Search found 3345 matches

by Gill
Tue Aug 22, 2017 8:38 pm
Forum: Personal Finance (Not Investing)
Topic: Quarterly Taxes - Best resources or just hire a CPA?
Replies: 10
Views: 392

Re: Quarterly Taxes - Best resources or just hire a CPA?

Or 100%. You don't have to do 110% right? So to be clear, if we received a refund, we only need to pay 110% of the actual tax, not the amount we paid (Actual tax + Overpayment * 110% (1.1)) right? That way we wouldn't be "growing our safe harbor" every year. Refund has nothing to do with it. Just p...
by Gill
Tue Aug 22, 2017 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: Quarterly Taxes - Best resources or just hire a CPA?
Replies: 10
Views: 392

Re: Quarterly Taxes - Best resources or just hire a CPA?

Iorek wrote:
Tue Aug 22, 2017 8:31 pm
Won't turbotax help with this?
Not really necessary. Just multiply the prior year's tax by 1.1.
Gill
by Gill
Tue Aug 22, 2017 8:22 pm
Forum: Personal Finance (Not Investing)
Topic: Quarterly Taxes - Best resources or just hire a CPA?
Replies: 10
Views: 392

Re: Quarterly Taxes - Best resources or just hire a CPA?

BusterMcTaco wrote:
Tue Aug 22, 2017 8:21 pm
Or 100%. You don't have to do 110% right?
Their AGI is above $150,000 and therefore 110%.
Gill
by Gill
Tue Aug 22, 2017 8:20 pm
Forum: Personal Finance (Not Investing)
Topic: Quarterly Taxes - Best resources or just hire a CPA?
Replies: 10
Views: 392

Re: Quarterly Taxes - Best resources or just hire a CPA?

You shouldn't need a CPA. Simply use the safe harbor rules and pay in 110% of your prior year's tax and you'll be fine.
Gill
by Gill
Tue Aug 22, 2017 8:14 pm
Forum: Personal Finance (Not Investing)
Topic: Renunciation of executor nomination?
Replies: 6
Views: 373

Re: Renunciation of executor nomination?

Absolutely. Appointments under wills are renounced all the time. The will may provide for a successor or it may provide a mechanism for having one appointed. Absent that, the court, not the state, will appoint a successor.
Gill
by Gill
Mon Aug 21, 2017 7:28 am
Forum: Personal Finance (Not Investing)
Topic: Gift Question - Combine Gift w/Repay of Short Term Loan
Replies: 4
Views: 367

Re: Gift Question - Combine Gift w/Repay of Short Term Loan

Yes, your idea should be fine. Write a letter to her explaining the transaction and keep a copy.
Gill
by Gill
Sat Aug 19, 2017 4:00 pm
Forum: Personal Finance (Not Investing)
Topic: Florida vs New Jersey Residency
Replies: 17
Views: 2077

Re: Florida vs New Jersey Residency

How do states track you? just curious. I can imagine some pretty invasive things, like subpeona of credit card and bank records, but that seems quite extreme. With respect to income tax, it's quite easy. You no longer file a return or you file as a nonresident. They send you a lengthy questionaire ...
by Gill
Sat Aug 19, 2017 11:00 am
Forum: Personal Finance (Not Investing)
Topic: Florida vs New Jersey Residency
Replies: 17
Views: 2077

Re: Florida vs New Jersey Residency

Thanks to all for the comments and advice. I think we are in pretty good shape. All cars are registered in FL, licenses are FL, all bank accounts, brokerage accounts, etc show FL address. We do vote in FL. And we keep good records. With the days that we spend in FL combined with the days where we a...
by Gill
Fri Aug 18, 2017 8:17 pm
Forum: Investing - Help with Personal Investments
Topic: Help me evaluate SPIA purchase
Replies: 12
Views: 1062

Re: Help me evaluate SPIA purchase

If you wait till 2020 when interest rates could peak you'd receive a better return. If you wait 3-5 years to start receiving payments you will receive a better return. My last quote was a 10 year term annuity and it paid 2.54% effective yield. That pays more than a checking account for every day ex...
by Gill
Fri Aug 18, 2017 6:47 pm
Forum: Investing - Help with Personal Investments
Topic: Help me evaluate SPIA purchase
Replies: 12
Views: 1062

Re: Help me evaluate SPIA purchase

How old are you? Why are you looking at an inflation adjusted annuity?
Gill
by Gill
Fri Aug 18, 2017 2:56 pm
Forum: Personal Finance (Not Investing)
Topic: Jobs that pay over $100,000
Replies: 144
Views: 11838

Re: Jobs that pay over $100,000

Heck of a way to pick a career. I think the best advice is for him to pick a field he loves and he'll do well at it. Pursuing a career because it currently pays high wages can lead to a life of unhappiness.
Gill
by Gill
Fri Aug 18, 2017 2:16 pm
Forum: Personal Finance (Not Investing)
Topic: Did Chase Apply My "Additional Principal" Payment Legally?
Replies: 41
Views: 1985

Re: Did Chase Apply My "Additional Principal" Payment Legally?

LMK5 wrote:
Fri Aug 18, 2017 1:22 pm
Ok, I think I'm seeing it a little better now. Bottom line is, for the payment they received on February 24th, they applied the same interest as they would have if they'd received that payment on March 24th. Correct?
Yes, that's correct.
Gill
by Gill
Fri Aug 18, 2017 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: quick estate question
Replies: 56
Views: 2653

Re: quick estate question

Just spoke to accountant absolutely no taxes needed as long as you sell the house in a reasonable time (6-months) otherwise there could be a very small gain or loss. Also said the siblings do not have to report anything in regards to anything on their returns next year, He will just complete an est...
by Gill
Fri Aug 18, 2017 9:17 am
Forum: Personal Finance (Not Investing)
Topic: Did Chase Apply My "Additional Principal" Payment Legally?
Replies: 41
Views: 1985

Re: Did Chase Apply My "Additional Principal" Payment Legally?

Nate79 wrote:
Fri Aug 18, 2017 9:14 am
When I have made extra principle payments (Wells Fargo but all online) I agree with what you say that it just goes against the principle.
I'm not clear what principle you're invoking. :happy
Gill
by Gill
Fri Aug 18, 2017 9:16 am
Forum: Personal Finance (Not Investing)
Topic: Did Chase Apply My "Additional Principal" Payment Legally?
Replies: 41
Views: 1985

Re: Did Chase Apply My "Additional Principal" Payment Legally?

I think they're treating the second payment as the March payment.
Gill
by Gill
Fri Aug 18, 2017 9:10 am
Forum: Personal Finance (Not Investing)
Topic: Florida vs New Jersey Residency
Replies: 17
Views: 2077

Re: Florida vs New Jersey Residency

As a practical matter, states up north are only monitoring individuals who are either filthy rich or very well known. Is this true? Can you document this? I disagree also. I've had any number of clients or who weren't what you might call filthy rich or well known who have undergone extensive audits...
by Gill
Fri Aug 18, 2017 9:08 am
Forum: Personal Finance (Not Investing)
Topic: Florida vs New Jersey Residency
Replies: 17
Views: 2077

Re: Florida vs New Jersey Residency

You don't need to spend six months plus a day in FL in order to be a FL resident for tax purposes. Tell that to the property tax assessor and see what he says. :x Sarasota County recently audited homestead exemptions that were being claimed and found hundreds of fraudulent exemptions. Beware. Gill
by Gill
Fri Aug 18, 2017 7:07 am
Forum: Personal Finance (Not Investing)
Topic: Estate planning - step up question
Replies: 2
Views: 373

Re: Estate planning - step up question

Probate has nothing to do with basis. If a capital asset is included in your estate for estate tax purposes it gets a step up. Note, IRA's, Savings Bonds and the like are ordinary income assets, not capital assets.
Gill
by Gill
Thu Aug 17, 2017 7:59 pm
Forum: Personal Finance (Not Investing)
Topic: quick estate question
Replies: 56
Views: 2653

Re: quick estate question

My previous question re-stated: If 5 people co-own an asset, when one of them dies, does the value of their share get added to their estate for estate tax purposes or does it pass to the remaining co-owners without taxes? In regards to the possible step-up law changing, I ask because our trust was ...
by Gill
Thu Aug 17, 2017 7:56 pm
Forum: Personal Finance (Not Investing)
Topic: quick estate question
Replies: 56
Views: 2653

Re: quick estate question

celia wrote:
Thu Aug 17, 2017 7:46 pm
I ask because our trust was created 30 years ago and it may have been partial step-up back then.

How does it differ when husband and wife are co-owners?
No, it was the same before that. With spouses, half is included in either estate and half receives the step up.
Gill
by Gill
Thu Aug 17, 2017 7:43 pm
Forum: Personal Finance (Not Investing)
Topic: quick estate question
Replies: 56
Views: 2653

Re: quick estate question

Gill, I used to understand it like Clover. Did the law get changed some time in the last 30-40 years to go from partial step-up to full step-up? If the house was retitled several years ago, would the daughter get a step on the entire house or only the half owned by Mom? Assuming she did not live th...
by Gill
Thu Aug 17, 2017 7:32 pm
Forum: Personal Finance (Not Investing)
Topic: quick estate question
Replies: 56
Views: 2653

Re: quick estate question

the sister in whose name the house was oddly titled is going to owe taxes. everyone needs to account for this Why do you say she is going to owe taxes? Gill If the house was retitled several years ago, would the daughter get a step on the entire house or only the half owned by Mom? Assuming she did...
by Gill
Thu Aug 17, 2017 6:30 pm
Forum: Personal Finance (Not Investing)
Topic: quick estate question
Replies: 56
Views: 2653

Re: quick estate question

the sister in whose name the house was oddly titled is going to owe taxes. everyone needs to account for this Why do you say she is going to owe taxes? Gill If the house was retitled several years ago, would the daughter get a step on the entire house or only the half owned by Mom? Assuming she did...
by Gill
Thu Aug 17, 2017 2:59 pm
Forum: Personal Consumer Issues
Topic: Sales Tax Calculation when Buying Online
Replies: 10
Views: 556

Re: Sales Tax Calculation when Buying Online

czr wrote:
Thu Aug 17, 2017 2:53 pm
the consumer is supposed to self-accrue the tax...
Not only accrue it but pay it.
Gill
by Gill
Thu Aug 17, 2017 2:54 pm
Forum: Personal Finance (Not Investing)
Topic: Question about LTCG on inherited property
Replies: 7
Views: 444

Re: Question about LTCG on inherited property

To give him an accurate answer, you need to know how he inherited it. If it was held in trust under a will of someone who died in 1990, and now just distributed to him because the trust terminated, it might have a basis based on the FMV in 1990. It is a common mistake on this forum to assume proper...
by Gill
Thu Aug 17, 2017 2:50 pm
Forum: Personal Consumer Issues
Topic: Sales Tax Calculation when Buying Online
Replies: 10
Views: 556

Re: Sales Tax Calculation when Buying Online

This company has stolen from you and most likely many other Amazon customers. No overseas company has authority to collect a state sales tax. The only place they are remitting it to is their own bank account. You need to report this seller to Amazon! Thanks for confirming this, Mark. That was my op...
by Gill
Thu Aug 17, 2017 2:26 pm
Forum: Personal Consumer Issues
Topic: Sales Tax Calculation when Buying Online
Replies: 10
Views: 556

Re: Sales Tax Calculation when Buying Online

Why would a company outside of the US be charging you sales tax at all?
Gill
by Gill
Thu Aug 17, 2017 2:21 pm
Forum: Personal Finance (Not Investing)
Topic: quick estate question
Replies: 56
Views: 2653

Re: quick estate question

JGoneRiding wrote:
Thu Aug 17, 2017 2:11 pm
the sister in whose name the house was oddly titled is going to owe taxes. everyone needs to account for this
Why do you say she is going to owe taxes?
Gill
by Gill
Thu Aug 17, 2017 2:18 pm
Forum: Personal Finance (Not Investing)
Topic: Places worth seeing in Halifax, Nova Scotia and Montreal in mid September
Replies: 6
Views: 458

Re: Places worth seeing in Halifax, Nova Scotia and Montreal in mid September

Maritime Museum of the Atlantic in Halifax. Also, Fairview Cemetery where 121 victims of the Titanic are buried.
Gill
by Gill
Thu Aug 17, 2017 11:50 am
Forum: Investing - Theory, News & General
Topic: Why do brokerage transactions take 2 business days to settle?
Replies: 9
Views: 1288

Re: Why do brokerage transactions take 2 business days to settle?

It was once five days - we're making progress.
Gill
by Gill
Thu Aug 17, 2017 11:18 am
Forum: Personal Finance (Not Investing)
Topic: Question about LTCG on inherited property
Replies: 7
Views: 444

Re: Question about LTCG on inherited property

To give him an accurate answer, you need to know how he inherited it. If it was held in trust under a will of someone who died in 1990, and now just distributed to him because the trust terminated, it might have a basis based on the FMV in 1990. It is a common mistake on this forum to assume propert...
by Gill
Tue Aug 15, 2017 6:21 pm
Forum: Investing - Help with Personal Investments
Topic: Inherited Bond - Should I sell?
Replies: 13
Views: 1169

Re: Inherited Bond - Should I sell?

I would certainly sell it. It's probably almost a meaningless holding for you which you wouldn't want to hold for the next 21 years.
Gill
by Gill
Tue Aug 15, 2017 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: How much coverage should I buy in an umbrella liability policy
Replies: 15
Views: 1552

Re: How much coverage should I buy in an umbrella liability policy

Three million is none too much. You can be sure you're a target with a million dollar house.
Gill
by Gill
Tue Aug 15, 2017 7:07 am
Forum: Personal Finance (Not Investing)
Topic: Taxes for Residual Beneficiaries of a Special Needs Trust
Replies: 2
Views: 230

Re: Taxes for Residual Beneficiaries of a Special Needs Trust

There wouldn't be any tax other than possible income taxes from trust income or capital gains.
Gill
by Gill
Fri Aug 11, 2017 8:16 am
Forum: Personal Consumer Issues
Topic: Warm Place for Thanksgiving family reunion
Replies: 27
Views: 1959

Re: Warm Place for Thanksgiving family reunion

My family has spent Thanksgiving for several years at Siesta Key on the Gulf coast. Fly into Tampa. It's relatively quiet and inexpensive that time of year. We rent on or near the beach, and the younger ones use rental bicycles to get around. Siesta is not quiet and inexpensive at Thanksging. I'm q...
by Gill
Wed Aug 09, 2017 8:35 pm
Forum: Investing - Help with Personal Investments
Topic: TLH Partner?
Replies: 5
Views: 428

Re: TLH Partner?

Definitely not a wash sale.
Gill
by Gill
Wed Aug 09, 2017 8:30 pm
Forum: Investing - Help with Personal Investments
Topic: 1-Million Dollar Question [Investing during retirement, leave to heirs]
Replies: 33
Views: 4736

Re: The GOALS are...

It is not 5.3% in the first year. Corrected above Also, what do you mean by dividends being more expensive than capital growth in an IRA? For a given return, over the long term one will need a larger portfolio for a high-dividend-yield strategy. Not necessarily going to be the case in the future. G...
by Gill
Wed Aug 09, 2017 8:17 pm
Forum: Investing - Help with Personal Investments
Topic: 1-Million Dollar Question [Investing during retirement, leave to heirs]
Replies: 33
Views: 4736

Re: The GOALS are...

I want these funds to produce income... Why? It would help his kids, if the income of the portfolio would be given to us without tapping into the capital . So I'd like to build a portfolio that can exceed the RMD This is your root error. First, If the portfolio (inside an IRA, so there are no tax i...
by Gill
Wed Aug 09, 2017 8:05 pm
Forum: Investing - Help with Personal Investments
Topic: Municipal Funds in a Traditional IRA?
Replies: 24
Views: 1121

Re: Municipal Funds in a Traditional IRA?

Is your father going to be comfortable with the risk of substantial loss in the equity portion of his IRA? Has he sought out your advice for investing this money?
Gill
by Gill
Wed Aug 09, 2017 7:20 pm
Forum: Investing - Help with Personal Investments
Topic: Municipal Funds in a Traditional IRA?
Replies: 24
Views: 1121

Re: Municipal Funds in a Traditional IRA?

You want taxable bonds in the IRA, not tax exempt.
Gill
by Gill
Wed Aug 09, 2017 5:29 pm
Forum: Investing - Help with Personal Investments
Topic: Municipal Funds in a Traditional IRA?
Replies: 24
Views: 1121

Re: Municipal Funds in a Traditional IRA?

There is no benefit. In fact, all income would come to you as taxable ordinary income.
Gill
by Gill
Wed Aug 09, 2017 11:40 am
Forum: Personal Finance (Not Investing)
Topic: Should we sell a home to a friend's daughter?
Replies: 31
Views: 2969

Re: Should we sell a home to a friend's daughter?

Have a real estate attorney represent your mother from the beginning and be sure all your concerns are covered in the contract. Also, it would be money well spent to have an appraisal of the property to enable both sides to arrive at a suitable sale price.
Gill
by Gill
Wed Aug 09, 2017 7:20 am
Forum: Personal Finance (Not Investing)
Topic: Do I need to file a gift tax return?
Replies: 26
Views: 1809

Re: Do I need to file a gift tax return?

thangngo wrote:Do you file joint return with your wife? If so, you both have 28,000 threshold.
A joint income tax return has nothing to do with gift tax returns. However, no need for a return here.
Gill
by Gill
Tue Aug 08, 2017 4:57 pm
Forum: Investing - Help with Personal Investments
Topic: [Stashing a windfall in the safest possible place while deciding what to do next]
Replies: 45
Views: 3208

Re: Stashing a windfall in the safest possible place while deciding what to do next

Agreed it would be nuts to use multiple banks. US Treasuries, Bills or otherwise, is really the only sensible short term safe investment for this amount of money.
Gill
by Gill
Mon Aug 07, 2017 7:28 pm
Forum: Personal Consumer Issues
Topic: Climate Controlled Storage Units
Replies: 8
Views: 686

Re: Climate Controlled Storage Units

I would think your furniture would be ruined if exposed to summer heat and humidity for three years. I guarantee it would in Florida and I guess D.C. would be much the same.
Gill
by Gill
Mon Aug 07, 2017 8:35 am
Forum: Personal Finance (Not Investing)
Topic: Buying parents home and estate planing
Replies: 17
Views: 1248

Re: Buying parents home and estate planing

Aran, creating a joint tenancy with someone not your spouse results in the entire value being included in the estate of the original owner and therefore a full step up at that person's death.
Gill
by Gill
Mon Aug 07, 2017 7:27 am
Forum: Personal Finance (Not Investing)
Topic: Buying parents home and estate planing
Replies: 17
Views: 1248

Re: Buying parents home and estate planing

Agree with the others that said just make the mortgage payment for them or give them the money to do so themselves under the gift exclusion. Inheritance tax is not a factor--If $650/mo is a potentially make or break amount, they don't have an estate worth $11M+. As others have also noted, if you ge...
by Gill
Mon Aug 07, 2017 7:13 am
Forum: Personal Finance (Not Investing)
Topic: Buying parents home and estate planing
Replies: 17
Views: 1248

Re: Buying parents home and estate planing

If you're added to the deed, they still own the property, so why should they pay rent?
Gill
by Gill
Sun Aug 06, 2017 8:44 pm
Forum: Personal Finance (Not Investing)
Topic: How do I find a competent Estate Attorney?
Replies: 8
Views: 920

Re: How do I find a competent Estate Attorney?

You won't go wrong consulting ACTEC, the American College of Trust and Estate Counsel.
Gill