Search found 1234 matches

by fabdog
Fri Aug 07, 2020 2:33 pm
Forum: Personal Investments
Topic: Anyone using crypto exchanges to earn higher interest on their cash?
Replies: 19
Views: 1012

Re: Anyone using crypto exchanges to earn higher interest on their cash?

Ah, the stablecoins... backed by equivalent USD deposits... wasn't that what Tether was pitching? Didn't they finally have to admit they had nothing like the USD they claimed to have? 8% interest, no volatility... what is the underlying economic transaction that you believe makes this result possibl...
by fabdog
Fri Aug 07, 2020 2:29 pm
Forum: Personal Investments
Topic: Please advise on Cash Inheritance
Replies: 28
Views: 1364

Re: Please advise on Cash Inheritance

She needs the funds parked in: 1.) FDIC Insured 1.6M 2.) Liquid 3.) Preserve Capital with good yield If the requirement is FDIC insured... then she needs to park it in an FDIC insured institution(s). There are services that will take a large amount (I believe Fidelity has one) and parcel it out acr...
by fabdog
Fri Aug 07, 2020 1:22 pm
Forum: Personal Investments
Topic: deciding when to sell to implement allocation change?
Replies: 7
Views: 310

Re: deciding when to sell to implement allocation change?

Your question is just a different variation on the lump sum or DCA question that generates lots of threads here... and you can use the search box. For you, instead of a lump sum to invest, and do I put it all in at one time or DCA over some period 3, 6 months to minimize regret For you, you have a q...
by fabdog
Fri Aug 07, 2020 8:58 am
Forum: Personal Finance (Not Investing)
Topic: Advantages to hold Tax-Deferred IRA Accounts at one brokerage, and Taxable Accounts at another brokerage?
Replies: 22
Views: 831

Re: Advantages to hold Tax-Deferred Accounts at one brokerage, and Taxable Accounts at another brokerage?

I was talking to someone at Ameriprise yesterday, and he said that some of his clients prefer to have everything at different brokerages. The reason he said is that when people trade and try to time the market, they usually do it with their taxable accounts. So, if their tax-deferred accounts are e...
by fabdog
Thu Aug 06, 2020 7:37 pm
Forum: Non-US Investing
Topic: L1TW + L2TW Question
Replies: 5
Views: 356

Re: L1TW + L2TW Question

There is some info in the WIKI believe it or not...

https://www.bogleheads.org/wiki/Nonresi ... Irish_ETFs

Mike
by fabdog
Thu Aug 06, 2020 4:14 pm
Forum: Personal Consumer Issues
Topic: Silk or Satin pillowcase (smoothness important)
Replies: 13
Views: 834

Re: Silk or Satin pillowcase (smoothness important)

I got my wife pillowcases from Fishers Finery. the 25mm Mulberry ones

They sell thru Amazon but I went directly thru their site. You can sign up for email and get 10% off... and they usually have sales as well

Mike
by fabdog
Thu Aug 06, 2020 12:14 pm
Forum: Personal Investments
Topic: Coverdell (Ed IRA) and taking out too much $
Replies: 4
Views: 178

Re: Coverdell (Ed IRA) and taking out too much $

Invesco should have a form for you to return the excess withdrawal.

Do not hold the money for use next year.

Mike
by fabdog
Thu Aug 06, 2020 9:14 am
Forum: Personal Finance (Not Investing)
Topic: Multiple sole-prop EIN's for same person
Replies: 1
Views: 174

Re: Multiple sole-prop EIN's for same person

So, to recap- You already have an EIN for your sole prop business... and have started a second sole prop activity (maybe #1 consulting, #2 selling on Ebay) You got an error on the EIN website, and then you actually got a person on the phone at the IRS who explained to you that each person can only h...
by fabdog
Wed Aug 05, 2020 9:16 am
Forum: Personal Finance (Not Investing)
Topic: Question on CC debt terminology
Replies: 3
Views: 280

Re: Question on CC debt terminology

as long as you are accounting for those expenses in the other buckets (food, entertainment, auto, etc) then it should be fine to list balances and payments as zero

Mike
by fabdog
Tue Aug 04, 2020 3:39 pm
Forum: Personal Investments
Topic: With Bond rates so low how am I up 8.5% ytd
Replies: 8
Views: 1127

Re: With Bond rates so low how am I up 8.5% ytd

you're up for the year since interest rates have declined. Your gain for the year is a combination of interest paid (a little) and capital gains on the bonds held (most of the return). If you invest more thinking you'll see that kind of gain going forward, you are placing a bet on further drops in r...
by fabdog
Tue Aug 04, 2020 3:11 pm
Forum: Personal Finance (Not Investing)
Topic: 2020 Changes in Healthcare Reimbursement Accounts?
Replies: 1
Views: 209

Re: 2020 Changes in Healthcare Reimbursement Accounts?

Here's an article... Google will find other articles as well.

Best route is to ask your employer's benefits office/person what they are specifically doing

https://www.forbes.com/sites/ashleaebel ... 789bd11a39

Mike
by fabdog
Tue Aug 04, 2020 6:42 am
Forum: Non-US Investing
Topic: Lump Sum investing: all at once or spread over time
Replies: 10
Views: 638

Re: Lump Sum investing: all at once or spread over time

Use the search box in upper right for a number of threads... there is no "right" answer... it's down to temperament and what lets you sleep at night the numbers say lump sum... but if putting it in over time helps you make the investment, go for it Here's an example https://www.bogleheads.org/forum/...
by fabdog
Mon Aug 03, 2020 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: Trust's final tax return
Replies: 4
Views: 314

Re: Trust's final tax return

if you hold money back and pay it to the accountant for tax prep in early 2021, can it still be deducted as an expense on the 2020 returns even though you didn't spend it in 2020?
No. only money spent in 2020 (assuming a 2020 tax return)

Mike
by fabdog
Mon Aug 03, 2020 4:31 pm
Forum: Personal Finance (Not Investing)
Topic: Trust's final tax return
Replies: 4
Views: 314

Re: Trust's final tax return

You can choose to do a short year return, but unless there is a pressing need, you can just file a final return next spring when you have accurate 1099's to work with. Make sure and check the final box on the 1041 so everything goes out to beneficiaries, and IRS will know not to expect another retur...
by fabdog
Mon Aug 03, 2020 4:01 pm
Forum: Personal Finance (Not Investing)
Topic: Should I appeal my property taxes?
Replies: 11
Views: 1241

Re: Should I appeal my property taxes?

In the past, I would just get a letter in the mail where an attorney would say they could appeal your taxes for 1/3 of the 1st year's savings. I just filled it out and they were able to lower it. They basically just compared my listed SF to others in the area with a similar SF and then the village/...
by fabdog
Mon Aug 03, 2020 3:20 pm
Forum: Personal Investments
Topic: Surrender annuity now or wait till surrender period ends
Replies: 10
Views: 554

Re: Surrender annuity now or wait till surrender period ends

Have you validated that your current 401(k) plan will accept the rollover from the IRA? It sounds like you have, but just in case. Not all plans accept rollovers of previous 401(k) money from IRA's

Mike
by fabdog
Mon Aug 03, 2020 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: Should I appeal my property taxes?
Replies: 11
Views: 1241

Re: Should I appeal my property taxes?

What's been the basis for your previous appeals? SF off? Comps wrong? I assume as part of your appeal you must state some reason(s) why it's not correct (too high) Now that you know the basis the taxing authority is using is incorrect, and in your favor, your question is should you continue to appea...
by fabdog
Sun Aug 02, 2020 7:12 pm
Forum: Personal Investments
Topic: Thinking about consolidating accounts
Replies: 4
Views: 542

Re: Thinking about consolidating accounts

Depending on how much you have at Merrill/BofA, I understand the rewards can be quite good, especially with the credit card with bonus cash back for tiered status based on assets. BofA pays nothing (well, almost nothing) on checking/savings, but nether does Chase. Have you looked at adding your spou...
by fabdog
Fri Jul 31, 2020 11:28 am
Forum: Personal Consumer Issues
Topic: iTunes playlist duplicates
Replies: 6
Views: 375

Re: iTunes playlist duplicates

No one?
You may have more success on a board focused on Apple products, or on the tech support section of the Apple website?

Mike
by fabdog
Thu Jul 30, 2020 3:58 pm
Forum: Personal Investments
Topic: Value of a 401(a) qualified plan?
Replies: 21
Views: 865

Re: Value of a 401(a) qualified plan?

I'd just go taxable... invest in low turnover funds, so you'll only hit dividend as ongoing tax burden. No RMD required, and any long term appreciation will be at cap gains rate, not ordinary income, which is how the 401(a) withdrawal will show up

Mike
by fabdog
Thu Jul 30, 2020 8:08 am
Forum: Personal Finance (Not Investing)
Topic: Reporting a loss on excess Roth contribution
Replies: 4
Views: 301

Re: Reporting a loss on excess Roth contribution

You will be reporting what you had to withdraw to fix the issue. There will be a spot in the tax software to show what the excess was ($3K), and the amount distributed to you ($2.8K) The forms will handle it fine. Think of this as the flip side of the amount they gave you back being $3200. You'd rep...
by fabdog
Tue Jul 28, 2020 12:49 pm
Forum: Personal Finance (Not Investing)
Topic: Foreign Tax Credit: funds vs stocks
Replies: 4
Views: 413

Re: Foreign Tax Credit: funds vs stocks

Fido guy is wrong. The ADR fees as noted you used to be able to try and deduct directly. In a fund they are just part of the expense ratio. So that whole direct owner thing is a red herring The fund withholds taxes on foreign payments as part of it's operations, and reports that to you on a 1099. If...
by fabdog
Tue Jul 28, 2020 9:40 am
Forum: Personal Finance (Not Investing)
Topic: Foreign Tax Credit: funds vs stocks
Replies: 4
Views: 413

Re: Foreign Tax Credit: funds vs stocks

The fidelity person is confused This is a tax question and he should consult a tax advisor. With that being said a fund would not provide credits as he is not a direct owner. If he invested in an SMA he does pay ADR fees. Those fees could potentially be reimbursed through his tax return depending on...
by fabdog
Tue Jul 28, 2020 8:16 am
Forum: Personal Investments
Topic: Fund transfer from Vanguard to my CU
Replies: 8
Views: 452

Re: Fund transfer from Vanguard to my CU

I would call and ask them if that is a long term restriction, or something they add for new transfer pairs to prevent issues? I've had banks limit online transfers out on a new setup for a temporary period but never a long term limit like that. Or maybe you can call and arrange something different w...
by fabdog
Sun Jul 26, 2020 7:36 pm
Forum: Personal Consumer Issues
Topic: TV antenna
Replies: 48
Views: 2289

Re: TV antenna

I could get a larger one in the attic, but I'm not crazy about having a cable snaking through the walls of the house. I was hoping for something less intrusive. Understand. We have a device called a Tablo... which takes the signal from the antenna (so I have just 3-4 feet of coax) and then it sends...
by fabdog
Sun Jul 26, 2020 7:33 pm
Forum: Personal Finance (Not Investing)
Topic: Bank interest accrued before death, but posted after death. Decedent reports? Or IRD?
Replies: 32
Views: 1330

Re: Bank interest accrued before death, but posted after death. Decedent reports? Or IRD?

From pub 559. Not an exact match as it is referring to a CD... but as close as I could find to the question from the study materials Interest accrued on savings certificates. The interest accrued on savings certificates (redeemable after death without forfeiture of inter-est) for the period from the...
by fabdog
Sun Jul 26, 2020 7:26 pm
Forum: Personal Consumer Issues
Topic: TV antenna
Replies: 48
Views: 2289

Re: TV antenna

How far away are you from the TV towers? We tried the indoor antennas but poor/no reception. Put a larger antenna in the attic , and it works great

Mike
by fabdog
Sun Jul 26, 2020 5:42 pm
Forum: Personal Finance (Not Investing)
Topic: Bank interest accrued before death, but posted after death. Decedent reports? Or IRD?
Replies: 32
Views: 1330

Re: Bank interest accrued before death, but posted after death. Decedent reports? Or IRD?

The dividend is declared June 10th, but not available till June 30th... it is not "earned". the interest was earned up to date of death, and although not posted till June 30th, if someone had gone to close the account on the 15th they would have gotten the interest as part of closing the account Fro...
by fabdog
Sat Jul 25, 2020 4:52 pm
Forum: Personal Finance (Not Investing)
Topic: Selling investment house to parents without big tax hit
Replies: 18
Views: 1097

Re: Selling investment house to parents without big tax hit

Hopefully there will be some input here, I find the topic interesting. When the government is involved and you don’t have the freedom to sell at whatever price you want is fascinating I believe the sellers would be fine in selling at a below market price... there is no federal law that you must sel...
by fabdog
Sat Jul 25, 2020 2:20 pm
Forum: Personal Investments
Topic: Irritating $0.01 left in settlement fund
Replies: 21
Views: 1878

Re: Irritating $0.01 left in settlement fund

use the search box in upper right to see a multitude of postings on this topic

Mike
by fabdog
Fri Jul 24, 2020 5:32 pm
Forum: Personal Consumer Issues
Topic: how to find a good power washing company
Replies: 9
Views: 541

Re: how to find a good power washing company

look for recommendations on a site like Nextdoor (if active in your area). Angie's list used to be helpful but changed their model and doesn't have much in the area I live in

Mike
by fabdog
Fri Jul 24, 2020 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: Wife lost her job - 401k question
Replies: 12
Views: 1356

Re: Wife lost her job - 401k question

Places I've worked it's been years of service...

But what does your wife's former employer's plan document say? For things like this, the plan document rules

When you look online, what do they show as service date controlling vesting?

Mike
by fabdog
Fri Jul 24, 2020 12:44 pm
Forum: Personal Investments
Topic: Vanguard Retirement Savings Trust II
Replies: 2
Views: 312

Re: Vanguard Retirement Savings Trust II

The stable value funds are products usually wrapping some insurance. See the WIKI page for a more complete explanation... https://www.bogleheads.org/wiki/Stable_value_fund they usually are slightly higher than MM funds, but don't usually "adjust" rapidly. Great now, but they also won't be as fast on...
by fabdog
Fri Jul 24, 2020 10:38 am
Forum: Personal Finance (Not Investing)
Topic: Are Savings Bonds in an estate problematic?
Replies: 15
Views: 797

Re: Are Savings Bonds in an estate problematic?

As noted... it depends.. If the bonds are current, there are options for recognizing the interest on all of the bonds on the deceased's last return, which may be in a low tax bracket depending on income. Or pass them on and cash them later. It's an all or nothing or election Of course, if you have a...
by fabdog
Thu Jul 23, 2020 7:36 pm
Forum: Personal Investments
Topic: Lowe Financial Services?
Replies: 4
Views: 507

Re: Lowe Financial Services?

I will have to contact the company (potential employer) and ask them for a list of investment options. As long as they have some kind of SP500 and a bond fund I guess it will be ok. I recall years ago getting stuck with Metlife (I think) and the options were pretty limited. Higher pay, more vacatio...
by fabdog
Thu Jul 23, 2020 3:29 pm
Forum: Personal Investments
Topic: Solo 401k logistics
Replies: 10
Views: 643

Re: Solo 401k logistics

you are fine to get the EIN, use it for the Solo 401K, and have the income reported to you on your SSN. On your Schedule C next year, it will have both your SSN and you can enter your EIN, even if the 1099 comes to your SSN Technically, if you won't do business anymore, you should close the Solo 401...
by fabdog
Thu Jul 23, 2020 8:38 am
Forum: Personal Investments
Topic: Who gets tax liability in joint (JTWROS) account?
Replies: 4
Views: 682

Re: Who gets tax liability in joint (JTWROS) account?

The income gets reported to one SSN. If your son's is the lead SSN, the 1099 will come to him. The IRS computers will be looking for the 1099 on his return. If you are really getting half the income, he could report the 1099, then report half as a subtraction noting your SSN, and you could put half ...
by fabdog
Mon Jul 20, 2020 8:24 am
Forum: Personal Finance (Not Investing)
Topic: Question Tax Exempt Gifting for Lifetime Inheritance
Replies: 6
Views: 342

Re: Question Tax Exempt Gifting for Lifetime Inheritance

For gifts you make in 2020, then the form must be completed and sent in by April 15, 2021 (assuming the filing deadline does not change next year. You can also file for an extension if you need it. In general, the 709 is a calendar based form, so you'd need one for each calendar year you made a gift...
by fabdog
Mon Jul 20, 2020 8:18 am
Forum: Personal Finance (Not Investing)
Topic: Commission/attorney fees in private stock sale and taxes
Replies: 2
Views: 243

Re: Commission/attorney fees in private stock sale and taxes

From Pub 550 Amount realized. The amount you realize from a sale or trade of property is everything you receive for the property minus your expenses related to the sale (such as redemption fees, sales commissions, sales charges, or exit fees). Amount realized includes the money you receive plus the ...
by fabdog
Mon Jul 20, 2020 8:06 am
Forum: Personal Finance (Not Investing)
Topic: Question Tax Exempt Gifting for Lifetime Inheritance
Replies: 6
Views: 342

Re: Question Tax Exempt Gifting for Lifetime Inheritance

you (and your spouse, if married) can each give $15k/year to an individual and not have to file a gift tax return. If your daughter is married, you and your spouse could each give them $15K for a total of $60k/year Amounts over that, as noted, you need to file a gift tax return. This does not requir...
by fabdog
Sat Jul 18, 2020 7:30 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401K / Form 5500 DBA / employer after retirement
Replies: 5
Views: 336

Re: Solo 401K / Form 5500 DBA / employer after retirement

I believe if you have formally shut down your business, you need to wind up the Solo 401K. Roll over to IRA. You'll need to file a final Form 5500. Sounds like you have filed that before, but it's required after all the assets are distributed, even if you didn't have to file previously

Mike
by fabdog
Sat Jul 18, 2020 7:21 pm
Forum: Personal Finance (Not Investing)
Topic: Aggregate health insurance deductible
Replies: 6
Views: 326

Re: Aggregate health insurance deductible

If the only thing that matters is the aggregate family deductible, why is an individual deductible even listed? Because when an individual has more than $2K in medical expenses, the co insurance kicks in... The $4K is when it kicks in for everyone An example may help... You incur $2500 in expenses....
by fabdog
Sat Jul 18, 2020 2:10 pm
Forum: Personal Finance (Not Investing)
Topic: HELOC Intangible Taxes Question MN
Replies: 3
Views: 236

Re: HELOC Intangible Taxes Question MN

Appears it's a state thing... executed by the county. Known as the Mortgage registry tax

You likely had one on your original mortgage as well

see page 4 of the doc below for a summary... and more details in the document

https://www.leg.state.mn.us/docs/pre200 ... 020357.pdf

Mike
by fabdog
Sat Jul 18, 2020 9:10 am
Forum: Personal Finance (Not Investing)
Topic: Can an HOA levy a transfer fee without a vote?
Replies: 16
Views: 1037

Re: Can an HOA levy a transfer fee without a vote?

Well, if you've not received any new/updated bylaws/covenants... what do the existing ones say? If it's a new board, and same rules... if the rules permit adding a transfer fee with a board vote... well, there you are. If not... then you should contact the board and ask what happened. Do they have a...
by fabdog
Fri Jul 17, 2020 7:23 pm
Forum: Investing - Theory, News & General
Topic: Why no prepayment penalty on mortgages?
Replies: 32
Views: 3229

Re: Why no prepayment penalty on mortgages?

appears that conforming and other gov't backed mortgages don't have them... Fortunately, prepayment penalties are less common than they were years ago. “They’re associated with non-conforming mortgages — loans not sold or insured by government-sponsored enterprises such as Fannie Mae or Freddie Mac....
by fabdog
Wed Jul 15, 2020 12:28 pm
Forum: Personal Investments
Topic: Treasury State exempt Tax ..futures?
Replies: 2
Views: 166

Re: Treasury State exempt Tax ..futures?

Futures are not treasuries... they are not issued by the government.

They are financial instruments you can use if you want/need to have a position on future treasury values

So, no, not state/local tax exempt. They will be taxed like any other futures you may trade

Mike
by fabdog
Wed Jul 15, 2020 8:49 am
Forum: Personal Finance (Not Investing)
Topic: CU and credit pull mess
Replies: 4
Views: 409

Re: CU and credit pull mess

I assume with any new relationship I start that has financial ramifications that there will be a credit pull. We opened up a credit union account as we had finally had enough of Wells Fargo. I called the branch and asked them what if any bureaus did they query, They told me Experian and Chexsystems,...
by fabdog
Wed Jul 15, 2020 8:28 am
Forum: Personal Finance (Not Investing)
Topic: Should I fire my tax preparer?
Replies: 57
Views: 4608

Re: Should I fire my tax preparer?

You most likely signed some form of an engagement letter when you started with her. Pull that out and see what it says.

Not withstanding that, she may be willing to refund or meet you halfway on a refund... but I'd push it next week

Mike
by fabdog
Tue Jul 14, 2020 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: Fixing Excess HSA Contribution
Replies: 12
Views: 619

Re: Fixing Excess HSA Contribution

I wouldn’t lose sleep over it. As long as excess is withdrawn, the associated earnings wouldn’t really matter. That's certainly one approach... but the Regulations are clear... from Pub 969 Excess contributions. You will have excess contributions if the contributions to your HSA for the year are gr...
by fabdog
Tue Jul 14, 2020 9:06 am
Forum: Personal Finance (Not Investing)
Topic: Should I fire my tax preparer?
Replies: 57
Views: 4608

Re: Should I fire my tax preparer?

Yes, you should not proceed with the return she prepared. It appears a number of semi complex issues which she likely rarely or never sees were not handled correctly. I'd file with TT, let the preparer know you were not satisfied with the work, and ask for your money back. And of course, it would ha...