Search found 598 matches

by billjohnson
Sat Aug 27, 2016 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: Does basis change every year on passenger auto with varying business use?
Replies: 1
Views: 177

Re: Does basis change every year on passenger auto with varying business use?

As an example:
2015…...$15,000 x .32 = $4,600
2016…….$15,000 x .192 = $2,880
2017…….$15,000 x .1152 = $1,728


(I'm not taking into account the passenger auto limitations in these calculations)
by billjohnson
Sat Aug 27, 2016 2:07 pm
Forum: Personal Finance (Not Investing)
Topic: Does basis change every year on passenger auto with varying business use?
Replies: 1
Views: 177

Does basis change every year on passenger auto with varying business use?

2014 new car purchase: $50,000 (no trade in, under 6000lbs) Business use percentage : 2014: 60% 2015: 70% 2016: 80% 2017: 60% So basis for first year would be $50,000 x .6 = $30,000 . $30,000 x .5 (bonus depreciation) = $15,000 $15,000 x 20% = $3000 $15,000 x 3,000 = $18,000 [but due to limits on pa...
by billjohnson
Fri Aug 19, 2016 11:38 am
Forum: Personal Finance (Not Investing)
Topic: Tax Question (Auto Depreciation)
Replies: 12
Views: 1195

Re: Tax Question (Auto Depreciation)

Perkunas, thanks for the reply. Very helpful and much appreciated. :beer
by billjohnson
Tue Aug 16, 2016 12:37 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Question (Auto Depreciation)
Replies: 12
Views: 1195

Re: Tax Question (Auto Depreciation)

Hopefully this helps in some way! Very helpful indeed Perkunas! Thanks for the reply. Maybe you're willing share your expertise a little more!?? So yes, $6674 was put under section 179 for 2013. The depreciable basis is $18,267 ($41,707 x .598 - $6674). What i can't seem to figure out is how TurboT...
by billjohnson
Sun Aug 14, 2016 10:56 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Question (Auto Depreciation)
Replies: 12
Views: 1195

Re: Tax Question (Auto Depreciation)

When the vehicle is fully depreciated by any means (179 or annual amounts), there is no depreciation to take in the following year. In this situation you depreciated the full value of the car in 2013. There would be no depreciation for 2014. Cyde, thanks for the reply. When i say the entire amount…...
by billjohnson
Fri Aug 12, 2016 9:18 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Question (Auto Depreciation)
Replies: 12
Views: 1195

Re: Tax Question (Auto Depreciation)

Bump in hopes of further help. :|
by billjohnson
Wed Aug 10, 2016 9:29 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Question (Auto Depreciation)
Replies: 12
Views: 1195

Re: Tax Question (Auto Depreciation)

Section 179 depreciation goes in column i. Annual depreciation goes in column h. Clyde, thanks again for the reply. I guess where I'm getting confused is turbotax is prompting be to put the entire depreciation amount (179, special, and annual) all under section 179. For vehicles purchased new, the ...
by billjohnson
Mon Aug 08, 2016 4:06 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Question (Auto Depreciation)
Replies: 12
Views: 1195

Re: Tax Question (Auto Depreciation)

You can take the 179 deduction only for the year the vehicle was placed in service. Because this vehicle was placed in service, business use, prior to 2015 you enter your annual deduction on line 26 column h. Clyde, Thanks so much for the reply! I am currently working on tax year 2013 :shock: …. so...
by billjohnson
Mon Aug 08, 2016 10:51 am
Forum: Personal Finance (Not Investing)
Topic: Tax Question (Auto Depreciation)
Replies: 12
Views: 1195

Tax Question (Auto Depreciation)

-Bought a 41k new car in 2013. Under 6000 lbs. -Used 59.8% for business. -Max depreciation allowed is $11,160 (including bonus depreciation). -So depreciation deduction would be: 11,160 x .598 = $6674 (1) Can I take this under section 179 (Form 4562,Part V, section i)? (2) Or should it be under depr...
by billjohnson
Tue May 03, 2016 4:09 pm
Forum: Personal Finance (Not Investing)
Topic: Accounting Question (Car expenses/Depreciation)
Replies: 6
Views: 677

Re: Accounting Question (Car expenses/Depreciation)

Can't access right now from where I am, but does Schedule C let you input different info or each of the cars? If yes, answer is simple. If not, it might still be possible but I can't help more right now. Thanks for the reply. Schedule C (Part IV) has place for one car, but even so, that part is onl...
by billjohnson
Tue May 03, 2016 11:17 am
Forum: Personal Finance (Not Investing)
Topic: Accounting Question (Car expenses/Depreciation)
Replies: 6
Views: 677

Re: Accounting Question (Car expenses/Depreciation)

Am I able to do both of the following for 2014: (1) Use standard mileage deduction for the old car for first half of year? (2) Use actual expense deduction for new car for second half of year? (bump in hopes someone knows this answer, because Pub463 does not) Edit to add: Seems Pub463 is suggesting...
by billjohnson
Sun May 01, 2016 4:17 pm
Forum: Personal Finance (Not Investing)
Topic: Accounting Question (Car expenses/Depreciation)
Replies: 6
Views: 677

Re: Accounting Question (Car expenses/Depreciation)

A more simple question. Am I able to do the following for 2014:

(1) Use standard mileage deduction for the old car for first half of year?
-and-
(2) Use actual expense deduction for new car for second half of year?
by billjohnson
Sun May 01, 2016 2:46 pm
Forum: Personal Finance (Not Investing)
Topic: Accounting Question (Car expenses/Depreciation)
Replies: 6
Views: 677

Accounting Question (Car expenses/Depreciation)

Scenario : I had a used car that was placed into business in 2011. It was used 60% for business. I took standard milage deduction each year. In June 2014, it was worth roughly $4000 and then the engine went kaput. I sold it for $100. Bought new car for business... Question : Can I do all of the fol...
by billjohnson
Mon Jan 25, 2016 10:19 pm
Forum: Investing - Help with Personal Investments
Topic: Wash Sale Help
Replies: 4
Views: 428

Re: Wash Sale Help

Thanks Kaneohe. No short term redemption fee. Will sell the new 3k lot tomorrow, and guess I'll be back to pretty much where I started.
by billjohnson
Mon Jan 25, 2016 6:09 pm
Forum: Investing - Help with Personal Investments
Topic: Wash Sale Help
Replies: 4
Views: 428

Re: Wash Sale Help

So after some more reading, looks like i can sell the new 3k lot tomorrow, and that effectively "releases" the loss? Anyone out there been down this road and can confirm? Thanks!
by billjohnson
Mon Jan 25, 2016 5:38 pm
Forum: Investing - Help with Personal Investments
Topic: Wash Sale Help
Replies: 4
Views: 428

Wash Sale Help

:oops:

Sold 30k Fidelity Total Stock Market on Friday for TLH purposes (-$3,600 loss).
Without thinking, bought 3k Vanguard Total Stock Market today.

Do I lose my tax loss? What's the best way to take it from here…??
by billjohnson
Sat Dec 19, 2015 5:24 pm
Forum: Personal Consumer Issues
Topic: Flaunt Your High-Mileage Car
Replies: 273
Views: 24248

Re: Flaunt Your High-Mileage Car

2000 Honda Accord EX 4dr sedan.
268,462 miles.

**Bought new for $19,700. Transmission toast at 100k, but Honda paid for a replacement under warranty. Car is still going strong (knock on wood). Should easily pass the 300k mark.**
by billjohnson
Tue Oct 20, 2015 1:10 pm
Forum: Investing - Theory, News & General
Topic: Free books!
Replies: 4
Views: 887

Re: Free books!

Books have been spoken for. Thanks.
by billjohnson
Tue Oct 20, 2015 11:07 am
Forum: Investing - Theory, News & General
Topic: Free books!
Replies: 4
Views: 887

Free books!

Couple books here that are about to hit the trash bin. They are pretty easy to ship, and thought perhaps someone here might want to read them. If so, please respond "YES" to this thread ... then PM me your address. I'll ship them out media mail this week. Thanks. Reducing the Risk of Black...
by billjohnson
Fri Oct 02, 2015 12:08 pm
Forum: Investing - Help with Personal Investments
Topic: Help with maturing fixed annuity. Settlement options???
Replies: 9
Views: 851

Re: Help with maturing fixed annuity. Settlement options???

dhodson wrote:I'd call vanguard for a direct transfer...

Dale_G wrote:Definitely call Vanguard.

Thanks for the replies. I called Vanguard, and got the ball rolling on a direct transfer. Thanks again for the help... :beer
by billjohnson
Sun Sep 27, 2015 1:42 pm
Forum: Investing - Help with Personal Investments
Topic: Help with maturing fixed annuity. Settlement options???
Replies: 9
Views: 851

Re: Help with maturing fixed annuity. Settlement options???

First thing to do is to determine whether this is indeed a qualified annuity. ...looks like taxes have not been paid on this money and it is an annuity within a qualified plan. I checked, and it is a qualified annuity. So a simple direct transfer to a Vanguard Traditional IRA is possible? As I unde...
by billjohnson
Fri Sep 25, 2015 12:01 am
Forum: Investing - Help with Personal Investments
Topic: Help with maturing fixed annuity. Settlement options???
Replies: 9
Views: 851

Help with maturing fixed annuity. Settlement options???

My dad (turned 70 on Aug 13) has a maturing fixed annuity, and the insurance company is asking him to choose a settlement option. I know zero about annuities , and was hoping for some help in choosing his best option. I'm honestly not sure what is the pertinent information to list here, so I'll just...
by billjohnson
Sat Sep 05, 2015 12:25 pm
Forum: Personal Consumer Issues
Topic: New SUV, $50G, Pilot/Highlander/Other
Replies: 75
Views: 9178

Re: New SUV, $50G, Pilot/Highlander/Other

Toons wrote:Get a Crv-EXL or touring model and have about 15-18k left to "invest" :D :D

http://www.crvownersclub.com/forums/14- ... -idle.html
by billjohnson
Wed Jul 22, 2015 7:42 pm
Forum: Personal Consumer Issues
Topic: Best Book for Beginning Auto Maintenance
Replies: 15
Views: 1562

Re: Best Book for Beginning Auto Maintenance

As BlueFin suggested, it's a website you need. Plenty of how-tos that will walk you through most repairs…and of course, can ask questions on the forum as needed. http://www.tacomaforum.com/forums/1995-2004-toyota-tacoma.7/ https://www.tacomaworld.com/forums/1st-gen-tacomas-1995-2004.4/ Also, quite a...
by billjohnson
Tue Jun 09, 2015 4:16 pm
Forum: Personal Finance (Not Investing)
Topic: Business Auto Deductions (Tax Question)
Replies: 2
Views: 408

Re: Business Auto Deductions (Tax Question)

Perhaps a trial run through TT would answer your question. Thanks for the reply. I've found that if I grind through my tax issues by hand, I not only eventually get the answer, but my understanding of the subject is greatly increased. I sometimes then double check with TurboTax, etc. for peace of m...
by billjohnson
Tue Jun 09, 2015 12:46 pm
Forum: Personal Finance (Not Investing)
Topic: Business Auto Deductions (Tax Question)
Replies: 2
Views: 408

Business Auto Deductions (Tax Question)

I have a question about deducting business auto, and was hoping some of the experts would chime in. Short version : Am I able to use both standard mileage method and actual cost method on different vehicles during the same calendar year? Longer version : I have always used "standard mileage met...
by billjohnson
Sun Mar 08, 2015 1:14 am
Forum: Personal Finance (Not Investing)
Topic: Which one & Where to buy Mattress
Replies: 6
Views: 1535

Re: Which one & Where to buy Mattress

Help appreciated! T&N gets quite a few good reviews, and at a reasonable price. I think if you mention Mattress Underground...you get an additional 6% discount?? Good luck. https://www.tuftandneedle.com It has to be low profile as she may fall from the bed. T&N has a five. http://www.amazon...
by billjohnson
Tue Jan 20, 2015 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: Form 8829 Question.
Replies: 3
Views: 481

Re: Form 8829 Question.

Here is what it says on the top of form 8829: File only with Schedule C (Form 1040). Use a separate Form 8829 for each home you used for business during the year. Thanks, I read that as well. From my google searching, it seems like most are saying one schedule C, one 8829, with the multiple 8829s b...
by billjohnson
Tue Jan 20, 2015 7:35 pm
Forum: Personal Finance (Not Investing)
Topic: Form 8829 Question.
Replies: 3
Views: 481

Form 8829 Question.

If I may, one more quick question. I moved right in the middle of the year. I had a home office in the original location, and then again in the new location. Each home office had different area percentages and expenses. Do I need to fill out two separate 8829s or can I simply "merge" the n...
by billjohnson
Tue Jan 20, 2015 4:52 pm
Forum: Personal Finance (Not Investing)
Topic: Very Basic Tax Return Question
Replies: 3
Views: 680

Re: Very Basic Tax Return Question

Just use the first taxpayer's SSN on all the schedules that apply to both spouses. But both names go on these Forms as in "Joe Taxpayer & Jane Taxpayer". This is what tax software does. Are you using tax software? Thank you livesoft. I am filling out the return by hand, then plan to c...
by billjohnson
Tue Jan 20, 2015 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: Very Basic Tax Return Question
Replies: 3
Views: 680

Very Basic Tax Return Question

I'm in the process of filling out my first joint return, and have quite a "dumb" question ... but still can't find the answer anywhere online. And the IRS is currently not accepting calls. Question: Do I need to include both names and social security numbers on all the schedules (B, C, D, ...
by billjohnson
Fri Jan 09, 2015 5:25 pm
Forum: Personal Finance (Not Investing)
Topic: Health Savings Account (HSA) Question
Replies: 8
Views: 1419

Re: Health Savings Account (HSA) Question

The married couple, under one plan, may both open HSAs, and their family contribution limit may be split between them however they like. With one exception: If one of them is eligible for catch-up contributions, that money must go into their own HSA, and they can't share that eligibility with their...
by billjohnson
Fri Jan 09, 2015 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: Health Savings Account (HSA) Question
Replies: 8
Views: 1419

Re: Health Savings Account (HSA) Question

Thanks for the great replies! Now off to study IRS Publication 969. And thanks again for the help; it is much appreciated. :beer
by billjohnson
Fri Jan 09, 2015 1:24 pm
Forum: Personal Finance (Not Investing)
Topic: Health Savings Account (HSA) Question
Replies: 8
Views: 1419

Health Savings Account (HSA) Question

In 2014, my wife and I opened a HDHP family plan with blue cross/blue shield. I then opened an HSA and contributed $6550 to it. My questions: (1) Is my contribution total correct, or are we supposed to open individual HSAs and contribute as individuals? (2) Can a married couple on a HDHP family plan...
by billjohnson
Thu Oct 09, 2014 3:28 pm
Forum: Investing - Theory, News & General
Topic: It's a good day to be Heavy in Bonds ---- 10-09-2014.......
Replies: 13
Views: 2002

Re: It's a good day to be Heavy in Bonds ---- 10-09-2014....

BahamaMan wrote:It's a good day to be in heavy in Bonds --- 10-7-2014....

BahamaMan wrote:It's a good day to be in Stocks - 10-08-2014.........

BahamaMan wrote:It's a good day to be Heavy in Bonds ---- 10-09-2014.......

And tomorrow would be a good day to stop posting these worthless threads.
by billjohnson
Fri Sep 26, 2014 4:50 pm
Forum: Investing - Help with Personal Investments
Topic: Insurance Agent / Annuity Question??
Replies: 5
Views: 709

Re: Insurance Agent / Annuity Question??

What type of fixed annuity? Not really sure. Qualified fixed rate annuity is the best my dad could do. I'll be visiting next month, so will be able to look at the paperwork then... What was the purpose of buying the fixed annuity in the first place? There was no purpose. Another option is to annuit...
by billjohnson
Fri Sep 26, 2014 11:28 am
Forum: Investing - Help with Personal Investments
Topic: Insurance Agent / Annuity Question??
Replies: 5
Views: 709

Re: Fixed Annuity Question??

Unless your father has anticipated estate tax issues, I find it difficult to understand how a life insurance policy is going to help with taxes on RMDs from a qualified annuity. I don't understand either. It was my understanding that you could 1035 tax-free transfer annuity>annuity, or life insuran...
by billjohnson
Fri Sep 26, 2014 2:16 am
Forum: Investing - Help with Personal Investments
Topic: Insurance Agent / Annuity Question??
Replies: 5
Views: 709

Insurance Agent / Annuity Question??

My dad (69 1/2) has had a fixed annuity for quite some time. His insurance rep visited him today, and explained he would have to start taking distributions on the amount once he reached 70 1/2. Best I can understand, she suggested (as a way to save on taxes) he should use the annuity money to cover ...
by billjohnson
Tue Jul 22, 2014 11:15 pm
Forum: Investing - Theory, News & General
Topic: If Argentina Defaults
Replies: 21
Views: 2430

Re: If Argentina Defaults

ducksauce9 wrote:Would it be a good time to buy Argentine stocks?

No
ducksauce9 wrote:Would it be a good time to convert some dollars into Argentine pesos?

No
by billjohnson
Sat Jul 19, 2014 10:01 pm
Forum: Personal Consumer Issues
Topic: Memory foam mattresses - any insight?
Replies: 87
Views: 14315

Re: Memory foam mattresses - any insight?

Best mattress forum on the web. Phoenix is the man...

http://themattressunderground.com/mattress-forum.html
by billjohnson
Sun Jun 29, 2014 4:23 pm
Forum: Investing - Theory, News & General
Topic: How Would Mr. Bogle Calculate Expected REIT Returns?
Replies: 122
Views: 20574

Re: How Would Mr. Bogle Calculate Expected REIT Returns?

Well, despite all the calculations to the contrary, the REIT train is still rolling. Vanguard REIT Index up 17.90% YTD.
by billjohnson
Wed Jun 25, 2014 11:00 am
Forum: Personal Consumer Issues
Topic: Fed up with ATT
Replies: 66
Views: 7596

Re: Fed up with ATT

Crimsontide wrote:Cut the cord.

+1
by billjohnson
Wed Jun 18, 2014 2:04 pm
Forum: Personal Finance (Not Investing)
Topic: 2010 Amended Return Help (8606 issue)
Replies: 2
Views: 346

Re: 2010 Amended Return Help (8606 issue)

Thanks for your help.

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