Search found 5158 matches

by pshonore
Mon Mar 20, 2017 10:27 am
Forum: Investing - Theory, News & General
Topic: Risks of MLPs
Replies: 26
Views: 1531

Re: Risks of MLPs

As usual there's a fair amount of misinformation in some of these posts. Are MLPs a good investment for everyone? Of course not; you need some knowledge of energy markets and infrastructure as well as the tax complications before you invest here. Are MLPs good investments in retirement accounts? Pro...
by pshonore
Sun Mar 12, 2017 10:07 pm
Forum: Personal Finance (Not Investing)
Topic: sole proprietorship income offset via R&D expenses: avoids self-employment tax?
Replies: 12
Views: 727

Re: sole proprietorship income offset via R&D expenses: avoids self-employment tax?

But it seems this may be a moot point anyway as even if it was two separate LLCs the self-employment tax is based on the net of all of them not each of them so even unrelated losses in a separate LLC / sole proprietorship would offset income in the other http://blog.taxact.com/schedule-c-self-emplo...
by pshonore
Sun Mar 12, 2017 3:13 pm
Forum: Investing - Help with Personal Investments
Topic: Tax time UTMA/TurboTax and how to file a child's UTMA 1099-DIV. What do I do?
Replies: 22
Views: 656

Re: Tax time UTMA/TurboTax and how to file a child's UTMA 1099-DIV. What do I do?

A child with only unearned income totaling less than $1050 doesn't have to file a return. Agree that you've keyed something wrong somewhere.
by pshonore
Sun Mar 12, 2017 2:36 pm
Forum: Personal Consumer Issues
Topic: Digital Day at Amazon: H&R Block tax s/w
Replies: 5
Views: 953

Re: Digital Day at Amazon: H&R Block tax s/w

The only thing I ended up getting for Digital Day was two Kindle books for $1.99 each. I prefer the boxed tax software instead of the download version, so I'll wait until Monday (January 2nd) and see if Amazon has the sale on H&R Block that they've had on January 2nd for several years. Is there...
by pshonore
Sun Mar 12, 2017 11:19 am
Forum: Personal Finance (Not Investing)
Topic: sole proprietorship income offset via R&D expenses: avoids self-employment tax?
Replies: 12
Views: 727

Re: sole proprietorship income offset via R&D expenses: avoids self-employment tax?

[color=#4040FF][b][i]After re-reading your post it sounds like you're talking about two businesses , (1) consulting and (2) software development and sales ; and it looks like you want to allocate the expense of the 2nd business to the income of the 1st , can you do that ??.. I see it as one busines...
by pshonore
Thu Mar 09, 2017 2:15 pm
Forum: Personal Consumer Issues
Topic: Sizing a ductless min-split for basement
Replies: 58
Views: 2647

Re: Sizing a ductless min-split for basement

Does a typical mini-split have a thermostatic control? Absolutely And how does it work? My Mitsubishi has four settings, HEAT, COOL, DRY (no temp set; really a dehumidifier) and AUTO. To my knowledge, the the first three settings are not controlled by a thermostat (the unit will not start and stop ...
by pshonore
Thu Mar 09, 2017 1:58 pm
Forum: Personal Finance (Not Investing)
Topic: How to report Box 10. Net Section 1231 Gain (Loss) from schedule K-1 to Form 4797?
Replies: 1
Views: 112

Re: How to report Box 10. Net Section 1231 Gain (Loss) from schedule K-1 to Form 4797?

I believe you have to suspend the loss and carry forward for possible use in the future. In other words it does not show up on your return (Sched E) . Any decent tax software (TT, Tax Act) will do that and track it for possible use in the future against possible passive income for the same PTP.
by pshonore
Wed Mar 08, 2017 7:13 pm
Forum: Personal Finance (Not Investing)
Topic: Publicly Traded Partnership K-1, Ordinary Business Loss, and Disposal of Entire Interest
Replies: 7
Views: 335

Re: Publicly Traded Partnership K-1, Ordinary Business Loss, and Disposal of Entire Interest

I see your situation all the time. You are allowed to claim the $1,058 loss as a Schedule E ordinary non-passive loss because you disposed of the PTP. Passive rules come into play if you still hold st least one share. At the same time, you have to decrease your cost basis in the PTP by $1,058 so yo...
by pshonore
Wed Mar 08, 2017 5:37 pm
Forum: Personal Consumer Issues
Topic: Where to buy rare steaks?
Replies: 67
Views: 4539

Re: Where to buy rare steaks?

don't buy anything that's been frozen or individually vacuum packed. both processes kill the texture. This is absolutely false. I don't think anyone can reliably tell the difference between properly frozen and vacuum bagged meat and seafood when the quality of the products is similar. Frozen seafoo...
by pshonore
Wed Mar 08, 2017 5:30 pm
Forum: Personal Consumer Issues
Topic: Where to buy rare steaks?
Replies: 67
Views: 4539

Re: Where to buy rare steaks?

We buy steaks from Costco, our local grocery store, Trader Joes, Whole Foods, whoever else is convenient at the moment. When cooked using the cast iron and the oven, we've found that the Costco steaks actually fare the best. They're bigger than typical grocery store steaks and maybe that helps. I w...
by pshonore
Wed Mar 08, 2017 4:40 pm
Forum: Personal Finance (Not Investing)
Topic: SS survivors benefit for working widow parent.
Replies: 8
Views: 300

Re: SS survivors benefit for working widow parent.

A child is no different than anyone else collecting. If the child has earned income, the same limits apply. If not, their benefit is unchanged. Granted most kids under 18 have very limited earned income but some don't. (like all the kids of posters on this boards who want to pay their kids to appear...
by pshonore
Wed Mar 08, 2017 4:38 pm
Forum: Personal Finance (Not Investing)
Topic: Publicly Traded Partnership K-1, Ordinary Business Loss, and Disposal of Entire Interest
Replies: 7
Views: 335

Re: Publicly Traded Partnership K-1, Ordinary Business Loss, and Disposal of Entire Interest

How did you calculate the $545 loss? You really have to adjust the basis by all items of income and loss passed through over the years to get your adjusted basis and then subtract that from sale proceeds to get total gain/loss. But all that is somewhat academic since your basis in an inherited secur...
by pshonore
Wed Mar 08, 2017 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: SS survivors benefit for working widow parent.
Replies: 8
Views: 300

Re: SS survivors benefit for working widow parent.

The earnings limit for all SS benefits (spousal, survivor, regular, even kids) is the same AFAIK. For 2017, its $16920 - $1 of benefits is deducted for every $2 over that for earned income belonging to the recipient who is under FRA.
by pshonore
Wed Mar 08, 2017 10:57 am
Forum: Personal Consumer Issues
Topic: Where to buy rare steaks?
Replies: 67
Views: 4539

Re: Where to buy rare steaks?

I was surprised to read that Costco blade tenderizes their beef.... so I had to look it up. It appear like at least some of their beef is tenderized, and they say it is labeled as such. I buy about 50% - 75% of my steak from Costco (prime rib-eyes lately - $$). The warning is in small, unobtrusive ...
by pshonore
Wed Mar 08, 2017 9:50 am
Forum: Personal Consumer Issues
Topic: Sizing a ductless min-split for basement
Replies: 58
Views: 2647

Re: Sizing a ductless min-split for basement

Does a typical mini-split have a thermostatic control? Absolutely And how does it work? My Mitsubishi has four settings, HEAT, COOL, DRY (no temp set; really a dehumidifier) and AUTO. To my knowledge, the the first three settings are not controlled by a thermostat (the unit will not start and stop ...
by pshonore
Wed Mar 08, 2017 9:24 am
Forum: Personal Consumer Issues
Topic: Sizing a ductless min-split for basement
Replies: 58
Views: 2647

Re: Sizing a ductless min-split for basement

Does a typical mini-split have a thermostatic control?
by pshonore
Wed Mar 08, 2017 9:05 am
Forum: Personal Finance (Not Investing)
Topic: Getting auto/home insurance quotes
Replies: 6
Views: 662

Re: Getting auto/home insurance quotes

Its a good start but there may not be enough detail on a typical policy to get a meaningful quote. A few examples - your driving record, car usage (pleasure, commuting, business, etc), drivers of your car, annual mileage, just to name a few. Some policies may show a lot of that, others may not. Ther...
by pshonore
Mon Mar 06, 2017 6:22 pm
Forum: Personal Finance (Not Investing)
Topic: Question for Texas Teachers Regarding Soc Sec & TRS
Replies: 12
Views: 745

Re: Question for Texas Teachers Regarding Soc Sec & TRS

https://www.ssa.gov/pubs/EN-05-10045.pdf Thanks. Took me a bit to figure it out but it appears she will get "dinged" a bit on the 1st 90% bend point. In checking Google it seems there has been some noise about the WEP being done away with, that seems unlikely given the state of Social Sec...
by pshonore
Mon Mar 06, 2017 5:52 pm
Forum: Personal Finance (Not Investing)
Topic: Question for Texas Teachers Regarding Soc Sec & TRS
Replies: 12
Views: 745

Re: Question for Texas Teachers Regarding Soc Sec & TRS

https://www.ssa.gov/pubs/EN-05-10045.pdf Thanks. Took me a bit to figure it out but it appears she will get "dinged" a bit on the 1st 90% bend point. In checking Google it seems there has been some noise about the WEP being done away with, that seems unlikely given the state of Social Sec...
by pshonore
Mon Mar 06, 2017 2:18 pm
Forum: Personal Finance (Not Investing)
Topic: SS taxes
Replies: 25
Views: 2600

Re: SS taxes

Yes I did think that. I have never realized that once your benefit goes above a certain level, the taxable percentage will drop to 50%. The calculator certainly confirms that. Thanks for the education.
by pshonore
Mon Mar 06, 2017 1:54 pm
Forum: Personal Finance (Not Investing)
Topic: SS taxes
Replies: 25
Views: 2600

Re: SS taxes

Let me state it another way - if you have 42K of non-SS income, all your SS is 85% taxable from the first $ of SS. Your original post said you needed $26588 of SS to get to the 85% level. I think you need $1 based on the linked calculator
by pshonore
Mon Mar 06, 2017 1:21 pm
Forum: Personal Finance (Not Investing)
Topic: SS taxes
Replies: 25
Views: 2600

Re: SS taxes

Pensions considered in the taxing of SS income. Yes. Any income that appears in your AGI (and some income that doesn't, such as tax-exempt interest) participates in determining how much of your SS benefit is taxable. If you receive more than $42,000/yr 85% of your SS is taxed? Depends on how large ...
by pshonore
Thu Mar 02, 2017 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: Medigap F vs F High Deductible decision
Replies: 34
Views: 1687

Re: Medigap F vs F High Deductible decision

Mayo clinic does not accept Medicare B so there are lots of billing issues. Having excess coverage gets some of those bills covered. I have never experienced this but I have read about it. Good Luck. From the horses mouth... http://www.mayoclinic.org/patient-visitor-guide/billing-insurance/insuranc...
by pshonore
Thu Mar 02, 2017 9:29 am
Forum: Personal Finance (Not Investing)
Topic: Insurance on a diamond engagement ring
Replies: 27
Views: 1978

Re: Insurance on a diamond engagement ring

I would not insure something that I would not be forced to replace and is not a store of value. If I had a collection of art or jewelry that I was holding as an investment and I wanted to protect its value then I might insure it for some fraction of its market value. Most insurance contracts requir...
by pshonore
Wed Mar 01, 2017 1:31 pm
Forum: Personal Finance (Not Investing)
Topic: Insurance on a diamond engagement ring
Replies: 27
Views: 1978

Re: Insurance on a diamond engagement ring

I've been wondering this myself. We have some jewelry & watches insured, but the insurance cost is something like $400/year. At that rate I could put that much aside and pretty soon I'd have a "jewelry insurance fund" set up! Let's say the OP's diamond ring only cost him $10k to purch...
by pshonore
Wed Mar 01, 2017 11:11 am
Forum: Personal Finance (Not Investing)
Topic: Insurance on a diamond engagement ring
Replies: 27
Views: 1978

Re: Insurance on a diamond engagement ring

Kind of like Antiques Roadshow where the conversation typically goes "Your item is worth X but I'd insure it for 2X"
by pshonore
Tue Feb 28, 2017 12:40 pm
Forum: Investing - Theory, News & General
Topic: CEF closed end funds- return of capital
Replies: 5
Views: 324

Re: CEF closed end funds- return of capital

You can usually find out that kind of stuff from tax info docs on the sponsor's website.
by pshonore
Tue Feb 28, 2017 12:38 pm
Forum: Personal Consumer Issues
Topic: Does anyone know if this is mold? Would this mean replacing all air ducts?
Replies: 22
Views: 2206

Re: Does anyone know if this is mold? Would this mean replacing all air ducts?

Is there any chance that is soot from a furnace "puff". Do you have a gas or oil warm air furnace?
by pshonore
Tue Feb 28, 2017 12:04 pm
Forum: Personal Consumer Issues
Topic: Don't pay full price for cable TV
Replies: 76
Views: 4930

Re: Don't pay full price for cable TV

Using an OTA antenna (in the attic) and Sling, our "TV bill" is $19.99/mo :beer Is that total including any fees? If not, what are the additional fees? There are no fees. That is it in totality. Among channels: 3 ESPN channels, A&E, BBC, History, HGTV, AMC, TNT, TBS, Freeform, Food ne...
by pshonore
Tue Feb 28, 2017 11:50 am
Forum: Personal Finance (Not Investing)
Topic: S Corp TAX: Do I need to document 1099's into TurboTax somewhere?
Replies: 7
Views: 180

Re: S Corp TAX: Do I need to document 1099's into TurboTax somewhere?

Are you trying to produce the S-Corp return and generate a K1? Don't think Home and Business will do that. It will, like all download editions, allow you to input the K1 along with your W2, etc. Yeah, it wont handle SCorp. So I had to also get TurboTax Business just to do the SCORP, then Personal &...
by pshonore
Tue Feb 28, 2017 11:35 am
Forum: Personal Finance (Not Investing)
Topic: S Corp TAX: Do I need to document 1099's into TurboTax somewhere?
Replies: 7
Views: 180

Re: S Corp TAX: Do I need to document 1099's into TurboTax somewhere?

Are you trying to produce the S-Corp return and generate a K1? Don't think Home and Business will do that. It will, like all download editions, allow you to input the K1 along with your W2, etc.
by pshonore
Tue Feb 28, 2017 11:02 am
Forum: Investing - Help with Personal Investments
Topic: Tracking Returns Software
Replies: 6
Views: 528

Re: Tracking Returns Software

Longinvest's S/S works for me

viewtopic.php?t=150025
by pshonore
Tue Feb 28, 2017 10:01 am
Forum: Investing - Theory, News & General
Topic: Fidelity drops equity trade fee to $4.95
Replies: 63
Views: 4819

Re: Fidelity drops equity trade fee to $4.95

So what? Lots of places have free trades for the things that one should want to buy. And that includes Fidelity. In other words, $4.95 is still a rip off. Its all relative.When I started investing almost 50 years, commissions were probably $50 on average and varied based on the number of shares and...
by pshonore
Mon Feb 27, 2017 9:47 am
Forum: Personal Consumer Issues
Topic: Septic System Groundcover
Replies: 8
Views: 552

Re: Septic System Groundcover

Fairly common in New England for the leach field to be part of the lawn and just planted with regular lawn grass although the bulk of mine is covered with Pachysandra. 35 years old and no problems so far. Its pumped every three or four years
by pshonore
Sun Feb 26, 2017 9:12 pm
Forum: Personal Finance (Not Investing)
Topic: taxes - Short vs Long on Sched D Part III
Replies: 7
Views: 517

Re: taxes - Short vs Long on Sched D Part III

The taxes on Cap Gains are actually figured in the the QD and Cap Gains worksheet. Of course a loss in one of the totals (ST or LT) can offset a gain in the other (after any prior year totals are figured in as well).
by pshonore
Sun Feb 26, 2017 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: Selling rental at a loss
Replies: 4
Views: 397

Re: Selling rental at a loss

ddurrett896 wrote:Help me understand the tax implications.

2010: $167k condo purchase
2013: started renting to tennant
2017: $132 left on mortgage

If I sold this year for $147k ($20k below what I paid) how would it impact my tax return?

For starters, what was it worth when you converted it to a rental? (2013)
by pshonore
Sun Feb 26, 2017 12:59 pm
Forum: Personal Finance (Not Investing)
Topic: How to find FICA taxes paid in a year?
Replies: 7
Views: 431

Re: How to find FICA taxes paid in a year?

The actual forms do not list FICA (unless you're self employed), but of course the source documents (like a W2) do. A lot of that should be in most returns prepared with software. That's one reason why its a good idea to save a pdf of a return with the supporting worksheets.
by pshonore
Sun Feb 26, 2017 12:24 pm
Forum: Personal Finance (Not Investing)
Topic: Do I really need Turbotax premier?
Replies: 26
Views: 2017

Re: Do I really need Turbotax premier?

Using Premier is like buying an MF with a 1.5% expense ratio; using Deluxe or Basic is like buying an index fund.
by pshonore
Sun Feb 26, 2017 12:19 pm
Forum: Personal Consumer Issues
Topic: moving from landscaper/snow plower to diy in retirement
Replies: 44
Views: 2801

Re: moving from landscaper/snow plower to diy in retirement

thanks for all the replies. I've done some research, I can get a floor model sear craftsman 20442 rider mower delivered for $1800. Comes w full warranty, well reviewed by consumer reports and on the sears site. Maybe I'm missing something but seems like the payoff would be one season or less. Anoth...
by pshonore
Fri Feb 24, 2017 4:03 pm
Forum: Personal Finance (Not Investing)
Topic: Filing For Extension?
Replies: 8
Views: 266

Re: Filing For Extension?

You can use most software (Turbo Tax as an example) to file the extension and schedule any necessary payment. You do need a good estimate of tax liability though.
by pshonore
Fri Feb 24, 2017 3:59 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Card Points After Death
Replies: 15
Views: 1091

Re: Credit Card Points After Death

What happens if the card issuer is not informed of the death? I "pay" some bills by an automatic CC charge (Netflix, cable, insurance, etc.). The CC also gets paid via auto-payment from a joint checking account. As long as there's money going into the checking account, I would think that ...
by pshonore
Fri Feb 24, 2017 12:08 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Card Points After Death
Replies: 15
Views: 1091

Re: Credit Card Points After Death

What happens if the card issuer is not informed of the death? I "pay" some bills by an automatic CC charge (Netflix, cable, insurance, etc.). The CC also gets paid via auto-payment from a joint checking account. As long as there's money going into the checking account, I would think that ...
by pshonore
Fri Feb 24, 2017 10:59 am
Forum: Personal Finance (Not Investing)
Topic: Credit Card Points After Death
Replies: 15
Views: 1091

Re: Credit Card Points After Death

What happens if the card issuer is not informed of the death? I "pay" some bills by an automatic CC charge (Netflix, cable, insurance, etc.). The CC also gets paid via auto-payment from a joint checking account. As long as there's money going into the checking account, I would think that c...
by pshonore
Fri Feb 24, 2017 8:34 am
Forum: Investing - Help with Personal Investments
Topic: In a bit of a pickle as executor with individual stocks
Replies: 15
Views: 1274

Re: In a bit of a pickle as executor with individual stocks

Sorry for your loss. You may be her fiduciary, as such, it is in your best interest to liquidate those holdings. Many of them are not common stocks, instead they are limited partnership units in a master limited partnerships. The main attractant for those who typically speculate in such entities is...
by pshonore
Thu Feb 23, 2017 10:54 pm
Forum: Personal Finance (Not Investing)
Topic: Tax filing for a recent college grad
Replies: 15
Views: 875

Re: Tax filing for a recent college grad

I will add one caveat to all of the good advice above. She needs to be clear on the dependency status. Whether or not her parent DOES claim her is not the issue. It is based on whether she QUALIFIES as a dependent or not that counts. If she qualifies, even if her mother doesn't claim her, she still...
by pshonore
Thu Feb 23, 2017 10:45 pm
Forum: Investing - Help with Personal Investments
Topic: Recharacterization Roth conversion
Replies: 10
Views: 648

Re: Recharacterization Roth conversion

Thanks, yes I am aware but I also cashed in some non-retirement stock funds and therefore wanted to stay under 15% so no tax on Capitol gains. I still cannot figure out how to,reflect recharacterization on turbotax. I went to IRS today and three people there didn't know but they finally decided I h...
by pshonore
Thu Feb 23, 2017 7:59 pm
Forum: Personal Finance (Not Investing)
Topic: IRS share federal tax information with states?
Replies: 7
Views: 795

Re: IRS share federal tax information with states?

My understanding is the Feds can cut a file for all returns with CT as a "wage state" on the W2. Connecticut can then check to see who "forgot" to file a CT return
by pshonore
Thu Feb 23, 2017 11:13 am
Forum: Personal Consumer Issues
Topic: Best fencing for a dog
Replies: 35
Views: 1601

Re: Best fencing for a dog

Echoing what other have said. Off leash obedience is a pretty basic task that would not be very difficult to train and does not require shocking your dog. Objectively, shocking your dog is not an effective training method. It's also illegal in many countries because it's inhumane and ineffective. J...
by pshonore
Wed Feb 22, 2017 5:48 pm
Forum: Personal Consumer Issues
Topic: Best fencing for a dog
Replies: 35
Views: 1601

Re: Best fencing for a dog

I've had an Innotek invisible fence that I've used with several dogs over almost 25 years. Its buried an inch or so deep where people walk, cut grass, etc. but no need to bury in the woods as it gets covered by leaves, weeds and debris quickly. I do check the collars EVERY day for a flashing green l...

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