Search found 6208 matches

by pshonore
Sun Apr 22, 2018 3:43 pm
Forum: Personal Consumer Issues
Topic: Remedy for Post-Purchase Problem (House)
Replies: 10
Views: 986

Re: Remedy for Post-Purchase Problem (House)

A lot of warranties are void unless the product was installed to spec. As an example, roofing over existing shingles (no tear off) will usually void a roofing warranty.
by pshonore
Sun Apr 22, 2018 3:06 pm
Forum: Personal Consumer Issues
Topic: Long term care ins John Hancock
Replies: 31
Views: 1247

Re: Long term care ins John Hancock

How many people return to a nursing home after a 1 yr stay at home? I'm sure there are some but most aren't going anywhere. Rehab stays after hip/knee surgery excepted of course.
by pshonore
Sun Apr 22, 2018 7:39 am
Forum: Investing - Help with Personal Investments
Topic: Small Landlord Tax Deduction and $25K Allowance
Replies: 10
Views: 630

Re: Small Landlord Tax Deduction and $25K Allowance

You got it. As long as you're under the limit to take the losses, you get to take all the loses. It's not a sliding scale. You either get to take the loss or you don't. Not really; you lose (actually defer) the loss by 50 cents for every dollar of MAGI over 100K. So if your MAGI is 110K, your loss ...
by pshonore
Sat Apr 21, 2018 12:43 pm
Forum: Personal Consumer Issues
Topic: New car hit accident - loss of dimished value
Replies: 25
Views: 1855

Re: New car hit accident - loss of dimished value

I would pursue the diminished value claim if it is not too much of a hassle. It is a fact that past incidents on your carfax auto check etc. are used against you later when you try to sell the car. I am curious to see if anyone has published a study on the impact of accidents and nature of them on ...
by pshonore
Sat Apr 21, 2018 12:36 pm
Forum: Investing - Help with Personal Investments
Topic: Small Landlord Tax Deduction and $25K Allowance
Replies: 10
Views: 630

Re: Small Landlord Tax Deduction and $25K Allowance

Sounds about right but do know any unallowed losses because of the AGI limit, carryover and can be taken in full when you dispose of the property.
by pshonore
Sat Apr 21, 2018 11:51 am
Forum: Investing - Help with Personal Investments
Topic: Recreating VFINX cost basis?
Replies: 6
Views: 384

Re: Recreating VFINX cost basis?

Were dividends reinvested? If not, your basis is still $5000. If they were reinvested, add the yearly dividends totals to your basis. Not sure what you mean by "realized gains". Unless you sold shares in the interim, there are no realized gains
by pshonore
Sat Apr 21, 2018 11:37 am
Forum: Personal Finance (Not Investing)
Topic: Two Solo 401k Questions
Replies: 22
Views: 1364

Re: Two Solo 401k Questions

I don't know anything about that insurance company of course, but the policy limits look reasonable to me. Depending on your net worth, you might also want to add a personal umbrella policy. They're pretty cheap. That's a good idea - I'm very unfamiliar with umbrella policies and need to research t...
by pshonore
Fri Apr 20, 2018 10:19 am
Forum: Personal Consumer Issues
Topic: How to ask town to build a sidewalk?
Replies: 22
Views: 1207

Re: How to ask town to build a sidewalk?

Attend an appropriate city/county council meeting and be prepared to speak in the public comment period. Sidewalks costs lots of money. Councils must set priorities. As an example, my town is installing sidewalks along a busy road. Cost is approx $100/linear foot for a 5 ft wide sidewalk. Most of t...
by pshonore
Fri Apr 20, 2018 9:35 am
Forum: Personal Finance (Not Investing)
Topic: Need for Medicare supplemental plan?
Replies: 147
Views: 7372

Re: Need for Medicare supplemental plan?

I have been participating in the forum for a long time. It appears that most Bogleheads on Medicare (at least those who post about Medicare) have a supplemental insurance because it pays for the part that Medicare doesn't, assuming the test/ doctor/ hospital is covered by/contracted with Medicare. ...
by pshonore
Thu Apr 19, 2018 1:59 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security retirement and working
Replies: 5
Views: 832

Re: Social Security retirement and working

I am 64 and just filed for SSI retirement. I plan on still working and have a question about contributions to my 401k and earned income. I will be making more than the allowed $17040. My question is: Can I lower my earned income as it applies to my social security income by contributing more to my ...
by pshonore
Thu Apr 19, 2018 11:22 am
Forum: Personal Consumer Issues
Topic: Netflix, Your Current Favorite Show
Replies: 557
Views: 61875

Re: Netflix, Your Current Favorite Show

Retribution
by pshonore
Thu Apr 19, 2018 11:20 am
Forum: Personal Consumer Issues
Topic: Fixing Deadbolt Lock
Replies: 18
Views: 1144

Re: Fixing Deadbolt Lock

Are we talking just a deadbolt or a complete handle set? There's a big difference. A standalone deadbolt should not fall apart as you take it out. Complete handle sets are somewhat more complicated
by pshonore
Thu Apr 19, 2018 11:15 am
Forum: Personal Consumer Issues
Topic: What does a typical homeowners insurance policy have?
Replies: 10
Views: 1013

Re: What does a typical homeowners insurance policy have?

Note that HO policies come in two flavors - named perils where the risks insured against are named (fire, windstorm, etc) and all risk which covers everything that is not excluded (common exclusions are earthquake, flood, etc). Guess which one costs more? Most prefer all risk although that might not...
by pshonore
Thu Apr 19, 2018 11:08 am
Forum: Personal Finance (Not Investing)
Topic: Two Solo 401k Questions
Replies: 22
Views: 1364

Re: Two Solo 401k Questions

401K would be limited to net profit (you do have expenses, right? as an example the LLC fees) - 1/2 of SE tax paid. Approx $11152.
by pshonore
Thu Apr 19, 2018 10:33 am
Forum: Personal Finance (Not Investing)
Topic: Can I *not* claim all the state tax in my itemized deduction?
Replies: 39
Views: 4023

Re: Can I *not* claim all the state tax in my itemized deduction?

Most states allow you to contribute to a list of endorsed non-profit funds. California has 40 of them. Just donate 100% of your refund amount on your state form. That donation may also earn you a deduction on next year's 1040. Interesting thought but won't you still get a 1099G for the entire refun...
by pshonore
Thu Apr 19, 2018 8:11 am
Forum: Personal Finance (Not Investing)
Topic: Can I *not* claim all the state tax in my itemized deduction?
Replies: 39
Views: 4023

Re: Can I *not* claim all the state tax in my itemized deduction?

Most states allow you to contribute to a list of endorsed non-profit funds. California has 40 of them. Just donate 100% of your refund amount on your state form. That donation may also earn you a deduction on next year's 1040. Interesting thought but won't you still get a 1099G for the entire refun...
by pshonore
Wed Apr 18, 2018 7:03 am
Forum: Personal Finance (Not Investing)
Topic: Account for Adult Children Allowing Parent Some Control
Replies: 31
Views: 3178

Re: Account for Adult Children Allowing Parent Some Control

This is a common desire with a straightforward solution: Trust. Income retained in the trust will be taxable to the trust, not to the kids. They will be taxed only on income distributed to them. As trustee you would retain control of investments and distributions. Money in the trust will be out of ...
by pshonore
Tue Apr 17, 2018 11:57 am
Forum: Personal Finance (Not Investing)
Topic: Relative Never Took RMDs on Inherited IRA From 2004
Replies: 19
Views: 2310

Re: Relative Never Took RMDs on Inherited IRA From 2004

Don't forget to amend the return she just filed and include the 13 years of missed RMDs. You can include the 5329 with that. As for reason - I would just say she was unaware of the RMD requirement. +1 Don't bring your CPA into this contact with IRS, but maybe CPA could give you the numbers if you c...
by pshonore
Tue Apr 17, 2018 9:37 am
Forum: Personal Finance (Not Investing)
Topic: Relative Never Took RMDs on Inherited IRA From 2004
Replies: 19
Views: 2310

Re: Relative Never Took RMDs on Inherited IRA From 2004

Don't forget to amend the return she just filed and include the 13 years of missed RMDs. You can include the 5329 with that. As for reason - I would just say she was unaware of the RMD requirement.
by pshonore
Tue Apr 17, 2018 8:08 am
Forum: Personal Finance (Not Investing)
Topic: Easiest way for minor child to file taxes
Replies: 16
Views: 847

Re: Easiest way for minor child to file taxes

The babysitting was not self-employment. She should properly be considered household help and because she was a student under 18, there is no limit to the wages exempt from FICA. The employers should have only filed a W-2. This income is eligible for Roth IRA contributions, but I'm not sure how to ...
by pshonore
Mon Apr 16, 2018 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: Deductible Medical Expenses....
Replies: 16
Views: 600

Re: Deductible Medical Expenses....

thanks guys....very helpful. I think TT was using an estimated AGI at one point, and that confused me. So, if my insurance premiums are employer-based pre-tax, I can add the cost of my contribution to the total? No - premiums paid with pre tax $ don't count So my deductible amount is my med bills -...
by pshonore
Mon Apr 16, 2018 11:18 am
Forum: Personal Finance (Not Investing)
Topic: Solo 401k or SEP IRA in Same Year as Temporary Employer-provided 401k?
Replies: 1
Views: 108

Re: Solo 401k or SEP IRA in Same Year as Temporary Employer-provided 401k?

Too late for a Solo 401K which needs to be setup by 12/31 of the tax year. SEP should be fine. Limit would 20% of net SE income (1099 income minus expenses) after adjustment for 1/2 of SE tax paid. If you max out your employer 401K, there's not much difference with the SEP since that would reduce yo...
by pshonore
Mon Apr 16, 2018 9:41 am
Forum: Personal Finance (Not Investing)
Topic: Deductible Medical Expenses....
Replies: 16
Views: 600

Re: Deductible Medical Expenses....

Turbo tax does have worksheets for this broken out by doctors, drugs, insurance premiums, mileage etc so you may as well fill them out. It may even jog your memory for other items. Only the bottom line total gets on Sched A and goes to the IRS. My guess is somewhere down the line the IRS compares th...
by pshonore
Mon Apr 16, 2018 8:24 am
Forum: Personal Finance (Not Investing)
Topic: First Time Homebuyer buying a FSBO home, help!
Replies: 11
Views: 909

Re: First Time Homebuyer buying a FSBO home, help!

If attorneys handle all the details of a closing (like they do in CT) and you're familiar with those details, then you probably don't need an agent. Otherwise its not a lot of money for someone who knows all those details and local customs and can lead you down the right path.
by pshonore
Sat Apr 14, 2018 11:14 am
Forum: Personal Consumer Issues
Topic: Neem Oil
Replies: 5
Views: 697

Re: Neem Oil

I used it on Apples. Seemed pretty much useless. Switched back to Captan.
by pshonore
Fri Apr 13, 2018 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: Funding Roth IRA for Dependent Child In Texas
Replies: 5
Views: 326

Re: Funding Roth IRA for Dependent Child In Texas

I doubt he has any tax liability this year except for SS (approx $60). Starting a Roth is a good idea. However he should keep records of who paid him how much and when. If he makes lots of money this year (more than 4-5K in which case he will probably not be your dependent), you can look into quarte...
by pshonore
Fri Apr 13, 2018 12:34 pm
Forum: Personal Consumer Issues
Topic: Is a reduction of my home's assessed value a bad thing?
Replies: 21
Views: 1191

Re: Is a reduction of my home's assessed value a bad thing?

I've never understood the philosophy of adjusting property prices upon sale. In CT, the official policy is if you have similar houses of similar age in a given location, the owners will pay roughly the same tax whether you've owned for 30 days or 30 years. Aren't you getting the same "benefits" rega...
by pshonore
Fri Apr 13, 2018 11:05 am
Forum: Personal Finance (Not Investing)
Topic: DAF question
Replies: 18
Views: 1139

DAF question

While on the Fido Charitable website making a donation, the following phrase appeared: I certify that: None of the charities above will provide me or anyone else a more than incidental benefit in exchange for a grant. Examples of grants that may include impermissible benefits include grants used for...
by pshonore
Fri Apr 13, 2018 7:42 am
Forum: Personal Finance (Not Investing)
Topic: 2018 Child Tax Credit and Withholdings
Replies: 2
Views: 372

Re: 2018 Child Tax Credit and Withholdings

With the child tax credit doubling this year and $1,400 of it being refundable, does that mean if your tax owed (line 44 of the 2017 1040) was less than $1,400 you would still get a refund? I'm not sure how to best ask the question. Maybe this makes more sense: the refundability of the tax credit i...
by pshonore
Thu Apr 12, 2018 7:47 am
Forum: Personal Finance (Not Investing)
Topic: USO ETF Schedule K-1 and 1099-B – nightmares
Replies: 2
Views: 219

Re: USO ETF Schedule K-1 and 1099-B – nightmares

What does the Sales Schedule say? Most likely, add the cumulative basis adjustment to the purchase price? Subtract that result from sale proceeds to get total gain. Subtract ordinary gain (if any) from total gain to get cap gain. A cap loss of $551 sounds correct from your numbers. Don't forget to i...
by pshonore
Mon Apr 09, 2018 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: Tax basis for an inherited property
Replies: 10
Views: 650

Re: Tax basis for an inherited property

In CT, residential property is assessed at 70% of FMV by law. So one would look at the assessment and multiply by 1.4 to get FMV. Perhaps your area is similar
by pshonore
Mon Apr 09, 2018 12:16 pm
Forum: Personal Finance (Not Investing)
Topic: State Taxes on SS
Replies: 5
Views: 488

Re: State Taxes on SS

... The thing that makes this thread actionable is a reminder that all tax implications need to be considered when thinking of relocating in retirement. Individual experience with SS taxes would be instructional in responses. That's an excellent point. We've had cases where clients saved taxes by m...
by pshonore
Sun Apr 08, 2018 2:47 pm
Forum: Personal Finance (Not Investing)
Topic: Investment in a corporation goes belly up. How to file
Replies: 5
Views: 571

Re: Investment in a corporation goes belly up. How to file

Unusual for a corporation to issue a K1 (unless its an S-Corp). How does the K1 show value?
by pshonore
Sun Apr 08, 2018 11:45 am
Forum: Investing - Help with Personal Investments
Topic: Solo401 K Question.
Replies: 10
Views: 572

Re: Solo401 K Question.

Isn't he limited to 17K for the employee side for 2017 since he made a $1k contribution as an employee to another 401K plan? Was your Solo 401K setup prior to 12/31/17 ? And was the formal election to make an employee contribution made by 12/31/17?
by pshonore
Sat Apr 07, 2018 5:34 pm
Forum: Personal Finance (Not Investing)
Topic: Annualized Estimated Taxes - question on first quarter adjustments
Replies: 5
Views: 489

Re: Annualized Estimated Taxes - question on first quarter adjustments

For things that are certain, is it legit to front load to the first quarter? As far as I can tell, it is legit to include in the adjusted gross income for a quarter (on line 1 of schedule AI in the column for the quarter) adjustments to the income that occurred during the quarter. Schedule AI calcu...
by pshonore
Fri Apr 06, 2018 2:13 pm
Forum: Personal Finance (Not Investing)
Topic: Tax implications on UGTMs beyond the "Kiddie Tax"
Replies: 23
Views: 1152

Re: Tax implications on UGTMs beyond the "Kiddie Tax"

I think your son will be subject to the 2018 Kiddie tax which is not based on your income rates but rather on Trust rates (which should be lower since its mostly cap gain taxed at 20% max). The 3.8% NII rate may additionaly apply as well. Not sure about that The 20% qualified dividend/capital gains...
by pshonore
Fri Apr 06, 2018 1:43 pm
Forum: Personal Finance (Not Investing)
Topic: Tax implications on UGTMs beyond the "Kiddie Tax"
Replies: 23
Views: 1152

Re: Tax implications on UGTMs beyond the "Kiddie Tax"

I think your son will be subject to the 2018 Kiddie tax which is not based on your income rates but rather on Trust rates (which should be lower since its mostly cap gain taxed at 20% max). The 3.8% NII rate may additionaly apply as well. Not sure about that
by pshonore
Fri Apr 06, 2018 12:24 pm
Forum: Personal Finance (Not Investing)
Topic: Problems understanding sale of LP units
Replies: 8
Views: 640

Re: Problems understanding sale of LP units

You're going to have to do two calculations - one for LT units and one for ST units. What is the split for the ordinary gain between LT and ST? If you send those, I'll do some calcs, and send back the answers. If you want to try it yourself, Here's a sample with made up numbers for a couple of the l...
by pshonore
Fri Apr 06, 2018 9:41 am
Forum: Personal Finance (Not Investing)
Topic: Tax implications on UGTMs beyond the "Kiddie Tax"
Replies: 23
Views: 1152

Re: Tax implications on UGTMs beyond the "Kiddie Tax"

Hello Bogleheads, My 8 year old child was the beneficiary on death of an Oppenheimer investment account. This has been converted into a UGTM with me as the custodian (I was told this was my only option). I think I understand the "Kiddie Tax" rules, but won't have to mess with these until next year....
by pshonore
Thu Apr 05, 2018 3:51 pm
Forum: Personal Finance (Not Investing)
Topic: Problems understanding sale of LP units
Replies: 8
Views: 640

Re: Problems understanding sale of LP units

I purchased just over $3k of stock in a publicly traded partnership in 2012. Since then the proceeds distributed were set to reinvest, so what was 140 units purchased became 225 at the end of last year. I sold those units in 11/2017, all of which were at a loss ($1,332 LT, $32 ST). My brokerage ser...
by pshonore
Thu Apr 05, 2018 1:56 pm
Forum: Personal Finance (Not Investing)
Topic: Choose S-Corp to file taxes for my LLC.
Replies: 8
Views: 542

Re: Choose S-Corp to file taxes for my LLC.

I believe your S-Corp return for 2017 (Form 1120S) is already late (it was due March 15th). Your S-Corp return produces a K1 which is then used as input to your 1040 return. Did you run payroll last year to pay yourself so a W2 form could be produced? I second the idea for professional advice.
by pshonore
Thu Apr 05, 2018 9:36 am
Forum: Personal Consumer Issues
Topic: Replacing a deck
Replies: 14
Views: 1924

Re: Replacing a deck

When we replaced our deck about 15 years ago, the most experienced contractor told us that other, less experienced contractors would say that we didn't need concrete footings, and that they could use untreated wood under the deck. The experienced guy said that a deck built without concrete footings...
by pshonore
Thu Apr 05, 2018 9:30 am
Forum: Personal Consumer Issues
Topic: Builder wants $800 to vent a gas cooktop
Replies: 53
Views: 3980

Re: Builder wants $800 to vent a gas cooktop

It's worth it. It's hard to say without seeing your exact setup, but $800 is not out of range for that type of thing. My father is a builder and having worked along side him, I can easily envision how it could cost that much in time and materials. Seems a tad high, but not out of the question, espe...
by pshonore
Thu Apr 05, 2018 8:23 am
Forum: Personal Consumer Issues
Topic: Insurance rate increase Agent Review?
Replies: 8
Views: 365

Re: Insurance rate increase Agent Review?

I have had my agent come to my house or meet me somewhere that it was convenient to me. I would suggest calling them up and suggesting a place that works for you. Your loyalty should be worth something. If they refuse I would say that is your answer and move on. I agree. Agent works for policyholde...
by pshonore
Wed Apr 04, 2018 2:24 pm
Forum: Personal Finance (Not Investing)
Topic: Problems understanding sale of LP units
Replies: 8
Views: 640

Re: Problems understanding sale of LP units

I purchased just over $3k of stock in a publicly traded partnership in 2012. Since then the proceeds distributed were set to reinvest, so what was 140 units purchased became 225 at the end of last year. I sold those units in 11/2017, all of which were at a loss ($1,332 LT, $32 ST). My brokerage ser...
by pshonore
Wed Apr 04, 2018 10:00 am
Forum: Personal Finance (Not Investing)
Topic: NY passes law to get around SALT limit
Replies: 47
Views: 5634

NY passes law to get around SALT limit

NY has passed a law to "challenge" the new SALT limits of 10K. I doubt the Feds will be happy about this. https://www.taxprotoday.com/news/new-york-tax-changes-respond-to-new-federal-tax-reform-law New York is the first of the blue states to actually pass a change in its tax laws, giving taxpayers a...
by pshonore
Tue Apr 03, 2018 12:10 pm
Forum: Personal Consumer Issues
Topic: Replacing a deck
Replies: 14
Views: 1924

Re: Replacing a deck

Without seeing it, it sounds like a footing problem. Should be relatively easy to get someone to jack up the deck and fix the footings. It's going to have to be corrected at some point and I would think this would be much cheaper than building a whole new deck. Depends where you live. In CT, deck f...
by pshonore
Mon Apr 02, 2018 9:43 pm
Forum: Personal Finance (Not Investing)
Topic: 1099-MISC Only, Can Invest in a ROTH IRA?
Replies: 5
Views: 591

Re: 1099-MISC Only, Can Invest in a ROTH IRA?

No. The requirement for IRA deposits is earned income. This is limited to wages, salary, or profit from a business. Yes, Box 7 of a 1099Misc usually is treated as earned income from self employment and the net after deducting business expenses would be eligible for a Roth or TIRA subject to the usu...
by pshonore
Mon Apr 02, 2018 8:42 am
Forum: Personal Finance (Not Investing)
Topic: help with Morgan Stanley tax statement
Replies: 15
Views: 608

Re: help with Morgan Stanley tax statement

This cannot be a deferred account if he got what brokers call a consolidated 1099 which contain a 1099DIV, 1099INT and 1099B, Those all have to be reported to the tax software and should show up in the appropriate place - Form 1040, possibly Sched B for the interest and Sched D if there were actual ...