Search found 44 matches

by ClassySDLivin
Wed Aug 09, 2023 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: Mailing in paper I-bond for conversion to electronic form
Replies: 54
Views: 9245

Re: Mailing in paper I-bond for conversion to electronic form

Adding a data point - I received an e-mail from TD on 5/10/23 that they received the paper bond and to allow 13 weeks for review and processing... still haven't been credited to my online account. Seems like the more recent messages indicate 20 weeks, so it is taking quite a while once the paper is delivered.
by ClassySDLivin
Wed May 17, 2023 8:55 pm
Forum: Personal Consumer Issues
Topic: Best cities with lots of outdoor/hiking activities and good year round weather
Replies: 248
Views: 25332

Re: Best cities with lots of outdoor/hiking activities and good year round weather

Another vote for San Diego. North of downtown and staying within the cooler coastal areas (stretching inland approx. 10 miles depending on local geography) provides the desired temperature and hiking.
by ClassySDLivin
Mon Apr 10, 2023 5:51 pm
Forum: Personal Consumer Issues
Topic: Roof Replacement Quote Tips
Replies: 25
Views: 3316

Re: Roof Replacement Quote Tips

Additionally: For licensed reputable roofing contractors, visit the local roofing contractor supply center customer service or office and speak to a rep or the front desk person, etc. Ask for really good roofers, who they refer. They will not give you bad roofers. They will refer you to excellent to reliable and competent long term experienced roofing contractors. j :D I am in mid-search for a roofer, but wanted to update the thread to report that the recommendation to seek referrals from roofing contractor supply centers seems like it was very fruitful. I have several supply centers close to me and all of the roofers referred have been prompt and seemingly on the ball, unlike some of the other referrals I received (from friends, neighbors...
by ClassySDLivin
Fri Apr 07, 2023 2:33 am
Forum: Personal Consumer Issues
Topic: Roof Replacement Quote Tips
Replies: 25
Views: 3316

Re: Roof Replacement Quote Tips

Many great tips and points to consider.... thanks to all the helpful posts.
by ClassySDLivin
Thu Apr 06, 2023 12:31 am
Forum: Personal Consumer Issues
Topic: Roof Replacement Quote Tips
Replies: 25
Views: 3316

Roof Replacement Quote Tips

My residential asphalt shingle roof will have to be replaced in the coming months... any insight into what to seek out or avoid when getting contractor quotes? It already has two layers of shingles (which I believe is the maximum allowed) so the project will involve tearing off the old layers. I believe the roof structure is generally sound, but it is a 50 year old house so it's possible some damage may be revealed when the shingles are removed. In case it matters, I live in Southern California.
by ClassySDLivin
Thu Mar 31, 2022 6:01 pm
Forum: Personal Finance (Not Investing)
Topic: Best Debit Card for Teen on Class Trip?
Replies: 21
Views: 2089

Re: Best Debit Card for Teen on Class Trip?

Navy Fed CU allows the opening of a checking account with debit card for a 15 year old, but does have a limited membership policy. At that age (and earlier) Bank Of America will add the child as an authorized user on a credit card issued to the parent - bonus is that it will add to child's credit history.
by ClassySDLivin
Sat Jan 01, 2022 7:10 pm
Forum: Personal Finance (Not Investing)
Topic: Received a large check incorrectly made out to husband
Replies: 22
Views: 3478

Re: Received a large check incorrectly made out to husband

I respectfully disagree that merely endorsing the check to the intended payee will be adequate to avoid a problem with the IRS and other taxing authorities. As the OP pointed out, if a 1099 is issued (and the amount is large enough), it is likely that an automatic matching between what the third party reported (via the 1099) and the info on the tax returns will generate an automatic underreporter notice (e.g. additional tax and penalty due notice). It may get cleared up in the end (assuming an assignment of income issue, or one of several other possible wrinkles, does not spring up to delay or prevent the abatement of additional tax and penalty). Bottom line, make the check issuer do it correctly to avoid a potential headache.
by ClassySDLivin
Fri Mar 05, 2021 2:16 pm
Forum: Personal Finance (Not Investing)
Topic: (erroneous) IRS Notice of Deficiency, how to proceed?
Replies: 23
Views: 1776

Re: (erroneous) IRS Notice of Deficiency, how to proceed?

You should give your lawyer sufficient time to recommend which path to take, and to prepare the Tax Court petition if you choose that path.
[/quote]

Thank you for this. We have received a penalty of 6 figures which is clearly a mistake.

Is there a time limit within which we must file a petition with the United States Tax Court? Do we have to wait a certain period of time before doing so as well?
[/quote]

KeyFort,

You have a different issue than the OP and your dispute forums are different. The U.S. Tax Court does not have jurisdiction over your matter (unless you filed a Collection Due Process petition, but that is something you should discuss with your representative).
by ClassySDLivin
Fri Mar 05, 2021 2:08 pm
Forum: Personal Finance (Not Investing)
Topic: IRS Penalties Being Issued In Error - Group To Discuss
Replies: 10
Views: 1551

Re: IRS Penalties Being Issued In Error - Group To Discuss

It's not clear how long the issue has been going on, but bear in mind that even if you have adequate evidence of timely AND proper filing it still involves a process to evaluate the evidence and abate the penalties. You mentioned being unable to reach the Taxpayer Advocate Service - try both the national # and local office. They are "open for business" but probably curtailed to the ongoing office shutdowns. The Taxpayer Advocate submits an annual report to Congress and has highlighted international information filing problems in several of the reports. Your issue does not sound unique or unusual (and a class-action/combined fight approach does not appear to be appropriate). If you have already engaged a power of attorney (you ment...
by ClassySDLivin
Sat Dec 19, 2020 7:37 pm
Forum: Investing - Theory, News & General
Topic: ACAT Transfer from Merrill Edge-Basis Not Sent
Replies: 13
Views: 1739

Re: ACAT Transfer from Merrill Edge-Basis Not Sent

Thanks for the replies. I plan to contact Interactive Brokers to request they work with Merrill Edge, but based on my previous experience with this tactic failing (when I transferred shares to ETrade) I'm not hopeful. The recent transfer were all with covered shares.
by ClassySDLivin
Fri Dec 18, 2020 10:49 pm
Forum: Investing - Theory, News & General
Topic: ACAT Transfer from Merrill Edge-Basis Not Sent
Replies: 13
Views: 1739

ACAT Transfer from Merrill Edge-Basis Not Sent

Fool me once, shame on you, fool me twice... I requested a transfer of two of my Vanguard ETF's from one broker (Merrill Edge) to another (Interactive Brokers) using an ACAT transfer. I initiated the transfer from the receiving brokerage. The funds arrived and the transfer completed within 3 days, however the basis info was not transferred. I had the same thing happen about 6 months ago when transferring from Merrill Edge to Etrade. Etrade indicated that they submitted a second request for the data from Merrill Edge but that was all they would be doing. Merrill Edge has not been responsive when I contact them (I still have an account with them). I have saved the cost basis information that was reported by Merrill Edge before the transfer, b...
by ClassySDLivin
Thu Oct 22, 2020 10:50 pm
Forum: Personal Investments
Topic: Ally for trading?
Replies: 21
Views: 2535

Re: Ally for trading?

anon_investor wrote: Thu Oct 22, 2020 6:41 pm
BuddyJet wrote: Thu Oct 22, 2020 6:36 pm I have made some routine purchases at Ally. Went easy.

Nothing exceptional to mention, either good or bad.
Are transfers from the Ally brokerage to Ally bank account (or the opposite way) instantaneous? (Like when transferring between Ally checking/savings.
It's a quick transfer (seconds to minutes) to move $$ from the banking side and available for trading... but they only process transfers from 8:00 AM to 3:55 PM Mon-Fri. A transfer will be scheduled and delayed if it is initiated outside of that window.
by ClassySDLivin
Mon Apr 20, 2020 12:09 pm
Forum: Personal Consumer Issues
Topic: Coffee Experts - Help with an online coffee order
Replies: 44
Views: 4663

Re: Coffee Experts - Help with an online coffee order

+1 on the recommendation to get a decent grinder. It may seem unimportant, but properly ground bean dust matters. Their are hundreds of choices - a good entry level grinder can be had from the fine folks who produce Baratza products - https://baratza.com/.

For a selection of beans, try Redbird coffee - they have some of everything you mentioned (except maybe flavored?). https://redbirdcoffee.com/. Another choice for roasters is Happy Mug, https://happymugcoffee.com/.

Cheers.
by ClassySDLivin
Tue Mar 10, 2020 4:03 pm
Forum: Investing - Theory, News & General
Topic: Why I hate ETFs
Replies: 82
Views: 7610

Re: Why I hate ETFs

I read the title but conclude that your example transaction is a reason to hate mutual funds or TLH. Far be it from me to argue your opinion is wrong or unfounded, but consider that if you had TLH from an ETF to another ETF you would avoid the issue that you experienced (and is hard to avoid doing what you did in this volatility). Even doing a mutual fund to mutual fund TLH could cause similar issues unless you could trade on margin while you waited for the first fund to sell (and maybe settle). Sorry to hear of your lost (TL) losses - one suggestion is trade ETF for ETF and plan for all trades in advance (so that the $$ are only out of the market for seconds assuming the brokerage you use allows for trading on unsettled funds).
by ClassySDLivin
Thu Nov 28, 2019 10:09 pm
Forum: Forum Issues and Administration
Topic: Giving thanks to our moderators
Replies: 94
Views: 10811

Re: Giving thanks to our moderators

Moderators, have a happy and safe Thanksgiving.
by ClassySDLivin
Mon Nov 18, 2019 11:26 pm
Forum: Personal Finance (Not Investing)
Topic: Are extra principal payments for commercial mortgage a business expense?
Replies: 4
Views: 689

Re: Are extra principal payments for commercial mortgage a business expense?

Payments toward the principal of a loan are not directly expenses, but if the mortgage is secured against a commercial property you should be deducting depreciation expense which is based on the basis of commercial property.
by ClassySDLivin
Sat Nov 16, 2019 4:19 pm
Forum: Personal Investments
Topic: Paid in VISA gift card - contribute to ROTH?
Replies: 9
Views: 1066

Re: Paid in VISA gift card - contribute to ROTH?

Without digging into your son's activity it is not possible to determine if the income is "earned" and qualifies to be considered as such for IRA contribution purposes. Issuing a W9 does not indicate the income is earned (although it is likely taxable, even if an exemption to taxability applies). The IRS generally takes the position that infrequent activities do not qualify as earned income. Even the activity is deemed qualifying, the visa gift card would be treated the equivalent of cash (assuming their are no unusual restrictions on the card).
by ClassySDLivin
Mon Nov 04, 2019 1:08 pm
Forum: Personal Consumer Issues
Topic: Paying a contractor in cash
Replies: 48
Views: 4302

Re: Paying a contractor in cash

Besides the financial issues already raised (potential loss of a wad of cash, structuring issue, etc.) you should also be leary of automatically pay based on the projected completing timeline. If you agree to pay on the 5th, 10th, etc. and the workers don't show up for 5 days (which happens all the time, especially with sub contractors) you are still obligated to pay without performance (it appears). Better to set it up based on % completion (e.g. walls go up = xx% paid, city approves = xx% paid). For this amount of money you don't want to be the one having to harass the contractor to complete the work, especially if there is no liquidated damages clause that penalizes him if it goes past a certain date.

Good luck.
by ClassySDLivin
Sat Nov 02, 2019 1:03 pm
Forum: Personal Finance (Not Investing)
Topic: Salary paid directly to daf
Replies: 8
Views: 1301

Re: Salary paid directly to daf

I'm not sure what a "daf" is (maybe a donor advised fund?) or how your plan (to assign your income to someone or something else) would be analyzed under health care rules, whoever it sounds like it would violate the assignment of income doctrine (trying to lower your Adjusted Gross Income by assigning the income you earned to someone/thing else) and be prohibited for tax reporting purposes.
by ClassySDLivin
Sun Sep 22, 2019 2:38 pm
Forum: Personal Finance (Not Investing)
Topic: Paying taxes for selling gold coins
Replies: 54
Views: 5460

Re: Paying taxes for selling gold coins

I'll let others chime in to explain if their is any exception to the requirement to report your gain. Beware, you appear to be attempting to structure your transaction(s) to avoid U.S. Bank Secrecy Act reporting - the act of structuring is illegal.
by ClassySDLivin
Wed Aug 07, 2019 11:09 am
Forum: Personal Investments
Topic: Roth or TDF for my 17 year old son? Why?
Replies: 16
Views: 919

Re: Roth or TDF for my 17 year old son? Why?

Would just add that “earned income” must be reported on the W-2 (or possibly on a 1099 if he were an independent contractor). If he made some money cutting the neighbors’ grass, no that doesn’t count.
[/quote]

I respectfully disagree. I am not aware of any requirement that a W-2, Form 1099, etc. be issued. An IRA contribution can be made up to the annual limits. If the minor was examined then he would have to evidence the contribution was based on earned income. A log book with pertinent info, including neighbors contact info from the above example, may be deemed reasonable.
by ClassySDLivin
Tue Jul 30, 2019 12:55 pm
Forum: Personal Finance (Not Investing)
Topic: Storing documents--- trust, will, etc.
Replies: 22
Views: 2557

Re: Storing documents--- trust, will, etc.

A fireproof safe may be best, however most safes are not going to last for very long in a whole house fire. A "cheap" alternative to buying a low-to-mid range fire box that will not work when needed - put the documents in your freezer (in a zip lock bag). Heirs can quickly access and it will withstand more fire damage than most other unprotected spots in the home. Hope you don't have a need for fireproof storage soon (ever)!
by ClassySDLivin
Wed Jun 12, 2019 10:32 pm
Forum: Personal Consumer Issues
Topic: Which shaving cream / oil?
Replies: 58
Views: 7341

Re: Which shaving cream / oil?

This one is a largely dependent on personal preference. For me, I avoid oils and shaving creams (out of a can) and stick with shave sticks and soaps and creams out of a tube - all are essentially soap, but the shave stick can be applied directly to the face and then lathered (as can the creams but they are better lathered first). Soaps last a long time - many times more use than the average can of shaving cream. I like Speik shave sticks (it has a light floral, earthy scent); for soaps (which I lather with a brush) - I recommend Mitchell's Wool Fat (almost scentless but very rich), Proraso green (it has a refreshing sensation - I think with eucalyptus) and creams (out of a tube): Erasmic (light woodsy smell, excellent lubricant), Ingram (me...
by ClassySDLivin
Thu May 30, 2019 5:23 pm
Forum: Personal Finance (Not Investing)
Topic: Brokerage for small HOA
Replies: 17
Views: 1332

Re: Brokerage for small HOA

I have heard of several brokerages that offer CD shopping services for small HOA's - for e.g. Merrill Lynch has a service. A search for Certificate of Deposit Account Registry Service (CDARS) providers may find some in the HOA's area. They typically don't do anything more than find the best available CD's and set up a ladder investment scheme based on the organizations needs. Most of these types of brokerages have a minimum investment and tiered fee structure - a $100k may not be enough to avoid excessive fees but your HOA will have to decide if the fees are worth the value.
by ClassySDLivin
Fri May 17, 2019 10:20 pm
Forum: Personal Finance (Not Investing)
Topic: HELOC on rental single family home ? List of Lenders?
Replies: 3
Views: 636

Re: HELOC on rental single family home ? List of Lenders?

I'm not sure if all of these financial institutions lend in the state where your investment property is located, but the following generally offer HELOC's on investment properties (some of these have been mentioned): Hanscom Federal Credit Union, Navy Fed CU, Keybank, East West Bank, Lafayette Ambassador Bank, Standing Stone Bank, Wells Fargo, TD Bank, Union Bank, Redwood Credit Union, Trustco Bank, Pentagon Fed CU
by ClassySDLivin
Mon May 13, 2019 3:41 pm
Forum: Personal Finance (Not Investing)
Topic: FERS-Military Buyback and Early Retirement
Replies: 8
Views: 959

Re: FERS-Military Buyback and Early Retirement

I did not "do the math" to calculate the difference between retiring with 10 years (no-buy back) or 18 years (with buy back), but one additional consideration. You can buy back your time later than the first three years of civilian service - but you will also be charged an accrued interest amount (the accrual does not become due until the end of year three). As someone else said, you can set up an installment payment plan to pay the buy back over time (and this will include interest).
by ClassySDLivin
Mon May 06, 2019 9:06 pm
Forum: Personal Finance (Not Investing)
Topic: Schwab Pledged Asset Credit Line
Replies: 41
Views: 15966

Schwab Pledged Asset Credit Line

I am considering doing some short term real estate investments (both fix and flip and potentially wholesaling deals if the opportunity comes up) and will need access to credit. Their are various ways to borrow money, but the Schwab Pledged Asset Line (low rates, no fees, secured by assets held at Schwab) seems promising. I do not current have any accounts with Schwab, but maintain brokerage accounts at two other institutions. Does anyone have any experiencing with this product? If so, did you have assets with Schwab or did they extend credit based on another brokerage account (which appears to be possible). Should I consider any other credit products?

Thanks in advance for any suggestions.
by ClassySDLivin
Mon Apr 08, 2019 10:32 pm
Forum: Personal Investments
Topic: Resident Doctor... trying to maximize income
Replies: 27
Views: 3316

Re: Resident Doctor... trying to maximize income

You'll find a lot of good info on this site, however I recommend you check out the White Coat Investor (WCI) website (https://www.whitecoatinvestor.com/the-o ... ial-blogs/). Those are your people for career specific financial advice - bonus, the link takes you to the WCI review of other doctor specific personal finance site. It should be weeks of reading - for all your free time!
by ClassySDLivin
Mon Jan 28, 2019 1:21 pm
Forum: Personal Finance (Not Investing)
Topic: Post-9/11 GI Bill for college questions
Replies: 29
Views: 2267

Re: Post-9/11 GI Bill for college questions

My experience: I entered active service before the Post 9/11 GI Bill was available. I chose not to buy into the Montgomery GI Bill when I started. When the Post 9/11 plan was created I became eligible and have used a small portion to attend graduate school. I elected to transfer the rest of the benefit to my dependents. I did not pay anything for the Post 9/11 GI Bill coverage (if I had elected to pay into the Montgomery GI Bill I may have been eligible for an increased benefit, but I can't recall the specifics). The Post 9/11 GI Bill is only transferable to certain dependents, so it really has no readily determinable "market value" (or at least the value should be deeply discounted since it can't be traded in an arms length trans...
by ClassySDLivin
Fri Jan 04, 2019 12:06 am
Forum: Investing - Theory, News & General
Topic: Vanguard's Retirement Plan Contribution Calculator Broken?
Replies: 2
Views: 515

Vanguard's Retirement Plan Contribution Calculator Broken?

I have tried using the Retirement Plan Contribution Calculator from Vanguard (https://personal.vanguard.com/us/SbsCal ... &NavStep=1) over the past few days and it returns "This calculator is unavailable. Please try again later." I use it to check my math on the manual calculations I do for both SEP-IRA and solo 401(k) contributions. Does anyone know why it does not work (for me) and/or have another calculator they recommend?

Thanks in advance for your response.
by ClassySDLivin
Tue Jan 01, 2019 9:34 pm
Forum: Investing - Theory, News & General
Topic: REGISTRATION FOR 2019 BOGLEHEAD CONTEST [Entry deadline has passed]
Replies: 701
Views: 35704

Re: REGISTRATION FOR 2019 BOGLEHEAD CONTEST

2019 S&P 500 Index YE close = 2607.12 (4% rise from 2018 YE close)
by ClassySDLivin
Sun Dec 16, 2018 1:38 pm
Forum: Personal Finance (Not Investing)
Topic: Received letter from IRS saying I owe penalty charges from a foreign gift
Replies: 24
Views: 4142

Re: Received letter from IRS saying I owe penalty charges from a foreign gift

OP, Sorry to hear of your troubles. I practice in this area of law, however I am not taking on new clients and nothing I write should be construed as advice or a legal opinion. I suggest you speak with several tax lawyers with deep experience in international tax matters (to figure out which one you would like to work with) - as long as you can negotiate a fee that makes sense based on the penalty a lawyer is your preferred opton. The IRC 6039F penalty is 5% a month, up to 25% of the gift amount. Your penalty amount ($10k on $150k gift) sounds like you filed Form 3520 late. Enrolled Agents and (most) CPA's are not going to have the training and experience to guide you correctly through the dispute process. BTW, the First Time Abatement admi...
by ClassySDLivin
Tue Dec 04, 2018 5:13 pm
Forum: Personal Consumer Issues
Topic: Looking for a nice travel watch... recommendations?
Replies: 41
Views: 3300

Re: Looking for a nice travel watch... recommendations?

I have a Lumox steelcase that cost around $100 15 years ago - it is my "daily driver" and is very durable (before that watch I broke a series of Ironman, G-shock, etc. watches about once every 3 months due to an active fitness regime). I'd recommend the brand as an entry level durable watch.
by ClassySDLivin
Tue Dec 04, 2018 4:40 pm
Forum: Personal Finance (Not Investing)
Topic: Reuqesting Help With Managing of Winnings
Replies: 37
Views: 4615

Re: Reuqesting Help With Managing of Winnings

I don't have any specific knowledge or advice; other than consider using a small % of your winnings to engage a competent tax advisor/preparer that can help you fulfill the reporting and paying requirements. One issue that sprung to my mind - if your online gambling platform is located "offshore" you may have a variety of information reporting requirements (e.g. FBAR, IRS Form 8938). These forms don't cause additional tax liability, but failing to file international information reporting returns can result in significant penalties. Congrats on the gambling success - enjoy the proceeds!
by ClassySDLivin
Mon Nov 12, 2018 8:23 pm
Forum: Personal Consumer Issues
Topic: Granddaughter needs $ help for university
Replies: 111
Views: 12235

Re: Granddaughter needs $ help for university

What type of school is she attending where the bill is $65K for the year? ($15K loan plus $50K scholarships?) A state university depending on where you live would be much more affordable... maybe $25K total for a year? If the issue is getting her a good education... there have to be more affordable choices Mike Although not the OP's question, I agree with Mike. The OP said that his granddaughter has never asked for money before. However she is starting out adulthood (or almost since college is an artificial construct with more safety nets than post college adulthood) attending a school that costs over $200k to graduate even if she is diligent and earns a degree in four years (preferably less but I have read the average college grad takes o...
by ClassySDLivin
Sat Nov 10, 2018 8:04 am
Forum: US Chapters
Topic: U. S. Marine Corps Birthday
Replies: 57
Views: 7751

Re: U. S. Marine Corps Birthday

Happy Birthday Devil Dogs.
by ClassySDLivin
Sat Oct 06, 2018 10:01 am
Forum: Personal Finance (Not Investing)
Topic: Should I sell my rental properties?
Replies: 6
Views: 996

Re: Should I sell my rental properties?

You appear to be missing depreciation capture when considering the reportable amounts if the properties were sold. I have seen a few good posts on this subject and the calculation on BH - I recommend starting with the Wiki and searching the site. As a previous poster pointed out, it looks like you are at a net loss when factoring in real estate taxes, capital expenditures, etc. I am not familiar with the real estate markets in those areas (TX has some hotter markets and some that appear to never move), however you should calculate your return on investment considering the actual out of pocket - perhaps you will find that you can find better (e.g. higher ROI, less work) investments. Good luck.
by ClassySDLivin
Tue Sep 04, 2018 11:59 pm
Forum: Personal Finance (Not Investing)
Topic: Selecting HSA custodian
Replies: 14
Views: 1743

Re: Selecting HSA custodian

Another option - I use Bank Of America's HSA service - fee free if you are a Platinum Preferred customer. I have all of the investable amount (anything over $1k) in a low expense S&P 500 fund. For me, it's easy and cheap.
by ClassySDLivin
Sun Jul 29, 2018 7:33 pm
Forum: Personal Finance (Not Investing)
Topic: Air Conditioning? [How to finance?]
Replies: 76
Views: 6974

Re: Air Conditioning? [How to finance?]

I had air conditioning put in twice and heat once (different places) in the last 5 years. Most of the installation companies that provided a quote also offered some form of financing. I usually passed because I could get a lower price paying out of pocket or financing a different way, but did take out one loan with a company called Service Finance - 0% for 18 months on a $12k loan. It was through a local installation company in San Diego. I suspect Service Finance would not deal directly with borrowers, but your installation company may be able to offer something that makes sense.
by ClassySDLivin
Fri Jun 22, 2018 11:13 pm
Forum: Personal Consumer Issues
Topic: Complain or Negative Review for Rip-off Plumber?
Replies: 29
Views: 3897

Re: Complain or Negative Review for Rip-off Plumber?

All, thanks for the input. I will post a fact based review on Yelp and update if I contacted by the company.
by ClassySDLivin
Thu Jun 21, 2018 11:42 pm
Forum: Personal Consumer Issues
Topic: Complain or Negative Review for Rip-off Plumber?
Replies: 29
Views: 3897

Complain or Negative Review for Rip-off Plumber?

Curious what others would do. My story: I had a leaky pipe, engaged a local plumbing company that advertises heavily to do the repair. They charged $1,300 (mid range of the other estimates I received). However after the job was done they said the pipe had a second leak and gave an estimate of $1,800 to tear up the backyard and fix the second leak. It sounded suspicious so I brought in another plumber and within one minute he diagnosed the problem - the first plumber had not correctly soldered the joint when he did the first repair. Mistakes happen, so I called the first plumber back. They showed up later that same day and spent five minutes trying to convince me of a second hole and the $1,800 of work was needed. This was after I described ...
by ClassySDLivin
Sun Jun 11, 2017 5:58 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Property Repairs - Whose to Pay?
Replies: 32
Views: 5144

Rental Property Repairs - Whose to Pay?

I appreciate any opinions shared - I self-manage a rental (condo) in San Diego, CA. The long term tenant (lived there 4 years) is getting ready to move. A few items will need to be cleaned or repaired and I am unsure if I should bear the cost, charge it to the tenant or share the cost between the two of us. The items: 1) An over the counter microwave had part of the plastic front cover broken off. Pricing the part from the manufacturer it is $125. The unit is approx. 10 years old so I plan to replace it instead of just repairing the one obvious broken part(it will cost approx. $250 to replace). Is it reasonable to require reimbursement of the $125 broken part even though I plan to replace the unit? 2) Their are some stains on the carpet (it...
by ClassySDLivin
Tue Jan 31, 2017 12:26 am
Forum: Personal Investments
Topic: Tax Reporting & Step Up in Basis for Account Owned with Parent?
Replies: 8
Views: 2612

Re: Tax Reporting & Step Up in Basis for Account Owned with Parent?

Original OP here: Thanks all for the input. As several of the posters indicated, my parent reports the income and the amount is included in their gross estate which results in a step up in basis. I did some digging and came up with some authority if it is ever questioned. The case of Taylor v. Comm’r., 258 F.2d 89 (1958), where the Second Circuit Court of Appeals affirmed the Tax Court, is a helpful guide. Taylor stands for a line of cases where the courts have attributed income to the owner in substance over form. In Taylor, petitioner established commodity trading accounts in the names of three relatives. She advanced all sums required, and, under powers of attorney granted by the nominal owners, she exercised complete control over deposi...
by ClassySDLivin
Sat Jan 28, 2017 7:41 pm
Forum: Personal Investments
Topic: Tax Reporting & Step Up in Basis for Account Owned with Parent?
Replies: 8
Views: 2612

Tax Reporting & Step Up in Basis for Account Owned with Parent?

I am the joint owner of an brokerage account, held at Vanguard that contains several Vanguard mutual funds. My elderly parent is the other co-owner. All of the contributions to the account come from my parent and they are they only one to receive distributions from the account. Two questions: 1) What provision of the U.S. Code (Internal Revenue Code) or other authority describes who should pay Federal tax on the investment income? I assume it is my parent, as the beneficial owner; however I'd like to get my ducks in a row if the tax man comes calling. 2) Upon my parent's death, I would inherit the assets in the account. Would I receive a step up in basis to the fair market value for the assets? If so, please direct me to the section of the ...