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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: 1093

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: 1078

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: 1093

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: 5045

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: 1763

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: 5045

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: 59
Views: 4096

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: 1464

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: 820

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: 1186

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: 2389

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: 9556

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: 251

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: 251

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: 1464

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: 1464

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: 3154

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: 491

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: 491

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: 296

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: 640

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: 494

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: 1224

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: 640

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: 640

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: 2761

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: 1496

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: 1576

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: 1278

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: 8511

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: 3312

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: 366

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: 3312

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: 540

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: 2383

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: 8511

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: 1048

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: 2383

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: 1339

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: 771

Re: Which company would you go with? (HVAC contractor)

Not sure how Guy A could give you a reliable price without looking at your electrical panel. Not a problem if you have a 200 amp panel, but if you don't, you're looking at an upgrade and additional cost.
by pshonore
Sat Sep 27, 2014 10:38 am
 
Forum: Personal Consumer Issues
Topic: Which company would you go with? (HVAC contractor)
Replies: 11
Views: 700

Re: What to look for in a homeowner's policy

No they calculate the personal property value simply as a percentage of home value. There is no way our personal property is worth that much. Just a couple of laptops and tablets. The rest of it is mostly children's toys and inexpensive furniture. You should check: Its probably replacement cost whi...
by pshonore
Thu Sep 25, 2014 3:59 pm
 
Forum: Personal Consumer Issues
Topic: What to look for in a homeowner's policy
Replies: 11
Views: 858

Re: Are trash compactors good things?

As long as you don't live in Seattle where there is now mandatory composting, you should be ok with either method.

http://www.reuters.com/article/2014/09/ ... EF20140923
by pshonore
Thu Sep 25, 2014 3:46 pm
 
Forum: Personal Consumer Issues
Topic: Are trash compactors good things?
Replies: 20
Views: 1051

Re: New kitchen cabinets or new doors?

We had the same problem. My house was built in the 70's. The cabinets were solid and in good condition, but they were dated and stained. We had a local cabinet maker replace the doors. The other part of the cabinets were covered with new veneer. They look like new cabinets now. The cost was $1,350....
by pshonore
Thu Sep 25, 2014 3:39 pm
 
Forum: Personal Consumer Issues
Topic: New kitchen cabinets or new doors?
Replies: 28
Views: 1823

Re: Realtor Quandry [two buyer's agents]

Has OP signed a "buyers contract" with either agent? As a former agent/broker myself, I can tell the longer you let this go, the harder the breakup will be on the one who loses out.
by pshonore
Thu Sep 25, 2014 3:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: Realtor Quandry [two buyer's agents]
Replies: 7
Views: 998

Re: What to look for in a homeowner's policy

Sounds pretty typical to me. Most policies also have restrictions on what they will pay for jewelry, cash, fine arts, etc. You may want to check those to make sure they suit your needs.
by pshonore
Thu Sep 25, 2014 9:00 am
 
Forum: Personal Consumer Issues
Topic: What to look for in a homeowner's policy
Replies: 11
Views: 858

Re: Capital gains on custodial accounts

You can not elect to include a child cap gains on a parent's return (only interest, dividends and cap gain distributions totaling less than 10K) However a child's cap gains are usually taxed at the parents rate although I do not know what happens if the child rate is higher.
by pshonore
Wed Sep 24, 2014 6:35 pm
 
Forum: Investing - Help with Personal Investments
Topic: Capital gains on custodial accounts
Replies: 7
Views: 350

Re: How Much Renter's Insurance - Liability Coverage

In that scenario, filing a lawsuit for a work related injury usually doesn't get too far especially for a single claimant. That's really the premise of Workers Comp; accidents happen and workers get compensated for lost wages and medical expenses without proving negligence or fault. Now say the maid...
by pshonore
Wed Sep 24, 2014 12:28 pm
 
Forum: Personal Finance (Not Investing)
Topic: How Much Renter's Insurance - Liability Coverage
Replies: 8
Views: 728

Re: How Much Renter's Insurance - Liability Coverage

Am no insurance expert by any means but the questions I would be wondering about are not spilling a giant can of paint or your daughter leaving a faucet running. Wouldn't the liability come into play if -- The maid you hired to clean your apt. was injured and a lawyer claimed the injury was due to ...
by pshonore
Wed Sep 24, 2014 11:02 am
 
Forum: Personal Finance (Not Investing)
Topic: How Much Renter's Insurance - Liability Coverage
Replies: 8
Views: 728
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