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Re: propane prices super-low

just paid 3.19 in central virginia. had to use the vendor owning the tank. had called around - 2.89 was best price.
by Loon11
Sun Aug 03, 2014 10:47 pm
 
Forum: Personal Consumer Issues
Topic: propane prices super-low
Replies: 5
Views: 714

Help on new IRS guidelines on Repair for Rental

I just finished my taxes but have not submitted. I am worried after reading about the new 2013 regs for repairs. we did a huge renovation of a duplex in 2013 and will end up with a big refund for the first time in many years. This is due to the 50% bonus depreciation for the new applicances, shed, f...
by Loon11
Mon Mar 24, 2014 9:57 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help on new IRS guidelines on Repair for Rental
Replies: 0
Views: 173

Re: Do you work part time in retirement?

starting parttime this week from full time. Want to tiptoe into retirement, don't think I can handle the huge change from working since age 17 to not going in somewhere. So about 20-24 hrs a week. wont' take out SS or my Fed Pension for a couple of years when I reach FRA 66. Not sure how this will b...
by Loon11
Mon Mar 24, 2014 9:39 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do you work part time in retirement?
Replies: 59
Views: 4333

Re: Reporting 1099-Misc for IC payments

really looks like the efile web site will be easy - will end up costing me $8.00 but sounds like its worth it. since it has to be the original form, only way I could do it would be to hand write it and I'm hesitant to do that. Thanks for this - believe it will save some headache. Also, I don't see w...
by Loon11
Wed Jan 22, 2014 10:38 pm
 
Forum: Personal Finance (Not Investing)
Topic: Reporting 1099-Misc for IC payments
Replies: 5
Views: 353

Re: Reporting 1099-Misc for IC payments

Thanks for the link PaddyMac - will check it out. I had called and received the forms from the IRS which I will probably use, but by hand. If the website makes it easier, will definitely use.
by Loon11
Wed Jan 22, 2014 1:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: Reporting 1099-Misc for IC payments
Replies: 5
Views: 353

Re: Reporting 1099-Misc for IC payments

Thanks - I was afraid that was the answer. I hope not doing one last year doesn't cause any problems for me. The joys of owning rental property!!
by Loon11
Wed Jan 22, 2014 1:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Reporting 1099-Misc for IC payments
Replies: 5
Views: 353

Reporting 1099-Misc for IC payments

Question for the bogleheads that understand taxes! I paid my contractor a total of 103500 for a major renovation for a rental property. When gathering my records to send him a 1099-Misc I realized that the first payment of $50K was actually paid to him in Dec. 2012 with subsequent payments totalling...
by Loon11
Wed Jan 22, 2014 10:54 am
 
Forum: Personal Finance (Not Investing)
Topic: Reporting 1099-Misc for IC payments
Replies: 5
Views: 353

Re: withdrawing from TSP

Thanks Jimb.
I am still with the Feds, keeping my job but cutting back my hrs. I should have known this - makes sense. I am 64.
Getting a bit nervous about the 50% decrease in salary. We'll see.
by Loon11
Mon Jan 20, 2014 8:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: withdrawing from TSP
Replies: 2
Views: 403

withdrawing from TSP

This question is probably evident to everyone (except me) - I am a federal worker who is cutting back to about half time this year and may work for several years to come - about 16 hrs a week. I am wondering if one can withdraw from the TSP prior to full retirement? Getting worried that may be crunc...
by Loon11
Fri Jan 17, 2014 11:21 am
 
Forum: Personal Finance (Not Investing)
Topic: withdrawing from TSP
Replies: 2
Views: 403

Re: Help with Form 1099

done, thanks Tom37. Thanks OAG - if its just a form to send in with the copies of the 1099, not that big a deal. the instructions aren't that clear. the other thing is I don't have a typewriter and not sure how I can type these 1099s - I will probably just print them. Hope that's OK. the forms have ...
by Loon11
Wed Jan 15, 2014 11:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help with Form 1099
Replies: 3
Views: 224

Help with Form 1099

I am supposed to file a 1099-Misc for what I paid my contractor in 2013 (around 100K) as well as another consultant (for renovating a rental property). Never done one before. got the instructions but this form 1096 annual Summary and Transmittal of returns. Not sure what I am supposed to do with it....
by Loon11
Wed Jan 15, 2014 3:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help with Form 1099
Replies: 3
Views: 224

Re: Question on Drawing from TSP

Thanks! just read that. I have no Roth tsp but do have roth iras in vanguard.
by Loon11
Wed Dec 04, 2013 12:03 am
 
Forum: Personal Finance (Not Investing)
Topic: Question on Drawing from TSP
Replies: 2
Views: 263

Question on Drawing from TSP

I will be retiring within the next couple of years and have gone parttime starting in 2014. Being a federal employee, have a TSP account. I would like to know other bogleheads' strategies on taking out funds from the TSP. Not completely knowing all the rules on RMD - wouldn't it be best to use tsp f...
by Loon11
Tue Dec 03, 2013 11:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: Question on Drawing from TSP
Replies: 2
Views: 263

Re: Long Term Care (again)

Thanks Gerry. Va does offer a credit but only in the first few years. It does come up on turbo for virginia.
by Loon11
Thu Oct 24, 2013 12:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: Long Term Care (again)
Replies: 7
Views: 909

Re: Long Term Care (again)

Thanks Honobob and everyone! Gerry - that's a good plan too - if I'm not too out to lunch and make it into my 80's, I'll reduce it to 5 yrs (or my caregiver can:) Otherwise, I'm holding onto it. Honobob you really put it in perspective. My policy has the same coverage for my spouse and myself so its...
by Loon11
Wed Oct 23, 2013 9:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: Long Term Care (again)
Replies: 7
Views: 909

Long Term Care (again)

Trying to make a decision about whether to reduce my LTCi benefits, appreciate feedback. I have a dual policy (self and spouse) purchased in mid 50's (now age 63, spouse 64). I am nearing retirement, maybe next year. we have total assets around 1.5 million not counting real estate (2 rentals, 2 home...
by Loon11
Tue Oct 22, 2013 9:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: Long Term Care (again)
Replies: 7
Views: 909

Re: how to handle tax on a rental sale loss

Thanks all! I did realize I had a big profit on the original sale and now wish I had just paid it, and avoided the 1031 lots. At least then I would have had something from the sale. Now I have 2 lots that won't sell and I have an annual tax bill on each. But maybe in years to come they will apprecia...
by Loon11
Tue Sep 24, 2013 12:57 pm
 
Forum: Personal Finance (Not Investing)
Topic: how to handle tax on a rental sale loss
Replies: 6
Views: 623

Re: how to handle tax on a rental sale loss

Thanks! And if I sell only one lot, I pay the depreciation ratio on that one I assume - or would I pay the entire depreciation on the original property first?
by Loon11
Tue Sep 24, 2013 8:22 am
 
Forum: Personal Finance (Not Investing)
Topic: how to handle tax on a rental sale loss
Replies: 6
Views: 623

how to handle tax on a rental sale loss

Bogleheads = anyone know how to handle taxes on the following cases: I sold a rental house in '06 at approx 115K profit (pd $50K, sold for $165K). There was close to 20 yrs of depreciation taken - approx 23-25K. We used the proceeds to purchase "like property" (1031). purchased two land lo...
by Loon11
Thu Sep 19, 2013 8:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: how to handle tax on a rental sale loss
Replies: 6
Views: 623

Re: Individual Stocks - Do you own any?

yrs ago bought stocks directly and still have them - and also don't want to pay the gains. Blue chips like JNJ, Dom Resources,
P&G, Lowes - a few more. they have done well and keep reinvesting dividends. may sell later...
by Loon11
Tue Sep 03, 2013 10:31 pm
 
Forum: Investing - Theory, News & General
Topic: Individual Stocks - Do you own any?
Replies: 97
Views: 6921

Re: Anyone feed the birds?

This is kinda along these lines........I love feeding the birds and just use southern states sunflower seeds and their suet cakes. Everyone seems to like both. My problem is apparent raccoons taking the entire suet cake holder right off the shepherds hook - and the wire basket was hooked together wi...
by Loon11
Tue Aug 27, 2013 2:57 pm
 
Forum: Personal Consumer Issues
Topic: Anyone feed the birds?
Replies: 84
Views: 6959

Re: Guidance re 1099 to contractor

Thanks all - I wonder if the IRS publication helps. I own the rental property and believe I qualify for being active in it (>750 hrs) but also work full time in health care. So technically, not in the business of real estate. but probably will do the 1099 unless it becomes very difficult to figure o...
by Loon11
Wed Jul 03, 2013 9:32 pm
 
Forum: Personal Finance (Not Investing)
Topic: Guidance re 1099 to contractor
Replies: 11
Views: 866

Re: Guidance re 1099 to contractor

- so even though I am an individual who owns a rental property, I do deduct expenses and should send the contractor a 1099 which I plan to do (I gather from the post I do). I also had a historical architect who did work on the plans and paid her $800+. Ended up not going with the historical tax cred...
by Loon11
Wed Jul 03, 2013 4:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Guidance re 1099 to contractor
Replies: 11
Views: 866

Re: Guidance re 1099 to contractor

Thanks all. deanbrew - I thought it was law that one had to send a 1099 to anyone who was paid $600 or more for work done. If I don't need to do this, I certainly won't, don't want the headache. Isn't it required by law? Again, if this is something I don't need to do....am not looking for more work ...
by Loon11
Tue Jul 02, 2013 12:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: Guidance re 1099 to contractor
Replies: 11
Views: 866

Guidance re 1099 to contractor

I've received such great advise over the past months on a big renovation completed this year on a rental duplex. Our contractor coordinated the work and we paid him in installments. A portion of the work was for repairs and we have separated those costs from the total renovation. So I'm wondering ab...
by Loon11
Mon Jul 01, 2013 10:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: Guidance re 1099 to contractor
Replies: 11
Views: 866

Re: Roth IRA question

Wow - t his is perfect and exactly what I wanted to know. Yes, want to transfer to Vanguard. I will get my spouse to have the bank make the check to Vanguard Fudiciary - seems easiest. the bank ended up stating that we would need to get the forms from Vanguard and have them sent to their Home Office...
by Loon11
Wed Jun 26, 2013 4:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: Roth IRA question
Replies: 7
Views: 794

Re: Roth IRA question

Thanks - I should clarify. my spouse has vanguard roth and traditional which has had regular contributions over many years but this CD was taken out separately. So his first roth IRA was > 5 yrs with vanguard. This was just a good CD offer and bought it. So does each account have to be > 5 yrs? or d...
by Loon11
Wed Jun 26, 2013 7:33 am
 
Forum: Personal Finance (Not Investing)
Topic: Roth IRA question
Replies: 7
Views: 794

Roth IRA question

My spouse, age 64, purchased a CD about 2-3 yrs ago which is now maturing. It was purchased for 6K as a Roth. It does not roll over into anything good. My spouse wants to cash it in and I believe if its held less than 5 yrs, there will be a penalty. Is this correct? Shouldn't the bank advise about t...
by Loon11
Tue Jun 25, 2013 9:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: Roth IRA question
Replies: 7
Views: 794

Re: How to determine the worth of a rental

thanks WhyNotUs -not sure how to calculate the cap rate here but your guess about the payback isn't far off - we certainly will keep up the maintenance now. appreciate everyone's comments.
by Loon11
Mon Jun 24, 2013 9:47 pm
 
Forum: Personal Finance (Not Investing)
Topic: How to determine the worth of a rental
Replies: 7
Views: 980

Re: How to determine the worth of a rental

Thanks Watty
by Loon11
Thu Jun 20, 2013 10:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: How to determine the worth of a rental
Replies: 7
Views: 980

How to determine the worth of a rental

I am wondering what determines the value of a rental. How does the rent determine its value? I just paid $100K for a renovation on a fully paid for, fully depreciated duplex. the previous units were $625 each monthly (we kept them under market due to deferred maintenance, etc), about $15K. the place...
by Loon11
Wed Jun 19, 2013 10:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: How to determine the worth of a rental
Replies: 7
Views: 980

Re: investment property tax question

Thanks dstac. Another question comes to mind: when I deduct the repairs of around $10K, the 90K is what is left to depreciate but that 90K pie gets cut up somewhat by the appliances (another 10K to be depreciated over 5 yrs, not 27.5) Other little things as well like ceiling fans, the fence, and may...
by Loon11
Fri Jun 14, 2013 7:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: investment property tax question
Replies: 14
Views: 1426

Re: investment property tax question

I sure hope that fractional depreciation has a guideline somewhere or is easily done by Turbo. As for property taxes, we submitted a "tax abatement" application that postpones the increased valuation for a number of years to stimulate renovations for older homes in this historic district. ...
by Loon11
Thu Jun 13, 2013 8:32 pm
 
Forum: Personal Finance (Not Investing)
Topic: investment property tax question
Replies: 14
Views: 1426

Re: investment property tax question

Thanks dstac - I was paying as I went. We paid $50K up front in December as first draw, then in 15-25K increments until the last $10K in April. Since it was never not a rental property but was only not rented for 3 months (in other words, I put in in service in 1987 initially). so would I have to st...
by Loon11
Wed Jun 05, 2013 10:04 pm
 
Forum: Personal Finance (Not Investing)
Topic: investment property tax question
Replies: 14
Views: 1426

Re: Capital One Cash vs. Fidelity Amex Rewards

I have the FidAmex but last year, they automatically put $50.00 (my bonus) into a Roth IRA that I have with Fidelity, I didn't know they had done it and I had already made my full Roth. so had to do a return of overpaid roth. Now I still have it and I can get $250 for $12,500 spending. But I also ha...
by Loon11
Tue Jun 04, 2013 12:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: Capital One Cash vs. Fidelity Amex Rewards
Replies: 43
Views: 6822

Re: investment property tax question

Thanks In The Weeds and all! I have always done my own taxes so we will see how I get through next year with all these add'l expenses and itemizations. I have a huge folder stuffed with many receipts etc. I will try to get organized and at least have it all in a spreadsheet. I'm sure it will be load...
by Loon11
Tue Jun 04, 2013 8:10 am
 
Forum: Personal Finance (Not Investing)
Topic: investment property tax question
Replies: 14
Views: 1426

Re: investment property tax question

Thanks Meg. I can't really substantiate with detailed invoices as my contractor just sent me a signed statement of the cost of the repair, the cost of the delivery and appliances and signed it. I asked him for more, but he is a jerk and won't send the original invoices. I guess because he charged me...
by Loon11
Mon Jun 03, 2013 8:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: investment property tax question
Replies: 14
Views: 1426

Re: investment property tax question

dstac - thanks so much!! My shed is sitting on cinder blocks and has a wooden floor so I guess it is not a permanent foundation. not sure if IRS would agree but I'm going for it. Last night, I tried reading all the irs regs on depreciation, I can't believe we have to deal with such a complicated sys...
by Loon11
Mon Jun 03, 2013 9:18 am
 
Forum: Personal Finance (Not Investing)
Topic: investment property tax question
Replies: 14
Views: 1426

investment property tax question

I have always received the best answers in this blog - so here goes: I have paid $103K for a big renovation on a rental. the rental is fully depreciated now so this restarts it. My question is related to all the new appliances and delivery charges. I know one can depreciate the appliances over 5 yrs...
by Loon11
Sun Jun 02, 2013 7:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: investment property tax question
Replies: 14
Views: 1426

Re: best software for rental property

thanks Sally - have bought premier for past few yrs but will give Business a try next yr.
by Loon11
Tue May 07, 2013 9:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: best software for rental property
Replies: 8
Views: 1113

Re: best software for rental property

PanNorWest:
I did not know that! That really is disappointing. I already know I need to do 2 different 1099s. wonder if I can do them from the IRS website. sure seems like turbo would offer that small amenity.
I have never used quicken for anything - wondering if it helps here.
by Loon11
Sun May 05, 2013 6:47 pm
 
Forum: Personal Finance (Not Investing)
Topic: best software for rental property
Replies: 8
Views: 1113

Re: best software for rental property

Thanks HouseStark. I am reading the Landlord's guide and compiling all my things I can depreciate over various other time periods ie., all the new appliances - 5 yrs, I put in a new shed, some other things like ceiling fans, a kitchen island, etc. Maybe turbo can do it but wish I had a program that ...
by Loon11
Fri May 03, 2013 10:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: best software for rental property
Replies: 8
Views: 1113

best software for rental property

Hoping for an easy to use way to keep up ahead of my year end tax compilation. for years I have used Turbo Premier but next year I am facing a lot of new deductions and changes in a rental we have had for 27+ yrs. the depreciation has run out on the original basis. we went ahead and did a major reno...
by Loon11
Mon Apr 29, 2013 9:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: best software for rental property
Replies: 8
Views: 1113

depreciation question rental house

I hope some of you rental experts can lend me advice on my newly renovated duplex. We were at the end of our 27.5 depreciation period and decided to completely renovate the units. So having spent around $100K, I understand we are to begin again on depreciation. I just finished this year's taxes on t...
by Loon11
Sat Apr 13, 2013 10:52 am
 
Forum: Personal Finance (Not Investing)
Topic: depreciation question rental house
Replies: 1
Views: 215

Re: Capital improvement versus repair rental property

I'm not sure I can count it as repair-at least according to "every landlord's tax deduction guide" someone suggested I read, by Stephen Fishman. He says that the IRS would call it part of the improvement plan. not sure if I'll try As for passive activity, I don't have any rent yet for 2013...
by Loon11
Wed Mar 13, 2013 9:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: Capital improvement versus repair rental property
Replies: 9
Views: 686

Re: Chain Link or privacy fence installation

Thanks All!
by Loon11
Wed Mar 13, 2013 9:31 pm
 
Forum: Personal Consumer Issues
Topic: Chain Link or privacy fence installation
Replies: 4
Views: 652

Re: Capital improvement versus repair rental property

Yes Seattle! You are right! We are now paying the price of laziness and procrastination. It was either pay a whopping price to fix up or sell as is and end up with nothing. But we have been guaranteed a doubling of rent and supposedly maintenance free so maybe we will live long enough to recoup the ...
by Loon11
Fri Mar 08, 2013 12:09 am
 
Forum: Personal Finance (Not Investing)
Topic: Capital improvement versus repair rental property
Replies: 9
Views: 686

Re: Final Payment to General Contractor

Thanks Savings$ - as for lien and claim waiver - is that a specific form I can find or should I just type something up? will do some research. good list - thanks again
by Loon11
Thu Mar 07, 2013 10:44 pm
 
Forum: Personal Consumer Issues
Topic: Final Payment to General Contractor
Replies: 4
Views: 387

Final Payment to General Contractor

finishing up a big renovation and the contractor thinks he is getting the final payment soon which will be the final $10K. I am not giving him the final payment until the punch list is completed, and we have walked thru, and he has provided me proof of all the subs being paid. Also, he has not yet g...
by Loon11
Thu Mar 07, 2013 10:29 pm
 
Forum: Personal Consumer Issues
Topic: Final Payment to General Contractor
Replies: 4
Views: 387

Capital improvement versus repair rental property

We are finishing up a major renovation of a duplex owned for yrs. there was an issue with the front porch concrete - had a big crack. we started about 2-3 yrs ago to fix it, had several estimates and went as far as submitting plans to the city. But, the red tape with the city got so frustrating that...
by Loon11
Thu Mar 07, 2013 10:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Capital improvement versus repair rental property
Replies: 9
Views: 686
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