Search found 6443 matches

by pshonore
Fri Jan 18, 2019 3:06 pm
Forum: Personal Finance (Not Investing)
Topic: Capital gains on house sale
Replies: 16
Views: 1148

Re: Capital gains on house sale

Closing costs are generally deductible for basis purposes (technically they increase basis and reduce gain) including the original closing when they purchased the house as well as refinances . Things like attorney fees, deed fees,etc certainly qualify for deductions if they were not taken in the yea...
by pshonore
Fri Jan 18, 2019 11:48 am
Forum: Personal Finance (Not Investing)
Topic: Capital gains on house sale
Replies: 16
Views: 1148

Re: Capital gains on house sale

There is an IRS booklet (publication 523) on "selling your home" which will provide some basic guidance on the tax situation. Essentially all the costs of selling (real estate commissions, transfer taxes, other fees) get deducted from the sales price in establishing the gains. Similarly, improvemen...
by pshonore
Fri Jan 18, 2019 10:26 am
Forum: Personal Finance (Not Investing)
Topic: Capital gains on house sale
Replies: 16
Views: 1148

Re: Capital gains on house sale

Hi, I’m trying to understand the new tax rules on capital gains. If you make less than a certain amount of income, I saw the capital gains is 0%? Does that income count the profit in the capital gains itself? For instance, my parents are retired- mom collects 1100 monthly and dad $600 monthly (he’s...
by pshonore
Fri Jan 18, 2019 9:49 am
Forum: Personal Finance (Not Investing)
Topic: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"
Replies: 155
Views: 15793

Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Anyone know how tell (ahead of time) how a merchant is coded? I'd love to get 5.25% on my fuel oil delivery. Sounds like that is considered to be "gas"
by pshonore
Mon Jan 14, 2019 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: Mowing Business
Replies: 11
Views: 1790

Re: Mowing Business

Hiring an employee may just eat up a large portion of his profits. He'll have to get Workers Comp insurance, match the guy's FICA, and possibly other benefits as well.etc. And good help can be tough to find. A friend of mine is finding that out right now. I think what he might be most worried about...
by pshonore
Sun Jan 13, 2019 6:19 pm
Forum: Investing - Help with Personal Investments
Topic: What is right place for MLPs in portfolios?
Replies: 20
Views: 1349

Re: What is right place for MLPs in portfolios?

Definitely in a tax-advantaged account. Do not hold in a brokerage/taxable account. Made that mistake and though not difficult to file the taxes, you have to wait forever for the K1. Dumped the MLP I had in 2017. This will be the first tax filing season without it! Some quality MLPs have a good tra...
by pshonore
Sun Jan 13, 2019 4:31 pm
Forum: Investing - Help with Personal Investments
Topic: What is right place for MLPs in portfolios?
Replies: 20
Views: 1349

Re: What is right place for MLPs in portfolios?

Thanks for your replies. There are many points shared in this thread. What is the place, we can find about k1 or 1099 , and kind MLP and its UBTI component ? If UBTI is below $1000, then there isn't a filing requirement for holding MLPs in an IRA. Is it for Per MLP or all MLPs in Portfolio? It is p...
by pshonore
Thu Jan 10, 2019 4:45 pm
Forum: Personal Finance (Not Investing)
Topic: Mowing Business
Replies: 11
Views: 1790

Re: Mowing Business

Hiring an employee may just eat up a large portion of his profits. He'll have to get Workers Comp insurance, match the guy's FICA, and possibly other benefits as well.etc. And good help can be tough to find. A friend of mine is finding that out right now.
by pshonore
Mon Jan 07, 2019 8:20 pm
Forum: Personal Consumer Issues
Topic: Best town I've never heard of [for relocating]
Replies: 137
Views: 20407

Re: Best town I've never heard of [for relocating]

Two phrases that have always rung true to me: 1. Life is full of little compromises. 2. You can't always get what you want, but if you try...you might get what you need (paraphrased, but with full credit to Mick Jagger). Perfect climate, great schools, near a city, airport, not too expensive? OP di...
by pshonore
Mon Jan 07, 2019 3:15 pm
Forum: Personal Consumer Issues
Topic: How to save on prescription drug costs?
Replies: 43
Views: 2649

Re: How to save on prescription drug costs?

I have used GoodRx for my last 2 prescriptions. Celebrex from $205.- down to $38.- for 3 month supply Cancer meds from $86.- down to $40.- also for 3 month (You can get the meds even cheaper if you join their monthly membership, around 10.- or so) Go on-line, type in the name to find out which phar...
by pshonore
Mon Jan 07, 2019 3:09 pm
Forum: Personal Finance (Not Investing)
Topic: Filing 2 Member LLC Taxes for First Time - TurboTax, TaxAct, or Paper?
Replies: 15
Views: 431

Re: Filing 2 Member LLC Taxes for First Time - TurboTax, TaxAct, or Paper?

Formed an 2 member LLC late last year (Q4) for online business my wife and I run. We don't earn enough (yet!) to justify having an accountant charge us 4 figures to do our taxes, but since we are just starting out I want to make sure I do it correctly. Looks like I need something like TurboTax Busi...
by pshonore
Sun Jan 06, 2019 12:14 am
Forum: Personal Finance (Not Investing)
Topic: FSA plus child care tax credit?
Replies: 1
Views: 202

Re: FSA plus child care tax credit?

We are a relatively high earner family, and both my wife and I are employed and we have 1 child. This is the first year (2018) we are doing taxes having a dependent. I know the typical FSA max for childcare is $5,000 and the childcare tax credit is only $3,000 per child up to a max of $6000. We too...
by pshonore
Sun Jan 06, 2019 12:10 am
Forum: Personal Finance (Not Investing)
Topic: Brokerage Tax Information and Estimated Taxes
Replies: 9
Views: 771

Re: Brokerage Tax Information and Estimated Taxes

I'm estimating my tax payment for q4 2018. Vanguard funds distributed a large sum in capital gains distributions,, so some taxes are due. I have several online brokerage accounts (including VG). Unfortunately, while almost all give an estimate of income, they just show dividends without indicating ...
by pshonore
Sat Jan 05, 2019 11:22 am
Forum: Personal Consumer Issues
Topic: New marketing twist on Extended Warranties? Cost of replacing Sensors if you wreck your new SUV
Replies: 44
Views: 2680

Re: New marketing twist on Extended Warranties? Cost of replacing Sensors if you wreck your new SUV

Accident related costs would be covered by auto insurance not the warranty. An extended warranty is not worth it in general, and I find it funny they’re trying to sell it on the basis of a greater number of chips. Silicon boards don’t normally wear out unless exposed to water and elements. Unless t...
by pshonore
Fri Jan 04, 2019 12:34 pm
Forum: Personal Finance (Not Investing)
Topic: Tax implications of long term care services paid from IRA
Replies: 4
Views: 450

Re: Tax implications of long term care services paid from IRA

If you live in an income tax state, be aware that the treatment may be different for State purposes. As an example, in CT state taxes start with Federal AGI and there are no itemized deductions so any Tradtional IRA withdrawals increase your state income. (QCDs excepted)
by pshonore
Mon Dec 31, 2018 9:20 am
Forum: Personal Finance (Not Investing)
Topic: Taxes incorrectly withheld - avoiding penalties
Replies: 9
Views: 651

Re: Taxes incorrectly withheld - avoiding penalties

Timing matters. According to Safe Harbor rules, when making estimated payments, your required total payment is due in roughly quarterly installments (4/15, 6/15, 9/15, 1/15). If the bonus was received after Sep 15, you can use the very complicated "AI" method of calculating the penalty which takes ...
by pshonore
Sun Dec 30, 2018 11:43 am
Forum: Personal Consumer Issues
Topic: Home Heating Advice
Replies: 72
Views: 5694

Re: Home Heating Advice

What's a "leaky envelope"? Some folks think building a house with a fireplace is thing of the past although I don't see that happening in central CT. Too many Colonials. Not sure how they feel about wood stove flues though. TOH is currently redoing a house to be "net zero" in Jamestown RI. They seld...
by pshonore
Sun Dec 30, 2018 11:29 am
Forum: Personal Finance (Not Investing)
Topic: Sale of fractional oil rights property
Replies: 2
Views: 218

Re: Sale of fractional oil rights property

Did you claim depletion over the years? That sometimes gets recaptured upon sale (to the extent of net profit)
by pshonore
Sat Dec 29, 2018 3:06 pm
Forum: Investing - Theory, News & General
Topic: What are you up YTD? [Year To Date]
Replies: 2299
Views: 399772

Re: What are you up YTD? [Year To Date]

Down 4.8% across my investment accounts with a 55/45 (stock/bond) allocation. My spouse is down 0.1%, which is 100% VTINX (Vanguard Target Retirement Income Fund). VG Fund page shows VTINX as -2.3% YTD as of 12/28. The 1 yr avg annual return is -0.09% as of 11/30/18 (which will update Monday of cou...
by pshonore
Sat Dec 29, 2018 8:34 am
Forum: Investing - Help with Personal Investments
Topic: Question regarding Roth IRA and State Pension
Replies: 4
Views: 394

Re: Question regarding Roth IRA and State Pension

No issues opening and investing in a Roth IRA. Make sure you have "earned" income that exceeds the amount you are investing. This would be from a W-2 position or a 1099 position (see the definitions on the IRS site about earned income). Roth IRA rules could change in the future, but as it stand, yo...
by pshonore
Fri Dec 28, 2018 9:25 pm
Forum: Personal Finance (Not Investing)
Topic: QCD, RMD, and Roth conversions
Replies: 36
Views: 1201

Re: QCD, RMD, and Roth conversions

Multiple QCDs are simple at Fido. Would imagine Schwab is similar but can't say for sure
by pshonore
Fri Dec 28, 2018 8:56 pm
Forum: Investing - Theory, News & General
Topic: Social security deferral and COLA's
Replies: 17
Views: 1352

Re: Social security deferral and COLA's

Here's a simple example. Lets say your PIA at 66 (FRA ) is $2600. There are 2 colas (1.8% and 3.2% - made up numbers) in two of the years between FRA and age 70. At age 70, your benefit will be 2600*1.32*1.018*1.032 = 3605.58 . In other words the COLAs will "compound"; and the order of the COLAs doe...
by pshonore
Fri Dec 28, 2018 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: Do you lose the state capital loss carryover if you move?
Replies: 1
Views: 231

Re: Do you lose the state capital loss carryover if you move?

The answer is probably yes. Since a lot states start the tax calculation with Federal AGI (which includes any loss carryovers) it may be a moot point
by pshonore
Mon Dec 24, 2018 5:07 pm
Forum: Investing - Theory, News & General
Topic: How Fidelity Determines ETF Reinvestment Price
Replies: 7
Views: 898

Re: How Fidelity Determines ETF Reinvestment Price

I've been wondering how Fidelity determines the reinvestment price on dividend and capital gain distributions on ETF's. Here's what the Fidelity CS rep had to say: Dividend reinvestments are priced at the average price that the security is purchased by Fidelity. Fidelity identifies all customers th...
by pshonore
Sun Dec 23, 2018 9:35 pm
Forum: Personal Finance (Not Investing)
Topic: Are some insurance polcies philosophically similar to gambling?
Replies: 57
Views: 2893

Re: Are some insurance polcies philosophically similar to gambling?

Recommended reading on this topic is: The Vice of Gambling and The Virtue of Insurance by George Bernard Shaw. Discussion of gambling is not allowed on this board (It is a vice!), even though it is mathematically the same endeavor considered in the purchase of insurance (It is a virtue) which is al...
by pshonore
Wed Dec 19, 2018 5:01 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax 2018 offerings question
Replies: 2
Views: 302

Re: Turbo Tax 2018 offerings question

All CD/download versions of TT handle the same forms, including self employment income and the 20% QBI deduction. There may be more "guidance" in the more expensive versions but probably not better than what you'll get by asking here.
by pshonore
Mon Dec 17, 2018 1:59 pm
Forum: Personal Finance (Not Investing)
Topic: What are your property taxes?
Replies: 375
Views: 22345

Re: What are your property taxes?

I am not sure I understand the question, but a $40k pick up truck for personal use would incur the car tax. The amount of the property tax in Virginia depends on where you live: what "locality" you live in. So cars are taxed depending where one lives? Are the tax rates with names published as they ...
by pshonore
Fri Dec 14, 2018 1:46 pm
Forum: Investing - Theory, News & General
Topic: MLP's [Master Limited Partnership]
Replies: 26
Views: 1642

Re: MLP's

A lot of K-1 forms can be handled pretty easily with tax software but there are cases where there are complexities. Can't speak for MLPs issued from the Oil Industry in Texas. So I am in the middle on this, somewhere between the CPA here and the guy who says that he just uploads into TurboTax. It i...
by pshonore
Thu Dec 13, 2018 3:04 pm
Forum: Investing - Theory, News & General
Topic: MLP's [Master Limited Partnership]
Replies: 26
Views: 1642

Re: MLP's

Some MLP's fire off K1 statements. Been there, done that. What a hassle. tay away, just put your money in low cost index funds. 2) When you sell, your cost basis is not what you paid; it is what you paid minus untaxed distributions. Thus you need to track the yearly distributions for as long as you...
by pshonore
Thu Dec 13, 2018 9:23 am
Forum: Personal Consumer Issues
Topic: Apple Store For Vets & Active Military
Replies: 9
Views: 1405

Re: Apple Store For Vets & Active Military

Can anyone explain to me the verification process? I’m just wondering how strict they are in enforcing. Seems like a rare opportunity to score 10 percent off normally full-price apple kit. You'll be clicking the following statement I agree and certify that I am of at least 18 years of age and a cur...
by pshonore
Thu Dec 13, 2018 8:56 am
Forum: Personal Finance (Not Investing)
Topic: Homeowner Insurance Deductible Amount?
Replies: 19
Views: 1219

Re: Homeowner Insurance Deductible Amount?

Insure only what you can't afford to lose. If an extra $2,500 deductable ($5,000 in total) wouldn't be a hardship in the case of a disaster take advantage of the $600 / premium reduction. In all liklihood, you'll break even in just over 4 years by choosing the higher deductable and lower premium. W...
by pshonore
Thu Dec 13, 2018 7:53 am
Forum: Personal Finance (Not Investing)
Topic: Which Turbotax
Replies: 16
Views: 1425

Re: Which Turbotax

You need Premiere for schedule E. Can't speak for the online versions but the CD/Download versions (Deluxe, Premiere, Home and Office) all support the same forms. If they support the same forms, why are there different versions? Supposedly the interview questions are more detailed in the more advan...
by pshonore
Wed Dec 12, 2018 8:42 pm
Forum: Personal Finance (Not Investing)
Topic: Which Turbotax
Replies: 16
Views: 1425

Re: Which Turbotax

Thrifty Femme wrote:
Wed Dec 12, 2018 5:37 pm
You need Premiere for schedule E.
Can't speak for the online versions but the CD/Download versions (Deluxe, Premiere, Home and Office) all support the same forms.
by pshonore
Fri Dec 07, 2018 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: DW has 39 credits of SS. Easiest way to get 40?
Replies: 15
Views: 3032

Re: DW has 39 credits of SS. Easiest way to get 40?

It think OP said spouse works in a non SS job. That may cause a WEP problem for her benefit and a GPO problem for any survivor benefit (if there is one).
by pshonore
Thu Nov 08, 2018 5:35 pm
Forum: Personal Finance (Not Investing)
Topic: How much to offer on new construction home
Replies: 31
Views: 2266

Re: How much to offer on new construction home

I still think $680K is what I would want to pay and maybe an absolute max of $690K (still undecided if I am willing to go that high). What to do next really depends on your local market so there is no way that you will get good advice on a board like this. Thats very true. You have to know local "c...
by pshonore
Sat Oct 13, 2018 9:28 am
Forum: Investing - Theory, News & General
Topic: Social Security COLA - how is it applied?
Replies: 13
Views: 1359

Re: Social Security COLA - how is it applied?

My spouse turns 62 in December. Her first SS check will be received in January. Will it include the 2019 COLA because her birthday was in December? In this case her very first check would include the COLA. I googled around and have not been able to find a description of the exact mechanics. Is she ...
by pshonore
Thu Aug 30, 2018 9:44 am
Forum: Personal Finance (Not Investing)
Topic: Post Mortem Settlement
Replies: 59
Views: 4719

Re: Post Mortem Settlement

Sorry for your loss. Her July payment from SS was her benefit for the month of June and she was entitled to that. Since she did not live for the entire month of July, any payment received in August should be returned A few who responded agreed with you, however, that's not our experience. My mother...
by pshonore
Fri Aug 10, 2018 1:59 pm
Forum: Personal Finance (Not Investing)
Topic: SS 2019 COLA could be close to 3%
Replies: 55
Views: 6144

Re: SS 2019 COLA could be close to 3%

I imagine some folks are still paying less than $134/month for Part B because of the hold-harmless provision. They won't receive the full COLA because some of will go toward Part B.
by pshonore
Fri Aug 10, 2018 12:28 pm
Forum: Personal Finance (Not Investing)
Topic: Post Mortem Settlement
Replies: 59
Views: 4719

Re: Post Mortem Settlement

Sorry for your loss. Her July payment from SS was her benefit for the month of June and she was entitled to that. Since she did not live for the entire month of July, any payment received in August should be returned
by pshonore
Fri Aug 10, 2018 7:48 am
Forum: Personal Finance (Not Investing)
Topic: SS 2019 COLA could be close to 3%
Replies: 55
Views: 6144

SS 2019 COLA could be close to 3%

The August CPI figures were released today. The 3 month average CPI-W (June July August) is 246.429 . Thats 3.1 % greater then the same period last year and 2.8 % greater than the reference period last year ( Aug Sept Oct) which is used to determine the SS COLA. There are two months to go but the CO...
by pshonore
Thu Aug 09, 2018 10:09 am
Forum: Investing - Help with Personal Investments
Topic: 401k for small business owner
Replies: 15
Views: 744

Re: 401k for small business owner

When I was doing taxes, I was always amazed by the small number number of people who contributed to retirement plans (401K, 403b, IRA, etc). Most of those who did contribute were either public employees or well paid corporate folks. A single parent making less than say 40 - 50K just can't spare thos...
by pshonore
Wed Aug 08, 2018 2:12 pm
Forum: Personal Consumer Issues
Topic: Insurance refusing to pay for car accident
Replies: 26
Views: 2560

Re: Insurance refusing to pay for car accident

Yes, it was a single hit, car C hit Car B and Car B plowed into my car. I took the car to a local body shop and they estimated the damage to be around $3,500. Car C is at fault. If you have uninsured motorist coverage then file a claim with your insurance. In most states, uninsured motorist coverag...
by pshonore
Wed Aug 08, 2018 10:11 am
Forum: Personal Consumer Issues
Topic: Whole house generator
Replies: 31
Views: 1970

Re: Whole house generator

First, you do not want Genrac, get the Kohler. Kohler manufactures their own motors and are much more reliable systems. Please point to documented proof of your statements. Generac makes their own motors as well, and I have yet to find any accurate sources of reliability comparisons among generator...
by pshonore
Wed Aug 08, 2018 9:18 am
Forum: Personal Finance (Not Investing)
Topic: Personal liability issues as a result of hiring uninsured & unlicensed handyman
Replies: 33
Views: 3816

Re: Personal liability issues as a result of hiring uninsured & unlicensed handyman

Lets say the guys drop a tree on someone walking by. Guess who gets sued? EVERYBODY! Father will have to hire his own lawyer to defend him. That won't be cheap. (If he had Homeowners insurance, the insurance company would probably defend him)
by pshonore
Wed Aug 08, 2018 8:33 am
Forum: Personal Consumer Issues
Topic: Whole house generator
Replies: 31
Views: 1970

Re: Whole house generator

I like your approach but would size it a little bigger. We have a 240V well pump so we have a 6KW gen. And we probably burn 5-6 gallons a day. Doubt that spouse could start the generator in my absence. Also the generator is quite noisy but you learn to live with it.
by pshonore
Wed Aug 08, 2018 8:06 am
Forum: Personal Consumer Issues
Topic: Whole house generator
Replies: 31
Views: 1970

Re: Whole house generator

You call the delivery company and they drive out with a big truck and fill it. Then comes the invoice. Of course, if you never or rarely fill it you will only have to buy gas once. I'm not aware of any companies who deliver NG in my area. There are lots who deliver Propane (which is not interchange...
by pshonore
Wed Aug 08, 2018 7:50 am
Forum: Personal Consumer Issues
Topic: Whole house generator
Replies: 31
Views: 1970

Re: Whole house generator

The problem I have found is that you need to choose natural gas as a fuel source to do it right and you have two options: utility supply or a stand alone tank. As someone else pointed out, in a true emergency the gas may or may not be available from the utility company. To do it right, you need you...
by pshonore
Tue Aug 07, 2018 6:52 pm
Forum: Investing - Help with Personal Investments
Topic: Seeking Advice related to Limited Partnership Commodities ETF with K-1 reporting
Replies: 12
Views: 720

Re: Seeking Advice related to Limited Partnership Commodities ETF with K-1 reporting

There are going to be some adjustments on the K1 in the year you sell. Thanks for the information. I think I'm going to get out before end of 2018, so will only deal with the K1 this one year. Can you elaborate on what type of "adjustments" are made to the K1 in the year of sale? Do they issue one ...
by pshonore
Tue Aug 07, 2018 1:02 pm
Forum: Investing - Help with Personal Investments
Topic: Seeking Advice related to Limited Partnership Commodities ETF with K-1 reporting
Replies: 12
Views: 720

Re: Seeking Advice related to Limited Partnership Commodities ETF with K-1 reporting

There are going to be some adjustments on the K1 in the year you sell. Its not as simple as subtracting purchase price from sale price to get cap gain/loss. Turbo Tax can usually handle them but you will have to pay attention to the details. K1 forms for the years you hold (but do not sell) are gene...