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Re: Cost basis question: when you don't know it.

Value on the date of gift is irrelevant. Donor's basis carries over to the donee. John Yes, of course. Thanks! Not quite. Donor's basis was 5 cents. The value on gift day was 3 cents. The OP sold it for 2 cents. What's the OP's basis? If the OP sold it for 4 cents, what's his basis? OK, so that doe...
by JDCPAEsq
Wed Jan 02, 2013 4:20 pm
 
Forum: Investing - Help with Personal Investments
Topic: Cost basis question: when you don't know it.
Replies: 35
Views: 2613

Re: Cost basis question: when you don't know it.

bicker, the stock wasn't inherited. Inherited stock is an easier problem. Is it though? I thought someone said that the issue is determining how much the stock was worth when it was gifted. Doesn't the tool within TurboTax for inherited shares do just that? I know that the law is different (in term...
by JDCPAEsq
Wed Jan 02, 2013 7:49 am
 
Forum: Investing - Help with Personal Investments
Topic: Cost basis question: when you don't know it.
Replies: 35
Views: 2613

Re: Cost basis question: when you don't know it.

mlewis wrote:Why would you use zero...


That was my advice, also, but Discobunny1979 says it's the worst advice he's seen. Now there's two of us giving "the worst advice" Disco has ever seen. :happy
John
by JDCPAEsq
Tue Jan 01, 2013 9:49 pm
 
Forum: Investing - Help with Personal Investments
Topic: Cost basis question: when you don't know it.
Replies: 35
Views: 2613

Re: Cost basis question: when you don't know it.

Certainly don't claim a zero basis. Put a note in your file as to how you estimated the basis and don't give it another thought. I'm sorry, but this is the worst piece of advice I've heard in this thread. Sorry you feel that way, Disco... In my opinion, the OP needs to have proof that it was a &quo...
by JDCPAEsq
Tue Jan 01, 2013 7:58 pm
 
Forum: Investing - Help with Personal Investments
Topic: Cost basis question: when you don't know it.
Replies: 35
Views: 2613

Re: Cost basis question: when you don't know it.

IMO, everyone is making this much too complicated. Make a reasonable good faith estimate of the cost, which you appear to have already done, and use that figure. Do you really think the IRS is going to question the basis on a sale when 95% of the proceeds is reported as LTCG? If you were claiming $1...
by JDCPAEsq
Tue Jan 01, 2013 6:41 pm
 
Forum: Investing - Help with Personal Investments
Topic: Cost basis question: when you don't know it.
Replies: 35
Views: 2613

Re: Preserving ownership of money during bank transfer

Why not just get a chashier's check on the one account and deposit it to the other?
John
by JDCPAEsq
Sun Dec 30, 2012 6:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: Preserving ownership of money during bank transfer
Replies: 17
Views: 957

Re: Inheritance ~ Low Tolerance for Market Fluctuations on $

imgritz wrote:Never mind. I'll call the Vanguard CFP's.

I simply thought the the multiple taxable events were against Boglehead theories.

:?
by JDCPAEsq
Sun Dec 30, 2012 7:14 am
 
Forum: Investing - Help with Personal Investments
Topic: Inheritance ~ Low Tolerance for Market Fluctuations on $$$
Replies: 12
Views: 1033

Re: Personal taxes: offsetting capital gains with losses

Are you sure you still have a $10,000 carryover from 2008? You may have consumed some of that in 2009, 2010 and 2011.
John
by JDCPAEsq
Sat Dec 29, 2012 3:54 pm
 
Forum: Investing - Help with Personal Investments
Topic: Personal taxes: offsetting capital gains with losses
Replies: 33
Views: 1440

Re: Are the following gifts acceptable

This has been discussed many times on this forum, and what you propose is known as a "step transaction" by the IRS. The courts have ruled that the IRS can ignore the various steps to determine the true nature of the transaction. If all the facts were revealed they would conclude the interm...
by JDCPAEsq
Fri Dec 28, 2012 9:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: Are the following gifts acceptable
Replies: 3
Views: 529

Re: Donor-Advised Funds - include in asset allocation?

I don't include it in my asset allocation. And I don't lose sleep over how the DAF money is invested, or what the expense ratio is for the DAF account. The money belongs to charities (just not yet specified) and I cannot get it back. The charities are taking the risk and paying the ER. Best wishes....
by JDCPAEsq
Fri Dec 28, 2012 6:50 pm
 
Forum: Investing - Theory, News & General
Topic: Donor-Advised Funds - include in asset allocation?
Replies: 11
Views: 557

Re: Florida Inheritance/Estate Issues

I've been involved with the administration of Florida estates for over 35 years, and have never heard of the "punishing" costs in administering a Florida estate. Most attorneys charge on an hourly basis whether there is a probate administration or not. I suspect some of that talk may come ...
by JDCPAEsq
Fri Dec 28, 2012 12:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: Florida Inheritance/Estate Issues
Replies: 9
Views: 804

Re: [Power of Attorney - How to initial a document change?]

...or xyz by abc, his attorney-in-fact.
John
by JDCPAEsq
Thu Dec 27, 2012 10:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: [Power of Attorney - How to initial a document change?]
Replies: 4
Views: 521

Re: 30yrs old: Pay I-Bond tax annually or defer taxes?

Who knows what the tax law will be 30 years from now. I certainly wouldn't unnecessarily pay taxes 30 years in advance, but would much rather have that tax money compound in my portfolio for 30 years.
John
by JDCPAEsq
Thu Dec 27, 2012 10:11 pm
 
Forum: Investing - Help with Personal Investments
Topic: 30yrs old: Pay I-Bond tax annually or defer taxes?
Replies: 7
Views: 469

Re: longevity annuity

has anyone heard of this site? http://incomesolutions.com/HomePage.aspx seems they have institutional pricing for annuities which can save about 5% off retail, they show you how to compare quotes and it is run by some professor...that what it looks like...maybe they give the house odds? Yes, it's a...
by JDCPAEsq
Thu Dec 27, 2012 9:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: longevity annuity
Replies: 40
Views: 3679

Re: Short-term loss in muni bond fund

How much do you have to go to the trouble of realizing a 1.5% loss? Hardly seems worth the trouble and risk unless you have a sizeable six-figure holding.
John
by JDCPAEsq
Thu Dec 27, 2012 9:16 pm
 
Forum: Investing - Help with Personal Investments
Topic: Short-term loss in muni bond fund
Replies: 7
Views: 401

Re: longevity annuity

Hartford Insurance Company is one choice.
John
by JDCPAEsq
Thu Dec 27, 2012 8:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: longevity annuity
Replies: 40
Views: 3679

Re: Joint Accounts, Inheritance & Taxation Question(s)

This is so even if you are retaining a traditional life estate in your home and giving only a remainder interest to the child. This is a taxable gift of a future interest based upon the full value of that remainder interest. If it is valued in excess of $13,000.00, then you must file a gift tax ret...
by JDCPAEsq
Thu Dec 27, 2012 8:34 pm
 
Forum: Investing - Help with Personal Investments
Topic: Joint Accounts, Inheritance & Taxation Question(s)
Replies: 12
Views: 1099

Re: Cruise ...Uncertain

It's very rare for anyone to get seasick on a cruise ship. Most of the time you are hardly aware you're at sea. Try it. You'll probably like it. We've been on 25+ cruises and now have grown a bit tired of it, but enjoyed it at the time.
John
by JDCPAEsq
Thu Dec 27, 2012 5:05 pm
 
Forum: Personal Consumer Issues
Topic: Cruise ...Uncertain
Replies: 34
Views: 2932

Re: Cashing in Bonds-Taxes

From your additional information, it appears he is paying the tax on the withdrawal and you don't have to worry about it. As for the 1099 on the bonds, that will come in January.
John
by JDCPAEsq
Thu Dec 27, 2012 5:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: Cashing in Bonds-Taxes
Replies: 7
Views: 540

Re: Tax contribution question .... short and hopefully easy.

grabiner wrote:You don't even file Form 1040-ES with the IRS.

Oh yes you do! How else would the IRS know where to credit the deposit? You are required to send the 1040-ES voucher with your check unless you use online payments.
John
by JDCPAEsq
Wed Dec 26, 2012 9:52 pm
 
Forum: Investing - Help with Personal Investments
Topic: Tax contribution question .... short and hopefully easy.
Replies: 5
Views: 453

Re: Cashing in Bonds-Taxes

What do you mean "from my ex-husband's retirement" & how long ago did you receive it? What is from an IRA or 401(k) account? As for the savings bonds, you'll receive a 1099-INT from the bank or agency that cashed the bonds. You will pay tax on the difference between the cost of the bon...
by JDCPAEsq
Wed Dec 26, 2012 9:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: Cashing in Bonds-Taxes
Replies: 7
Views: 540

Re: Tax contribution question .... short and hopefully easy.

Don't send the 1040V. That is for the balance due on a return. Send the 1040-ES with your check. You can send it anytime, although I'm not sure why you're so anxious to part with the funds if you don't need to make estimated payments.
John
by JDCPAEsq
Wed Dec 26, 2012 9:03 pm
 
Forum: Investing - Help with Personal Investments
Topic: Tax contribution question .... short and hopefully easy.
Replies: 5
Views: 453

Re: IRA Problem Paying to (sic) much fee's (sic)

Tell him he's nuts. Vanguard doesn't have any funds that charge even 1%. Here's a list of all the funds with the expense ratios of each:
https://personal.vanguard.com/us/funds/ ... torder=asc
John
by JDCPAEsq
Wed Dec 26, 2012 6:17 pm
 
Forum: Investing - Theory, News & General
Topic: IRA Problem Paying to much fee's
Replies: 32
Views: 1742

Re: Should I buy more I-bonds after Jan 1?

Aren't you overlooking the fact that the IRA withdrawal would be taxable to you?
John
by JDCPAEsq
Tue Dec 25, 2012 9:27 pm
 
Forum: Investing - Help with Personal Investments
Topic: Withdraw $$ from IRA to purchase I-Bonds?
Replies: 5
Views: 1088

Re: Certification of Investment Advisers

rocket wrote:I know lawyers who say the CFP exam is just as difficult as the bar exam.

I suspect these are lawyers with short memories. :happy Regardless, qualification to take a bar exam requires seven years of university study and two degrees. What are the academic requirements for the CFP?
John
by JDCPAEsq
Mon Dec 24, 2012 10:52 pm
 
Forum: Investing - Theory, News & General
Topic: Certification of Investment Advisers
Replies: 12
Views: 1403

Re: Secured Loan For Renovations?

You show your income as between $150K and $180K and you are single. I would think you could pay this out of current earnings.
John
by JDCPAEsq
Sun Dec 23, 2012 10:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: Secured Loan For Renovations?
Replies: 1
Views: 211

Re: For those retired 10+ years

2008
John
by JDCPAEsq
Sat Dec 22, 2012 1:51 pm
 
Forum: Investing - Theory, News & General
Topic: For those retired 10+ years
Replies: 37
Views: 3877

Re: living trust title as beneficiary vs. name of trust

kikie wrote:so what would be the pros and cons of naming the RLT as the beneficiary or the IRA

my client, does not want to name outright a person a bene on the IRA/401k portion...

What happened to your original question that I answered? It appears you deleted it. :oops:
John
by JDCPAEsq
Thu Dec 20, 2012 6:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: living trust title as beneficiary vs. name of trust
Replies: 21
Views: 1542

Re: SPIA's

Looking at http://www.immediateannuities.com and assuming it is a Life Annuity, it almost seems too good (to be true). Agreed! I wonder if OP is talking about something else other than an SPIA. Looking back on his earlier posts it appears he might be talking about a government pension. John
by JDCPAEsq
Wed Dec 19, 2012 9:41 pm
 
Forum: Investing - Help with Personal Investments
Topic: SPIA's
Replies: 7
Views: 597

Re: SPIA's

What are the terms of the SPIA? Is it a single life pure annuity with no adjustments or refund features? Are you male or female? The return seems exceptional at age 60. The Websites are showing returns in the 6% range.
John
by JDCPAEsq
Wed Dec 19, 2012 9:33 pm
 
Forum: Investing - Help with Personal Investments
Topic: SPIA's
Replies: 7
Views: 597

Re: How to establish e-fund of I-bonds?

I thought of them that way initially, but now the bonds purchased in the early years are so attractive I'd hate to part with them. Many of them also have more than doubled in value, making the potential income tax obligation a bit significant, so I'll just hang on to them indefinitely.
John
by JDCPAEsq
Wed Dec 19, 2012 1:39 pm
 
Forum: Investing - Help with Personal Investments
Topic: [POLL] How to establish e-fund of I-bonds?
Replies: 14
Views: 1383

Re: Kids inherit Millions and surrounded by jackals (family)

This is your third thread and we had been hoping to hear further from you on the prior two. It's always good to know if our responses have been helpful. Will be be hearing further on this one? :wink:
John
by JDCPAEsq
Tue Dec 18, 2012 10:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: Kids inherit Millions and surrounded by jackals (family)
Replies: 22
Views: 5242

Re: Assessed Value of Real Estate

You could inquire at the Assessor's office without making a formal appeal.
John
by JDCPAEsq
Tue Dec 18, 2012 1:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: Assessed Value of Real Estate
Replies: 14
Views: 1042

Re: Gift tax and gifts to children

Everything you describe is a gift and should be reported if it exceeds the annual exclusion. Taxable gifts will usually be picked up by the IRS on audits for other purposes, usually income tax or estate tax audits.
John
by JDCPAEsq
Sun Dec 16, 2012 10:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: Gift tax and gifts to children
Replies: 17
Views: 1310

Re: Where to visit in FL with a toddler and a senior?

snyder66 wrote:Airfare will be brutal between Christmas and New Years.

If you can get a flight at all...
John
by JDCPAEsq
Sat Dec 15, 2012 10:01 am
 
Forum: Personal Consumer Issues
Topic: Where to visit in FL with a toddler and a senior?
Replies: 31
Views: 2770

Re: JPM Chase as custodian for Vanguard

A bank doesn't have the right of offset against assets they hold as custodian. Even if they did, they are acting as custodian for Vanguard, not for you. You could have a personal custody account with Chase and they still wouldn't have the right of offset. Not to worry.
John
by JDCPAEsq
Fri Dec 14, 2012 9:24 pm
 
Forum: Investing - Theory, News & General
Topic: JPM Chase as custodian for Vanguard
Replies: 8
Views: 1410

Re: Buying an Immediate Annuity in a Traditional IRA

Simple answer: No. Once you buy the SPIA taxable payments will be made to you, not to the IRA
John
by JDCPAEsq
Fri Dec 14, 2012 7:19 am
 
Forum: Investing - Theory, News & General
Topic: Buying an Immediate Annuity in a Traditional IRA
Replies: 9
Views: 1465

Re: Using / borrowing on IRA

What about an "alternative asset" IRA? I think that is what they are called. They are expensive and you have to use a special custodian, but they can invest in just about anything. The IRA would buy the house as an investment. Not sure what happens when you live in the house. I assume you...
by JDCPAEsq
Thu Dec 13, 2012 10:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: Using / borrowing on IRA
Replies: 28
Views: 2194

Re: Where to visit in FL with a toddler and a senior?

fsrph wrote:I agree with the others that the Gulf/ocean may be too cold to swim.

Gulf temperature in Sarasota today is 67. As the locals like to say, only the Canadians are swimming. :happy
John
by JDCPAEsq
Thu Dec 13, 2012 8:29 pm
 
Forum: Personal Consumer Issues
Topic: Where to visit in FL with a toddler and a senior?
Replies: 31
Views: 2770

Re: Using / borrowing on IRA

Livesoft is correct. Borrowing from your IRA or pledging it as collateral is a prohibited transaction which can result in serious tax consequences including disqualification of the IRA.
John
by JDCPAEsq
Thu Dec 13, 2012 8:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Using / borrowing on IRA
Replies: 28
Views: 2194

Re: Where to visit in FL with a toddler and a senior?

Rupert wrote:Try the Sandestin Golf and Beach resort just outside Destin...It's fairly cheap this time of year

Average temperatures in Destin, Florida in late December are highs of 62 and lows of 37. Now you know why it's "cheap this time of year".
John
by JDCPAEsq
Thu Dec 13, 2012 5:59 pm
 
Forum: Personal Consumer Issues
Topic: Where to visit in FL with a toddler and a senior?
Replies: 31
Views: 2770

Re: Where to visit in FL with a toddler and a senior?

Christmas week is one of the busiest weeks of the year in Florida with heavy traffic and most accommodations sold out. At this late date you will probably have trouble finding a suitable place for the week, at least in South Florida.
John
by JDCPAEsq
Thu Dec 13, 2012 5:53 pm
 
Forum: Personal Consumer Issues
Topic: Where to visit in FL with a toddler and a senior?
Replies: 31
Views: 2770

Re: Helping out Parents with extra income

My point about corporate altruism was rooted in the fact that the Wal-Mart greeters provide absolutely zero value to the company but were paid to say hello and goodbye. Not a terrible part-time job in retirement. I'm not so sure there isn't more to their job. Seems to me they're always keeping an e...
by JDCPAEsq
Thu Dec 13, 2012 5:30 pm
 
Forum: Investing - Help with Personal Investments
Topic: Helping out Parents with extra income
Replies: 25
Views: 1523

Re: Helping out Parents with extra income

A SPIA is another possibility. About $73,000 would buy a joint and survivor annuity paying $500 a month.
John
by JDCPAEsq
Thu Dec 13, 2012 1:58 pm
 
Forum: Investing - Help with Personal Investments
Topic: Helping out Parents with extra income
Replies: 25
Views: 1523

Re: Annuitize Roth, trad IRA, or taxable account?

Dick, if you haven't bought the annuity then don't. There is no math that makes this a good investment (IMO) unless of course you assume you will beat the annuity odds and outlive the larger part of the population. Also, if you plan on having no heirs, you can make a case that this is one way to ce...
by JDCPAEsq
Wed Dec 12, 2012 8:30 pm
 
Forum: Investing - Theory, News & General
Topic: Annuitize Roth, trad IRA, or taxable account?
Replies: 31
Views: 1572

Re: Annuitize Roth, trad IRA, or taxable account?

The logic of putting the low return asset in the IRA is faulty because it ignores risk. If the high return and low return asset have the same risk you should not buy the low return asset. If they have different risks and are part of a well planned portfolio then putting the high return/high risk as...
by JDCPAEsq
Wed Dec 12, 2012 5:28 pm
 
Forum: Investing - Theory, News & General
Topic: Annuitize Roth, trad IRA, or taxable account?
Replies: 31
Views: 1572

Re: Annuitize Roth, trad IRA, or taxable account?

In the past I have always advocated that it was "silly" to put an annuity inside an IRA because the ONLY thing the annuity has going for it is it's tax-advantage, so why waste the tax-advantage of your IRA money by putting an annuity there - use it in a taxable account. I am another of th...
by JDCPAEsq
Wed Dec 12, 2012 3:44 pm
 
Forum: Investing - Theory, News & General
Topic: Annuitize Roth, trad IRA, or taxable account?
Replies: 31
Views: 1572

Re: Bar shenanigans

I thought your heading was about lawyers! :happy
John
by JDCPAEsq
Wed Dec 12, 2012 7:14 am
 
Forum: Personal Consumer Issues
Topic: Bar shenanigans
Replies: 9
Views: 1536

Re: High Deductible on my engagement ring insurance??

You're fooling yourself to think you can double your money by losing the ring. Do you really think insurance companies are going to pay you twice what you paid for the ring? If that was the case, I could make a living by buying, insuring and losing valuable jewelry and so would many other people. Fo...
by JDCPAEsq
Tue Dec 11, 2012 10:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: High Deductible on my engagement ring insurance??
Replies: 8
Views: 1543

Re: Seeking advice on possible trust account for children

2stepsbehind wrote:Ha! :D But even the nonwealthy can occasionally fly first class, take a cruise, join the local country club etc... What are the equivalents in the trusts/estates world?

There aren't any.
John
by JDCPAEsq
Tue Dec 11, 2012 7:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: Seeking advice on possible trust account for children
Replies: 41
Views: 1977
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