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momofthreeboys

momofthreeboys Senior Member

3,230 Points 6,134 Visits 15,328 Posts
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  • Re: Al Franken Accused

    I knew this guy when we were young. Knowing him then, I imagine he's not all that different now and I can easily forgive. Different time. Different place. I think his response was appropriate and heartfelt. Great guy, make no mistake about it. .
  • Re: Rental properties - asset or business?

    The property is an asset since they use Schedule E. I used the value that our rentals could be sold in 48 hours. And you would deduct any remaining mortgage amount from that. I had a friend who is a real estate agent pull me comps each year that I held onto in case I ever got questioned and to establish value when I used Schedule E. There are many different ways to do this, but obviously you want the lowest possible value within what the government allows on the FAFSA You'll get everything you need from their income tax if you are filling thr FAFSA out, but the value of the rental property is probably nowhere in the tax return so you'll need your parents' help with that.
  • Re: Rental Properties only source of Income but have equity

    If you use schedule c you will get dinged. We derive a good chunk of cash flow from our rentals that sustain us and our rentals are the largest chunk of our retirement so the idea of equity loans was not advised...it is no different thAn taking loans from a 401k. We figured out how much we could actually pay out of income and went from there because our EFC is high.

    We have 3 kids so we have been making tuition payments for a decade with another semester to go. It blows my mind how much money has been spent and the fact that it was almost half our annual cash inflow but it is also gratifying to know just how hard we were able to clamp down on spending and how frugal we could be and it made me feel safer about retirement. We did have to lower voluntary saving this entire time but the properties were not simultaneously burdened. In the middle of all this I took a step back job for the benefits so that dropped medical insurance hugely increasing cash flow and the small salary paid the household bills and still make small deposits to a 401k and fund an HSA. Your mileage may vary and my advice is to keep your eye on the endgame. If your budget is in the neighborhood of $30,000 there are tons of options for colleges and if your kids can max out college loans you can probably manage out of current income if you aren’t saddled by personal debt outside the rentals.

    We found the most interesting thing was our expected costs were virtually the same from instate public’s (full pay) and the privates that were on the kids’ lists. Good luck!
  • Re: NYT article: ‘Willing to Do Everything,’ Mothers Defend Sons Accused of Sexual Assault

    men who blamed their victims were more likely to be repeat offenders

    I don't see blaming someone as the same as defending oneself from an inaccurate accusation. I think it's a fine distinction. Blaming is assigning fault for an action, most of the he said/she said cases the accused is defending and saying it didn't happen the way the accused is stating not blaming someone for something. A fine distinction but important. It's entirely possible parents are blaming accusers, or the university or in the case of Drew Sterrett, the accuser's mother, for all the trouble that has gotten stirred up, or the legal bills or whatever, but I don't see the accused heaping blame on the accusers...mostly trying to defend themselves and never set eyes on the person (unless you are the field goal kicker and his GF). If I had to fork out a ton of legal bills because the uni played fast and loose with the facts, I'd probably go after the university and blame them for doing a crappy job through a civil case. .As a mom, I'd probably just mentally write off the accuser unless the accuser defamed or harassed or continued to defame and harass as in Mattress Girl situation, then my gut would want to go after that situation figuring the cra-cra crossed the line.
  • Re: Prepay room deposit before acceptance to school

    If it refundable, if dorms are full with some less desirable options and deposited students will get more desireable housing and if assuming the application is because it is a good choice for the student, I would pay it. But non refundable is a questionable practice indeed.