Search found 69 matches

by Nutmeg
Fri Feb 16, 2018 5:53 pm
Forum: Personal Finance (Not Investing)
Topic: Deducting Prepaid Property Taxes
Replies: 7
Views: 655

Re: Deducting Prepaid Property Taxes

However, the statement didn't give a legal basis for the conclusion, and several tax experts have recently written that the law doesn't support that conclusion. Before the IRS statement came out Bogleheads reached the same conclusion. I would go with the official written guidance and not start maki...
by Nutmeg
Sun Feb 11, 2018 3:17 pm
Forum: Personal Finance (Not Investing)
Topic: Legal Docs
Replies: 16
Views: 1263

Re: Legal Docs

I am a retired attorney, but I didn't practice in the estate area. I am very frugal. I still paid attorneys at least three times to prepare wills and associated documents. Each time, I learned more about what I didn't previously know. Using an attorney familiar with your state's laws is particularly...
by Nutmeg
Sun Feb 11, 2018 2:25 pm
Forum: Personal Finance (Not Investing)
Topic: moving my mother's "escape" fund to me
Replies: 28
Views: 3196

Re: moving my mother's "escape" fund to me

Your post brings up several questions and comments. Exactly what is the current investment vehicle for the funds? Is your aunt on board with this plan? Is she married? Is there a possibility that your mother will want the funds back later for a future escape, or does your mother intend this to be a ...
by Nutmeg
Sat Feb 03, 2018 9:25 pm
Forum: Personal Finance (Not Investing)
Topic: [Flawed?] Paying off mortgage in 5 years
Replies: 17
Views: 2119

Re: [Flawed?] Paying off mortgage in 5 years

The primary flaw in the Clayton Morris example is that it assumes an outstanding mortgage loan of $100,000, a monthly after-tax paycheck of $3,000, and total monthly expenses including the mortgage payment of only $250, an impossible combination. Well, sure, if I had an extra $2,750 per month to spe...
by Nutmeg
Thu Feb 01, 2018 9:26 pm
Forum: Investing - Help with Personal Investments
Topic: Question about switching to SpecID at Vanguard
Replies: 5
Views: 443

Re: Question about switching to SpecID at Vanguard

This Bogleheads Wiki article gives good, detailed information about using specific Identification as a cost basis method at Vanguard:

https://www.bogleheads.org/wiki/Specifi ... _of_shares
by Nutmeg
Wed Jan 31, 2018 11:35 pm
Forum: Personal Consumer Issues
Topic: Should I Do My Own Taxes Or Pay A CPA $500?
Replies: 64
Views: 5492

Re: Should I Do My Own Taxes Or Pay A CPA $500?

I have used a CPA (paid for and chosen by an employer) some years and done my own taxes some years. The CPA firms were both nationally-known. With both firms, it took me more time to explain why they had made mistakes than it would have to do my taxes correctly in the first place. One firm made the ...
by Nutmeg
Wed Jan 31, 2018 2:48 am
Forum: Personal Finance (Not Investing)
Topic: Tax help - DAF contribution
Replies: 31
Views: 1995

Re: Tax help - DAF contribution

OP--You might find this summary to be helpful: https://www.bogleheads.org/wiki/Specific_identification_of_shares Pigeye Brewster stated that noncovered shares are accounted for at average cost even when using specific ID. While It might be true that a mutual fund would account for them at average c...
by Nutmeg
Tue Jan 30, 2018 11:12 pm
Forum: Personal Finance (Not Investing)
Topic: First time home buyer- Tips?
Replies: 18
Views: 1635

Re: First time home buyer- Tips?

Having purchased five houses, I have always found my real estate agent before a lender, and have sought lender recommendations from my agent.
by Nutmeg
Tue Jan 30, 2018 11:01 pm
Forum: Personal Finance (Not Investing)
Topic: Tax help - DAF contribution
Replies: 31
Views: 1995

Re: Tax help - DAF contribution

OP--You might find this summary to be helpful: https://www.bogleheads.org/wiki/Specific_identification_of_shares Pigeye Brewster stated that noncovered shares are accounted for at average cost even when using specific ID. While It might be true that a mutual fund would account for them at average co...
by Nutmeg
Wed Jan 24, 2018 8:00 pm
Forum: Personal Finance (Not Investing)
Topic: Deducting Prepaid Property Taxes
Replies: 7
Views: 655

Deducting Prepaid Property Taxes

Should I deduct prepaid property taxes on my 2017 taxes? I plan to follow the law, but the law appears unclear. The IRS stated in December 2017 (after I had already made the prepayments) that property taxes aren't deductible in situations like mine where the state will accept prepayments but assessm...
by Nutmeg
Wed Jan 24, 2018 5:24 pm
Forum: Investing - Help with Personal Investments
Topic: Not working spouse IRA question
Replies: 7
Views: 511

Re: Not working spouse IRA question

Your wife can probably not deduct a contribution to a traditional IRA because there are income limitations for deducting IRAs when the spouse is contributiing to a workplace retirement plan. The relevant number is your modified AGI. https://www.irs.gov/retirement-plans/plan-participant-employee/201...
by Nutmeg
Wed Jan 24, 2018 5:10 pm
Forum: Investing - Help with Personal Investments
Topic: First experience with Financial Advisor
Replies: 18
Views: 1996

Re: First experience with Financial Advisor

Selling shares and sending the dividends to the cash account are the same. So he is not so far off base there. If you are referring to tax effects, this is not true in all cases. Selling shares and choosing to have dividends distributed as cash rather than reinvested would not be the same for tax p...
by Nutmeg
Wed Jan 24, 2018 12:44 pm
Forum: Investing - Help with Personal Investments
Topic: Not working spouse IRA question
Replies: 7
Views: 511

Re: Not working spouse IRA question

I am working full time and I have a side job as well So I have 401k from full time job company and traditional IRA and SEP IRA from side job My AGI should be between 130-160K, I am not sure exactly but should be in this range My wife is not working so can I put in $5,500 for her in traditional IRA?...
by Nutmeg
Wed Jan 24, 2018 12:07 pm
Forum: Personal Finance (Not Investing)
Topic: Support test for college student filing Indepently
Replies: 32
Views: 1005

Re: Support test for college student filing Indepently

My son is a high school senior and will be attending college in the fall. We have transferred appreciated stocks to him that will pay for his college and would like for him to qualify NOt as a dependent on our tax return so he can claim the AOTC as well as the standard deduction. Filing separate is...
by Nutmeg
Sun Jan 21, 2018 7:04 pm
Forum: Personal Consumer Issues
Topic: return expensive 3 year old's eye glasses?
Replies: 22
Views: 1718

Re: return expensive 3 year old's eye glasses?

Hi all, I'm looking for some advice and wisdom here. I'm well aware that I could have done some due diligence and avoided appearing foolish with this. All the same, I'd appreciate your input. Thank you! The situation: My wonderful 3 1/2 year old son was just prescribed glasses by the best pediatric...
by Nutmeg
Wed Jan 17, 2018 9:56 pm
Forum: Personal Consumer Issues
Topic: London/Paris Trip Questions
Replies: 41
Views: 1743

Re: London/Paris Trip Questions

Hi there! I have a few questions that I hope you can help me with. I am planning a 10-day trip to London and Paris this June with my family (2 adults & a 6 year old). We will split the time equally between the two locations. I have never been to Europe and literally know nothing about it. I did som...
by Nutmeg
Wed Jan 17, 2018 12:07 pm
Forum: Personal Finance (Not Investing)
Topic: [Virginia] Transfer on Death Deeds .. New Husband?
Replies: 42
Views: 1774

Re: [Virginia] Transfer on Death Deeds .. New Husband?

OP--A prenuptial agreement could address many problems, and could be prepared in conjunction with the new wills that both members of the happy couple should prepare anyway. Note that a prenup must be signed before the wedding, and the wills can be prepared in advance but should be signed after the w...
by Nutmeg
Thu Jan 11, 2018 12:22 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off student loans after kid graduates?
Replies: 35
Views: 2237

Re: Pay off student loans after kid graduates?

We have a son who is nearing college graduation, after needing a few extra semesters. We supported him with an ample 529, which only lasted him through 3 years as he attended an out of state school and didn’t pursue residency status as fast as he should have. He knew the money ran out and applied f...
by Nutmeg
Thu Jan 11, 2018 11:49 am
Forum: Personal Finance (Not Investing)
Topic: Pay off student loans after kid graduates?
Replies: 35
Views: 2237

Re: Pay off student loans after kid graduates?

Please note that many states have laws that prevent out-of-state students from gaining in-state residency for tuition purposes after having started classes as an out-of-state student. I attended an out-of-state law school and never attempted to obtain in-state residency because I knew that that woul...
by Nutmeg
Wed Jan 10, 2018 12:04 am
Forum: Personal Consumer Issues
Topic: Traveling to Germany (Bavaria) in April/May - Itinerary Help Needed
Replies: 41
Views: 2046

Re: Traveling to Germany (Bavaria) in April/May - Itinerary Help Needed

OP--Your trip sounds like a lot of fun! I have enjoyed doing many of the things you listed. However, I did them on about five separate trips. The challenge I see is that you have conflicting goals. You would like to visit many places but at the same time would like to experience them as a local woul...
by Nutmeg
Tue Jan 09, 2018 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: Pay down student loan or mortgage first
Replies: 18
Views: 1169

Re: Pay down student loan or mortgage first

Other considerations that come to mind:
Would the borrower's student loan liability be discharged at death?
Does the family have an adequate emergency fund?
by Nutmeg
Sun Jan 07, 2018 10:58 pm
Forum: Investing - Help with Personal Investments
Topic: Mechanics of consolidating mutual funds—is it better to....?
Replies: 4
Views: 459

Re: Mechanics of consolidating mutual funds—is it better to....?

If you qualify to use the online application for an Employer ID Number for the trust, it is a straightforward process and can be done M - F from 7 am to 10'pm with immediate results. It is great that you are doing research in advance concerning the best way to make transfers. Even as an attorney (re...
by Nutmeg
Thu Jan 04, 2018 9:57 pm
Forum: Personal Finance (Not Investing)
Topic: Two vastly different career considerations...Stability vs. Income
Replies: 67
Views: 4581

Re: Two vastly different career considerations...Stability vs. Income

OP--As you are currently unemployed, I recommend taking Job A and continuing to look for Job C. Unless you have extreme geographical or other limitations, these aren't the only two jobs out there.
by Nutmeg
Thu Jan 04, 2018 11:17 am
Forum: Investing - Help with Personal Investments
Topic: Retirement Savings Accounts for College Age Kids
Replies: 15
Views: 762

Re: Retirement Savings Accounts for College Age Kids

Helping your young adult offspring start saving for retirement is a great idea, and remember that an adult taxpayer who is not a full-time student and not claimed as a dependent might be able to claim the Retirement Saving's Contribution Credit: https://www.irs.gov/retirement-plans/plan-participant-...
by Nutmeg
Wed Jan 03, 2018 12:35 pm
Forum: Personal Finance (Not Investing)
Topic: College scholarships: How much should I pencil in for my future students?
Replies: 54
Views: 2628

Re: College scholarships: How much should I pencil in for my future students?

Many folks have suggested that their child might get a scholarship, so they save less for their child's college education. I'm wondering if any parents of college age students can shed light on the availability of scholarships today for future college students. (I'm not conducting a poll, so please...
by Nutmeg
Sun Dec 31, 2017 7:54 pm
Forum: Personal Finance (Not Investing)
Topic: Who should we appoint as executor?
Replies: 33
Views: 2787

Re: Who should we appoint as executor?

We are a couple in our early eighties, and both in good health. We expect to sell our home this spring and move into a retirement community, a CCRC. We have two children in their 50s who recently visited. We asked each of them if they would like to be named executor of our wills, and both seemed ea...
by Nutmeg
Fri Dec 22, 2017 11:14 am
Forum: Personal Finance (Not Investing)
Topic: Please Post Tax Bill Questions Here [was Tax Bill Omnibus Thread]
Replies: 886
Views: 50999

Re: Tax Bill Omnibus Thread

My personal situation/Strategy Feel free to add constructive criticism.. might help someone else.. State Tax - 9k Prop Tax - 3k subtotal 12k (will be limited to 10k in 2018) Mort Interest - 6k charity -15k --------- Total deductions 2017 - 33k Total deductions 2018 - 31k 2018 - 31k more than 24k st...
by Nutmeg
Thu Dec 21, 2017 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Please Post Tax Bill Questions Here [was Tax Bill Omnibus Thread]
Replies: 886
Views: 50999

Re: Bunching mortgage for 1 year, 2 years?

Want to run this idea with you folks for my situation: 1. I am pretty sure I will hit hard by AMT in year 2017. 2. In HCOLA state. my SALT+Property tax is way over the allowed $10K. 3. Mortgage interest is about $18K in 2017, which makes my 2018 itemized-deduction ($27K) not too valuable compared t...
by Nutmeg
Thu Dec 21, 2017 1:21 pm
Forum: Personal Finance (Not Investing)
Topic: Please Post Tax Bill Questions Here [was Tax Bill Omnibus Thread]
Replies: 886
Views: 50999

Re: Tax Bill Omnibus Thread

Does paying estimated tax in December vs January 2018 apply to both state and federal tax, or just state? I have a large, anomalous capital gain this year for which I was planning to pay the tax in April. But it seems like I should pay in 2017 in order to itemize; having said that, I don't know if ...
by Nutmeg
Thu Dec 21, 2017 11:15 am
Forum: Personal Finance (Not Investing)
Topic: Please Post Tax Bill Questions Here [was Tax Bill Omnibus Thread]
Replies: 886
Views: 50999

Re: Tax Bill Omnibus Thread

I'm planning on opening up a DAF with 20K. Does anyone see any problem with this? Hopefully, you already have these funds at Fidelity and plan to get this going today. I'm resonably sure it can happen by Dec 31 at Fido, but highly doubtful this can happen at VG. Best wishes!! Vanguard Charitable st...
by Nutmeg
Thu Dec 21, 2017 11:01 am
Forum: Personal Finance (Not Investing)
Topic: Please Post Tax Bill Questions Here [was Tax Bill Omnibus Thread]
Replies: 886
Views: 50999

Re: Tax Bill Omnibus Thread

CP: I believe that if you are funding with cash, then the account may be set up immediately, with no fears of delay. It took me maybe 30 minutes to walk through the "paperwork" online. However, you may want to call them at 888-383-4483 to make sure I am right! Thanks Paul. After researching DAFs, l...
by Nutmeg
Thu Dec 21, 2017 12:52 am
Forum: Personal Finance (Not Investing)
Topic: Please Post Tax Bill Questions Here [was Tax Bill Omnibus Thread]
Replies: 886
Views: 50999

Re: Tax Bill Omnibus Thread

Any folks know if one can prepay property tax now and deduct it for 2017 tax filing? I see conflicting information from different sources. Some say GOP closed this loophole and one can not deduct 2018 state and local tax for 2017 tax filing, while others say that's for state and local income tax on...
by Nutmeg
Wed Dec 20, 2017 11:22 pm
Forum: Personal Finance (Not Investing)
Topic: Please Post Tax Bill Questions Here [was Tax Bill Omnibus Thread]
Replies: 886
Views: 50999

Re: Tax Bill Omnibus Thread

I pulled the trigger on a donor-advised fund today. As someone mentioned above, Fidelity has a good one, but it is too late for Fido fund it this year from non-Fido mutual funds. In fact, for VG, TOMORROW (Thursday, Dec. 21) is the cutoff date for VG to guarantee they will have enough time to estab...
by Nutmeg
Fri Oct 06, 2017 1:10 pm
Forum: Personal Consumer Issues
Topic: Sent to collections by a hospital we've never been to?
Replies: 40
Views: 3891

Re: Sent to collections by a hospital we've never been to?

Maybe will send a letter to collections and then call the hospital to attempt to have the bill canceled? This makes sense--but if you plan to call the hospital, wait until you receive a copy of the information validating the debt from the collections agency before you do so. Otherwise, the hospital...
by Nutmeg
Fri Oct 06, 2017 9:32 am
Forum: Personal Consumer Issues
Topic: Sent to collections by a hospital we've never been to?
Replies: 40
Views: 3891

Re: Sent to collections by a hospital we've never been to?

Write a letter within 30 days of your receipt of the collections letter stating that you dispute the validity of the bill. Request verification of the bill. See what the collections agency sends you. Then use that information to take further action. This preserves your rights, requires the collecti...
by Nutmeg
Fri Oct 06, 2017 9:08 am
Forum: Personal Consumer Issues
Topic: Sent to collections by a hospital we've never been to?
Replies: 40
Views: 3891

Re: Sent to collections by a hospital we've never been to?

Please do not call the collections agency. Calling does not do anything to preserve your rights and involves your spending your time trying to sort out the source of the error. Write a letter within 30 days of your receipt of the collections letter stating that you dispute the validity of the bill. ...
by Nutmeg
Wed Sep 27, 2017 4:52 pm
Forum: Personal Finance (Not Investing)
Topic: Merchant Dispute/Chargeback, now sent to collection agency
Replies: 11
Views: 1314

Re: Merchant Dispute/Chargeback, now sent to collection agency

Thanks TJSI, That’s two votes for working with my credit card company. Sounds like I ought to start there. Is there any downside to send back a certified letter disputing the claim to the debt collection agency? By disputing it, I’m not admitting to any culpability or waiving any rights, correct? T...
by Nutmeg
Wed Sep 20, 2017 6:08 pm
Forum: Personal Finance (Not Investing)
Topic: Why is TransUnion pushing True Identity vs credit freeze?
Replies: 28
Views: 14012

Re: Why is TransUnion pushing True Identity vs credit freeze?

I skimmed the terms of service for freezing and locking credit with TransUnion. If you lock with TrueIdentity, you agree to arbitration (but probably with regard to just TrueIdentity's service, not to TransUnion) and you agree to receive promotional materials. If you choose to freeze with TransUnion...
by Nutmeg
Sun Sep 17, 2017 6:13 pm
Forum: Personal Consumer Issues
Topic: A medical bill to argue?
Replies: 14
Views: 1811

Re: A medical bill to argue?

In my opinion, it makes sense to ask the receptionist what the charges will be. She represents the doctor (who doesn't have time to deal with insurance) and has access to the information that the insurance company will need and to the fee schedule. If she answered off the top of her head without ch...
by Nutmeg
Sun Sep 17, 2017 4:29 pm
Forum: Personal Consumer Issues
Topic: A medical bill to argue?
Replies: 14
Views: 1811

Re: A medical bill to argue?

In my opinion, it makes sense to ask the receptionist what the charges will be. She represents the doctor (who doesn't have time to deal with insurance) and has access to the information that the insurance company will need and to the fee schedule. If she answered off the top of her head without ch...
by Nutmeg
Sun Sep 17, 2017 1:58 pm
Forum: Personal Consumer Issues
Topic: A medical bill to argue?
Replies: 14
Views: 1811

Re: A medical bill to argue?

Outrageous. Considering that many of the docs on this forum insist their profession is a business, what other business is there where one is quoted a price and the business itself charges several multiples of that quoted price for the service rendered without recourse for the consumer? Outrageous, ...
by Nutmeg
Thu Sep 14, 2017 10:29 pm
Forum: Personal Finance (Not Investing)
Topic: Wiki article - Credit freeze
Replies: 49
Views: 7168

Re: Wiki article - Credit freeze

I am very glad to see that you are doing this! It might be a good idea to include Equifax under "Other Resources." The link to the Equifax help page on credit freezes is here: https://help.equifax.com/s/article/ka137000000DSDjAAO/How-do-I-place-a-security-freeze-on-my-Equifax-credit-file It might al...
by Nutmeg
Tue Sep 12, 2017 12:41 pm
Forum: Personal Finance (Not Investing)
Topic: dementia, POA, credit freezes, and IRS tax return PIN - what am I getting into?
Replies: 36
Views: 3284

Re: dementia, POA, credit freezes, and IRS tax return PIN - what am I getting into?

I would also be grateful for answers to the OP's specific questions. I think that I can freeze credit for my elderly relative who has given me a DPOA, but would like to hear about real-life experience with someone unfreezing credit under a DPOA. I am researching whether I should freeze credit today,...
by Nutmeg
Tue Sep 12, 2017 10:17 am
Forum: Personal Finance (Not Investing)
Topic: Trustee for supplemental needs trust
Replies: 7
Views: 769

Re: Trustee for supplemental needs trust

I'm positive this is a supplemental needs trust. My sister owns her home from before she was determined to be disabled. Her disabilities are not physical and the 40K she blew through was from a 401K at her last employer, which means outside of SS this inheritance will be her only source of funds. A...
by Nutmeg
Mon Sep 11, 2017 12:22 am
Forum: Personal Finance (Not Investing)
Topic: Trustee for supplemental needs trust
Replies: 7
Views: 769

Re: Trustee for supplemental needs trust

Step one in researching how to serve as trustee involves reading the trust document carefully. It may specify reasons distributions can be made. Step two is to consult with the attorney who drafted the trust document. The attorney probably charges an hourly rate, about which he or she should inform ...
by Nutmeg
Sun Sep 10, 2017 4:06 pm
Forum: Investing - Help with Personal Investments
Topic: Alternatives to money market funds?
Replies: 8
Views: 1030

Re: Alternatives to money market funds

I just finished a project of comparing vanguard mutual funds for an emergency fund. I find it easiest to make my own chart based on Vanguard's information. You can go to Vanguard, Investing, Vanguard mutual funds, Browse mutual funds by asset class, and then use the filters to tailor the responses t...
by Nutmeg
Wed Sep 06, 2017 12:46 pm
Forum: Personal Finance (Not Investing)
Topic: how often does high ACT score == scholarship?
Replies: 87
Views: 6329

Re: how often does high ACT score == scholarship?

My experience was that high ACT scores didn't result in scholarships to the colleges my children wanted to attend. They each had 35 ACT, 4.0 UW GPA, sports (although not D1 ability), and leadership positions. I did extensive searching for merit scholarships on their behalf (as I had the time to do s...
by Nutmeg
Fri Aug 25, 2017 3:46 pm
Forum: Personal Finance (Not Investing)
Topic: Paying off an inherited business mortgage
Replies: 12
Views: 992

Re: Paying off an inherited business mortgage

I think I agree with every word Celia wrote! Please allow me to add a few more thoughts. 1. When you request the trust documents for your father's trust (which owns the real property), ask the attorney the purpose of the trust. It might affect your decisions going forward. 2. When you read those doc...
by Nutmeg
Thu Aug 24, 2017 11:25 pm
Forum: Personal Finance (Not Investing)
Topic: Paying off an inherited business mortgage
Replies: 12
Views: 992

Re: Paying off an inherited business mortgage

Thanks for the details you provided! It seems to me that the real property is owned not by you personally but by the trust, a separate legal entity. If so, it seems logical that repairs should be conducted by the trust, not by the business that is the tenant, and that the trust should retain some as...
by Nutmeg
Thu Aug 24, 2017 8:35 pm
Forum: Personal Finance (Not Investing)
Topic: Paying off an inherited business mortgage
Replies: 12
Views: 992

Re: Paying off an inherited business mortgage

I think my confusion as to the facts arises from the initial statement that "the building mortgage is in trust." Please allow me to ask these questions:
Who owns the real property?
Who established the trust?
Who are the beneficiaries of the trust?

Thanks!