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Old 04-01-2008, 07:54 PM
 
Location: Forests of Maine
30,671 posts, read 49,423,020 times
Reputation: 19124

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Quote:
Originally Posted by NYLifes2shrt View Post
Thanks for the info! I am seeing my CPA tomorrow and pay attention to that more. I think what I learned is I need to gain more tax knowledge as you have. I have been counting my CPA for everything and just let him make the decisions. I don't remember if in 2006 there was a decpreciation loss taken on my property...prob did, but that's how much I wasn't aware.

In new york to own 4 /5 plex is sooooooooooo costly!!! It's too scary to invest so much of what I have now into it....well have to think about this.
We have never owned in NY.

I will say that at times we have done a lot of searching to find just the 'right' place.

1. Capable of holding tenants immediately.
2. a long list of needed repairs,
3. all repairs things that I am capable of doing.

'Owner Occupied' really changes the attitude of building inspectors and fire marshals.
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Old 04-02-2008, 02:25 AM
 
16,437 posts, read 19,129,232 times
Reputation: 9518
Hmmm. You are on the verge of making me consider working in retirement. That sounds like an attractive enterprise. Hmmm...
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Old 04-02-2008, 03:24 PM
 
402 posts, read 937,298 times
Reputation: 117
Quote:
Originally Posted by NYLifes2shrt View Post
Thanks for the info! I am seeing my CPA tomorrow and pay attention to that more. I think what I learned is I need to gain more tax knowledge as you have. I have been counting my CPA for everything and just let him make the decisions. I don't remember if in 2006 there was a decpreciation loss taken on my property...prob did, but that's how much I wasn't aware.

In new york to own 4 /5 plex is sooooooooooo costly!!! It's too scary to invest so much of what I have now into it....well have to think about this.
Hey, just left my CPA and I found that I could not take advantage of the depreciation because of my yearly income (higher than six figures). It worked for you but not me, but I did find that does accumulate and when I am ready to sell it could be applied then. And she also said that before I decided to sell then live in the property for two years and I could fully apply the deprecation against my personal taxes and not pay the capital gains up to $250k...

So, thanks for bringing that up...I learned a lot, but I was wondering how I could pay zero taxes, but I make too much. Now I know! Also, an FYI to others that read your post.
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Old 04-02-2008, 03:29 PM
 
402 posts, read 937,298 times
Reputation: 117
Quote:
Originally Posted by NYLifes2shrt View Post
Hey, just left my CPA and I found that I could not take advantage of the depreciation because of my yearly income (higher than six figures). It worked for you but not me, but I did find that does accumulate and when I am ready to sell it could be applied then. And she also said that before I decided to sell then live in the property for two years and I could fully apply the deprecation against my personal taxes and not pay the capital gains up to $250k...

So, thanks for bringing that up...I learned a lot, but I was wondering how I could pay zero taxes, but I make too much. Now I know! Also, an FYI to others that read your post.
LOL!!! BTW, I feel like I am always getting screwed the by IRS. I asked my CPA what I could do differently and she said nothing...this is after 3 CPA's opinion. But my ears are always open...maybe one day I will find that secret ingredient based on my income. I hate paying taxes....
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Old 04-03-2008, 05:07 AM
 
16 posts, read 46,179 times
Reputation: 13
If you asked me in Dec (when I decided to retire this coming July) I would have said a million
If you ask me now (or in mid July) I would say a few thousand less than that
The stock market sucks!
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Old 04-03-2008, 06:10 AM
 
16,437 posts, read 19,129,232 times
Reputation: 9518
MILLION!! Seriously green with envy...
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Old 04-03-2008, 09:41 AM
 
1,861 posts, read 3,023,912 times
Reputation: 559
Well, I did one of those retirement calculators the other day, and if I put away 125% of my salary each year, I can retire comfortably. LOL
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Old 04-03-2008, 11:45 AM
 
22 posts, read 83,264 times
Reputation: 18
Default Shocked

It is SHOCKING the amount of people that retire in their 40's and 50's on this post.

Also the monthly pensions seem to be much higher that the avg retiree.

My retirement after 30 years with a fortune 500 company is $9000 per year.
Our savings is $500K with no mortgage.
Our SS combined is $34K per year.

We pale in comparison to the avg retiree in this post. I always thought that we were better off than most of our fellow retirees in FL.

My guess is that the avg and below avg retiree does not use this Forum.
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Old 04-03-2008, 12:25 PM
 
29,764 posts, read 34,851,819 times
Reputation: 11675
Quote:
Originally Posted by jimboy View Post
It is SHOCKING the amount of people that retire in their 40's and 50's on this post.

Also the monthly pensions seem to be much higher that the avg retiree.

My retirement after 30 years with a fortune 500 company is $9000 per year.
Our savings is $500K with no mortgage.
Our SS combined is $34K per year.

We pale in comparison to the avg retiree in this post. I always thought that we were better off than most of our fellow retirees in FL.

My guess is that the avg and below avg retiree does not use this Forum.
I think the average and below average may use this forum but they don't post whattheir income is. You tend to share the good and keep mum on the not as good.
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Old 04-03-2008, 12:45 PM
 
Location: Forests of Maine
30,671 posts, read 49,423,020 times
Reputation: 19124
Quote:
Originally Posted by jimboy View Post
It is SHOCKING the amount of people that retire in their 40's and 50's on this post.

Also the monthly pensions seem to be much higher that the avg retiree.

My retirement after 30 years with a fortune 500 company is $9000 per year.
Our savings is $500K with no mortgage.
Our SS combined is $34K per year.

We pale in comparison to the avg retiree in this post. I always thought that we were better off than most of our fellow retirees in FL.

My guess is that the avg and below avg retiree does not use this Forum.
Each of us gets our pension, whenever dictated by our profession.

Most of the guys that I have worked with who got their 20-year pension, went on to work in follow-on careers. They simply had no house paid off, and no other income streams coming in. So they generally have had to continue working in other careers.

The only reason that I was able to retire on my pension, has been because we could afford to tap our portfolio to buy our retirement home, and still have enough left in it to continue growing.

I may have retired at 42 but I do not see it as 'shocking'.

A lot of folks get their first pension at 38. In many career fields getting a pension at 38 is the norm.
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