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Messages - JunkYardUnz

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Goods For Sale/Trade / Re: Marriott Certs Sale
« on: January 18, 2021, 08:36:52 AM »
Looking for 3-4 night at category 8 ritz Bal Harbour.
Looking to pay around $400 a night.
Is there such a thing as cat 8 certificate for anything other than 7 days?

Destination Guides And Trip Planning / Re: South Florida Master Thread
« on: January 14, 2021, 09:21:11 PM »
Can someone point to staying in hotel for Shabbos thread. More specifically the St Regis if there is a dedicated thread.

$350? Donít mean to low ball you. But Iím not really looking for a 17in, but if itís dirt cheap I would take it for $350

Credit Cards / Re: Free Upgrade to Hilton Aspire
« on: December 19, 2020, 11:51:18 PM »
I upgraded with these terms but now I just downloaded the user agreement on my account and it says I will be charged $450 annual fee on Feb 1st.

"Annual Membership Fee None; however, as you have been previously notified, your Annual Membership Fee will be $450 as of February 01, 2021."
Iím in the same boat. Any updates? Iím thinking just wait until the annual fee bills and then play dumb. This way I get the airline fee credit twice...

Credit Cards / Re: Chase A/A Master Thread (Now With Poll)
« on: December 19, 2020, 10:05:55 PM »
I signed up for a Ink card and for whatever reason for I didnít start using it right away and now I only have two bill cycles to spend $7,500, my credit line is only $3,000. Whatís the best way to pay down your balance mid cycle without triggering any adverse action. I apologize in advance I didnít read thru the whole tread, but remember reading way back when that paying early before the statement closed is a trigger.

Credit Cards / Re: Points/Miles Values NO BUYING/SELLING ALLOWED
« on: December 17, 2020, 10:26:08 AM »
Takes under 10 min the whole thing
But Iím assuming you need to apply for a Amex Card as well.

Credit Cards / Re: Points/Miles Values NO BUYING/SELLING ALLOWED
« on: December 16, 2020, 08:43:57 AM »
I finally went with the Amex Platinum Schwab .0125 AmEx redemption
I am sitting on a lot of points and can't get better value nowadays
Signed up for the Platinum card right after opening the Schwab brokerage and checking account
So AmEx @ .0125 per point it is
How does the Schwab redemption work? Do you need that Amex card and a Schwab account?

Credit Cards / Re: Free Upgrade to Hilton Aspire
« on: December 14, 2020, 01:28:57 PM »
the $95 card doesnít come with an airline credit
Yeah itís odd where the $95 proration comes into the picture when the cardís annual fee is $450. Maybe they meant to offer it on $95 but screwed up :).

Credit Cards / Free Upgrade to Hilton Aspire
« on: December 14, 2020, 12:14:47 AM »
If you have a free Hilton card you may be able to upgrade for free to the Hilton Aspire card. Free for first year and the after that $95 prorated until next anniversary date.

You need to login into your account and check for prequalified offers.

If you sign up now in December you can triple dip on the benefits such as $250 airline credits...

Depreciation Question - Is it true that the inheritors can depreciate anew based on a new step up cost basis, even if the current property ownership entity already fully depreciated the property? Yes

How does it work with different inheritors inheriting different portions at different points in time with different cost basis? Not sure how that's possible but it FMV at date of death or an alternate valuation date which I believe is 6 months after date of death.

Is it possible to depreciate property on shareholder k1 level and not on entity level? Yes on multi tiered partnership, but double check that because the rules changed last year with the new k1 line items. 

If not, and must be done on entity level, is it possible to separate if it's done on entity level? It can be pushed down to the "entity level" and specially allocated to that partner.

What if for whatever reason, one partner wants depreciation and one doesn't for whatever it possible to separate? Short answer is no, but you may be able to get that result with multi tiered structures.

Would it make any difference if property was gifted in lifetime? Yes, no step-up if it's a gift.


I tried my best, but I made some assumptions on the facts that were missing. If the numbers are material, do yourself a favor and get some real advice from someone who know this stuff. Most sole practitioners won't know how do this. 

If I currently live and work in New York and buy a home in a different state do I need to file taxes in both states or just file NY taxes?
If your primary residence is NYS then you only need to file in the other state if you earned income in/from (loose terms) that state.

You need to think of it as follows. Your state which is your residency state taxes all your income (subject to some formula for taxes paid to other states on that income)and every other states only taxes income earned in that state.

If I currently work for a company based in NY - but then move to Florida and work from home.. do I still need to pay NY State and City tax?
NYC no, you never needed to pay NYC taxes unless you lived there. NY taxes depends if you are working remotely for your convenience or for your employers. If itís your convenience and your employer does not require you to work there you are still liable for NYS taxes.

Credit Cards / Re: Chase Reconsideration
« on: October 25, 2020, 11:44:23 PM »
AFAIK there is a state fee to open an LLC even without registering for an EIN.

Would love to be proven wrong on this though  :)
Technically itís state law that control the formation of entities. When you complete the SS-4 you are supposed to have registered your name with the state already. For registering the state charges (NJ $125). What you can do is skip that step and just register for a EIN. Your are probably not a LLC but as long as you show Chase the EIN letter youíre good to go.

Credit Cards / Re: Chase Reconsideration
« on: October 25, 2020, 12:27:13 AM »
Not true.
Did you read the last sentence?

Credit Cards / Re: Chase Reconsideration
« on: October 25, 2020, 12:23:32 AM »
applied for business ink cash as sole prop under my name and they requiring "proof of legal name and physical address of business".

i have none of the above and is why i applied under my name as recommended on DDF. i had an ink preferred 1-2 yrs ago w/o this issue.

called recon after öending my drivers license, and lending dept said is not sufficient as needs business name and adress. i explained that have none and is why i applied as sole prop under my name as business name. still turned down.

Open up LLC online. It take 19 min and does not cost anything. You will get a EIN letter which is sufficient proof. If you want to do it right you need the register with the state which may cost you something ( NJ $125)

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