Search found 21452 matches

by grabiner
Thu Apr 19, 2018 8:22 pm
Forum: Investing - Theory, News & General
Topic: Paying off mortgage vs investing
Replies: 4
Views: 137

Re: Paying off mortgage vs investing

Paying down the mortgage to $750K is a risk-free return of 2.875%, tax-free. Paying it down any further is a risk-free return of 2.875%, taxable as long as you itemize deductions, which is likely to be most of the rest. You are in a 37% federal bracket, so that is a 1.81% return after federal tax. T...
by grabiner
Thu Apr 19, 2018 8:11 pm
Forum: Investing - Help with Personal Investments
Topic: Use Large Tax Refund for HELOC or 529?
Replies: 21
Views: 799

Re: Use Large Tax Refund for HELOC or 529?

The reason to pay down the HELOC is that this is a risk-free 4.75% return; HELOC interest is no longer tax-deductible. Once the HELOC is gone, the money that was going to HELOC payments can go to the 529, or to the TSP if you aren't maxing that out. And you will get deductions for 529 payments made ...
by grabiner
Thu Apr 19, 2018 8:08 pm
Forum: Investing - Help with Personal Investments
Topic: Small Cap Value Tilt in Roth IRA or 401k?
Replies: 3
Views: 107

Re: Small Cap Value Tilt in Roth IRA or 401k?

It doesn't really matter whether you use the Roth IRA or the 401(k); see Tax-adjusted asset allocation on the wiki. If you will retire in a 25% tax bracket, then moving $4000 in the 401(k) or $3000 in the Roth IRA to a small-cap value fund has the same effect on your overall returns, regardless of w...
by grabiner
Thu Apr 19, 2018 7:59 pm
Forum: Personal Finance (Not Investing)
Topic: Can I *not* claim all the state tax in my itemized deduction?
Replies: 37
Views: 3358

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. If you do this, it is treated as if you received your refund and then ma...
by grabiner
Tue Apr 17, 2018 11:09 pm
Forum: Investing - Theory, News & General
Topic: NAESX - is not really Small Cap?!
Replies: 36
Views: 2115

Re: NAESX - is not really Small Cap?!

For reference, here's how the capitalization breakpoints compare for different index providers: http://www.crsp.com/files/cap_comparison.png Source The bar graph is visually misleading. The CRSP large cap index contains about 600 stocks (vs. about 500 for the S&P500). This means that the CRSP small...
by grabiner
Tue Apr 17, 2018 7:01 pm
Forum: Investing - Help with Personal Investments
Topic: Why am I even holding BND? It has only been losing me money.
Replies: 58
Views: 7039

Re: Why am I even holding BND? It has only been losing me money.

Any thoughts on buying other fund(s) with a half the duration with similar composition? I need to hold on for about 3 years and cannot afford to wait the 6 years. If you are planning to spend money in three years, then it should be in a short-term bond fund or a CD. For a taxable bond fund, you cou...
by grabiner
Tue Apr 17, 2018 6:58 pm
Forum: Investing - Theory, News & General
Topic: NAESX - is not really Small Cap?!
Replies: 36
Views: 2115

Re: NAESX - is not really Small Cap?!

FWIW VTMSX, Vanguard Tax Managed, tends to be a little more "growthy" than the others being discussed. Probably because tax managed would tend to avoid dividend paying funds. Tax-Managed Small-Cap doesn't do this; you can check that its portfolio statatistics are essentially the same as those of VI...
by grabiner
Mon Apr 16, 2018 11:09 pm
Forum: Personal Finance (Not Investing)
Topic: Which states are similar to NJ in the sense that they do not allow one to deduct contributions to 403b, 457, TSP, etc?
Replies: 16
Views: 2019

Re: Which states are similar to NJ in the sense that they do not allow one to deduct contributions to 403b, 457, TSP, et

If you are always a resident of NJ, there is no double taxation; NJ doesn't tax any money that it already taxed. Double taxation happens if you work in NJ (and thus don't deduct the TSP contributions) and then retire in another state (and pay tax on your TSP withdrawals). In this situation, the Rot...
by grabiner
Mon Apr 16, 2018 11:03 pm
Forum: Investing - Theory, News & General
Topic: NAESX - is not really Small Cap?!
Replies: 36
Views: 2115

Re: NAESX - is not really Small Cap?!

FWIW VTMSX, Vanguard Tax Managed, tends to be a little more "growthy" than the others being discussed. Probably because tax managed would tend to avoid dividend paying funds. Tax-Managed Small-Cap doesn't do this; you can check that its portfolio statatistics are essentially the same as those of VI...
by grabiner
Sun Apr 15, 2018 9:26 pm
Forum: Investing - Theory, News & General
Topic: What is your AA, given your age? and, Why?
Replies: 163
Views: 11235

Re: What is your AA, given your age? and, Why?

Grabiner, Why do you have such a "high" stock % (84% gross) vs typical target date composite benchmark ? Is this b/c of your "need" to take risk ? or, your "willingness / iron stomach" to take risk ? or you know the stocks are safe in long run, given your experience on 2002+2008 and your understand...
by grabiner
Sun Apr 15, 2018 9:18 pm
Forum: Investing - Help with Personal Investments
Topic: Car Loan vs Home Mortgage
Replies: 28
Views: 2053

Re: Car Loan vs Home Mortgage

I would pay off the car first -- don't like paying interest to own a depreciating asset. Houses at least usually appreciate approximately with inflation -- although that is extremely local (I've had one go down significantly). 3.5% nominal is pretty cheap for a real asset. 1% nominal on top of 10-2...
by grabiner
Sun Apr 15, 2018 9:12 pm
Forum: Personal Finance (Not Investing)
Topic: Which states are similar to NJ in the sense that they do not allow one to deduct contributions to 403b, 457, TSP, etc?
Replies: 16
Views: 2019

Re: Which states are similar to NJ in the sense that they do not allow one to deduct contributions to 403b, 457, TSP, et

So, if one lives in NJ contributed to Traditional TSP, then retires (in NJ) you're saying that they don' tax the withdrawals? Since you can't deduct your Traditional contributions going in? Doesn't that essential make a Traditional TSP in NJ in theory a Roth when withdrawing it? NJ taxes only the g...
by grabiner
Sun Apr 15, 2018 10:30 am
Forum: Personal Finance (Not Investing)
Topic: To HSA or HSA -- explain like I'm 5.
Replies: 32
Views: 2432

Re: To HSA or HSA -- explain like I'm 5.

We are not in a position to use the HSA as an extra tax-advantaged savings vehicle, as I have tax-advantaged space that we're not currently in a position to max out. However, you are in position to use it as a better tax-advantaged savings vehicle. If you don't use the whole HSA, any leftover money...
by grabiner
Sun Apr 15, 2018 10:14 am
Forum: Personal Finance (Not Investing)
Topic: Form 1116 3b
Replies: 9
Views: 404

Re: Form 1116 3b

That’s where TT is ahead of the rest. I haven't used TurboTax in several years, but it at least used to handle charitable contributions in a way which was legal but inferior to the taxpayer. It lumped charitable contributions in with other deductions not directly related to either US or foreign inc...
by grabiner
Sun Apr 15, 2018 9:47 am
Forum: Investing - Help with Personal Investments
Topic: Car Loan vs Home Mortgage
Replies: 28
Views: 2053

Re: Car Loan vs Home Mortgage

Sometimes one needs to ask the question: "what percentage of rolling 8 year periods over the past century have had equity CAGR of less than 3.5%, and am I willing to take a chance on that continuing over the next several years?" Especially with what is very close to "new" money. The OP is doing wel...
by grabiner
Sat Apr 14, 2018 11:31 pm
Forum: Investing - Theory, News & General
Topic: What is your AA, given your age? and, Why?
Replies: 163
Views: 11235

Re: What is your AA, given your age? and, Why?

Age 50, 92% net stock (counting my mortgage as a negative bond), 84% gross stock. Pretty rich for a 50 year old. You must have a cast iron stomach with most of your needs met with current and future income. I do. This comes up on the forum every few years, and I always have one of the most aggressi...
by grabiner
Sat Apr 14, 2018 4:42 pm
Forum: Investing - Theory, News & General
Topic: What is your AA, given your age? and, Why?
Replies: 163
Views: 11235

Re: What is your AA, given your age? and, Why?

Age 50, 92% net stock (counting my mortgage as a negative bond), 84% gross stock. And my target allocation is riskier than that, as I overweight small-cap, value, and emerging markets: 41% US stock: 1/8 large growth, 3/8 large value, 1/8 small growth, 3/8 small value 41% foreign stock: 3/8 large dev...
by grabiner
Sat Apr 14, 2018 4:29 pm
Forum: Investing - Theory, News & General
Topic: Case for Tax-Managed LifeStrategy Income, Conservative, Moderate, Growth fund of funds
Replies: 10
Views: 1018

Re: Case for Tax-Managed LifeStrategy Income, Conservative, Moderate, Growth fund of funds

Even if these funds existed, they wouldn't be suitable for taxable accounts, because switching from an 80%-stock fund to a 60%-stock fund as retirement approaches would require selling the whole fund for a taxable gain. If you hold separate bond and stock funds, you can sell only a quarter of your s...
by grabiner
Sat Apr 14, 2018 4:22 pm
Forum: Investing - Theory, News & General
Topic: NAESX - is not really Small Cap?!
Replies: 36
Views: 2115

Re: NAESX - is not really Small Cap?!

Also, is there a better Vanguard fund that focuses on Small Cap blend if I want that tilt? You might check out Vanguard's Tax-managed Small Cap Fund (VTMSX). It's a true small cap fund, based on the S&P Small Cap 600 Index. The only drawback is that it's just offered in Admiral Shares with a $10,00...
by grabiner
Sat Apr 14, 2018 4:12 pm
Forum: Investing - Help with Personal Investments
Topic: LTC Loss - this year or next?
Replies: 2
Views: 337

Re: LTC Loss - this year or next?

One reason to take the loss this year is that it might not be there next year. If the stock market rises this year, you won't have any loss to deduct next year if you keep your current investment, and you will get the same benefit from the rise whether you keep the old investment or switch to a new ...
by grabiner
Sat Apr 14, 2018 4:09 pm
Forum: Investing - Help with Personal Investments
Topic: Advice on which asset classes should go into which investment vehicles
Replies: 26
Views: 1399

Re: Advice on which asset classes should go into which investment vehicles

In the 35% tax bracket, you pay 23.8% tax on qualified dividends and long-term gains, not the 15% most investors pay. You pay the same cost on muni bonds as everyone else; the cost is the difference between muni and taxable bonds of the same risk. This makes a muni fund in your taxable account more ...
by grabiner
Sat Apr 14, 2018 4:03 pm
Forum: Investing - Help with Personal Investments
Topic: Investing Using My HSA
Replies: 5
Views: 489

Re: Investing Using My HSA

Since you are investing your HSA for medical costs in retirement, and your IRA and 401(k) for other expenses in retirement, you should combine everything into one asset allocation. It's fine to have a single fund in your HSA if that fund fits part of your investment needs. If you live in AL, CA, or ...
by grabiner
Sat Apr 14, 2018 3:58 pm
Forum: Investing - Help with Personal Investments
Topic: Pay out principal or keep cash for next purchase
Replies: 7
Views: 755

Re: Pay out principal or keep cash for next purchase

Thanks! Good advices here. Looks like, there's an agreement, that it does not make sense to put into principal, because I'm planning to buy something else in next 1 year horizon. One thing I do not understand is what is the difference if I still get this money back after selling my property? Just I...
by grabiner
Sat Apr 14, 2018 3:52 pm
Forum: Investing - Help with Personal Investments
Topic: Car Loan vs Home Mortgage
Replies: 28
Views: 2053

Re: Car Loan vs Home Mortgage

Me, I wouldn't do either. I would open up a taxable account and invest the $600/month. You can easily do better than a 1% return on the car loan with nothing more exotic than TIPS, and even the most pessimistic nominal stock return projections beat the stuffing out of a 3.5% mortgage. This isn't a ...
by grabiner
Sat Apr 14, 2018 3:45 pm
Forum: Investing - Help with Personal Investments
Topic: Why traditional IRA better than Roth IRA
Replies: 87
Views: 6641

Re: Why traditional IRA better than Roth IRA

In general, the Roth beats the tIRA for almost all taxpayers in the new 24% and under brackets (under $315k a year aAGI, or about 98% of Americans). Doing the math over 10, 20, or 30 years, Roth wins. A pretty simple way to calculate whether the Roth would be a better deal or not is to run the $11k...
by grabiner
Sat Apr 14, 2018 3:32 pm
Forum: Investing - Help with Personal Investments
Topic: Starting Taxable Account vs. Increasing 403b
Replies: 17
Views: 1240

Re: Starting Taxable Account vs. Increasing 403b

There are ways of getting money out of a 403(b) before age 59.5 without penalty if you retire early. Therefore, as long as the money is being saved for retirement, and the 403(b) is decent (yours is with Fidelity, so it should be), you might as well save there to have more money. The main way to get...
by grabiner
Sat Apr 14, 2018 3:24 pm
Forum: Investing - Help with Personal Investments
Topic: USD/EUR Investment and Tax Optimization
Replies: 7
Views: 1321

Re: USD/EUR Investment and Tax Optimization

With regard to your currency questions, you should keep in mind the currency risk you subject yourself to whenever you invest in an asset not denominated in EUR. You should decide for yourself what risk you're comfortable with. For me, I decided to split my portfolio equally between USD and EUR-den...
by grabiner
Sat Apr 14, 2018 3:20 pm
Forum: Investing - Help with Personal Investments
Topic: Why am I even holding BND? It has only been losing me money.
Replies: 58
Views: 7039

Re: Why am I even holding BND? It has only been losing me money.

BND has a duration of approximately 6 years; if your time horizon is longer than 6 years, there's no reason to be concerned. I read that frequently up and may not understand why. I am guessing a good majority of us here are in the accumulation phase and contributing regular to our retirement accoun...
by grabiner
Sat Apr 14, 2018 8:32 am
Forum: Personal Finance (Not Investing)
Topic: New York State income tax bracket is not a marginal rate?
Replies: 30
Views: 1856

Re: New York State income tax bracket is not a marginal rate?

After AGI hits $1,127,550 (on a single return), NYS tax switches to a straight 8.82% of entire taxable income. https://docs.google.com/viewer?url=https%3A%2F%2Fwww.tax.ny.gov%2Fpdf%2Fcurrent_forms%2Fit%2Fit201i_nys_tax_computation_wkshts.pdf Incredibly arcane system with a bunch of different comput...
by grabiner
Fri Apr 13, 2018 10:29 pm
Forum: Local Chapters and Bogleheads Community
Topic: Master Thread for Baltimore/Southern PA Bogleheads
Replies: 53
Views: 12988

Re: Master Thread for Baltimore/Southern PA Bogleheads

The Baltimore/Southern PA Bogleheads will be meeting on Sunday, April 15 at 1:00 at Tark's Grill at Greenspring Station. I will be giving a presentation, "Simplify! How to Think About Financial Decisions." Please PM swimirvine, the chapter leader, to RSVP so that he can confirm the number for our re...
by grabiner
Sat Apr 07, 2018 9:21 pm
Forum: Personal Finance (Not Investing)
Topic: Should I invest in an HSA even though I don't go to the hospital much?
Replies: 18
Views: 1703

Re: Should I invest in an HSA even though I don't go to the hospital much?

What happens to my HSA after my wife and I die? It is distributed to your heirs, and anything not used to pay medical expenses becomes taxable. Thus it is better to withdraw from an HSA rather than an IRA for medical expenses in retirement, as the IRA can continue to grow tax-deferred after your de...
by grabiner
Sat Apr 07, 2018 9:11 pm
Forum: Investing - Help with Personal Investments
Topic: Bond Fund Comparison Help (VBTLX VS MWTIX)
Replies: 18
Views: 717

Re: Bond Fund Comparison Help (VBTLX VS MWTIX)

Just thinking out loud here. Is the Met West fund in a tax advantaged account? The higher turnover of MWTIX vs VBTLX "may" create some income tax unpleasantness. This is not an issue with bond funds. Bond funds get almost all their income from dividends, so actively managed bond funds do not genera...
by grabiner
Sat Apr 07, 2018 9:03 pm
Forum: Investing - Help with Personal Investments
Topic: Is 75/25 (stock/FI) for tax-deferred and 100% stocks in taxable too aggressive?
Replies: 7
Views: 690

Re: Is 75/25 (stock/FI) for tax-deferred and 100% stocks in taxable too aggressive?

You will have pensions, which allows you to be more risk tolerant; a stock market decline will cost you a smaller fraction of your income than it does for most investors. And your portfolio is about twice the size it needs to be to cover your retirement needs, which means that half is being invested...
by grabiner
Sat Apr 07, 2018 8:55 pm
Forum: Investing - Help with Personal Investments
Topic: If you want an actively managed fund, which one would you use?
Replies: 68
Views: 3982

Re: If you want an actively managed fund, which one would you use?

I would use actively managed funds if they are the best way to meet my investment needs. Thus, I held Windsor when it had deeper value than Value Index, and International Explorer when there were no small-cap international ETFs, and later when it was less expensive than the ETFs which did exist.
by grabiner
Fri Apr 06, 2018 9:20 pm
Forum: Investing - Help with Personal Investments
Topic: How much mortgage to borrow?
Replies: 33
Views: 2033

Re: How much mortgage to borrow?

This is a version of the common question: Paying down loans versus investing Here, instead of paying down your mortgage, you would take out a smaller mortgage. Since your mortgage is more than $750K, you get no benefit from the tax deduction, and thus you get a 3.5% risk-free return on a larger down...
by grabiner
Thu Apr 05, 2018 9:11 pm
Forum: Investing - Help with Personal Investments
Topic: Splitting VWELX, VWINX, VBINX for partial Roth conversion
Replies: 2
Views: 302

Re: Splitting VWELX, VWINX, VBINX for partial Roth conversion

Whether the market rises or falls isn't really relevant to your decision whether to convert. One way to see this is to consider that the IRS owns 12% of your IRA and none of your Roth (assuming "low" means the 12% bracket). If you convert $10,000 of a traditional IRA to $8800 of a Roth IRA, using th...
by grabiner
Thu Apr 05, 2018 9:06 pm
Forum: Investing - Help with Personal Investments
Topic: High Yield Bond Fund Question
Replies: 6
Views: 475

Re: High Yield Bond Fund Question

I do have an approx. $4,000 loss in a taxable account that I can sell and use to offset the capital gain. You should sell to take that loss (and buy something else in the taxable account which is not substantially identical) whether you have a capital gain or loss elsewhere. Up to $3000 per year in...
by grabiner
Thu Apr 05, 2018 9:03 pm
Forum: Investing - Help with Personal Investments
Topic: premium/discount when buying an ETF
Replies: 31
Views: 2151

Re: premium/discount when buying an ETF

There is no such thing as a free lunch on Wall Street, but there are many people who make a great living spreading that myth. I'm not really trying to get a free lunch, I'm trying to avoid paying $1.004 for a lunch that's only worth $1. But I would worry more about spreads than premiums when tradin...
by grabiner
Thu Apr 05, 2018 8:57 pm
Forum: Investing - Help with Personal Investments
Topic: A Basic Investment Question
Replies: 4
Views: 742

Re: A Basic Investment Question

A basic question on investing. Consider someone has decided on her AA - 90% Share are 10% fixed income (bonds/CDs/etc). Further, consider she has a mortgage of around, say 3.8 % APR. Assuming yield from bonds/CDs is around 2-2.5%, I wanted to know, which of the following two choices is better ? 1. ...
by grabiner
Thu Apr 05, 2018 8:43 pm
Forum: Investing - Help with Personal Investments
Topic: How do Bogleheads Take Advantage of Dips When Fully Invested?
Replies: 55
Views: 6983

Re: How do Bogleheads Take Advantage of Dips When Fully Invested?

We are 65/35 stock/bond AA. With a 5% band before rebalancing. Even with the extreme changes lately, we haven't hit our rebalance number yet. If you have 5% bands and haven't had to rebalance the changes haven't been extreme. It takes a fairly large move to trigger a 5% band. If you have $65,000 in...
by grabiner
Thu Apr 05, 2018 8:39 pm
Forum: Investing - Help with Personal Investments
Topic: High Yield Bond Fund Question
Replies: 6
Views: 475

Re: High Yield Bond Fund Question

The other problem is that when I was a kid my mother opened up an investment for me with Forester's Financial. This investment is a high yield bond fund. The bond's ticker is FIFIX. It has an expense ratio of 1.32% and sales charges of 4%. The dividends from this fund averages about $2,000 per year...
by grabiner
Thu Apr 05, 2018 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: Work Travel and State Payroll Taxes
Replies: 11
Views: 769

Re: Work Travel and State Payroll Taxes

Thanks for the helpful responses. The two states in question are VA and NY, VA being the state of origin. The rule in NY is that you become a NY resident if you maintain a permanent place of abode in NY and spend 183 days in the state. If this applies to you, keep good records of where you were eac...
by grabiner
Wed Apr 04, 2018 10:48 pm
Forum: Investing - Help with Personal Investments
Topic: Changing cost basis method from Average to Actual Cost
Replies: 18
Views: 1235

Re: Changing cost basis method from Average to Actual Cost

So what about ETF conversions? When I made an ETF conversion of non-covered shares, Vanguard allowed me to enter cost basis information for those shares on the "Cost basis" page, and accepted whatever I entered. The shares remain non-covered, so if I sell them, the basis will be reported only to me...
by grabiner
Wed Apr 04, 2018 10:25 pm
Forum: Personal Finance (Not Investing)
Topic: Better off with a Wash Sale?
Replies: 2
Views: 325

Re: Better off with a Wash Sale?

The extra $2000 of loss was created because he sold 200 shares at $80 rather than at $90. Thus it is a real loss; he has $178,000 rather than $180,000 in cash. The wash sale had no effect here because it postponed the loss deduction until the replacement shares were sold, and they were sold in the s...
by grabiner
Wed Apr 04, 2018 10:21 pm
Forum: Personal Finance (Not Investing)
Topic: Work Travel and State Payroll Taxes
Replies: 11
Views: 769

Re: Work Travel and State Payroll Taxes

Ther several aspects in evaluating change of domicile. Do you intent for this to be temporary? Are you changing driver license, address of your accounts, vehicle registration? If it, your domicile is likely not changing. However, you might still become a resident of the other state. In many states,...
by grabiner
Wed Apr 04, 2018 10:09 pm
Forum: Investing - Theory, News & General
Topic: State Muni Funds
Replies: 10
Views: 1167

Re: State Muni Funds

There has to be demand and there has to be bonds. But you'd also WANT diversification. The national intermediate muni fund has over 7500 bonds, just for perspective. The CA intermediate muni fund has nearly 3500 bonds. On the other hand, the OH, MA, and NJ long-term muni funds have about 500 bonds ...
by grabiner
Wed Apr 04, 2018 9:50 pm
Forum: Investing - Theory, News & General
Topic: How Big of a Deal is the Witholding of Foreign Taxes in a 401k / IRA?
Replies: 2
Views: 419

Re: How Big of a Deal is the Witholding of Foreign Taxes in a 401k / IRA?

The foreign tax credit is usually about 7% of the dividend. With yields currently about 3%, that is a 0.21% tax cost for foreign stocks in an IRA. In a taxable account, you get the 0.21% back, but foreign stocks have higher dividend yields than US stocks, and fewer qualified dividends, so you have a...
by grabiner
Wed Apr 04, 2018 9:23 pm
Forum: Investing - Help with Personal Investments
Topic: Adjust allocation in VG account to get admiral shares?
Replies: 5
Views: 496

Re: Adjust allocation in VG account to get admiral shares?

I wouldn't bother to make a significant change to allocation; you'll get Admiral shares soon as you add more to the account, and the cost of missing Admiral shares on an index fund with less than $10,000 is trivial.
by grabiner
Wed Apr 04, 2018 9:18 pm
Forum: Investing - Help with Personal Investments
Topic: Large capital loss
Replies: 14
Views: 1019

Re: Large capital loss

Anything that produces a taxable gain:CD’s, taxable bonds short term. Equities long term. Sell a business or high equity real estate if you have it. You can also do the opposite of what produced the large cap loss. :twisted: Bonds and CDs won't help, as their gains are taxed as dividends and intere...
by grabiner
Wed Apr 04, 2018 9:10 pm
Forum: Investing - Help with Personal Investments
Topic: 401k Fee Structures - Invest in Taxable?
Replies: 5
Views: 304

Re: 401k Fee Structures - Invest in Taxable?

I'm planning to buy and hold into retirement. In that ideal scenario, the capital gains would be taxed at 0%, as our tax bracket would be much lower. I guess that could always change, though. And if that's the case, and we did pay gains, this is moot for a $300 per year difference. If your tax brac...