I have $400k in a brokerage account gifted from a wealthy aunt. My husband and I are considering buying a cabin. Looking to liquidate about $150k for down payment. We have no debt other than mortgage on our current house. Is this unwise? Anything we are missing?

like
Posting as :
works at
You are currently posting as works at

You might have some taxes to deal with, so I'd consult a tax pro. If you're gifted 400k, I don't think there's a step up in basis, so you'd have to pay capital gains taxes on what you take out. Different story if this is an inheritance because your tax basis would become 400k.
TLDR; double check with a tax person

like

Smart thank you

Not enough detail. What % of your income goes to the mortgage you have now. What will be the total % of your income going to two mortgages?

Currently 23% but would be 34% with second home mortgage. Another question is whether this money should stay put or if it’s wise to put it toward real estate.

Seems reasonable on the face of it… can you share more info?

Net worth? HHI? How much is left on the mortgage?

Not sure how to calculate net worth but current HHI is $630k.

Related Posts

Acronym NYC was a nightmare to try to get feedback/move the process along

like

Does anyone have 2 Google home max speakers? If so, how do you use them? (E.g. separate rooms, pairs). Have had one for a year. Can get another half price. Is it worth it?

like

URGENT Hiring of Java Developers, Angular Developers and UX Designers based out of Canada.

like

Here's a question I wish I never had to ask. Is it better to use the code for bereavement leave or just burn pto I'm going to lose anyway? Does it make a difference from a utilization standpoint?

like

Hi,

Any reviews for Swiss Re as a company? I'm close to getting an offer and want to particularly know about the following:
1. Non-monetary benefits (life, accident and medical insurance details, any other benefits)
2. Paid time off (leave) policy
3. General culture (including WFH support)
4. Work life balance
5. Typical increment and bonus levels (VP level preferably)

like

Do we have leave encashment policy in PWC at the end of every year.
If yes up to how many leaves we can encash?

like

Hi all, I've just been offered a role at Accenture UK and was wondering what the paternity leave is as this is going to impact my decision. Can someone please share? Thank you!!

like

Anyone working at Citi Pune ? Can you please share more details about club Mahindra perk at Citi ?

Hello fishes from Boeing, Can anyone let me know the interview procedure and about the work for Experienced propulsion design engineer Nacelle at Bangalore . Completed the first round technical, trying to understand the timelines and process Boeing India Boeing Boeing Airbus
Wipro Tata Consultancy Infosys GE

like

Hi Everyone

Can anyone tell me about Talent Management function at
Bosch ? How is it different? Does it fall under a different unit?

like

Has anyone ever successful negotiated there salary with the federal government. I have tried twice and both times was cited a HR policy saying my specific circumstance did not allow negotiation. Just wondering if it’s even possible

like

Hows wlb and projects of HCL Singapore?

like

How far out should I be booking my florist? Wedding is 10 months away, not sure what we’ll need quite yet!

like

I'm considering switching from Accenture T&O to EY Change Mgmt practice for 150k. Is that a smart move? I'm in Chicago

like

Recommendations on local Austin sites for home search we are looking to find a rental for 6 months for ex. Sulekha in northeast is pretty common among Indians. Interested in condo/house type living arrangement v/s renting with apartments.

Is anyone here from Samsung? Am I the only one who experienced bait and switch for the job role ? Expansion seems to be their excuse for this but really feels like mismanagement

What compensation should I be targeting for a Vice President role at a PE firm with $6.5B AUM in terms of salary, bonus, and carry? How might this differ for an operating partner at a PE fund? TIA!

like

What are some high paying companies for the
Mainframe developer with 3 years of experience.

like
like

I'm an accounts receivable expert with 8+ yrs of experience. I started with 96k per annum in 2014, and have worked with 4 different MNCs since then. Currently I'm getting approx 9Lpa, and it feels like I'm pretty much stuck here. Switching jobs increases the pay scale, while staying for a while reflects stability.

When I look at the other member's comments here, it seems majority of folks are earning 20-30Lpa or even more.

Any suggestions from mature audience to achieve a big pay raise.

like

Additional Posts in Personal Finance Bowl

24 yr old, 110k TC, maxing out Roth IRA and Roth 401k, no debt or large expenses. Also have ~35k sitting in a bank account. What should I do with that money?? Am I better just sitting on it for a while then watching it shrivel up in my brokerage account?

like

Looking to get an Alfa Romeo Giulia Ti sometime this year. Brand new the MSRP is about 45K and despite the reputation of the old Alfa Romeo’s from the 90’s these seem to be night and day more reliable. Would you recommend buying new, leasing new, or buying used? If I bought used it would be anywhere from 2019-2021

like

What are your thoughts on buying a house now and refinancing later? (Hopefully when interest rates are lower)

like

Keen to buy first home in Dubai but skeptical given the uncertainty around the global economy albeit high oil prices which is a positive for the region. What are people thinking? Anyone here from middle east?

like

accountant said he needs my IRS pin to e-file. Can anyone confirm this is legit?

like

I NEED HELP WITH CREDIT SCORE issues: Two months ago my credit score went down by 30 to 40 points due to dad missing credit card payment by a day (i got added to as authorized user on his credit card for me to build credit but now I’m filled with regret). I was devastated by it. This past month I have been making more payments and paid off my aug statement in full thinking it will boost my credit score. But I don’t know why it went down another 10 points. More below:

Under contract for nearly 1.1M. Wife and I are at HHI $315k. Will go up in the future, $400k in 3 years and $500k possible in 5-7 years. We have $300k in non-retirement funds, $260k of which will go towards acquiring the house. We have 2 kids and will probably reduce (not maxing) retirement accounts next 18 months to do this. Anyone have any thoughts or feedback? We’ll have to live on a budget and watch but I feel we’ll get used to it and income will grow.

like

I recently joined a company after being self employed. I’m on hubs’s health insurance. We have no kids. It’s United healthcare. The company offers United as health insurance. What’s the best way to compare plans? I have not been in this situation before so apologies in advance if this is a dumb question.

like

My boyfriend and I make 200K combined and live in NJ. We have $1000 in monthly car payments combined. That’s all we owe. Our credit scores are in the 800s. We have 50K to put down on a home. We have done the math and I know we can afford much more but he doesn’t want to buy more than a 400K home. I’m almost positive we can afford 500K and be more than ok. But then he starts to talk about how much kids cost and how we will be house poor and we won’t be able to afford kids. 🤔 Am I insane??

like

Google stock to buy now or after the split?

like

Tips for refinancing a car I’ve had for 6 months. I’ve paid on time for every month but I’m paying $600/mo on a loan with 15% interest? I owe $25K. Will the original bank, Chrysler Capital, consider it or do I need to find another organization?

like

Has anyone asked for a refund for payments made towards student loans during the pandemic and actually received it yet?

Invest in roth 401k or traditional 401k and save the difference for a house downpayment?

like

My dad stole my identity a couple
years back and tanked my credit score
- brought it down to like 400. I've
been working towards fixing it so that
my boyfriend and I can buy a house in
the next year or so. This morning, I
checked my score after not looking at
it for a while and I'm in the mid 600s!
Y'all don't know how happy I am
about this lol

uplifting

I spent the last 3 months "growing up" & now I'm ready to go. 1st thing is for me to get my own place. I'd like to buy instead of rent because I don't want to pay someone else's mortgage.

I'm thinking of selling my car & cash out some of my 401k to buy a house. My thought is to put down 3.5% for a FHA loan then make a big payment towards the principal to reduce long-term interest.

Anything wrong with this thinking or anything else I should consider?

I racked up about $20k in credit card debt due to a confluence of things happening at once (move, school expenses , etc ). I have a fair amount of paper assets but not a much free cash. Assets are down a decent amount with the current market cycle and I’d prefer not to sell them to cover the debt , although they easily could. Any suggestions how to handle the credit card debt without racking up tons of ongoing card interest?

like

I have a LOT of credit card debt. It has just grown over time and I can’t find my way out. I’m considering debt consolidation, specifically a company called National Debt Relief which seems legit but I’m just so hesitant because I’m scared to make my situation worse. Or a personal loan to pay off all the CC debt and then have a smaller all in one payment. I’m intelligent and I work in finance, it’s so embarrassing. HELP.

like

For those of you that currently pay 30% of gross income towards rent, do you still have money to save? I’m moving to NYC and am used to paying only 15%. Pay is now 125k base so I’m looking for apartments around 2800-3k

like

Have about 5k to invest - should I do FXAIX or FSKAX?

like

Why do 403b have such I fees? I almost want to stop contributing all together or just minimum 6% to meet the match. Possibly just rely on the pension but what if it’s underfunded when I retire?

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal