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Nathan K

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Questions9
  • Do I need to fill out an 8606 if I do an immediate conversion?

    Since I don't qualify to be able to contribute to a Roth because of my income, if I fund a non-deductible IRA and immediately convert it to a Roth to get around the rule, do I still have to file an 8606 next year? This seems like a really stupid bureaucratic step. Why don't they just get rid of the income limit?

    1 AnswerUnited States9 years ago
  • Thinking of renting second house... what are tax consequences?

    I'm getting married this year, but we both own houses. Hers is a condo, mine is a townhouse where I own the land too. We're thinking about renting out her place because we probably won't be able to sell it anytime soon (plus, we'd sell it at a loss because she bought at the top of the market and it's now worth less than what she owes).

    Her mortgage payment is around $2600/mo. There is no way we're going to be able to rent it out for nearly that much. We were thinking we'd be lucky to get $2000/mo. That wouldn't even cover the interest she's currently paying on her mortgage (which is about $26k/yr).

    I know that any rental income we get is taxable, but we can deduct expenses like maintenance, insurance, etc. as well as the depreciation.

    My question is if it's a rental property, can we still deduct the mortgage interest from our personal taxes, or does that become a rental expense?

    Also, where do you claim property taxes on that property, as a rental expense or on Schedule A as "taxes you paid"? Obviously you can't claim it in both. If it's a wash, are there benefits of putting it in one over the other (e.g. AMT limits, personal deduction limits...)?

    5 AnswersRenting & Real Estate1 decade ago
  • Thinking of renting second house... what are the tax implications?

    I'm getting married this year, but we both own houses. Hers is a condo, mine is a townhouse where I own the land too. We're thinking about renting out her place because we probably won't be able to sell it anytime soon (plus, we'd sell it at a loss because she bought at the top of the market and it's now worth less than what she owes).

    Her mortgage payment is around $2600/mo. There is no way we're going to be able to rent it out for nearly that much. We were thinking we'd be lucky to get $2000/mo. That wouldn't even cover the interest she's currently paying on her mortgage (which is about $26k/yr).

    I know that any rental income we get is taxable, but we can deduct expenses like maintenance, insurance, etc. as well as the depreciation.

    My question is if it's a rental property, can we still deduct the mortgage interest from our personal taxes, or does that become a rental expense?

    Also, where do you claim property taxes on that property, as a rental expense or on Schedule A as "taxes you paid"? Obviously you can't claim it in both. If it's a wash, are there benefits of putting it in one over the other (e.g. AMT limits, personal deduction limits...)?

    2 AnswersUnited States1 decade ago
  • More than just savings or CDs?

    I want to know what to do with my extra money that will give me more than just 5-6% in a savings account or another CD.

    I am currently...

    - Maxing out my 401k ($15,500/yr)

    - Fully funding a Roth IRA when I fall under the income limit (4k/yr)

    - Fully funding a non-deductible Traditional IRA to roll over to a Roth in 2010 when I'm over the income limit (4k/yr)

    - Have 6+ months of emergency living expenses in an online savings account earning 4.5%

    - Have multiple CDs earning around 5%

    - Have some money in a brokerage account to buy stocks for fun and speculative picks (meaning I wouldn't care if I lost it all)

    - Investing in 529 plans for my niece and nephew.

    - Giving >10% of my income to charities

    I'm single and don't have a lot of expenses and I want to do more with my money than just have it sit in savings. I don't have enough to purchase property, though (not that I would in this market right now).

    Any advice?

    6 AnswersPersonal Finance1 decade ago
  • Ford E-350 15 Passenger Van Maintenance?

    Our church has a Ford 15 Passenger van that gets used maybe once a week. It is about 10 years old but only has around 50k miles on it. I have been tasked to maintain it, but I don't currently know the maintenance history, and it doesn't look like anyone kept track of it.

    So actually, two questions:

    1. What should I get done to make sure it's running okay - that nothing's been severely neglected over the years.

    2. Given that it's driven so rarely, when making up a maintenance schedule for the future, what should I consider? Are there things you need to do more often or periodically because it's driven so rarely to make sure that it will continue to run okay?

    4 AnswersMaintenance & Repairs1 decade ago
  • How do I make a little bit of money very slowly?

    I want to make money but at a reasonable rate through hard work, discipline, and dedication. I am a very good saver and don't spend a lot of money on worthless things.

    I have a lot of money to invest but am afraid that making rational decisions and not feeling the world owes me something for simply breathing will make me rich someday.

    I'm asking this because it seems that every other person asking questions seems to want to know how to make a lot of money really fast, and I figure since it's been asked enough times, most people should already be experts at it.

    6 AnswersPersonal Finance1 decade ago
  • Who will gouge their eyes out if they read another question from a teenage girl asking "Does he like me?"

    There should be a template that generates a random number that chooses between "yes" and "no" and be done with it.

    7 AnswersSingles & Dating1 decade ago
  • Can being in a relationship cause you to lose your appetite?

    Ever since I started dating this girl a few months ago, I've been eating less and less and losing a significant amount of weight. I don't eat nearly as much as I used to. I used to be able to clean my plate, but these days I can rarely finish my meals. I actually physically feel full quicker. Has this happened to anyone else?

    1 AnswerSingles & Dating1 decade ago
  • Can being in a relationship cause you to lose your appetite?

    Ever since I started dating this girl a few months ago, I've been eating less and less and losing a significant amount of weight. I don't eat nearly as much as I used to. I used to be able to clean my plate, but these days I can rarely finish my meals. I actually physically feel full quicker. Has this happened to anyone else?

    3 AnswersOther - Health1 decade ago