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511east

A family member forgot to pay the last estimated tax payment for 2022, due January 17, 2023. Will it make any difference if that amount is paid today, or not paid until 2022 taxes are filed in 2 weeks, and then the payment will be incorporated into what is due?

511east

Ready3Retire wrote: ↑Mon Mar 20, 2023 6:41 am Check with the building department for the city or county where the property is located. They will have information on required permits and issuing what is often called Certificate of Occupancy. They should be able to explain how/when you get the title.

/quote]

Thanks for the reply. In my post, I see that I mistakenly said 'certificate of ownership', and the correct term is 'certificate of occupancy'.

511east

We are planning to build a house on a large piece of property we own, using our own financing, so we are not going through a bank or construction loan.
How do we get the final title of ownership once the house is complete and has a Certificate of Ownership? We have the title to the current property, which has a very old house on it, which will be probably be demolished some time after everything is completed on the new house. This is in NYS.
Thanks.

511east

What about the low-rate mortgages that a credit union or bank has given out? What happens to those, if a credit union or a bank needs to cash in their treasuries to pay out depositors? Are the mortgages safe? Are they sold to someone else?
Sorry for my lack of knowledge and the questions, but banking is not my niche.

511east

chinchin wrote: ↑Wed Mar 15, 2023 5:00 pm Define "safe."

Yes, sorry, that was short and vague.
I know the money there is insured, as defined in their parameters.
But I was thinking if the credit union depositors start pulling their deposits, for one reason or another such as to move money to a large money center or to get a higher yield with treasuries. Will the CU just shrink or will it topple?

511east

[Thread merged into here --admin LadyGeek]

We have some money in a couple of small credit union, so just wondering.

511east

Recently sold my house. I initially set the asking price based on realtor comparisons with local recent sales. This was near the Zillow estimate. After the house was listed, the Zillow estimate magically snapped to exactly the asking price. I ended up lowering the price after 30 days with no offers. The Zillow estimate again snapped to exactly the asking price. Then once the sale completed, it snapped to exactly the final sale price. Further, my neighbor's houses were both larger than mine with larger lots. For as long as I have been looking at Zillow, one house always had a lower Zillow estimate than mine, while the other always had a Zillow estimate higher than mine. As far as I can tell, there is a very high correlation to the last sale...

511east

How does zillow know the many details about a house, ie, if kitchen/baths are updated, or if it's been painted, or new something added?
Does the owner actually feed the info into zillow, or its taken from somewhere?

511east

This question is about a close friend's house hunt experience.

Are Zillow estimates accurate? I see a Zillow estimate that is 90k higher than asking price for a house, why would that be?

So if there is a 90k difference between the asking and the zillow numbers, is the seller correct or is zillow? Why would seller be asking for less, is there an undisclosed problem with the house? Seller seems to be in a hurry.

511east

Replying to posters above: Thanks, I currently have SPAXX set up.
I also plan to move some money to the T-bill.

511east

For holding cash short-term before investing it in something, which Fidelity fund gives you a good yield? This is a taxable account, in NY state. Thanks.

511east

If you've read the other threads from Bogleheads who have built a new home or who have done major renovations, you may notice that the issues that plague them and often lead to costly and frustrating problems were largely preventable. There are two investments in such projects that I always recommend: 1. Retain a qualified and skilled attorney to review all contracts and other legal documents, make recommendations to you concerning draws, lien releases and other important issues, and to be available for consultation in the event of unforeseen complications. 2. Pay your architect to oversee the construction project (construction administration) and to work directly with the general contractor concerning specification and quality of material...

511east

I have plenty of experience with contracts, but not house building contracts. but the main issues that you care about are likely money, principally timing of payments, and timing of performance (penalties for delay), right? materials quality and design issues should be all be specified by architect, right? are there differences between his contract and the AIA contract in the important issues (money/time)? IMO, yes, the main issues are payments (how much is due and when, is listed, but nothing in regard to retaining any money if things not done), also inspections/oversight, insurances, warranties and liens. The above issues seem to be addressed pretty well in the AIA contract but just superficially, like 1-2 sentences, in his contract in r...

511east

I have plenty of experience with contracts, but not house building contracts. but the main issues that you care about are likely money, principally timing of payments, and timing of performance (penalties for delay), right? materials quality and design issues should be all be specified by architect, right? are there differences between his contract and the AIA contract in the important issues (money/time)? IMO, yes, the main issues are payments (how much is due and when, is listed, but nothing in regard to retaining any money if things not done), also inspections/oversight, insurances, warranties and liens. The above issues seem to be addressed pretty well in the AIA contract but just superficially, like 1-2 sentences, in his contract in r...

511east

chazas wrote: ↑Wed Feb 08, 2023 2:52 pm Because it benefits them, and they appear to think they have the market power to do it.

Can you have your lawyer mark up their contract to give you enough protections to make you comfortable? If so, do it and serve it up and see what they say. If they reject it, I'd reject them.

That sounds like a good strategy, I will discuss it here at home. Thank you.

511east

SubPar wrote: ↑Wed Feb 08, 2023 1:04 pm His reputation notwithstanding, this would be a massive red flag IMO, particularly if his contract is missing the standard language on project scope & bid assumptions/allowances/dispute resolution & remedies/cost overages/subcontractor compliance/warranties/etc.

That'd almost certainly be a deal breaker for me.

Agree totally. Does a builder or architect need membership in AIA or some kind of license, in order to use the AIA contract?

511east

wilked wrote: ↑Wed Feb 08, 2023 11:53 am
511east wrote: ↑Wed Feb 08, 2023 11:52 am We are planning to build a weekend home on land we own. We have the complete design drawings done by an architect, and the money to do it.
It would cost just under 600K.

Why would a builder be reluctant to use the standard AIA contract (A1111), but instead use his own contract, which
is missing a lot (or most) of the framework required, the basics and "what if's"??

He is a small builder and we have heard he has a good reputation.
FWIW, spouse is an engineer.
What did he say when you asked him about his reluctance?

Not sure, actually. The engineer spouse spoke with him regarding the build details and the contract.

511east

We are planning to build a weekend home on land we own. We have the complete design drawings done by an architect, and the money to do it.
It would cost just under 600K.

Why would a builder be reluctant to use the standard AIA contract (A1111), but instead use his own contract, which
is missing a lot (or most) of the framework required, the basics and "what if's"??

He is a small builder and we have heard he has a good reputation.
FWIW, spouse is an engineer.

511east

1) Move to another bank. Citibank has just terrible customer service. OR 2) Downgrade to basic banking so you keep 1500 min balance OR just make keep 1 auto deposit and 1 electronic bill pay for zero min balance Then you can move most of the cash somewhere with high rates and service that may be better than Citi (which is most banks/brokers). Yes, I have thought of these options myself. Will have to decide. Thanks. Fidelity Cash Management account, buy SPRXX, 4.16% with no fees, no wire fees, no NSF fees, no ATM fees, fully liquid and no games. https://www.bogleheads.org/forum/viewtopic.php?t=266538 This sounds like a great choice. Thanks for the info. I just like to have the checking (Fidelity Cash Management, in this case) account info s...

511east

beyou wrote: ↑Wed Jan 25, 2023 12:00 pm 1) Move to another bank. Citibank has just terrible customer service.

OR

2) Downgrade to basic banking so you keep 1500 min balance OR just make keep 1 auto deposit and 1 electronic bill pay for zero min balance
Then you can move most of the cash somewhere with high rates and service that may be better than Citi (which is most banks/brokers).

Yes, I have thought of these options myself. Will have to decide. Thanks.

511east

Our checking account is in Citi, the 10k required for free checking and no ATM fees has been just sitting there at a low or almost zero rate.
I could put the 10k into a Citi CD or open a Citi brokerage account and invest it (and maybe add to it also). Anyone know how the Citi
brokerage arm is? Also, we use other brokerages for investing. I don't need an advisor at Citi. Thanks....

511east

I am moving some cash into a new savings account at Etrade. We are an existing customer and have accounts there already,
plus they have a good rate.
In setting up the savings account, the 'bank agreements and disclosures' have a LOT of info, do we need to read/digest all this,
and completely understand, or is it standard for all banks and savings bank accounts? I don't remember opening a savings account at a bank to be as
involved, in the past.
Basically, my question is, is there anything important that I should be aware of? This account to be opened won't be used often and not for checking.
Thanks.

511east

ETrade does it too, I believe

511east

Thanks for the above replies on points of view and advice. This website is really a treasure trove of information and so educational, I wish I knew about it many years ago.

511east

I am not taking RMD's yet, but just looking at my retirement portfolio as of 12/2021 and as of 12/2022, there is
a huge drop in value from 2021 to 2022. So if someone has to take an RMD for 2022 (ie, they take their entire RMD in 12/2022 when
the market dropped a lot), but their RMD amount to be withdrawn is based on the portfolio value at end of 2021 (market was high),
they might not be too happy (unless they really needed the money).

So, 2 questions:
1) what is the best technique to time the RMD withdrawals?
2) is the RMD calculated at end of prior year, ever adjusted for markets like we have had?

Any words of wisdom appreciated.

511east

I have some cash I want to move into a brokerage, which should I pick, can't decide.
I don't use either one for check-writing, only for brokerage services.

511east

txm7826 wrote: ↑Fri Jan 13, 2023 3:51 am
homebuyer6426 wrote: ↑Thu Jan 12, 2023 11:51 am If you travel with expensive jewelry, it's a good idea to be wearing it at all times. I travel with 2 such items but I never take them off. You don't need to rely as much on insurance if you lower the risk that you take.
I had to take it off at security screening at airport. I didnt even think someone dares to steal where there are so many cameras and security personnel but unfortunately it happened .

This happened during an airport screening? How awful! Was airport/airport security helpful at all in attempting to find it or cover the loss? It would seem they have some liability in this scenario.

511east

Silk McCue wrote: ↑Thu Jan 12, 2023 8:16 pm I just want to make certain that you know that you can satisfy the RMDs of multiple individual IRAs of the same type and ownership from a single IRA. You can also roll like IRAs into one another to have fewer accounts to manage.

Cheers

Great advice, I have to take a look at them. I suppose a 'rollover IRA' and a 'traditional IRA' are not the same type.

511east

We forgot to take an RMD from 2 small accounts. What to do, take it anyway now? It will not be coded for tax year 2022, will it? I've done this myself. Take the RMD now. It will be coded for 2023 because it IS 2023. When you file your 2022 tax year return, file a form 5329 which provides a way to add the penalty, BUT ALSO, a way to ask for forgiveness. Turbotax offers this: https://ttlc.intuit.com/community/retirement/discussion/how-do-i-report-a-late-rmd-distribution-in-turbo-tax/00/1591468 "If you are using the CD/download version: Enter the forms mode and click on open form. Type in 5329. Choose 5329-T for the taxpayer (first person listed on your tax return), or 5329-S (for spouse - 2nd person on tax return). Scroll down to Part I...

511east

We forgot to take an RMD from 2 small accounts. What to do, take it anyway now? It will not be coded for tax year 2022, will it?

511east

thanks everyone, did it.
do you still need to have the credit card appear on the fidelity brokerage page, if you have the credit card rewards going to a fidelity brokerage account?

511east

We recently got the Fidelity credit card. Upon sign-in into Fidelity, I also get the Fidelity credit card as the last account, on the bottom. I find that annoying, having it bunched together with brokerage accounts. I would like to have a separate sign-in for the credit card, from my Fidelity accounts, how to do it?
I think I've seen the discussion here somewhere, but cant find it.
Thanks.

511east

Makefile wrote: ↑Wed Dec 14, 2022 2:46 pm Aside from the obvious cases of creditors, Medicaid, unpaid taxes, etc. some states have an augmented estate/elective share law where the surviving spouse can override the other spouse's estate plan (including trusts, POD, TOD, etc.) if it leaves them with less than a certain share.

Life insurance policies have irrevocable beneficiaries but I don't think brokerage TOD does. Even aside from "tampering" it's easy for beneficiary designations to get lost during account transfers or rollovers of retirement plans.

That is interesting about the elective share law, didnt know that.

511east

Questions:
1. A brokerage account has beneficiaries. Can the beneficiary designation be overridden in any way, when the owner of the account dies?
I believe an account with beneficiaries passes on outside of the will?
2. How do you protect the interest of the beneficiaries, so that the beneficiary designation in that account is not tampered with?

511east

prd1982 wrote: ↑Thu Dec 08, 2022 9:46 am I use fax.plus from my PC. I figure computer hackers go after business data bases, not intercepting faxes. But I don’t want the data on a machine in a store.

Thanks, interesting. I will look into this option.

511east

Katietsu wrote: ↑Thu Dec 08, 2022 9:23 am Can you tell us what type of entity will be receiving it? Is it a large customer service department of a business? A specific employee? Type of business? An individual that is a friend/family member?

I ask, because there might be better options or “tweaks” to those you have listed.

It is to set up direct deposit at place of employment (a government agency). The receiver is not my concern so much (should it be?).
I was thinking more of what is left in the fax machine software, someone here said it is left there for a long time, so I guess it could be accessed.

(The way I see it, there has to be many roads that lead to all this fraud and identity theft that is happening.)

511east

hershey102d wrote: ↑Thu Dec 08, 2022 8:58 am What are the alternatives?

Regular mail: if I do regular mail, should I do certified or registred mail? Or is Fedex better?
I could also do email.

511east

Is it safe to use a public fax, at Staples or Kinko's, to fax a form which has your DOB, last four of your SS#, and bank account number?
Or might the info be used by someone else later on if they can access this info that is stored in the machine?

Thanks

511east

I know the limit is 16k for annual gift allowance per person, how is a gift of a used car figure in the scheme of things with tax?
Do you have to fill out a tax form, if it is from owner in one state to someone in another state?

511east

02nz wrote: ↑Sat Nov 19, 2022 12:39 pm
511east wrote: ↑Sat Nov 19, 2022 12:36 pm Neither of us have a US passport ID card, only the passport.
It's not like the bank keeps one ID on file and only accepts that ID.

We do not have our passport info on file with the bank.

511east

What should we do if money was withdrawn from our account (big major bank) using a fake US passport card ID, besides closing the account and getting a new number? Several thousand dollars. This was at a branch (in a suburban neighborhood) which we never go to and how could this pass through a verification? Neither of us have a US passport ID card, only the passport.

Thanks for all comments and suggestions.

511east

srt7 wrote: ↑Wed Nov 16, 2022 5:47 pm 75% invested in VT (or VTI)
25% invested in GOOG/META/AAPL

The former teaches how to grow rich slowly while the latter keeps it exciting.

Good way to put it, but most people want to grow rich quickly, right?

511east

...Using any amount of emotion instead of cold, hard logical analysis to select (or divest) individual securities--or any investment, for that matter--invites failure... ...To be able to invest successfully in individual securities, you have to have the iron-willed self-discipline to set your emotions aside and unfailingly work a plan based on precisely-defined rules of acquisition and divestiture. Buying just one stock "to hold, not trade", no matter what, isn't a cogent plan. And, finally, by giving one security, you're teaching the worst lesson of all--that it's OK to not be concerned about diversification Didn’t you just perfectly describe what a total stock market index fund does? Precisely. I manage my basket of individual ...

511east

Read up on "Back Door Roth". People over the direct salary contribution amount can still contribute to a non-deductible Traditional IRA and then convert that amount to Roth. Assuming a young person does not have an pre-tax Traditional IRA balance. I think he has a pre-tax Traditional IRA balance. If this pre-tax T-IRA balance can be rolled into his 401k plan at work (presuming he has one) then he'd be in a position to use the backdoor Roth strategy. Regards, Oh, thanks will look into this. He has a 401k at work. so he has high income. how does he invest? does he buy single stocks or invest in a more diversified way? if he invests in a more diversified way, what makes you think he'd want a single stock investment? if he does buy i...

511east

retired@50 wrote: ↑Wed Nov 16, 2022 3:25 pm
511east wrote: ↑Wed Nov 16, 2022 3:23 pm
bloom2708 wrote: ↑Wed Nov 16, 2022 3:08 pm
511east wrote: ↑Wed Nov 16, 2022 2:51 pm about the young adult, career is in tech field, interest is cars; doesn't qualify for a Roth due to salary limitations
Read up on "Back Door Roth". People over the direct salary contribution amount can still contribute to a non-deductible Traditional IRA and then convert that amount to Roth. Assuming a young person does not have an pre-tax Traditional IRA balance.
I think he has a pre-tax Traditional IRA balance.
If this pre-tax T-IRA balance can be rolled into his 401k plan at work (presuming he has one) then he'd be in a position to use the backdoor Roth strategy.

Regards,

Oh, thanks will look into this. He has a 401k at work.

511east

bloom2708 wrote: ↑Wed Nov 16, 2022 3:08 pm
511east wrote: ↑Wed Nov 16, 2022 2:51 pm about the young adult, career is in tech field, interest is cars; doesn't qualify for a Roth due to salary limitations
Read up on "Back Door Roth". People over the direct salary contribution amount can still contribute to a non-deductible Traditional IRA and then convert that amount to Roth. Assuming a young person does not have an pre-tax Traditional IRA balance.

I think he has a pre-tax Traditional IRA balance.

511east

tibbitts wrote: ↑Wed Nov 16, 2022 10:26 am
511east wrote: ↑Wed Nov 16, 2022 9:51 am
tibbitts wrote: ↑Wed Nov 16, 2022 9:40 am
511east wrote: ↑Wed Nov 16, 2022 9:18 am What is a good stock to buy (and hold, not trade) today, for a birthday present?
Clothes don't work anymore, lol! They have their own taste....
There is no individual stock you can hold and not trade for a child's lifetime. Consider what stocks you might have chosen many decades ago and how poorly some of them would have fared.

Why gift stock vs. something else?
What else could I gift? A bond?
We don't know the young adult so we can't say. What is the young adult interested in?

about the young adult, career is in tech field, interest is cars; doesn't qualify for a Roth due to salary limitations

511east

tibbitts wrote: ↑Wed Nov 16, 2022 9:40 am
511east wrote: ↑Wed Nov 16, 2022 9:18 am What is a good stock to buy (and hold, not trade) today, for a birthday present?
Clothes don't work anymore, lol! They have their own taste....
There is no individual stock you can hold and not trade for a child's lifetime. Consider what stocks you might have chosen many decades ago and how poorly some of them would have fared.

Why gift stock vs. something else?

What else could I gift? A bond?

511east

I know this is the sensible way, but not as much fun. I thought someone might recommend an energy or industrial, if not tech.

511east

What is a good stock to buy (and hold, not trade) today, for a birthday present?
Clothes don't work anymore, lol! They have their own taste....

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