Medicus Wealth Planning
Kevin enjoys helping clients from all stages in life with sound financial planning. Kevin has especially found a niche in advising small business owners who’d like to create or improve upon their existing company retirement plan.
Kevin got his start in the financial planning industry by going to work for one of the largest discount brokerage and mutual fund companies in the world, Fidelity Investments. While at Fidelity, Kevin held his Series 7 and 63 Licenses which allowed him to work as a trader, completing transactions in stocks, mutual funds, and options. After being promoted to a department that focused on helping clients with their company retirement plans, Kevin found what he had a passion for, helping small business owners and their employees successfully prepare for retirement.
Kevin left Fidelity to come work with David Luke as a partner in Medicus Wealth Planning. Having the opportunity to work with clients on a fee-only basis allows Kevin to give objective and sound financial planning advice that is never tainted by a hidden agenda.
Kevin graduated from Utah Valley University with a degree in Personal Financial Planning. Utah Valley University’s Financial Planning Program has been recognized on numerous occasions as a top 10 Financial Planning Program in the country.
Shortly after graduating with a degree in Personal Financial Planning, Kevin became a Certified Financial Planner™ (CFP®).
Kevin lives in Riverton, Utah with his wife Lauren, and their two children. Kevin spends much of his free time with his family outdoors, playing sports, and watching Jazz games. Kevin and Lauren enjoy living close to both of their families and spending time with them.
Personal Financial Planning, Utah Valley University
Assets Under Management:
Great question. Generally, if you have lived in the home as your primary residence for at least 2 out of the last 5 years, when you sell the home you are entitled to a $500,000 exemption on the capital gain (if you file married filing jointly), and so in most cases all or the majority of the sale of the home is tax-free. However, if the trust that the house is held in is a non-grantor trust or an irrevocable trust that has a separate tax id number and files it's own tax return then the exemption doesn't apply.
So, the taxation on the sale of your home will depend on a few factors:
1) Do you qualify for the home exemption
2) What is the capital gain (sale price of the home - cost basis)
Once you sell the home and pay off your in-laws mortgage your ability to get a new mortgage to buy another home will depend on your debt-to-income ratio and a few other factors lenders look at.
Great question, you should be able to gift equity to a non-family member. Most lenders will facilitate this and if you've already called a few who have said "no", there may be a misunderstanding between you and the people you're talking to. As long as your former partner is able to pay the mortgage off there shouldn't be a problem.
The lender will most likely base the loan on the lesser of appraisal price or the agreed upon sales price, so in the case the agreed upon sales price which means you'll still need 20% down to avoid PMI. The equity gift will not count towards your down payment.
Some clarification is needed to answer your question. Your question, "when they should record the revenue?" isn't clear on who you're referring to. Are you referring to the movie production company or the local restaurant? Also, deal does the movie production company and the restaurant have? Are they providing the toys at no cost for promotional purposes? Or is the restaurant purchasing the promotional items to include in the kid's meals?
If you're referring to revenue generated from the sale of promotional items or sale of kids meals, the release date of the movie has no bearing on when the revenue should be recorded. It's more of a matter of what type of accounting method is used (Cash or Accrual) and when the services and/or cash transaction happened.
If you're young and don't need the income from the dividends currently, I would consider selling the stock and investing in an aggressive growth portfolio. If you need the income now, first consider what the dividend yield is and if you can get a similar or better yield in a diversified portfolio of publicly traded stocks. I wouldn't bank on a stock split and not sure why you think this will increase your wealth. If a stock splits 2:1 for example, you shares double but the price of the stock is cut in half which means the value of your stock stays the same, your ownership in the company is just diluted.
Sell to open on a put option means that you sell a put option to the buyer which gives the buyer the right to sell you stock at the strike price. Since the stock price was below the strike price, you were obligated to buy the stock at the strike price. If you wanted to open up a new option position, that would give you the right to sell the stock at the same strike price you should have bought a put or "buy to open" on a put option. This would give you the right but not the obligation to sell your stock at a certain strike price.
You initiated a "buy to open" call option which gives you the option to buy the stock at a certain strike price. The holder of a call option hopes the price of the stock rises so they can buy that stock at the strike price.
You think you should have initiated a "sell to open" call option which would oblige you to sell your stock at a certain strike price if the holder exercises. This isn't the outcome you want because the holder will only exercise if the stock price rises and you would be selling it at a loss.
On your current contract, if the stock price is above the strike price, you can sell the option for a profit, you should initiate a "sell to close". If the stock price is below the strike price, then the option will expire worthless.
Read up on options before you deal with them, they can be complicated and confusing and you can really burn yourself. Practice as well before you actually start trading real money.