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Personal Finance Advice and Education!

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51 minutes ago, ghostguy123 said:

Somewhere where wagers are higher to offset living expenses.

Sure. But nobody likes to talk about that. ;)

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7 hours ago, culdeus said:

Property tax is my biggest expense.   Easily. 

I put about 35% down, but (Property + School) > Mortgage by about $50 a month.

We are transitioning from double income to single income over the next six weeks. Never had to really budget because there was more than enough.

That has to change.

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1 hour ago, ghostguy123 said:

Somewhere where wagers are higher to offset living expenses.

There are NJ counties with property taxes that are easily triple, maybe up to 5x, taxes in eastern PA counties. Wages aren’t providing much of an offset in those situations. 

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imagine paying property tax but the schools in your district suck so you have to pay private tuition!

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21 minutes ago, Tiger Fan said:

imagine paying property tax but the schools in your district suck so you have to pay private tuition!

Sounds like you should move to a different district. 

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1 minute ago, ConstruxBoy said:

Sounds like you should move to a different district. 

Not worth it.....was just posting for perspective.  Love where I live.

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Our annual property taxes are $3300 on a (zillow estimate) $350K house.  But it's bufo Ohio.

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I never had an issue paying high property taxes in NJ.   In return we have some of the safest towns and best public schools; cops and teachers cost money.   Other than payroll taxes which for the most part you're getting back, with 2 kids in school, I think property taxes give me the highest ROI of all the taxes I pay.   

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3 hours ago, -OZ- said:

Where? 

One nice thing I guess about living here, annual property taxes are less than our food budget for 2 months.  Almost equal to one month's principal and interest for the mortgage. 

Texas, Dallas

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1 hour ago, Random said:

Our annual property taxes are $3300 on a (zillow estimate) $350K house.  But it's bufo Ohio.

$1500 on a $350k house. Schools rank 46 out of 10,768 public school districts nationwide. 

But it's Alabama.

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WTF? I need to move. 

$4500 on a $210k house. (goes up every year)

Omaha, Nebraska.

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I pay just under $9,000 in property taxes.

Home value on auditors site is $315,000, taxable value is $110,000.  Zillow estimate is $390,000...which shows how different these things can be.

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1 hour ago, culdeus said:

Texas, Dallas

But you also have no state tax. And iirc pretty low sales tax rates. 

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4 minutes ago, Bob Sacamano said:

But you also have no state tax. And iirc pretty low sales tax rates. 

Define low.  It's like 8.25% for sales tax. 

 

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31 minutes ago, xulf said:

I pay just under $9,000 in property taxes.

Home value on auditors site is $315,000, taxable value is $110,000.  Zillow estimate is $390,000...which shows how different these things can be.

My taxable value is higher than Zillow.  Because Zillow can't seem to recognize when people are selling their lots vs their houses. 

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5 minutes ago, culdeus said:

Define low.  It's like 8.25% for sales tax. 

 

 relatively low imo

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7 minutes ago, culdeus said:

Define low.  It's like 8.25% for sales tax. 

 

Or apparently ours is relatively high. N/m

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1 hour ago, -OZ- said:

$1500 on a $350k house. Schools rank 46 out of 10,768 public school districts nationwide. 

But it's Alabama.

What city? I have friends in certain cities of Alabama (Mobile, etc) where public schools are a non-starter. 

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Property taxes for me are around $4,500 on a $450,000 house.  I think IN is capped; I haven’t lived here too long and honestly can’t remember.  I do live in one of the best school districts in the state and one of the safest.  So I’m fine with it. 

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7 hours ago, RUSF18 said:

There are NJ counties with property taxes that are easily triple, maybe up to 5x, taxes in eastern PA counties. Wages aren’t providing much of an offset in those situations. 

The highest property taxes (at least back in 2012 when I put a lot of time an effort into studying it) is NJ counties, then mix in NY counties followed by Illinois... then it starts getting mixed up pretty well. But NJ easily lwad the nation in highest property taxes.

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4 hours ago, culdeus said:

My taxable value is higher than Zillow.  Because Zillow can't seem to recognize when people are selling their lots vs their houses. 

Zillow sucks. It should never even be looked at as it does more harm than good in having any understanding of a real appraised value of a property. 

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On 12/14/2019 at 3:00 PM, Chadstroma said:

Zillow sucks. It should never even be looked at as it does more harm than good in having any understanding of a real appraised value of a property. 

What should the general public look at?

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On 12/14/2019 at 10:16 AM, Judge Smails said:

What city? I have friends in certain cities of Alabama (Mobile, etc) where public schools are a non-starter. 

As Oz noted, his district is way up there nationally.  Mine is #133 in the country, right behind his. Basically top 1%.   Some good districts in Madison, around Birmingham, and Auburn.  Heck, my high school just built the biggest band center of any HS outside of Texas.  Just for reference for that privilege I paid $85/sq.ft. for my place a few years back.

And, most importantly, the #1 district for athletes in AL.  :boxing:

 

On 12/14/2019 at 12:32 PM, -OZ- said:

We're #5, and spend a lot of time in #1

Louisiana takes pride in being at the top - I doubt we ever get higher than they are.

 

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14 hours ago, Random said:

What should the general public look at?

Realtor.com snd homesnap.com are directly tied into MLS (what realtors have for listings).

For valuations, short of paying for an actual appraisal your best bet is with a realtor to give you a comparative market analysis which you can get for free from realtors seeking to be your listing agent if you are selling. If you a buying, they don't really do a formal comparative market analysis but would guide you on what they think home value is worth based on comps. For knowing your value for any other reason, checking realtor.com or homesnap.com for most recent, nearby homes sold that are most like yours and adjusting for things (is that house larger or upgraded over yours etc) to give a ballpatk. Zillow will do more harm than good most times in letting you know your homes fair market value.

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38 minutes ago, Chadstroma said:

Realtor.com snd homesnap.com are directly tied into MLS (what realtors have for listings).

 

Need to sign up for homesnap, no thanks. Although the details are accurate for my house. 

Realtor.com is off my 2 bathrooms and 900', value listed is pretty close what we paid a few years ago.  I'm not sure why it would be significantly off if linked to MLS

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2 minutes ago, Long Ball Larry said:

but you have no income tax

Ehhh I don't really count that as an expense but yeah, that is more.   I just don't pass thru that line item to my budget. 

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24 minutes ago, culdeus said:

Ehhh I don't really count that as an expense but yeah, that is more.   I just don't pass thru that line item to my budget. 

Nope. It just lowers the income.

I don't budget for anything before take home income.  Which makes for a nice gift in tax return time. 

Estimated again today, we'll get around $900 back (federal, probably $100-200 for state). I'll take it, even if it is a loan to the gov't. 

Oh, and we both got $2 back from last year recently. 💰

Edited by -OZ-

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2 hours ago, -OZ- said:

I don't budget for anything before take home income.  Which makes for a nice gift in tax return time. 

I have my exemptions at zero and still owe somehow.  I guessed this year on a distribution that will hopefully keep me out of penalty range.  I barely missed on state last year and had to pay a $2.75 penalty.  So close.

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51 minutes ago, Sand said:

I have my exemptions at zero and still owe somehow.  I guessed this year on a distribution that will hopefully keep me out of penalty range.  I barely missed on state last year and had to pay a $2.75 penalty.  So close.

You need some kids. 

We go from over 12% taxes (on AGI) to less than 2%. 

Edited by -OZ-

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7 hours ago, -OZ- said:

Need to sign up for homesnap, no thanks. Although the details are accurate for my house. 

Realtor.com is off my 2 bathrooms and 900', value listed is pretty close what we paid a few years ago.  I'm not sure why it would be significantly off if linked to MLS

Is your home listed currently? 

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Sale of shares from an ESPP does NOT incur any kind of tax penalty, correct? It just amounts to cap gain or ordinary income, depending on holding period?

Have some ADRs from one of my wife's early employers, and I'm not going to say I forgot about them but... we were much dumber in our 20s and I think we went paperless at some point. I guess paperless only applies until they don't want your administrative costs anymore.

Apparently they become unsponsored ADRs shortly if I do nothing, and I don't think that's something I care to deal with. I'm leaning towards just selling them, but I can't say I've spent any time ever dealing with or giving thought to ADRs. Or ESPPs, for that matter.

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17 minutes ago, Chadstroma said:

Is your home listed currently? 

No, if it were I'd probably have a realtor just tell me how much it's worth. 

I'd have assumed accuracy of a description if it's linked to MLS. We didn't add a room after we bought it.

Edited by -OZ-

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12 minutes ago, Bob Sacamano said:

Sale of shares from an ESPP does NOT incur any kind of tax penalty, correct? It just amounts to cap gain or ordinary income, depending on holding period?

Have some ADRs from one of my wife's early employers, and I'm not going to say I forgot about them but... we were much dumber in our 20s and I think we went paperless at some point. I guess paperless only applies until they don't want your administrative costs anymore.

Apparently they become unsponsored ADRs shortly if I do nothing, and I don't think that's something I care to deal with. I'm leaning towards just selling them, but I can't say I've spent any time ever dealing with or giving thought to ADRs. Or ESPPs, for that matter.

ESPP usually just means you buy stock at a lower price, and your basis simply reflects that.  It's not a big deal.

Sell the ADR and if you can't establish a basis you probably need to just say the basis is 0.

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43 minutes ago, -OZ- said:

You need some kids. 

We go from over 12% taxes (on AGI) to less than 2%. 

I have kids.  Difference between you and me is you have a whole softball team of 'em. :P

My tax rate effectively went up last year due to the restructuring of personal exemptions, etc.  I ended up right on the line for the standard deduction (24k), which is the worst place to be.  This year I'm putting in next year's charity monies to boost deductions this year way into itemized territory and be way below next year.

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12 minutes ago, -OZ- said:

No, if it were I'd probably have a realtor just tell me how much it's worth. 

I'd have assumed accuracy of a description if it's linked to MLS. We didn't add a room after we bought it.

How long ago did you buy it? I am not sure how long it has been since they were connected and I don't think MLS keeps data ongoing on homes. I am wondering if you bought before it was connected to MLS and thus never had the real listing info or when you bought the house the MLS sheet was wrong (unusual but not unheard of)

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I wound up selling a bunch of company owned stock earlier this year and now that I see what tax bracket I'm in, I'll likely owe a lot for 2019 taxes.  'It is what it is' on quarterly timing penalty, but should I send the govt a bunch of money now to minimize tax penalties, or just roll with it? 

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22 minutes ago, Brony said:

I wound up selling a bunch of company owned stock earlier this year and now that I see what tax bracket I'm in, I'll likely owe a lot for 2019 taxes.  'It is what it is' on quarterly timing penalty, but should I send the govt a bunch of money now to minimize tax penalties, or just roll with it? 

This happened to me once.  Just send the estimate in now even inside this quarter.  Try to get yourself to a situation where you are 99% sure you'll be owed about 1k no matter what before penalties.  It's based on a fixed % that you are underpaid, and often that won't trip if you make estimated 4Q tax payments.  

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4 minutes ago, culdeus said:

This happened to me once.  Just send the estimate in now even inside this quarter.  Try to get yourself to a situation where you are 99% sure you'll be owed about 1k no matter what before penalties.  It's based on a fixed % that you are underpaid, and often that won't trip if you make estimated 4Q tax payments.  

Thanks.  Just looking into this now, seems like if I've paid more in 2019 than I owed for 2018 total, then that should help avoid penalties too.  I should have stayed more on top of this as it stings now, but when I cashed out I was unemployed, so I wasn't sure where 2019 would land. 

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1 hour ago, Chadstroma said:

How long ago did you buy it? I am not sure how long it has been since they were connected and I don't think MLS keeps data ongoing on homes. I am wondering if you bought before it was connected to MLS and thus never had the real listing info or when you bought the house the MLS sheet was wrong (unusual but not unheard of)

:shrug: we bought it in 2016. Never saw the MLS listing but it's right on Zillow. The narrative is right on realtor.com but the specs are wrong - same as homesnap, so maybe it is the MLS being incorrect. 

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1 hour ago, Brony said:

Thanks.  Just looking into this now, seems like if I've paid more in 2019 than I owed for 2018 total, then that should help avoid penalties too.  I should have stayed more on top of this as it stings now, but when I cashed out I was unemployed, so I wasn't sure where 2019 would land. 

Yeah, I mean for 1040 employees that have regular withholding you have to really #### something up to end up owing a penalty.  (note: not a tax expert)

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1 hour ago, -OZ- said:

:shrug: we bought it in 2016. Never saw the MLS listing but it's right on Zillow. The narrative is right on realtor.com but the specs are wrong - same as homesnap, so maybe it is the MLS being incorrect. 

Odd. First time EVER hearing an error on realtor.com and Zillow being right. 🤣

Yea, maybe the specs were wrong on the listing when you bought back in 2016. 

Very curious.

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59 minutes ago, Chadstroma said:

Odd. First time EVER hearing an error on realtor.com and Zillow being right. 🤣

Yea, maybe the specs were wrong on the listing when you bought back in 2016. 

Very curious.

There wasn't a listing.

I was active duty Army, PCS'd here. The former owner was also active duty, got moved early. We have a mutual friend. They decided to rent it out, we were interested. Rented for about 9 months, told them we wanted to buy. Hired an inspector, got a VA loan, bought without a realtor on either end. Had a lawyer I know finish the deal. 

Former owner had bought just a year or two before we rented. I guess it could have been wrong then. 

Edited by -OZ-

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2 hours ago, -OZ- said:

There wasn't a listing.

I was active duty Army, PCS'd here. The former owner was also active duty, got moved early. We have a mutual friend. They decided to rent it out, we were interested. Rented for about 9 months, told them we wanted to buy. Hired an inspector, got a VA loan, bought without a realtor on either end. Had a lawyer I know finish the deal. 

Former owner had bought just a year or two before we rented. I guess it could have been wrong then. 

Got ya. Yea, makes sense. 

Out of curiosity... who did you get your VAloan through? 

And have you looked to refi? Should have better rate options now. 

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7 hours ago, Chadstroma said:

Got ya. Yea, makes sense. 

Out of curiosity... who did you get your VAloan through? 

And have you looked to refi? Should have better rate options now. 

Synovus, since sold to citizen one. 

I haven't seen better than 3.25 on a 30, accounting for costs (I do have a VA rating but there are still some costs). 

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