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DrHenley

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Thanksgiving is actually the most "Biblical" holiday, even though it is not necessarily a religious holiday. Taking a day off to have a feast with family or friends and taking time to just be thankful (whatever you are thankful for and whomever you are thankful to) is good for you psychologically whether you are Christian or Atheist or anything in between.
 

KateMTx

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This looks like a very nice drying rack. Does anyone have one like this they’ve used? I picked up a smaller one years ago, for just in case, but this one would hold far more pieces of laundry.

View attachment 14232
I have one similar to that but made of metal. It is quite nice for saving money on laundry and drying clothes that can't go in the dryer. I also tend to use it to air out clothes I want to wear more than once without having to wash again because I'm cheap (and lazy) like that.
The rack in the picture looks maybe a little taller (mine is flat on top) but otherwise about the same size.
 

DrHenley

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Me, my daughter, and son in law are now the first to spend a night and cook a meal in the new cabin at the BOL. We had to prop the doors shut because there aren't any door knobs yet. And no interior doors so we had to put up a shower curtain in the doorway of the only bathroom with a toilet.
We turned on the power, then the gas, then the water pump.
Next we fired up all the gas appliances...furnace, water heater and stove. Got everything working finally.
No furniture yet, so we sat on what will be a raised hearth to eat. Dragged a couple of old matresses into bedrooms on the floor to sleep on.
Basically a giant tent at this stage...but habitable! Woo Hoo!
Toilets for the other bathrooms are way down the priority list. But they do have working showers, and the son in law took a shower...without a towel though (showers weren't part of the game plan LOL)
 

DrJenner

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Trivial - but bought a few more cases of wine.
Looking at purchasing a sawmill to harvest our own lumber at the new property. We got our LLC for the homestead. Anyone know how to get a small business loan when you start a homestead? The sawmill is 29k, we want to get started during winter, and haven't sold our existing house yet to free up cash.
 

DrJenner

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DrJenner: Just curious as to why the LLC status was chosen for the homestead?
Since the hubs and I work in the medical field and as such have huge liability, we have several separate entities
 

JimCosta

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Thanks Doc. Just wondering. I am still learning the ways of the world.
What you did is the most correct way, in my humble opinion. But for the sake of discussion for others following in our footsteps, allow me to go here.

In law there is no true right or wrong way. There is just the best way we choose for our particular purpose and needs.

Now let me go deep here.
By training I am a CPA, Masters in Computer Science with a heavy Paralegal degree (professional night student 15 years).
My experience is in financial management of businesses. I dropped out 20 years ago around the age of 50; everything was paid for and I wanted to do something different with my life.

After dropping out we picked up 24 rental properties.
Know this: You can only be sued under two conditions being met:
* First you have a deep pocket so the lawyerman will come after you;
*and you do something that pisses off someone.

We put all the properties in a "C" corp and leased the property to an "S" corp.
First this allowed us to take the tax advantages of both, which are different advantages.

But mainly this was done to prevent lawsuits.
In order to get sued, you must appear to be wealthy and do something.
Lease contracts with tenants were under the S corp, which was doing all the "Do Somethings".
But the wealth was in the C corp, which never did anything.
Therefore our business combination was somewhat exempt from worries of suits.
If we were notified of a suite, such as for being the offspring of an evil doer,
we could calmly (& legally) sign over the stock of the C corp to someone else.

A LLC is for when you are doing something really dangerous, way out on thin ice,
for instance, experimenting on cataract surgery with a pen knife. Now that's begging for a suit.
The advantage of a LLC is it takes a long time to find the deep pockets, decision makers etc., so it's costly to sue an LLC.

The disadvantage of the LLC is it's expensive to maintain, and if you don't maintain it, it becomes a regular corp.
The expense is you have to pay the lawyerman and a cpa to over-bill you every year to say they don't know you.

For a poor person building a homestead I would suggest leaving off the LLC, as a homestead will seldom do anything in dealing with the world to piss someone off (as apposed to a business). In fact leave off the corp altogether.

P.S. Doc: Take note that each of your businesses can take an expense for Continuety of Business. That amount is what you say it is and cannot be disputed much by IRS. You will have to hand that number to your accountant as he is not prepared to do it for you.
The number is the cost to protect you and your spouse and the businesses survival during potential chaos.
The cost can be as little as a spare office phone system to as much as a bug out location stocked with 5 years of food (and of course, lots of fine wine).
The plan can also be to survive two years while the hospital system collapses and then comes back up. So sharpen that pencil.
If necessary file an amended return for prior years to get your refund or just lump it all in this year.

But keep a bottle of wine handy as I feel the IRS will very soon disappear.

If needed, private email me and I will give more info. Happy hunting doc.
 
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Arcticdude

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Trivial - but bought a few more cases of wine.
Looking at purchasing a sawmill to harvest our own lumber at the new property. We got our LLC for the homestead. Anyone know how to get a small business loan when you start a homestead? The sawmill is 29k, we want to get started during winter, and haven't sold our existing house yet to free up cash.
Check out Northwest Farm Credit Services. They have a lot of different farm loan options available. Woodmizer usually has some good financing available too. I had a Woodmizer LT 70 super hydraulic, 42 hp Kobota diesel with computer set works and laser sight. Think i paid $40,000+. I also had an MSG brand mill, made in Spokane.
I used to do most of my logging during winter. It was easier on the horses to skid logs on the snow trails.
 
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DrJenner

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Check out Northwest Farm Credit Services. They have a lot of different farm loan options available. Woodmizer usually has some good financing available too. I had a Woodmizer LT 70 super hydraulic, 42 hp Kobota diesel with computer set works and laser sight. Think i paid $40,000+. I also had an MSG brand mill, made in Spokane.
I used to do most of my logging during winter. It was easier on the horses to skid logs on the snow trails.
Thank you. That’s what the hubs said too, logging easier in winter so we wanted to get started sooner rather than later. Appreciate the info

Jim, thank you also for the info. We have a CPA anyway as we had a business and also real estate holdings. I will chat with him regarding this info, thanks. It’s a bit over my head! I’m not a financial person at all. Haha
 

Arcticdude

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Thank you. That’s what the hubs said too, logging easier in winter so we wanted to get started sooner rather than later. Appreciate the info

Jim, thank you also for the info. We have a CPA anyway as we had a business and also real estate holdings. I will chat with him regarding this info, thanks. It’s a bit over my head! I’m not a financial person at all. Haha
There are many ways to reduce your taxes on your property. I'm sure you already know about timber and AG exemptions for your property taxes. In my state I think the county cuts out about an acre or 2 for the home site, the rest is pretty much exempt from taxes, or at least very low. And of course everything that you use for raising stock or logging is a write-off, many items can be sales tax exempt too. Years ago I owned a large timber property and I paid 0 property tax. The theory was that the State would collect taxes when the timber was sold. I got around that by milling the logs and selling the lumber. Of course check with your accountant or tax advisor.
 

GeorgiaPeachie

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We will be getting on solar in the next few weeks. I will be happy when we no longer have to rely on the grid for our energy. We already have the back up of a propane house generator and these will be able to "speak" to each other.
That is exciting! Having the double backup for power in these uncertain times is such a Godsend.
 

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