Search found 5161 matches

by Gill
Mon Apr 22, 2019 4:18 pm
Forum: Personal Finance (Not Investing)
Topic: Father's POA Issue: Who has POA, successor or attorney?
Replies: 4
Views: 302

Re: Father's POA Issue: Who has POA, successor or attorney?

It would appear your husband's brother no longer cares to act as attorney-in-fact in which case your husband becomes his successor. If your husband wishes to act in this capacity I see no reason why he should consent to have the attorney act. I would advise the attorney that your husband prefers to ...
by Gill
Mon Apr 22, 2019 2:39 pm
Forum: Personal Finance (Not Investing)
Topic: [2018 tax return - How does it compare to previous years?]
Replies: 424
Views: 28729

Re: How did you feel about your 2018 tax returns?

Agree with those who liked and benefitted from the new tax provisions but hated the forms. Found them unnecessarily confusing and difficult to work with after having used the old forms for many years.
Gill
by Gill
Mon Apr 22, 2019 2:35 pm
Forum: Personal Finance (Not Investing)
Topic: Cost basis of land after a boundary line adjustment
Replies: 10
Views: 754

Re: Cost basis of land after a boundary line adjustment

I am just trying to discern if it is worth it for me to sell the land at this time or just let it sit there due to too much income tax burden. It would be 15% LT cap. gains today vs no gains if I sell it as a package with my home place in 15-20 years. I am not an accounting pro but I would suspect ...
by Gill
Mon Apr 22, 2019 2:31 pm
Forum: Personal Finance (Not Investing)
Topic: Cost basis of land after a boundary line adjustment
Replies: 10
Views: 754

Re: Cost basis of land after a boundary line adjustment

However, that leads to a follow on question...Would one use the values assigned in 2008, the year of boundary line adjustment, or today's values? Are you referring to the values of the land and building used by the county? I don't think it makes much difference because you are trying to find the ra...
by Gill
Mon Apr 22, 2019 9:26 am
Forum: Personal Finance (Not Investing)
Topic: Cost basis of land after a boundary line adjustment
Replies: 10
Views: 754

Re: Cost basis of land after a boundary line adjustment

You need to calculate the basis for the land upon which your home sits, possibly using the total basis for your home pro rated based on the county's allocation between land and building. Once you have that you can subtract a portion of the land basis of your home and assign it to the lot you are sel...
by Gill
Sun Apr 21, 2019 3:12 pm
Forum: Personal Finance (Not Investing)
Topic: State-Level Estate Taxes
Replies: 8
Views: 445

Re: State-Level Estate Taxes

The estate of the deceased is taxed, not the recipient of the bequest. In your example, estate taxes are paid to NY State based upon the assets of the dear departed. https://www.bogleheads.org/wiki/Estate_and_inheritance_tax No, the reverse. Decedent died in Texas. Gill Thanks! I was a little confu...
by Gill
Sun Apr 21, 2019 3:05 pm
Forum: Personal Finance (Not Investing)
Topic: State-Level Estate Taxes
Replies: 8
Views: 445

Re: State-Level Estate Taxes

Misenplace wrote:
Sun Apr 21, 2019 3:02 pm
The estate of the deceased is taxed, not the recipient of the bequest. In your example, estate taxes are paid to NY State based upon the assets of the dear departed.
https://www.bogleheads.org/wiki/Estate_ ... itance_tax
No, the reverse. Decedent died in Texas.
Gill
by Gill
Sat Apr 20, 2019 4:39 pm
Forum: Personal Finance (Not Investing)
Topic: What I don’t understand about Donor Advised Funds...
Replies: 54
Views: 3959

Re: What I don’t understand about Donor Advised Funds...

jebmke wrote:
Sat Apr 20, 2019 2:31 pm
Once you start taking RMDs, QCDs are often the better option -- at least for the first $100K.
Agree, but many have a portfolio or other assets with large capital gains making it attractive to give to a DAF. Did you know many DAF's will accept real estate and other assets?
Gill
by Gill
Sat Apr 20, 2019 2:15 pm
Forum: Personal Finance (Not Investing)
Topic: What I don’t understand about Donor Advised Funds...
Replies: 54
Views: 3959

Re: What I don’t understand about Donor Advised Funds...

One advantage of using a DAF vs your own "foundation" is that foundations must send at least 5% of the assets to charities each year. While that 5% applies to a DAF as a whole, they normally meet it easily because lots of folks do over the 5%. Different DAFs do or may require some percentage of gra...
by Gill
Sat Apr 20, 2019 1:58 pm
Forum: Personal Finance (Not Investing)
Topic: Canada/Permanent US Resident- Does anyone pay capital gain when house is inherited?
Replies: 10
Views: 254

Re: Canada/Permanent US Resident- Does anyone pay capital gain when house is inherited?

He thinks someone , whether beneficiary or deceased (tax return filed on year of death) needs to pay capital gain. I think not as it is part of the estate tax exemption. I think the fact that this is Canadian real estate is being ignored in the replies. I'm no expert in this area, but as I understa...
by Gill
Sat Apr 20, 2019 1:54 pm
Forum: Personal Finance (Not Investing)
Topic: Canada/Permanent US Resident- Does anyone pay capital gain when house is inherited?
Replies: 10
Views: 254

Re: Canada/Permanent US Resident- Does anyone pay capital gain when house is inherited?

He thinks someone , whether beneficiary or deceased (tax return filed on year of death) needs to pay capital gain. I think not as it is part of the estate tax exemption. I think the fact that this is Canadian real estate is being ignored in the replies. I'm no expert in this area, but as I understa...
by Gill
Fri Apr 19, 2019 2:45 pm
Forum: Personal Finance (Not Investing)
Topic: What I don’t understand about Donor Advised Funds...
Replies: 54
Views: 3959

Re: What I don’t understand about Donor Advised Funds...

Another benefit of a DAF (at least Fidelity's, with which I'm familiar) is that you can leave funds in it or add funds to it upon your death, and you can select successor charities who will receive funds. Having estate assets transfer directly to a DAF doesn't generate any tax benefit (assuming est...
by Gill
Fri Apr 19, 2019 10:43 am
Forum: Personal Finance (Not Investing)
Topic: Home Purchase Feasibility
Replies: 22
Views: 1205

Re: Home Purchase Feasibility

Just six months ago you posted you were laid off your job. How did that work out? I echo the others that you won't have to worry too much about this purchase because it's not very likely the bank will lend you the funds. Also, your projected budget looks incomplete and I suspect you are in a deficit...
by Gill
Tue Apr 16, 2019 3:12 pm
Forum: Personal Finance (Not Investing)
Topic: Parents added siblings and I to house title, possible to undo without negative consequences?
Replies: 37
Views: 1565

Re: Parents added siblings and I to house title, possible to undo without negative consequences?

Maybe a short phone call to your parent's attorney might help clarify the situation. That's a huge step without getting an attorney's advice. Also your parents may need that house to help pay for their long term care costs. That would not be appropriate without the parent's express authorization to...
by Gill
Mon Apr 15, 2019 7:18 pm
Forum: Personal Investments
Topic: Confused about IRA RMD date
Replies: 18
Views: 973

Re: Confused about IRA RMD date

Thanks, Alan. I thought I wasn’t inventing law Obviously, however, I was reciting old law which was in effect when I was more involved with administering IRA’S.
Gill
by Gill
Mon Apr 15, 2019 6:26 pm
Forum: Personal Investments
Topic: Confused about IRA RMD date
Replies: 18
Views: 973

Re: Confused about IRA RMD date

I guess you’re right. What am I thinking of where there is an adjustment made in the value? Is it with outstanding recharacterizations or rollovers?
Gill
by Gill
Mon Apr 15, 2019 5:55 pm
Forum: Personal Finance (Not Investing)
Topic: Trust investment choices for a difficult beneficiary
Replies: 108
Views: 6105

Re: Trust investment choices for a difficult beneficiary

Would such a provision prevent the trust from buying the annuity and then assigning it to the beneficiary? The trust would have to purchase the annuity in the beneficiary's name from the start. Yes, it would seem to. I would think the trust would have to buy the annuity in the name of the beneficia...
by Gill
Mon Apr 15, 2019 5:48 pm
Forum: Personal Investments
Topic: Confused about IRA RMD date
Replies: 18
Views: 973

Re: Confused about IRA RMD date

Another consideration. If you delay the first RMD into 2021, your second RMD, which is for 2021, will be larger than if you took your first RMD in 2020. The reason for this is that your 2021 RMD will be calculated based on your account balance on 12/31/2020. So, if you delay the first RMD past 12/3...
by Gill
Mon Apr 15, 2019 2:43 pm
Forum: Personal Finance (Not Investing)
Topic: Trust investment choices for a difficult beneficiary
Replies: 108
Views: 6105

Re: Trust investment choices for a difficult beneficiary

Would such a provision prevent the trust from buying the annuity and then assigning it to the beneficiary? The trust would have to purchase the annuity in the beneficiary's name from the start. Yes, it would seem to. I would think the trust would have to buy the annuity in the name of the beneficia...
by Gill
Mon Apr 15, 2019 2:40 pm
Forum: Personal Investments
Topic: Confused about IRA RMD date
Replies: 18
Views: 973

Re: Confused about IRA RMD date

Another consideration. If you delay the first RMD into 2021, your second RMD, which is for 2021, will be larger than if you took your first RMD in 2020. The reason for this is that your 2021 RMD will be calculated based on your account balance on 12/31/2020. So, if you delay the first RMD past 12/3...
by Gill
Mon Apr 15, 2019 2:16 pm
Forum: Personal Investments
Topic: Confused about IRA RMD date
Replies: 18
Views: 973

Re: Confused about IRA RMD date

Your first RMD is for the year 2020. It is based on your IRA balance as of 12/31/2019. You must take this RMD by 4/1/2021, and include it on your 2020 tax return which is due on 4/15/2021. If the OP were to delay the 2020 RMD until April 2021, wouldn't it be reported on the 2021 tax return filed in...
by Gill
Mon Apr 15, 2019 2:12 pm
Forum: Personal Investments
Topic: Confused about IRA RMD date
Replies: 18
Views: 973

Re: Confused about IRA RMD date

22twain wrote:
Mon Apr 15, 2019 1:59 pm
Your first RMD is for the year 2020. It is based on your IRA balance as of 12/31/2019. You must take this RMD by 4/15/2021,
Must be taken by 4/1/21, not 4/15/21.
Gill
by Gill
Mon Apr 15, 2019 1:58 pm
Forum: Personal Finance (Not Investing)
Topic: Trust investment choices for a difficult beneficiary
Replies: 108
Views: 6105

Re: Trust investment choices for a difficult beneficiary

There has been considerable discussion about the possibility of the beneficiary selling the SPIA if purchased for him but I thought an SPIA could be purchased that was unassignable and therefore couldn't be sold. I reviewed one of my SPIA's which has a provision that I'm the owner and the owner may ...
by Gill
Mon Apr 15, 2019 1:54 pm
Forum: Personal Investments
Topic: Confused about IRA RMD date
Replies: 18
Views: 973

Re: Confused about IRA RMD date

The IRS web site says: Beginning date for your first required minimum distribution IRAs (including SEP and SIMPLE IRAs) April 1 of the year following the calendar year in which you reach age 70½. I am now 69 and turn 70 in Jan of 2020. I will turn 70.5 in July 2020. That means I am required to take...
by Gill
Sun Apr 14, 2019 2:10 pm
Forum: US Chapters
Topic: Western NY Bogleheads Local Chapter Established
Replies: 19
Views: 982

Re: Calling all Western NY Bogleheads

Formerly from WNY but only visit every July.
Gill
by Gill
Sat Apr 13, 2019 8:33 pm
Forum: Personal Investments
Topic: Tax treatment of Variable Annuity
Replies: 14
Views: 871

Re: Tax treatment of Variable Annuity

I am 69, retired, in a low tax bracket. I have a variable annuity at Vanguard. It is $27K invested in a short term bond fund. This is something my father set up for me when I was a child, and that I transferred to Vanguard 25 years ago. It is a small part of my fixed income investments. Most other ...
by Gill
Sat Apr 13, 2019 11:20 am
Forum: Personal Finance (Not Investing)
Topic: Trust investment choices for a difficult beneficiary
Replies: 108
Views: 6105

Re: Trust investment choices for a difficult beneficiary

Hoping to hear how Gill would have handled this, assuming a cooperative beneficiary. The underlying circumstances, some money available to be spent entirely on primary beneficiary, some to serve both the primary and the remainder people, must come up all the time. As I posted earlier, I kind of lik...
by Gill
Sat Apr 13, 2019 11:04 am
Forum: Personal Finance (Not Investing)
Topic: Gifting mutual fund shares to a charity from Vanguard
Replies: 12
Views: 779

Re: Gifting mutual fund shares to a charity from Vanguard

Thank you for the responses so far. To the questions for me: yes, it is not for 2018. If it seems urgent, it's only because my personality is such that when I want to try to get an answer I usually like to get it right away. As far as using the donor advised fund, I actually am going to do that but...
by Gill
Sat Apr 13, 2019 11:01 am
Forum: Personal Finance (Not Investing)
Topic: Trust investment choices for a difficult beneficiary
Replies: 108
Views: 6105

Re: Trust investment choices for a difficult beneficiary

Hoping to hear how Gill would have handled this, assuming a cooperative beneficiary. The underlying circumstances, some money available to be spent entirely on primary beneficiary, some to serve both the primary and the remainder people, must come up all the time. As I posted earlier, I kind of lik...
by Gill
Sat Apr 13, 2019 6:20 am
Forum: Personal Investments
Topic: Investing gift from grandma
Replies: 46
Views: 2872

Re: Investing gift from grandma

Thanks all for bringing me up to date on current account minimums. I wasn’t aware accounts with brokers could be opened with so little. In my end of the financial world,which was bank trust operations, minimums have risen to unimaginable levels. Good to know.
Gill
by Gill
Fri Apr 12, 2019 4:31 pm
Forum: Personal Finance (Not Investing)
Topic: Trust investment choices for a difficult beneficiary
Replies: 108
Views: 6105

Re: Trust investment choices for a difficult beneficiary

Gill, in your days as a trust officer would you do any due diligence on the beneficiaries before accepting appointment as a trustee? If not, I assume you found yourself with some difficult ones. What did you do? Although we were always anxious to put new accounts on the books, we always did our bes...
by Gill
Fri Apr 12, 2019 2:55 pm
Forum: Personal Investments
Topic: Investing gift from grandma
Replies: 46
Views: 2872

Re: Investing gift from grandma

Someone bring me up to date. Where can one open an account for an infant with $1,000 cash and then buy a single stock with it? Now that paper certificates are no longer issued, is the broker going to send out a monthly statement every month for decades showing the single stock held in the account an...
by Gill
Fri Apr 12, 2019 7:52 am
Forum: Personal Finance (Not Investing)
Topic: Funds discovered after probate?
Replies: 13
Views: 1346

Re: Funds discovered after probate?

Yes couldn't the personal representative claim the funds and distribute? I wouldn't think any heir is going to give you any issue over their share of such a small sum only issue I would think would be if it wasn't a solvent estate. Ianal When the estate is closed there is no longer a qualified pers...
by Gill
Thu Apr 11, 2019 8:24 pm
Forum: Personal Finance (Not Investing)
Topic: Funds discovered after probate?
Replies: 13
Views: 1346

Re: Funds discovered after probate?

Wasn’t there a named beneficiary of this asset? I’m afraid it would cost more than $600 to reopen the estate. In some states a small estate administration might work.
Gill
by Gill
Thu Apr 11, 2019 8:20 pm
Forum: Personal Finance (Not Investing)
Topic: Trust investment choices for a difficult beneficiary
Replies: 108
Views: 6105

Re: Trust investment choices for a difficult beneficiary

Others have suggested resigning, but who would accept this trust as trustee? I sure wouldn’t. I still like your idea of the annuity which still leaves the possibility of something for the remaindermen.
Gill
by Gill
Thu Apr 11, 2019 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Trust investment choices for a difficult beneficiary
Replies: 108
Views: 6105

Re: Trust investment choices for a difficult beneficiary

Taking the wording literally ("without regard for the remainder beneficiaries") would suggest (to this non-attorney) that one would do better to max out the annuity payments, well, "without regard for the remainder beneficiaries", and thus NOT get anything like a period certain. Yes, I agree this l...
by Gill
Thu Apr 11, 2019 3:57 pm
Forum: Personal Finance (Not Investing)
Topic: Trust investment choices for a difficult beneficiary
Replies: 108
Views: 6105

Re: Trust investment choices for a difficult beneficiary

The trust language says the trustee shall consider the needs of the primary beneficiary paramount without regard for the remainder beneficiaries. Were it not for the above language in the trust instrument, I would be totally opposed to investing the entire trust in an annuity. However, I feel this ...
by Gill
Wed Apr 10, 2019 8:01 pm
Forum: Personal Finance (Not Investing)
Topic: Tax advice for newlyweds ( second marriage)
Replies: 8
Views: 760

Re: Tax advice for newlyweds ( second marriage)

WhiteMaxima wrote:
Wed Apr 10, 2019 6:27 pm
You need a postnuptial agreement since this is your 2nd marriage. More important than tax plan.
Don’t you mean a prenuptial agreement? They aren’t married yet.
Gill
by Gill
Wed Apr 10, 2019 7:58 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Property Cost Basis - Land Portion used for Tax Purpose
Replies: 3
Views: 255

Re: Rental Property Cost Basis - Land Portion used for Tax Purpose

You should use the same numbers every year. In your initial year you determined the basis of the land. That doesn’t change.
Gill
by Gill
Wed Apr 10, 2019 6:15 am
Forum: Personal Finance (Not Investing)
Topic: New Loan an expense?
Replies: 3
Views: 295

Re: New Loan an expense?

The loan interest would be an expense. The principal payments are a reduction of a liability.
Gill
by Gill
Tue Apr 09, 2019 8:34 pm
Forum: Personal Investments
Topic: EE Bonds past maturity date
Replies: 17
Views: 1232

Re: EE Bonds past maturity date

Thanks for this thread. I had no idea taxes were due in the year of maturity instead of the year cashed in. So now I will either (1) submit an amended tax return or (2) declare the income on my 2019 taxes and take my chances with penalties. Frankly, I'm happy to pay penalties if they aren't too one...
by Gill
Tue Apr 09, 2019 7:45 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Return lost in mail, do I simply refile?
Replies: 29
Views: 2333

Re: Tax Return lost in mail, do I simply refile?

Are you thinking the IRS must receive the return by April 15th? That’s not the case. You filed it in a timely manner by mailing before the due date. Don’t do anything but certainly don’t file again.
Gill
by Gill
Tue Apr 09, 2019 5:42 pm
Forum: Personal Investments
Topic: EE Bonds past maturity date
Replies: 17
Views: 1232

Re: EE Bonds past maturity date

Even if you don't redeem your Savings Bonds in the year they mature, you still owe taxes on the accumulated interest in the year. Failure to pay the taxes when due could lead to IRS penalties for failing to report the income. This needs clarification. This is true when they reach FINAL maturity, at...
by Gill
Tue Apr 09, 2019 4:46 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Return lost in mail, do I simply refile?
Replies: 29
Views: 2333

Re: Tax Return lost in mail, do I simply refile?

I would no nothing. You have proof you filed a timely return. Wait and see what happens.
Gill
by Gill
Tue Apr 09, 2019 4:13 pm
Forum: Personal Finance (Not Investing)
Topic: IRS tax rules on personal loan to friend
Replies: 5
Views: 537

Re: IRS tax rules on personal loan to friend

drealbmw wrote:
Tue Apr 09, 2019 3:43 pm
You are right, Gill, about how long I loaned her the money. :oops:

After looking at my records, I see that I loaned her the first $5,000 in June 2017, and did not get repaid until Sept. 2018.

How time flies.
OK, that makes sense. I thought maybe you had been overpaid.😀
Gill
by Gill
Tue Apr 09, 2019 2:07 pm
Forum: Personal Finance (Not Investing)
Topic: IRS tax rules on personal loan to friend
Replies: 5
Views: 537

Re: IRS tax rules on personal loan to friend

Yes, report it as interest income. Didn’t they pay you too much for a few months?
Gill
by Gill
Sun Apr 07, 2019 8:43 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes on death in atypical investment situation
Replies: 7
Views: 613

Re: Taxes on death in atypical investment situation

No income taxes but there could be estate taxes.
Gill
by Gill
Sun Apr 07, 2019 8:20 pm
Forum: Personal Investments
Topic: High Federal Taxes this year: Tips on reducing taxes, particularly of short-term investments
Replies: 52
Views: 3786

Re: High Federal Taxes this year: Tips on reducing taxes, particularly of short-term investments

bottlecap wrote:
Sun Apr 07, 2019 8:13 pm
Count me in as one who thinks the taxes you pay are shockingly low.

JT
“- I paid an unexpected amount of 17.5K as federal tax, and I will get back 1.2K as state tax.”

This sentence seems to make it clear he is talking about balance due, not total tax.
Gill
by Gill
Sun Apr 07, 2019 8:07 pm
Forum: Personal Finance (Not Investing)
Topic: Question about taxes on sale of second home
Replies: 2
Views: 294

Re: Question about taxes on sale of second home

You’re correct. Any gain over her original basis will be long term capital gain after deducting expenses of sale.
Gill