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Thoughts on personal loans to consolidate Debt?
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Quick qstn - I'm receiving HRA of 24075 from my employer but I would like dhow the rent paid as 96k p.a (while filing ITR). Even if I do so, I was only able to get exemption of 24075 from gross. Checking if we can speak to payroll department to increase Actual HRA since I'm actually paying more rent than compared. Will I be able to do so ?Deloitte Newco EY Accenture Genpact KPMG
Roth vs Traditional 401k, thoughts?
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Any Property Management recs in Seattle area? :(
Smart Connected Products team within Industry-X of Accenture Capability Network is looking for folks with relevant work experience (Consulting, Connected Products and Platforms, Product Management, Innovation, Urban Mobility, Smart Cities etc.) of 8+ years (including pre-MBA experience) for executive positions - Level 7 & above.
Please reach out to me if you have a relevant profile.
You can DM me and I can share the JD.
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I think it's the one in New York
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Coach
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How much you are saving for them minus what they’d have saved if they didn’t have you. Charge them that amount, assuming it’s a positive number.
They are your parents. I would do it for free and be happy that I can actually help them while they are alive.
If they decide to give you a "gift" for all your hard work, and want to expense that to reduce their taxes, I think that is fine. But I wouldn't ask for any money at all from them.
No. Do not charge your parents.
Coach
Did they charge you for 18 years of upbringing? Maybe it’s a push?
Which is cheaper and quicker than college+internship... I'd leave that money you think they owe you in the estate to grow under your guidance. Then benefit from an inheritanting trustee role rather than straight inheritance.
Do not charge please
What's the point of 1031 if they are looking to convert assets to cash? Maybe I'll learn something.
In general, I find people pay me money when I have performed a contracted service. I have not found that they give me money otherwise.
Subject Expert
There’s a lot of reasons to exchange a property. Reposition asset classes, reposition geographically, or even just switching to a property with less hassle. If the 4plex has been owned for awhile, they might be facing major capital improvements. I could imagine going from a 4plex to a SFH + casita or even a duplex in a nicer neighborhood that was more updated could drastically increase revenue with lower ongoing expenses.
Maybe don't be a burden on the economy and pay the tax.
What, you got a problem with hoarding 20+ houses when we have a housing shortage and then avoiding your fair share of taxes? Come on man
Just to add, I’m not going to charge them for the advice, I wanted to charge them for all the work and transaction of selling the property, research as to 1031 exchange and then purchasing the replacement property. It will probably be easily 50-100 hours of work over the span of 3-6 months. I will save them approximately 250k. My question is if it’s fair to charge a portion of the savings, not the sale proceeds, if so how much?
As a former realtor, you charge a commission for the sale. Of course, you need a real estate license for that. The advice about the 1031 is free. Leave that to an accountant to finish up. They will not charge a commission for saving them money since that's they're job. They will simply charge their rate. If you and your parents need more advice, then you and they should consult an attorney for a flat fee.
You'll learn a great deal and make a buck or two.
Or wait, have you been watching Ballers on Netflix lately? Okay, tell them they should pay you 3% of what they invest with you. The savings is free but they have to sign up as a client.
Imagine if your best friend said, that TV you want to buy is on sale for $300 less at a nearby outlet. You should pay me half of the savings for telling you this.
In fact, how much are you going to pay everyone who gives good advice on this post? Maybe we should all be discussing our payouts.
Pls don't charge your parents (leave it to their discretion if they give you something) it's funny to me cuz I'm thinking wouldn't you still stand to gain from the other properties when they pass? You want to profit now and in the future? Wow what if they said we will take the profits you get now from ur future inheritance stop being so transcation! The heck
Depends on what you actually did regarding the advice. If you looked up a few things on google and repeated what you heard I might treat you to dinner. If you actually helped fill out the forms, file them and follow up I would give you typical professional comp for such a service. I wouldn't give you any sizable percentage.
I think it would also depend on how much cash is in hand. If the deal transfered digital money from one property right into another and locked it up in eqhity I wouldn't pay anything because none of my upside would be liquid.
I am sure with that type of investment portfolio you have benefited from a wide variety of perks. Take the good will points and don't get tripped over this transaction. Also, if you plan to charge someone, negotiate that up front, don't drop a bomb on them after the fact.
Leave the olds alone, have some class.
If you are an “Associate “, advising your parents on 1031, I’m pretty sure your going to cost them more $$$$$.
Subject Expert
Are you acting as their realtor? If so, then take the commission and run.
If you’re just trying to get paid as a “consultant”, then maybe I could see getting tossed a $500 or $1k consulting fee as a “thanks”. But any good realtor could have given them very similar advice just to help land the listing.
It will be yours one day. Pass on the petty charges.
Personally, I would never charge my parents - or any member of my family - for my business expertise. As a real estate agent, I would advise a retiring couple in this situation to work with an accountant who specializes in business taxes and an attorney who specializes in 1031s, if that is what they decide is best for them. Hopefully, with 22 units they already have trusted advisors, but if not, I would assist them in finding great specialists. However, it is perfectly fine to just pay capital gains and use the money however they see fit. Sometimes the best investment people can make is in quality of life. Please congratulate your parents on running a successful rental business and encourage them to enjoy their retirement years.
Should they charge you for raising u and providing u food and shelter for 18 years?
Or they could get the info from their CPA that doesn’t need to research this information!and if they don’t have one then find one that can help them with this. You want your parents to pay you for research? The information is online for free, the implementation of following all the rules of a 1031 exchange and reporting it properly on the tax return is the real risk.
Just no. That’s it.
Are you actually saving them taxes, or just deferring the tax bill further into the future?
Anyway, I don’t see an ethical concern with charging them given they have so many rental properties
1031 exchanges defer the capital gains tax and the idea is to defer it long enough to pass it to your kids who get a step up basis on it
Charge them about 10 to 15 percent depending on the revenue