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Re: Give me a road map!

I'm seeing a CPA on Thurs but would like some advice first. I'm currently netting $1-2k per day. Starting next year, I expect that will change to $2-4k a day. I started my own business in February. There is no overhead. There is no inventory. It's PERFECTLY scalable. It's strictly a digital world. ...
by pshonore
Wed Oct 22, 2014 1:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: Give me a road map!
Replies: 21
Views: 2163

Re: Smart people, please help us (agriculture exemption)

How much of your $5k in property taxes is for the house and how much for the land? I doubt getting an ag exemption will do much for the house portion but as everyone has pointed out, this stuff is all local. Here's a funny story from CT. All assessment and taxes are done at the town level in the 169...
by pshonore
Wed Oct 22, 2014 12:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: Smart people, please help us (agriculture exemption)
Replies: 19
Views: 873

Re: lost 8606 from years ago - am I in trouble?

Good luck with that request. You can get a transcript (online) for the 2010 - 2013. I seriously doubt you can get a "copy" of anything much older.
by pshonore
Wed Oct 22, 2014 12:15 pm
 
Forum: Personal Finance (Not Investing)
Topic: lost 8606 from years ago - am I in trouble?
Replies: 16
Views: 1675

Re: Write-off capital loss against capital gains?

RE taxes are generally always deductible regardless of property "use". (assuming ownership and other conditions for RE taxes)
by pshonore
Wed Oct 22, 2014 10:17 am
 
Forum: Personal Finance (Not Investing)
Topic: Write-off capital loss against capital gains?
Replies: 27
Views: 1234

Re: Write-off capital loss against capital gains?

Depends on he wrote it off. The correct way is to put it on Sched A as investment interest expense, deductible to the extent of investment income (interest, etc but not LTCG/QDs unless you elect to forego favorable tax treatment on those). Any excess can be carried over. Interest is generally NOT de...
by pshonore
Wed Oct 22, 2014 9:56 am
 
Forum: Personal Finance (Not Investing)
Topic: Write-off capital loss against capital gains?
Replies: 27
Views: 1234

Re: Estimated SS COLA for 2015

Based on Sept CPI-W of 234.170, the SS COLA, effective with Dec benefit (paid in Jan 2015) should be 1.7% . Who wants to check the math?

(((234.525+234.030+234.170)/3)-230.327)/230.327 = .017
by pshonore
Wed Oct 22, 2014 9:17 am
 
Forum: Investing - Theory, News & General
Topic: Estimated SS COLA for 2015
Replies: 17
Views: 1778

Re: What tax software do you use and why

I'm sure we remember the confusion from last year when online and download versions of TT did not all handle the same tax forms. It's evidently getting worse. Here's a link to the pre-order version of TT downloads for TY 2014. https://turbotax.intuit.com/lp/ty14/desktop/lp1.jsp#irs-forms It appears ...
by pshonore
Tue Oct 21, 2014 3:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: What tax software do you use and why
Replies: 54
Views: 2548

Re: Write-off capital loss against capital gains?

Isn't this a personal loss (just like sale of a home) and therefore not deductible?
by pshonore
Tue Oct 21, 2014 10:38 am
 
Forum: Personal Finance (Not Investing)
Topic: Write-off capital loss against capital gains?
Replies: 27
Views: 1234

Re: Help on Turbo Tax Long term cap gains

It doesn't matter how much of the SS is taxed, if total taxable income (including taxable SS and the Cap Gains of course) is under the 15% limit ($73800 for 2014). Doing the calculation without LT cap gains and doing the calculation with LT cap gains should not change his tax. Cap gains can affect A...
by pshonore
Thu Oct 16, 2014 5:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help on Turbo Tax Long term cap gains
Replies: 21
Views: 1102

Re: Marginal Tax Rate Question/Confusion

Wouldn't another $100 of income knock out $50 of the real estate loss deduction ? (and $5 of Child Tax credit). RE Phase out starts 100K and is gone at $150K.
by pshonore
Thu Oct 16, 2014 3:41 pm
 
Forum: Investing - Help with Personal Investments
Topic: Marginal Tax Rate Question/Confusion
Replies: 16
Views: 1131

Re: Help on Turbo Tax Long term cap gains

There are lots of SS taxation calculators on the web.

For example: http://www.calcxml.com/calculators/how- ... y-be-taxed
by pshonore
Wed Oct 15, 2014 5:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help on Turbo Tax Long term cap gains
Replies: 21
Views: 1102

Re: Sale of house-closing tomorrow, buyer is backing out

I agree with the other posters. It probably won't be worth the trouble to sue. The legal terminology is called Specific Performance. It is an order of a court which requires a party to perform a specific act, usually what is stated in a contract. To add more to this, courts very rarely enforce Spec...
by pshonore
Mon Oct 13, 2014 4:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: Sale of house-closing tomorrow, buyer is backing out
Replies: 60
Views: 5077

Re: Computer codes availability at indep. repair garages?

I'm just curious what the total was for the oil change and whether synthetic oil is used. Was there also a charge for rags, cleaning supplies and oil disposal? I've seen those.
by pshonore
Mon Oct 13, 2014 2:40 pm
 
Forum: Personal Consumer Issues
Topic: Computer codes availability at indep. repair garages?
Replies: 42
Views: 1819

Re: Sale of house-closing tomorrow, buyer is backing out

When I sold real estate 25 years ago, I saw several deals fall apart and I don't recall any buyer ever losing earnest money. Of course the day before the closing is rather late in the game. It depends on your location but in Connecticut, earnest money is held by the sellers broker in an escrow accou...
by pshonore
Mon Oct 13, 2014 12:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Sale of house-closing tomorrow, buyer is backing out
Replies: 60
Views: 5077

Re: Building a New House, Advice please.

HueyLD wrote:One item that has not been mentioned.

If you purchase the materials to build a home and pay the sales tax directly, you can deduct the sales tax as an itemized deduction. Keep good records.
I believe you can deduct either state income tax paid OR state sales tax but not both.
by pshonore
Mon Oct 13, 2014 11:33 am
 
Forum: Personal Consumer Issues
Topic: Building a New House, Advice please.
Replies: 63
Views: 4814

Re: Everything related to 1099 worker - tracking expenses et

So then the easier write offs are gas mileage - toll, parking and any supplies? I guess cellphone - what else? Will,also open a simple Ira Why don't you start reading the IRS regulations? http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Deducting-Business-Expenses As others have s...
by pshonore
Mon Oct 13, 2014 11:30 am
 
Forum: Personal Finance (Not Investing)
Topic: Everything related to 1099 worker - tracking expenses etc
Replies: 27
Views: 1499

Re: Securities lending

You didn't say whether this was in a taxable account or not. If you lend securities, the dividend payments become "in lieu" of dividends and they are ordinary income, not qualified for the reduced dividend tax rate. So I would say pass if this is a taxable account. If its an IRA, the borr...
by pshonore
Mon Oct 13, 2014 11:23 am
 
Forum: Investing - Theory, News & General
Topic: Securities lending
Replies: 16
Views: 827

Re: Aca insurance/medicaid

Of course there are IRS guidelines for which startup costs can be deducted and which ones should be amortized over a longer period.

http://www.irs.gov/publications/p535/ch ... 1000208938
by pshonore
Sun Oct 12, 2014 10:25 am
 
Forum: Personal Finance (Not Investing)
Topic: Aca insurance/medicaid
Replies: 13
Views: 1207

Re: Draw down taxable saving first?

As earlyout points out, CGs (and QDs) always wind up on top of the the income "pile", so the goal is to keep your "ordinary" income (wages, pensions, taxable SS, interest, STCG, rental income, IRA distributions, etc) low enough so LTCGs and QDs all fall into the 15% bracket. That...
by pshonore
Sat Oct 11, 2014 12:28 pm
 
Forum: Investing - Theory, News & General
Topic: Draw down taxable saving first?
Replies: 38
Views: 2436

Re: *Best town I've never heard of

Any place in Connecticut (although Fairfield County would not meet the cost of living restriction). But most of the state is within 90 minutes of Boston or NYC. And I hope you like snow.
by pshonore
Sat Oct 11, 2014 11:58 am
 
Forum: Personal Consumer Issues
Topic: Best town I've never heard of [for relocating]
Replies: 97
Views: 9671

Re: Survivor Benefits When Buying Life Insurance

Will your SS survivor benefits be 49K if your wife continues to work? I'm not sure of this. I just read on the site when I logged in, if you died today you would get X. It said $2037 for my child and $2037 per month for my spouse. Is there more I need to know? Does her work affect the spousal benef...
by pshonore
Sat Oct 11, 2014 11:53 am
 
Forum: Personal Finance (Not Investing)
Topic: Survivor Benefits When Buying Life Insurance
Replies: 7
Views: 253

Re: Survivor Benefits When Buying Life Insurance

Will your SS survivor benefits be 49K if your wife continues to work?
by pshonore
Sat Oct 11, 2014 10:38 am
 
Forum: Personal Finance (Not Investing)
Topic: Survivor Benefits When Buying Life Insurance
Replies: 7
Views: 253

Re: Everything related to 1099 worker - tracking expenses et

I would agree if his residence is his principal place of business or if he is traveling to multiple work sites on the same day.
by pshonore
Fri Oct 10, 2014 7:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Everything related to 1099 worker - tracking expenses etc
Replies: 27
Views: 1499

Re: Everything related to 1099 worker - tracking expenses et

caroljm36 wrote:Don't forget a log for logging mileage. It really needs to be done contemporaneously, not after the fact.

I guess there are apps for it now but I wouldn't know about that.
And not all mileage is deductible, especially if the IRS considers it "commuting expense".
by pshonore
Fri Oct 10, 2014 10:14 am
 
Forum: Personal Finance (Not Investing)
Topic: Everything related to 1099 worker - tracking expenses etc
Replies: 27
Views: 1499

Re: Can I open up a Roth IRA for my 6 year old?

***I am not a lawyer, tax attorney, CPA, IRS agent or psychic hotline employee & am merely pointing out some interesting concepts*** I think a bit of prudence combined with reason is in order here. My children aged 7 through 12 have a snow shoveling business where they earned about $1,500 last ...
by pshonore
Thu Oct 09, 2014 12:18 am
 
Forum: Investing - Theory, News & General
Topic: Can I open up a Roth IRA for my 6 year old?
Replies: 32
Views: 3161

Re: Master Limited Partnership- ok for Retirement (IRA) acco

I would not disagree with that statement. I love my MLPs. Most of mine were bought in 2008 and 2009.
by pshonore
Wed Oct 08, 2014 5:14 pm
 
Forum: Investing - Help with Personal Investments
Topic: Master Limited Partnership- ok for Retirement (IRA) account?
Replies: 12
Views: 494

Re: Master Limited Partnership- ok for Retirement (IRA) acco

Why would there be more tax work? There should be none in an IRA. By the way, the UBTI problem means the MLP has more than $1K of operating earnings (NOT distributions) in Box 1 of the K1. Most MLPs generate large amounts of operating losses and therefore no UBTI. For all practical purposes MLP = LP...
by pshonore
Wed Oct 08, 2014 4:42 pm
 
Forum: Investing - Help with Personal Investments
Topic: Master Limited Partnership- ok for Retirement (IRA) account?
Replies: 12
Views: 494

Re: BND & BNDX Dividends

I've owned those 2 ETFs for months and payable date for October was this morning and I didn't get anything in my account nor new shares due to reinvesting... anyone have similar issues? How many "months" are you referring to? BND generally goes ex-dividend on the first business day of the...
by pshonore
Tue Oct 07, 2014 10:28 am
 
Forum: Investing - Help with Personal Investments
Topic: BND & BNDX Dividends
Replies: 5
Views: 298

Re: Roth conversion and 2014 income

The IRS does not care what quarter the payment applies to because its going to assume you should have paid any estimated payments in 4 equal installments, due on 4/15, 6/15, 9/15 and 1/15 of the following year. It is also going to assume any withholding from wages, IRA distributions, etc, were made ...
by pshonore
Mon Oct 06, 2014 7:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: Roth conversion and 2014 income
Replies: 13
Views: 642

Re: Capital loss carryover in the (almost) 15% bracket

Last year I harvested some tax losses; I now have about $30k in carryover losses. I realize I can use $3k against ordinary income. All things being equal, I would not sell anything this year and therefore will not have capital gains, except for what my Vanguard funds throw off. Seems a waste to use...
by pshonore
Mon Oct 06, 2014 6:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: Capital loss carryover in the (almost) 15% bracket
Replies: 7
Views: 501

Re: Kitchen Cabinetry Lines

Try http://www.crown-point.com - quality but not cheap. Your local Kitchen Design Center can also be a good starting point to find out what's out there. Unlike investing advice, with cabinets, you generally get what you pay for.
by pshonore
Mon Oct 06, 2014 6:16 pm
 
Forum: Personal Consumer Issues
Topic: Kitchen Cabinetry Lines
Replies: 19
Views: 1226

Re: Roth conversion and 2014 income

Most states (including Mass) have a version of Form 2210. Here's what the Mass form says (in part). Annualized income installment method. If you do not receive taxable income evenly throughout the year, you may wish to annualize your income to adjust your required installment amount(s). Enter any ad...
by pshonore
Mon Oct 06, 2014 5:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: Roth conversion and 2014 income
Replies: 13
Views: 642

Re: Roth conversion and 2014 income

If the additional income generated by the Roth conversion was in the 4th quarter, you may be able use Form 2210 to proportion your income throughout the year and "match it" to your estimated payments/withholding. Its a pain to do that though. The same is probably true for your state income...
by pshonore
Mon Oct 06, 2014 4:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: Roth conversion and 2014 income
Replies: 13
Views: 642

Re: Self Cleaning Water Heater

My experience has been just the opposite; shut off/drain valves that are not opened and closed regularly (say every three or four months) tend to not work well. Note I'm about taking about washer and seat gate valves; not the ball valves which seem to be used more today for shut offs.
by pshonore
Mon Oct 06, 2014 12:52 pm
 
Forum: Personal Consumer Issues
Topic: Self Cleaning Water Heater
Replies: 15
Views: 1010

Re: Financial perparation for a Disaster Event

In my former house I took photos in all the rooms, with the drawers and closets open, etc. I will do that here today, thanks for the reminder. I don't have really expensive items, just stuff like kitchen appliances and a few modest laptops, so I don't have to be that careful. I do have photos of my...
by pshonore
Mon Oct 06, 2014 9:57 am
 
Forum: Personal Finance (Not Investing)
Topic: Financial preparation for a Disaster Event
Replies: 25
Views: 2773

Re: New hardwood floor

The first thing to consider is what's under the rugs now. For the purpose of this answer I'm assuming it's wood. If it's a good level floor you can probably install the new floor directly on top of it. Otherwise you might need to level and/or install a sub floor first. I installed a pre-finished fl...
by pshonore
Sun Oct 05, 2014 10:59 pm
 
Forum: Personal Consumer Issues
Topic: New hardwood floor
Replies: 13
Views: 1508

Re: POA Reporting Requirements to Family

If they have been ruled incompetent, in most cases wouldn't a "conservator" be appointed? In any case whatever authority ruled on competency (local probate court, etc. ) normally requires periodic reports from the conservator, do they not?
by pshonore
Sat Oct 04, 2014 6:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: POA Reporting Requirements to Family
Replies: 24
Views: 1577

Re: File and suspend Social Security

I'm wondering what the taxation status is of getting several years' payments at one time ? The IRS has an option designed to mitigate the tax hit of receiving multiple years of Social Security payments in a single year. It is called the Lump Sum Election. Details are here: http://www.irs.gov/public...
by pshonore
Sat Oct 04, 2014 8:03 am
 
Forum: Personal Finance (Not Investing)
Topic: File and suspend Social Security
Replies: 8
Views: 1279

Re: The Roosevelts, PBS special

Oliver Stone produced a 10 part series (which played on Showtime) on the History of the US from roughly the 1920s through current day. I have not seen it for a while but I do remember his contention that the dumping of Wallace for Truman had a great impact on post War policy and politics. Interestin...
by pshonore
Thu Oct 02, 2014 12:01 pm
 
Forum: Personal Consumer Issues
Topic: The Roosevelts, PBS special
Replies: 104
Views: 8535

Re: Possible Uninsured Motorist accident

Sounds like in PA, this is collision coverage. They'll pay for damage minus his deductible ($1K) which is what the contract requires.
by pshonore
Wed Oct 01, 2014 4:24 pm
 
Forum: Personal Consumer Issues
Topic: Possible Uninsured Motorist accident - UPDATE
Replies: 47
Views: 3377

Re: Furnace Condensate Neutralizer Media

Might want to run that by your local sanitarian (discharging to septic). A neighbor just sold his house and in order to close he had to remove a water softener that was discharging into his septic system. It was either that or dig a dry well.
by pshonore
Wed Oct 01, 2014 3:46 pm
 
Forum: Personal Consumer Issues
Topic: Furnace Condensate Neutralizer Media
Replies: 9
Views: 370

Re: Possible Uninsured Motorist accident

One suggestion; tell us what state you're in, since insurance policies,coverages and regulations vary WIDELY by state. What is true in one may not be true in another. In some states uninsured motorist coverage may cover damage to your vehicle, in others it may only cover bodily injury.
by pshonore
Wed Oct 01, 2014 3:36 pm
 
Forum: Personal Consumer Issues
Topic: Possible Uninsured Motorist accident - UPDATE
Replies: 47
Views: 3377

Re: Vanguard: "Why your fund's return may be better than you

However, if you do an XIRR calc in Excel, your number should be identical to the fund's return for a given period (1 yr, 3yr, etc). Of course this assumes you did not add or withdraw funds during the period and the period is greater than 12 months (since XIRR annualizes returns for less than 12 mont...
by pshonore
Wed Oct 01, 2014 11:35 am
 
Forum: Investing - Theory, News & General
Topic: Vanguard: "Why your fund's return may be better than yours."
Replies: 2
Views: 541

Re: See both financial advisor and elder law lawyer for Mom?

I probably would not take the approach of trying to qualify for Medicaid myself, but as long as a person does it legally by transferring assets within the required time frame, establishing trusts, etc and not "hiding" assets, I don't see a problem. Is it very much different from a person w...
by pshonore
Tue Sep 30, 2014 6:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: See both financial advisor and elder law lawyer for Mom?
Replies: 45
Views: 2390

Re: The Roosevelts, PBS special

Neither wore "fashionable" glasses either.
by pshonore
Tue Sep 30, 2014 5:15 pm
 
Forum: Personal Consumer Issues
Topic: The Roosevelts, PBS special
Replies: 104
Views: 8535

Re: Assistance with Medicare costs for lowish income seniors

Medicare is primary; Medicaid only picks up deductibles, copays and drugs. There should be no more problem finding a doc than anyone else on Medicare.
by pshonore
Tue Sep 30, 2014 5:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Assistance with Medicare costs for lowish income seniors
Replies: 13
Views: 1052

Re: See both financial advisor and elder law lawyer for Mom?

I believe once a person turns 65, the only Medicaid available is for nursing homes and other custodial care. They are still covered by Medicare (assuming they're eligible) for most medical problems and can see any doctor who accepts Medicare. If they are low income and qualify , I believe Medicaid o...
by pshonore
Mon Sep 29, 2014 2:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: See both financial advisor and elder law lawyer for Mom?
Replies: 45
Views: 2390

Re: Death Benefit from pension - lump sum or lifetime monthl

I'd double check those numbers particularly the survivor monthly benefit which seems somewhat generous and conceivably will be paid for 50 years or so. Check this thread for another scenario on lump sum vs annuity. http://www.bogleheads.org/forum/viewtopic.php?f=2&t=147685&newpost=2207753 Lu...
by pshonore
Mon Sep 29, 2014 2:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Death Benefit from pension - lump sum or lifetime monthly?
Replies: 19
Views: 1345

Re: new construction water softener rough in

Interesting story - Friend of mine just sold his house. He had a water softener installed about 20 yrs ago and plumbed the drain into his septic system. That evidently is no longer allowed. Buyers mortgage company told the owner to dig a dry well ($2K + lawn repair) or have the softener removed by a...
by pshonore
Sun Sep 28, 2014 12:11 am
 
Forum: Personal Consumer Issues
Topic: new construction water softener rough in
Replies: 11
Views: 779
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