I disagree. when the laptop was gifted it had value. I believe when an item is gifted you inherit the giver's cost basis. I would use the $1000 as the cost basis.

The 1099-k rules were delayed another year

And It’s not income

eBay issues a 1099 for sales more than $600, which I have significantly gone over. I have to report this income to the IRS in 2022. My question is regarding how to determine cost basis for old gifted items that I have decided to sell.

Everything already mentioned is good advice. The only thing I can think of outside of whats been suggested is increase your income with a side gig like doordash or try to get a part time job temporarily.

You can’t deduct expenses for a hobby

So you just sold random stuff you owned? That doesn’t require any tax form let alone a business tax return

I sold personal items (laptops, phones, clothes, etc.) that I used in my apartment. I sell as a hobby, but made a few thousand dollars in sales this year.

6-9 months of an emergency fund and then invest the rest.

Those sales were all profit for you. You had no cost basis.

Are these business assets or household items? Your choice of phrasing makes it difficult to tell

1300 is still a lot for a walkable neighborhood.

You're not willing to give up your car or shop for housing so you don't have a lot to work with.

Either fix it and sell it or sell it how it is. Regardless, get rid of it as soon as possible. Kia is notorious for building terrible cars.

Buy or lease a Toyota or Honda. Very reliable brands.

Thank you! The 10k is for a used engine (includes labor) from a private mechanic. I will reach out to kia again. So far, they haven't been helpful at all.

Go to Kia directly and be an annoying squeaky wheel. I had a turbo die at 55,000 miles on a VW. It was covered through 50,000. I called VW directly and they covered it.

If the dealer is giving you that price find a private mechanic and see what their price is. See if they can put a used engine in.

Please ignore people telling you that $200 eating out is too much. A lot of things are not necessary, but this is a really admirable and healthy budget.

However, if you don’t need the car to get to work or get groceries AND you are moving in 6 months, get rid of it now. If you take four $20 Ubers every weekend, that’s $320 for the month instead of $800. Not sure exactly how much you’ll need to get around, but there’s a good chance you can save multiple hundreds per month.

I didn’t see the type of car that you own, but I imagine you can downgrade to a cheaper, less impressive car.

But you also have a lot of moving parts; trying to save money, leave the country, etc.

Quick advice, sell the car and sacrifice a full life and save the money towards your move.

Only the limited power train warranty transfers unfortunately.

> I fear my social life will tank bc I cannot easily see my friends or do things

How often do you go out? An Uber/Lyft is usually $15-20, so do you go out more than 20 times/month? Because that's how many Uber/Lfyt rides you could get for $800/month.

I'm guessing you go out like once/week, so you're looking at <$200/month with Uber/Lyft intead of the car, assuming you go to destinations nearby (restaurants, friends' houses, etc).

> Mobile Phone: 151

That's really expensive. I don't know what coverage looks like in Philidelphia, but you can get unlimited data w/ Mint Mobile (T-mobile service) for $30/month. $151/month is $1800/year, $30/month is $360/year. If you switched to Mint, you could buy a new flagship phone every year. If this is for both of you, you could buy a flagship phone every other year.

I personally spend a lot less ($10 for Tello w/ 1GB data; $200 phone every 2-3 years) because I don't need unlimited or the latest phone. Everyone is different, but definitely reevaluate this.

> Internet: 123

That's horrendous, what are you getting for that?

$125 is gigabit in my area, and we don't get that because we don't need it, despite me working at home. We instead spend $55 for 50/10 internet, which is plenty for us (we stream, work, play games, etc).

Reevaluate this as well, you can probably save 50% or so.

> groceries: 200 Eating Out: 200

This seems really low, so good job. The USDA puts a couple at ~$600/month for food on the thrifty plan.

> NOTE: My partner and I are trying to make a move out of the country by June 2023 so my main directive is to save as much as we can for that hopeful move

Then absolutely get rid of the car. The used car market is dropping and will continue to drop over the next year, so you're going to get less and less for it the longer you wait.

If you can get rid of the car and make adjustments as per above, you can probably save ~$1k/month:

• car - $800 - (550+103+120+25)
• phone - $100 - get Mint for you and your partner; I doubt you'll need unlimited, so consider the 4GB plan @$15/month; there's no contract, so cancel when you move
• internet - $50 - call to ask for promos or switch to a lower tier internet

Then subtract whatever you expect to pay for Uber.

Powertrain warranty and general warranty are two different things. Unless the powertrain warranty is non-transferrable between owners, I would beat down Kia's door and see if you can get them to cover it, especially since it occurred so close to the tail end of the powertrain warranty. All it would cost you is a bit of time.

There is no ratio. That's the wrong approach. Rather than a ratio, have what you need in savings left in savings and invest the rest.

You need an emergency fund in savings and you need any money you're saving for some next-five-years purpose in savings or similar.

Your investments may change with age as you approach retirement into something with less risk, like bonds/treasuries. In your late twenties I think that's too conservative.

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We bought it used & it only came with a 60K mile warranty. It just turned 100K prior to the engine blowing

May I also ask who is your 403(b) Plan administrated by? Do you have a choice of providers because 403(b) plans are notorious for having high fees with administrators like Life Insurance Companies.

Have you even visited this place in person? That would take me from 99.999% sure it's a scam to about 98%, but I don't like this at all.

Is your Sorento no longer under the 10 year/100k powertrain warranty?

You can add to a traditional or Roth IRA until April 18th of 2023 (tax day)! So you could wait to max out until later into next year but if you do make sure you make the contribution for 2022 and not 2023.