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Motronic posted:Seems the same here and further into the rural areas here. The new prevalence of WFH-forever plus the last couple decades of fast internet availability pretty much anywhere around here has fundamentally shifted the housing market. People looking to "get away from it all" are seeing even these overpriced exurban/rural properties as bargains where they get the space they want. Maybe I never met these people prior to COVID, but I don't recall anyone looking to get away from it all until last summer. I'm reading these articles about people finally being able to escape cities and I feel like I'm taking crazy pills, because I don't remember hearing anyone, ever, wishing to move to rural areas. Maybe I'm wrong but I think this is all a bit of COVID insanity and these people are going to move back when they realize they're bored.
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May 28, 2021 05:04
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tumblr hype man posted:I mean it kinda sorta makes sense? They'd probably get to near zero, or even negative tax basis income after interest, depreciation, and management fees. You should get a step up in basis when they die and you inherit it, which may avoid the depreciation recapture issues (I am not a CPA or tax attorney and this is not advice). Seems like a lot of work for everyone though. This is the real problem with it. The intent is that they want to provide 1. a house, eventually 2. passive income, because not doctor = poor. Admirable, but the way they’re going about it is strange. The obvious way to assuage their fears is assisting with a down payment when I’m ready to buy and making sure that they’re managing their finances well (please don’t try the passive income thing). The weird, roundabout, annoying way is to play landlord to your own kid and hope to high heaven they don’t gently caress off.
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May 28, 2021 05:05
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Pollyanna posted:This is the real problem with it. The intent is that they want to provide 1. a house, eventually 2. passive income, because not doctor = poor. Admirable, but the way they’re going about it is strange. Yea people like to conflate having complicated financial situations and being wealthy. It’s very dumb. They could also just save money and leave you up to $11mm estate tax free but ¯\_(ツ)_/¯
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May 28, 2021 05:24
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if you're rich and want to provide passive income to your offspring then the usual choice is just "a trust fund".
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May 28, 2021 05:25
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Buying a home in a location where the kid wants to live and letting them live there for free is also a popular option. Getting a fat mortgage and making the kid pay for it does kinda ruin it though.
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May 28, 2021 05:33
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honestly i dont know what's worse, crypto influencers or true crime makeup which I found out was a thing yesterday
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May 28, 2021 07:23
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paternity suitor posted:Maybe I never met these people prior to COVID, but I don't recall anyone looking to get away from it all until last summer. I'm reading these articles about people finally being able to escape cities and I feel like I'm taking crazy pills, because I don't remember hearing anyone, ever, wishing to move to rural areas. Maybe I'm wrong but I think this is all a bit of COVID insanity and these people are going to move back when they realize they're bored. it's every millennial watching Home Town on HGTV and taking their tech money trying to reno a run down midcentury modern in bumfuck missouri into a hot open concept flip-ready house so when they inevitably bail because they built it but the avocado toast didn't follow they have an interesting story to monetize on tiktok and be sure to like and subscribe. Some of my coworkers ranging from their late mid-30s to late 50s havew fled the city to rural areas pre and mid-covid and I would say almost every one of them did it because FOMO in the housing market and I'm pretty sure I can hear the regret bleeding through the static and digital stuttering that's all anyone can hear instead of their human voice during Teams calls made on their lovely DSL lines or satellite internet. I grew up in a small town of 1000 people and I don't care if I could find a mansion to buy I wouldn't move back. I like realizing, oh no I need to do something oh right there are still stores open past 7PM it's not just the one bar that everyone in town hangs out at because there's nothing to do.
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May 28, 2021 07:50
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Vice President posted:I like realizing, oh no I need to do something oh right there are still stores open past 7PM it's not just the one bar that everyone in town hangs out at because there's nothing to do. The alternative is to go to bed at 7PM like extremely cool people do. 
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May 28, 2021 09:43
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paternity suitor posted:Maybe I never met these people prior to COVID, but I don't recall anyone looking to get away from it all until last summer. I'm reading these articles about people finally being able to escape cities and I feel like I'm taking crazy pills, because I don't remember hearing anyone, ever, wishing to move to rural areas. Maybe I'm wrong but I think this is all a bit of COVID insanity and these people are going to move back when they realize they're bored. I think moving to the middle of the woods isn't nearly as common as moving to say, a town that'd be too annoying to get to/from work every day, but would be fine if you're doing it a couple times a month. I was on the Amtrak out of NYC yesterday and overheard a guy that was now commuting from a suburb an hour west of Philadelphia, and talking about how it wasn't bad since he only was going in to the office a few times a month. I think people are trying to figure out if the tradeoffs for living IN a giant city are worth it when most of the things that made the giant city cool are significantly more limited than they used to be. 5 years from now we may be back to hitting new highs in NYC RE, who knows. Alan Smithee posted:honestly i dont know what's worse, crypto influencers or true crime makeup which I found out was a thing yesterday What's this now. Pollyanna posted:I am trying so hard to figure out the math here and I’m dying, guys. I'm still confused. How are they using the money overseas to buy the building?
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May 28, 2021 11:59
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Pollyanna posted:This is the real problem with it. The intent is that they want to provide 1. a house, eventually 2. passive income, because not doctor = poor. Admirable, but the way they’re going about it is strange.
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May 28, 2021 12:10
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tumblr hype man posted:I mean it kinda sorta makes sense? They'd probably get to near zero, or even negative tax basis income after interest, depreciation, and management fees. You should get a step up in basis when they die and you inherit it, which may avoid the depreciation recapture issues (I am not a CPA or tax attorney and this is not advice). Seems like a lot of work for everyone though. This is my thinking as well, backward rear end tax code and all, but the same thing could be accomplished with a co ownership and quit claim. Unless it’s all an elaborate money laundering scheme to pay themselves rent and write off the gains with depreciation.
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May 28, 2021 12:37
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Based on this discussion, the “rent house to kid” thing is kind of up for debate so maybe it doesn’t belong here - I’ll start its own thread, or maybe just post it in the home ownership thread. The “rent house to kid in order to pay less on taxes” thing and the “elaborate scheme to claim less taxes on international money” thing, though, probably do. The latter of which I’m...actually really worried about. I don’t want my dad to go to prison. I’ll press for more details. Edit: got the details. quote:Foreign money can be declared as a gift and then brought into the US without having to pay taxes on it. Since this money is under a family friend ’s LLC, they can send the money to us as a gift, and therefore we would not have to pay taxes on it.  Dik Hz posted:Are you sure the overseas money actually exists? The big house thing and making your kid pay rent seems like something a broke person would do to seem rich, rather than an actually rich person. I mean, my parents are nearing retirement age, but my dad is pressuring my mom to keep working for another 5-7 years despite her job being godawful because they wouldn’t be able to make ends meet without her. Even though they’re doctors who make stupid amounts of money. So they probably don’t have nearly as much as they act like they do. Pollyanna fucked around with this message at 14:24 on May 28, 2021 |
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May 28, 2021 14:18
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I'd probably go the other way and try to know as little as possible. Based on all your posts about your family, you aren't going to be able to convince them to not do whatever stupid poo poo they're up to. He ain't gonna go to jail for bringing small time money in to the country illegally, they usually just make you pay the taxes and a penalty.
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May 28, 2021 14:28
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 If they’re not going to jail, then whatever, that’s their problem. The house thing I can just wave off with “I will eventually want to move out of the city so can we consider something else” and they’ll balk.
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May 28, 2021 14:31
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Residency Evil posted:I think moving to the middle of the woods isn't nearly as common as moving to say, a town that'd be too annoying to get to/from work every day, but would be fine if you're doing it a couple times a month. I was on the Amtrak out of NYC yesterday and overheard a guy that was now commuting from a suburb an hour west of Philadelphia, and talking about how it wasn't bad since he only was going in to the office a few times a month. I think people are trying to figure out if the tradeoffs for living IN a giant city are worth it when most of the things that made the giant city cool are significantly more limited than they used to be. 5 years from now we may be back to hitting new highs in NYC RE, who knows. True crime podcast + makeup streamer = So imagine hearing the grisly details about a murder in the form of gossip
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May 28, 2021 15:02
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Alan Smithee posted:True crime podcast + makeup streamer = My opinion of True Crime has gone from "just not my cup of tea" to "this is upsettingly ghoulish trash and I will judge you for liking it" simply through observing the predilections of the fanbase. I'd rather spend time with Homestuck fans and Bronies.
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May 28, 2021 15:22
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Vice President posted:it's every millennial watching Home Town on HGTV and taking their tech money trying to reno a run down midcentury modern in bumfuck missouri into a hot open concept flip-ready house so when they inevitably bail because they built it but the avocado toast didn't follow they have an interesting story to monetize on tiktok and be sure to like and subscribe. THANK YOU. I seriously feel like I'm going crazy. There was never any trend; one day everyone wanted to live somewhere with walkable amenities and things to do, COVID hit, and then apparently we were all secretly miserable and waiting for the opportunity to flee? Not buying it. Speaking of regrets, this survey already shows 64% of millenials having some regrets over their home purchase: https://www.bankrate.com/real-estate/homebuyer-regret-survey-may-2021/ Shocking that impulse buying a house didn't work out and they didn't account for maintenance costs. Wait'll they find out how much it's going to cost to move out. Residency Evil posted:I think moving to the middle of the woods isn't nearly as common as moving to say, a town that'd be too annoying to get to/from work every day, but would be fine if you're doing it a couple times a month. I was on the Amtrak out of NYC yesterday and overheard a guy that was now commuting from a suburb an hour west of Philadelphia, and talking about how it wasn't bad since he only was going in to the office a few times a month. I think people are trying to figure out if the tradeoffs for living IN a giant city are worth it when most of the things that made the giant city cool are significantly more limited than they used to be. 5 years from now we may be back to hitting new highs in NYC RE, who knows. It sounds like he moved to Lancaster, which is quite a cool little town, but I think it's the exception not the rule when it comes to moving far away from major population centers. It's walkable and has an artsy fun downtown (and an Amtrak station). Most small towns are not any of those things. The bolded part is what I don't understand though. Things are significantly more limited than they used to be, temporarily. It seems pretty likely they'll be back to normal soon, most places have removed mask mandates and crowd capacities. Schools are going to be open in the fall. Moving to a new house seems like an expensive long term solution to a temporary problem.
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May 28, 2021 16:02
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Also, there's no tax in the US on repatriated personal assets. Now if you've been hiding foreign assets in violation of FACTA, that's another concern altogether.
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May 28, 2021 16:11
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SlapActionJackson posted:Also, there's no tax in the US on repatriated personal assets. Now if you've been hiding foreign assets in violation of FACTA, that's another concern altogether. It's "personal" inasmuch as it's a transfer between an LLC owned by my relatives and an LLC owned my parents. I know nothing about tax law, so I'll shut my mouth from here on.
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May 28, 2021 16:20
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paternity suitor posted:THANK YOU. I seriously feel like I'm going crazy. There was never any trend; one day everyone wanted to live somewhere with walkable amenities and things to do, COVID hit, and then apparently we were all secretly miserable and waiting for the opportunity to flee? Not buying it. I'm curious to see what happens when all the companies renege on their vague commitments to WFH and insist all these butts get back in their open floor plan human capital warehouse.
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May 28, 2021 16:20
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Soylent Pudding posted:I'm curious to see what happens when all the companies renege on their vague commitments to WFH and insist all these butts get back in their open floor plan human capital warehouse. It's already happening and people are already leaving my workplace, for one. Oops now we don't have enough engineers to deliver on our commitments 
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May 28, 2021 16:21
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quote:Are Goofy and Pluto both dogs? Why are they so different and Goofy owns Pluto as a pet? quote:This is going to be pedantic, but Pluto is Mickey's dog, not Goofy's
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May 28, 2021 16:37
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Soylent Pudding posted:I'm curious to see what happens when all the companies renege on their vague commitments to WFH and insist all these butts get back in their open floor plan human capital warehouse. Software engineers specifically will get away with it for longer just because hiring is so competitive and the nature of the work. No Wave fucked around with this message at 17:04 on May 28, 2021 |
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May 28, 2021 16:59
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Soylent Pudding posted:I'm curious to see what happens when all the companies renege on their vague commitments to WFH and insist all these butts get back in their open floor plan human capital warehouse. I think that's right, my office has already started pulling back on the promises to work whatever schedule you want. I was told this week that I am now considered >50% in the office so that I keep my desk, and the office re-opening looks like it's happening sooner than expected. We're talking about June now instead of September. So many people are going to retire lol No Wave posted:My guess is they'll make temporary exceptions for people who actually bought houses far away from work while asking for in-office work from everyone else. Unless they're exceptionally valuable they'll generally be treated as less valuable and eventually the company won't mind losing them. So that's the other thing - being a far away guy is going to hurt your career. If you give a poo poo about things like that, then you're coming back. paternity suitor fucked around with this message at 17:05 on May 28, 2021 |
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May 28, 2021 17:02
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paternity suitor posted:I think that's right, my office has already started pulling back on the promises to work whatever schedule you want. I was told this week that I am now considered >50% in the office so that I keep my desk, and the office re-opening looks like it's happening sooner than expected. We're talking about June now instead of September. So many people are going to retire lol Look for corporate financial reports to start spinning this as a GWM thing because payroll costs will drop with all the greybeards leaving and they can push their pay bands down.
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May 28, 2021 17:10
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I never trust a business and you shouldn’t either.
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May 28, 2021 17:15
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paternity suitor posted:So that's the other thing - being a far away guy is going to hurt your career. If you give a poo poo about things like that, then you're coming back.
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May 28, 2021 17:21
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Mark my words, WFH will be demonized again as soon as we Open Er Up in a month or so. Businesses fought enforced remote kicking and screaming a year ago, they’ll refuse to ever entertain the thought.
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May 28, 2021 17:22
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paternity suitor posted:I think that's right, my office has already started pulling back on the promises to work whatever schedule you want. I was told this week that I am now considered >50% in the office so that I keep my desk, and the office re-opening looks like it's happening sooner than expected. We're talking about June now instead of September. So many people are going to retire lol My old job started hemorrhaging people the moment they forced people back full time in February. My new job isn't going to force people back until June and even then only like 2 days a week. I know my mom is ready to retire but is going to work until they take her off remote and is absolutely using that as leverage to avoid going back.
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May 28, 2021 17:24
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Pollyanna posted:Mark my words, WFH will be demonized again as soon as we Open Er Up in a month or so. Businesses fought enforced remote kicking and screaming a year ago, they’ll refuse to ever entertain the thought. I have a different perspective from a lot of the thread in that I think WFH doesn't work for a lot of people and a lot (obviously not all) of the burnout that we saw occurring was due to the difficulty of caring about work while not being at work. The new state of affairs will be worse than 2020 for those people for whom WFH works really well, but I don't think it'll be any worse than 2019 was. But I do agree that we'll also see a whole lot of retirements coming on.
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May 28, 2021 17:28
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Pollyanna posted:Mark my words, WFH will be demonized again as soon as we Open Er Up in a month or so. Businesses fought enforced remote kicking and screaming a year ago, they’ll refuse to ever entertain the thought. I'm full on pro-WFH, but I'm seriously concerned about how it will effect new hires. I have a team with a couple engineers on it, and it's a lot to keep in sync with them. Fortunately they are both incredible and do their jobs but man it's hard to keep track of what we are working and do my own tasks. I can't imagine how I could hire a couple new SRE tech or two (which we likely will be doing this year) and get them trained and integrated into our group.
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May 28, 2021 17:31
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The only reason reason I'm even semi optimistic about actual follow through on wfh from my org is because leadership keeps dropping hints about how much money they can save by leasing a smaller office space, and they've already started letting leases lapse. Also were an office full of filthy computer touchers so we have some leverage to say "we'll all quit and work somewhere more accommodating".
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May 28, 2021 17:35
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Our work is going hybrid, and they think it'll stay that way. 2 days in the office and 3 days out. Most of the managers appreciate the flex time and no commute, but most of the workforce including the managers also wants a few days in office as a team.
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May 28, 2021 17:35
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Pollyanna posted:I never trust a business and you shouldn’t either. You shouldn’t trust companies, but WFH will definitely stay in some way (hybrid, Certain roles) because it saves the company money.
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May 28, 2021 17:39
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I did the in office grind before I switched to 100% WFH for about a year even before the pandemic started and I can tell you that caring about my job doesn't have much to do whether I am in the office or not. Also onboarding remote people is not impossible, but the company does have to have the right processes for it, which is not the case for many or even most of companies.
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May 28, 2021 17:42
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Most companies don’t have an effective process for in person onboarding
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May 28, 2021 17:45
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KYOON GRIFFEY JR posted:Most companies don’t have an effective process for in person onboarding To be fair, the most common onboarding process in the country is "Here's the guy you're replacing. He has a week to teach you everything he knows."
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May 28, 2021 17:48
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Leon Trotsky 2012 posted:To be fair, the most common onboarding process in the country is "Here's the guy you're replacing. He has a week to teach you everything he knows." Both of my last jobs I was clearly brought to replace a guy they were going to fire in a few weeks. I caught it both times and it was really unpleasant to work a guy that I know is being fired.
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May 28, 2021 17:55
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KYOON GRIFFEY JR posted:You shouldn’t trust companies, but WFH will definitely stay in some way (hybrid, Certain roles) because it saves the company money. Yeah, my company has created hybrid and remote roles. The goal seems to be to downsize the campus by a building or two to save on real estate costs in a very expensive area. I’m happy to be classified as on site, I can do 90% of my work remotely, but because the group I manage can only work on site I get classified with them. I have not enjoyed WFH.
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May 28, 2021 18:28
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Hybrid is the temporary stepping stone back to full time in-office while everyone sorts this poo poo out. 2 days turns to 3. Eventually 4. Then before you know it expectations and culture have drifted back to 5 days in office, with the occasional remote day. As a treat.
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May 28, 2021 18:36
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