten but, damn, his physical presence is painful to watch. He's nervous, can't make eye contact, etc. The verbal call isn't bad but I cringe when I see him on screen.
  9. Saw the initial report but now I can't find anything. What was the final result?
  10. Wow. Talk about a blank check. Ball's in your court tOSU
  11. Slight transition of topic but I didn't want to make a new thread for it. This weekend I saw an article that Fidelity has created 2 fee-free funds with their new Fidelity Zero Total Market Index FZROX Fund and Fidelity Zero International Index Fund FZILX. The folks over at Bogleheads are saying that they have also slashed the fees on their mutual funds but I have not yet confirmed. The race to the bottom by Fidelity and Vanguard sure has been great to watch. It will be interesting to see what Vanguard's response will be. https://www.fool.com/investing/2018/08/12/intels-internet-of-things-business-was-outstanding.aspx?fs_test=True https://www.nytimes.com/2018/08/10/business/fidelity-mutual-funds-fees.html https://www.bogleheads.org/forum/viewtopic.php?f=10&t=255356&start=600
  12. You do realize he's already been fired, right?
  13. What an abortion of a post
  14. What. An. Idiot. Dump out good booze? What is wrong with you heathen!?
  15. Did you even go to the website you posted? It shows a paragraph then you have to creating a paying account to read the rest? Quite useful
  16. How about you post the whole article so we don't have to deal w/ paywall shit? Or at least the pertinent parts.
  17. Definitely got an award for most creative suicide.
  18. I did just find out today that the admin fee is 1.5% per the disclosure docs. ER is 0.15%
  19. Wife dropped her phone in the flamingo exhibit at the Dallas aquarium today.
  20. L-O-L. Educate yourself. Check out my man Kevin Sorbo. http://tools.aan.com/elibrary/neurologynow/?event=home.showArticle&id=ovid.com:/bib/ovftdb/01222928-201107050-00015 So much this. I work in the spine surgery realm. You'd be surprised on the number of patients we've seen who had chiros RXing them months of "treatment" for an instability problem.
  21. The Amazon batteries are shit. Trust me. I put those fuckers in my Alro and it was dead w/in a few months. I'm planning on buying the Streamlight from Home Depot as they're like 12 for $20 or something like that. You can find them on Amazon, but I'm thinking they're all (Energizer, Streamlight, etc) either used or fraudulent batteries.
  22. Any info on it?
  23. The cheelrin...the keeds!!
  24. Says the guy that sought out my post on another message board and took the time to copy/paste it over here.
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