Need Ideas-Extra Space/Supplemental Income
tomnewengland
9 years ago
Featured Answer
Sort by:Oldest
Comments (22)
western_pa_luann
9 years agopeegee
9 years agoRelated Discussions
Ontario Canada single under 65: Income $49,850 ... Income tax $00
Comments (7)Recently a number of (mainly seniors) have been using a certain type of investment (unit trusts) that paid quite a high rate of return, some of it tax advantaged in the recipient's hands, plus some of it return of part of one's originally invested money. Such companies that structured themselves to pay out most of their earnings to shareholders were allowed to escape paying corporate tax. Some people who owned a somewhat different type of investment, stocks of Canadian companies, paying a much lower rate of return felt that they were being unfairly treated, and quite a few were leaving the type of investment that they'd been using to buy the other type. So the government changed the rules of calculating tax on the second type of income relative to 2006, with a view to encouraging a number of taxpayers to stay put. Until 2005, a single "taxpayer" who'd earned somewhere around $27,000 - 30,000. of solely that kind of income had a couple of types of credits work to allow them to have their tax liability reduced to zero. The differing method of calculation in 2006 allowed the level of the single "taxpayer's" income from solely that type of income to increase to $46,345. before becoming liable to pay one cent of income tax ... except the $600. Ontario Health Levy in this province. Would that my Member of Parliament's office were to notify every constituent annually of all the changes to the tax code, especially ways that some fortunate people could avoid paying tax at all up to over $45,000. ... ... but I'm not holding my breath, waiting for such a day! The person who told me of it was a C.A. who'd been an accountant (I think controller) of a substantial local company, prior to his retirement (with no pension) a couple of years ago. We've attended a monthly study group learning about investments for over 7 years (sometimes travel together to the meeting) ... I've learned a lot in that group. The government recently changed the tax rules relative to the first type of investment ... not allowing the corporations to avoid income tax, even if they agree to pay out most of their income. The value of that market lost billions overnight ... I can send any of you interested some delicious cartoons related to that! Recovered a substantial portion of it, later. In the light of that ... they may change the rules again next year relative to the second type of income, to increase the rate of income tax on it to more or less previous levels. Good wishes for learning more about the effective use of your income and assets. ole joyful...See MoreIdeas for extra space in large MBR
Comments (6)One thing to do..........The short wall to the right of the coffee bar is not a supporting wall, and could be ripped out when you rip out the sink and cabinet. This would eliminate one of the "nooks" and open the room up a bit. If you truly do not need the upper platform for anything useful, I would just put decorative doors over the space and close it off. Maybe sometime down the road you will need more storage space and it will come in handy....See MoreNeed income: Add mini kitchen or bath??
Comments (31)Ok, so here is a bit of reality for those of you who responded about using my Social Security for the "extra" income I need. I "qualify" for full SS since I am 65, but they have denied my benefits because of ----my income. That's right. You see, if you work all your life, put yourself through undergrad all on your own for 15 years, then go to grad school for 6 years while adopting a baby at age 37, followed by working for a few incompetent and/or unethical bosses, move on to starting your own agency, and eventually becoming a little bit successful at what you do -- you are PENALIZED for it when you NEED some of that money back you've paid to SS all those years. Yes, I "make" a good income, but what I actually take home to pay my bills is not always enough, despite living a pretty frugal life. Therefore, like I said when I posted this question, I will always have to work, and am simply looking for the simplest/best/easiest way to stay in my own home by turning some of the space into income. I feel like I deserve this. I am leaning toward buying a free standing kitchenette (by Acme or Summit, which are very popular in NYC/Hong Kong where space is a real premium). This would require simply putting a lock on a common door, adding some minor electrical and plumbing, and living in half of my home while renting the other half to a medical/grad student. Are there foreseeable problems? Perhaps! But moving out of my home is not an option. And this could pay for half of my mortgage, making that payment below what I would have to pay for a smaller rental house in an undesirable neighborhood if I did move. Not exactly feeling the love from some of you posters, but to those of you who offered encouragement, I thank you....See MoreNeed help with incoming putrid laundry
Comments (30)Thanks for the well wishes you two. This particular daughter felt it in her best interest to break her lease and move out of that apt complex. She couldn't take it anymore. She paid the rent through the end of her lease and was content to live in a cardboard box if need be to be rid of the living conditions. Her physician was convinced she had contracted one of the hepatitis viruses from the filth at the apt complex as she needed several ER visits and subsequent hospital admissions.. Turned out she did not have hepatitis thankfully, but had to have her apendix removed. It was a rip roaring year for sure. She moved to another apt building a few months ago costing an extra $400/mo where it's not The Ritz by any stretch, but it seems to be a bit better from what I can tell from Skype video calls. This complex has a locked gate which seems to keep the 'problems' on the other side of the gate. Right outside the gate, but at least not loitering/fighting, living in the bushes, the hallways, laundry room or stairs of the complex proper. She is visibly relieved. Thus, I am as well. She's pleased with the on-site laundry machines at her new to her building. She has a laundry room on her floor. A Speed Queen set she says has no odor to it. (but her sense of smell is poor, so I hope...) She sees steam coming out of this washer which is a relief as she only does hot washes after the two years from hell at the other complex. She adds Borax and LemiShine powder laundry booster to each load as a little insurance and she feels that her Mexican Ariel covers any other 'cooties' that might be lurking in the otherwise odor-less washing machine she uses. Clorox liquid is also in her cabinet and she runs a bleach only wash before she puts her laundry in if she suspects any monkey business has been going on. She's overseas at the moment as a tutor for her university so is washing her clothes in sinks and hang drying. Lamenting the lack of ice and cold beverages in Europe (I warned her) during the heat wave. I got her a package of the Amazon brand laundry sheets type of detergent to make the many airport and train trips easier. She misses her Mex Ariel, but for 6 weeks, these laundry detergent sheets will do the job. She'll be in several countries during her stay, so the detergent sheets are carry-on bag friendlier. Mama, I offered to buy her a portable washer to smuggle into her apt. She gave it serious consideration, but since she just went through landlord after landlord not wanting to rent to her due to her age, she doesn't want to risk anything that would cause her to lose her current improved crummy apt. It was many rental rejections and she just wants to have a habitable slot in a wall to live in at this point. However, when she moves up in the world, she will never use a communal washing machine ever again--she's told me this I don't how many times. Anyhow, when she returns to the states, she'll fly to the airport in the next city here and stay here for a few days, maybe a week. Rest, eat, get her EU laundry thoroughly washed here at home, then back to Uni. The final year. Not a moment too soon. She's ready to shake the filth of her college town off her feet for good. No love lost there. I don't think she'll ever look back. Or go back. Or refer to it by it's proper name even. Hope you all are doing well! <3...See MoreAdella Bedella
9 years agorenais1
9 years agoGregNow
9 years agoemma
9 years agobbstx
9 years agosloedjinn
9 years agoemma
9 years agolazy_gardens
9 years agosushipup1
9 years agotomnewengland
9 years agosloedjinn
9 years agoUser
9 years agodreamgarden
9 years agoxminion
9 years agoCurt D'Onofrio
9 years agotexasgal47
9 years agoUser
9 years agobry911
9 years agooldgeezernmaine
9 years ago
Related Stories
REMODELING GUIDESHow to Dig Down for Extra Living Space
No room for a ground-level addition? See if a finished basement is a good idea for you
Full StoryHOUZZ TOURSHouzz Tour: A Portland Bungalow Gets a Major Lift
Raising a whole house allowed 5 extra bedrooms and a walk-out basement — plus a boost in income
Full StoryLIFECould You Be a Landlord?
Sure, the extra income would be great. But jumping blindly into owning a rental property could be disastrous. Here's what you need to know
Full StoryREMODELING GUIDESDesign Workshop: Is an In-Law Unit Right for Your Property?
ADUs can alleviate suburban sprawl, add rental income for homeowners, create affordable housing and much more
Full StoryLIFE8 Ways to Make an Extra-Full Nest Work Happily
If multiple generations or extended family shares your home, these strategies can help you keep the peace
Full StoryDECLUTTERINGDownsizing Help: How to Get Rid of Your Extra Stuff
Sell, consign, donate? We walk you through the options so you can sail through scaling down
Full StoryKIDS’ SPACES15 Tips for Small-Space Living With Baby
Keep your wee one's stuff under control and your nerves unfrazzled with these space-saving storage and baby-gear ideas
Full StoryADDITIONSParents' Places: Ideas for Integrating an In-Law Suite
Get expert advice and inspiration for adding a comfy extra living space to your home
Full StoryREMODELING GUIDES7 Instant Backyard Getaways
Could one of these prefab studios be the extra ‘me’ space you need?
Full StorySMALL HOMESMaking Room: Discover New Models for Tiny NYC Apartments
Explore a New York exhibition of small-space design proposals that rethink current ideas about housing
Full StorySponsored
mike_kaiser_gw