Search found 5706 matches

by Gill
Tue Nov 19, 2019 2:12 pm
Forum: Personal Finance (Not Investing)
Topic: tax deduction for scam loss
Replies: 7
Views: 361

Re: tax deduction for scam loss

I don’t have any particular expertise in this area, but it appears to me to be a non deductible loss.
Gill
by Gill
Tue Nov 19, 2019 12:46 pm
Forum: Personal Finance (Not Investing)
Topic: Car negotiation question
Replies: 20
Views: 957

Re: Car negotiation question

Your price isn't an out-the-door price. The dealer add on charges can run a thousand bucks or more. Gill OP specifically says it's an OTD quote. Right? Car pricing is highly geographically dependent. If you're willing to travel, you could easily save the cost of a plane ticket by getting a better d...
by Gill
Tue Nov 19, 2019 12:39 pm
Forum: Personal Finance (Not Investing)
Topic: High Mortgage
Replies: 6
Views: 492

Re: High Mortgage

You should be able to refinance at considerably less than 5%.
Gill
by Gill
Tue Nov 19, 2019 12:08 pm
Forum: Personal Finance (Not Investing)
Topic: Car negotiation question
Replies: 20
Views: 957

Re: Car negotiation question

Your price isn't an out-the-door price. The dealer add on charges can run a thousand bucks or more.
Gill
by Gill
Tue Nov 19, 2019 12:00 pm
Forum: Personal Consumer Issues
Topic: What are you paying for car, home and umbrella insurance?
Replies: 16
Views: 682

Re: What are you paying for car, home and umbrella insurance?

tc101 wrote:
Tue Nov 19, 2019 10:25 am
I am paying $187/month. Am I paying too much?
If you're paying your premiums monthly you're paying too much.
Gill
by Gill
Tue Nov 19, 2019 11:26 am
Forum: Investing - Theory, News & General
Topic: Gifting from a Trust account.
Replies: 2
Views: 172

Re: Gifting from a Trust account.

No, absolutely not. You can only do what the trust agreement says you can do following the death of the grantor. Any rights you had to act on behalf of the grantor or through a POA ceases on the death of the grantor.
Gill
by Gill
Mon Nov 18, 2019 9:47 pm
Forum: Personal Investments
Topic: Moving $380K in individual stocks to index fund
Replies: 46
Views: 2336

Re: Moving $380K in individual stocks to index fund

vanuber wrote:
Mon Nov 18, 2019 9:24 pm
Gill wrote:
Mon Nov 18, 2019 9:15 pm
Are you sure there is $314k of net gain in $380k of stocks?
Gill
I am sure. Most of these were from a trust set up by my amazing grandparents years ago.
Are you also sure there was never a stepup in basis?
Gill
by Gill
Mon Nov 18, 2019 9:45 pm
Forum: Personal Finance (Not Investing)
Topic: Medical Expenses Gift Exclusion: How to pay for adult child's medical payments at time of service?
Replies: 14
Views: 942

Re: Medical Expenses Gift Exclusion: How to pay for adult child's medical payments at time of service?

flyingaway wrote:
Mon Nov 18, 2019 8:56 pm
I am just curious how IRS could know it if you just write a check of $500 to your child and do not inform IRS.
The same as the IRS doesn’t know many things unless you tell them. However, to not tell them is tax fraud.
Gill
by Gill
Mon Nov 18, 2019 9:15 pm
Forum: Personal Investments
Topic: Moving $380K in individual stocks to index fund
Replies: 46
Views: 2336

Re: Moving $380K in individual stocks to index fund

Are you sure there is $314k of net gain in $380k of stocks?
Gill
by Gill
Mon Nov 18, 2019 11:02 am
Forum: Personal Finance (Not Investing)
Topic: Costs of estate planning
Replies: 5
Views: 625

Re: Costs of estate planning

With generation skipping trusts you’re probably looking at least a few thousand, depending on the part of the country.
Gill
by Gill
Sun Nov 17, 2019 5:59 pm
Forum: Personal Finance (Not Investing)
Topic: Buy home with cash? vs. Loan options.
Replies: 21
Views: 1556

Re: Buy home with cash? vs. Loan options.

awval999 wrote:
Sun Nov 17, 2019 5:56 pm
mortfree wrote:
Sun Nov 17, 2019 5:33 pm
How’d you get all that cash??

Asking for a friend.
Clearly it’s inherited.
...but he has $599K in retirement assets on a $75K salary. How did that happen?
Gill
by Gill
Sun Nov 17, 2019 5:45 pm
Forum: Personal Finance (Not Investing)
Topic: Buy home with cash? vs. Loan options.
Replies: 21
Views: 1556

Re: Buy home with cash? vs. Loan options.

Hate to be so blunt, but you'd never get a loan for a house in that price range and you can't afford it even if you pay cash.
Gill
by Gill
Sun Nov 17, 2019 5:07 pm
Forum: Personal Investments
Topic: Increasing risk appetite
Replies: 36
Views: 1438

Re: Increasing risk appetite

marcopolo wrote:
Sun Nov 17, 2019 1:32 pm
These are the kinds of posts (as opposed to endless stream of "should I buy at market peak?", "2% is too risky SWR given low expected returns", etc), that really make me start to think that we may be nearing the end of the bull run. Although, nothing actionable...
Ain't that the truth...
Gill
by Gill
Sat Nov 16, 2019 7:33 pm
Forum: Personal Finance (Not Investing)
Topic: Is this a fair price for a wealth manager financial advisor?
Replies: 43
Views: 3231

Re: Is this a fair price for a wealth manager financial advisor?

drawpoker wrote:
Sat Nov 16, 2019 7:21 pm
Gill wrote:
Sat Nov 16, 2019 6:56 pm
..................Based on earlier posts by OP, he appears to be a 70 year old professional who earned it all.
Well, if you are culling through earlier posts, aren't you overlooking the sale of his lake house? :wink:
Missed that.😀
Gill
by Gill
Sat Nov 16, 2019 6:56 pm
Forum: Personal Finance (Not Investing)
Topic: Is this a fair price for a wealth manager financial advisor?
Replies: 43
Views: 3231

Re: Is this a fair price for a wealth manager financial advisor?

....curious, if you arrived at 5 mil investable assets with the help of an advisor, or on your own? And are you not happy with where you are now, and doing what you have been doing? I hope the OP returns to answer that. I may be wrong, but my hunch is that most of that $5mil is result of an inherit...
by Gill
Sat Nov 16, 2019 11:45 am
Forum: Personal Investments
Topic: Charitable gift annuities - doing well by doing good?
Replies: 19
Views: 887

Re: Charitable gift annuities - doing well by doing good?

Keep in mind, a CGA really only makes sense if there is a charity you wish to benefit. In other words, the arrangement may not be quite as attractive as other possibilities, but if you wish to benefit a charity while retaining some income from the gift it can be attractive.
Gill
by Gill
Sat Nov 16, 2019 11:40 am
Forum: Personal Finance (Not Investing)
Topic: Half of Estate in a Trust?
Replies: 28
Views: 1715

Re: Half of Estate in a Trust?

Absolutely. It is very common to leave one's estate in trust for a spouse with provisions for the trust's disposition upon the spouse's death, either outright or in continuing trust. The terms of the trust can be very broad or as restrictive as you wish. Gill Gill, Does having joint accounts make t...
by Gill
Sat Nov 16, 2019 11:27 am
Forum: Personal Finance (Not Investing)
Topic: Half of Estate in a Trust?
Replies: 28
Views: 1715

Re: Half of Estate in a Trust?

Absolutely. It is very common to leave one's estate in trust for a spouse with provisions for the trust's disposition upon the spouse's death, either outright or in continuing trust. The terms of the trust can be very broad or as restrictive as you wish. You speak of "my half" . If your property is ...
by Gill
Sat Nov 16, 2019 9:12 am
Forum: Personal Investments
Topic: Questions about Fidelity Charitable DAF
Replies: 34
Views: 1900

Re: Questions about Fidelity Charitable DAF

Who actually writes a donation check from DAF? Does DAF give you a check book? If DAF issues a donation check directly, how does it know the recipient is an eligible charitable organization? I can only speak for the Fidelity DAF. They do not give you a checkbook. You go into their website and find ...
by Gill
Fri Nov 15, 2019 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: mechanics of paying a large tax bill
Replies: 42
Views: 2741

Re: mechanics of paying a large tax bill

Yes increase your payroll withholdings for dec. Potentially to 100% of your income. These are auto matically considered "equal" payments. You want the total taxes paid for this year by withholding to equal 100% of the taxes DUE last year. No, 110% as per OP stating that his AGI exceeds $150,000. Gill
by Gill
Fri Nov 15, 2019 10:31 am
Forum: Personal Finance (Not Investing)
Topic: mechanics of paying a large tax bill
Replies: 42
Views: 2741

Re: mechanics of paying a large tax bill

It's the transfer between our taxable at vanguard and my check-writing account that I'm worried about getting held up (the bank won't know it's my taxes getting transferred), and wondering whether there's another way. You're really worrying unnecessarily. A few days before you must write the check ...
by Gill
Thu Nov 14, 2019 9:10 pm
Forum: Personal Consumer Issues
Topic: Garage Generator Install
Replies: 44
Views: 2777

Re: Garage Generator Install

firedawgy wrote:
Thu Nov 14, 2019 9:03 am
FROG, Finished Room Over the Garage
Must be real estate agent lingo...
Gill
by Gill
Thu Nov 14, 2019 9:08 pm
Forum: Personal Finance (Not Investing)
Topic: mechanics of paying a large tax bill
Replies: 42
Views: 2741

Re: mechanics of paying a large tax bill

I’m not clear on what the problem is. When the tax is due have Vanguard wire or ACH the funds to your checking account and mail a check to the IRS.
Gill
by Gill
Thu Nov 14, 2019 6:47 pm
Forum: Personal Consumer Issues
Topic: Fort Meyers or south a bit in Feb advice please
Replies: 16
Views: 946

Re: Fort Meyers or south a bit in Feb advice please

Sanibel Island. No hotels, just condos. Yes, there are many hotels on Sanibel. Gill You may call them hotels. We who live here don't. There are no buildings over 3 stories. No nationally named hotel that I know of since Holiday Inn sold two years ago. Most all of the condos are along east/middle/we...
by Gill
Thu Nov 14, 2019 3:17 pm
Forum: Personal Consumer Issues
Topic: Fort Meyers or south a bit in Feb advice please
Replies: 16
Views: 946

Re: Fort Meyers or south a bit in Feb advice please

Snowbird wrote:
Thu Nov 14, 2019 1:15 pm
Sanibel Island. No hotels, just condos.
Yes, there are many hotels on Sanibel.
Gill
by Gill
Thu Nov 14, 2019 12:37 pm
Forum: Personal Consumer Issues
Topic: Fort Meyers or south a bit in Feb advice please
Replies: 16
Views: 946

Re: Fort Meyers or south a bit in Feb advice please

The weather in SW Florida can be pretty much of anything in early February. I've seen it in the 30's with rain, wind and cold and in the 80's with beautiful weather. The Gulf is usually much too cold for swimming although the joke around here is only the Canadians are in the water at that time of ye...
by Gill
Wed Nov 13, 2019 10:40 am
Forum: Personal Finance (Not Investing)
Topic: Intra Family Loan tax consequences
Replies: 5
Views: 401

Re: Intra Family Loan tax consequences

MrMojoRisin wrote:
Wed Nov 13, 2019 10:39 am
Thanks for the replies...

To be more specific, will the points awarded by my credit cards be considered taxable income?

Best wishes
No.
Gill
by Gill
Wed Nov 13, 2019 10:26 am
Forum: Personal Consumer Issues
Topic: Saving seats on Southwest
Replies: 210
Views: 11211

Re: Saving seats on Southwest

Bfwolf wrote:
Sun Nov 10, 2019 5:49 pm
rkhusky wrote:
Sun Nov 10, 2019 5:39 pm
How about the couples that choose the two aisle seats across from each other, hogging both 3 seat groups?
What's wrong with that? It's open seating. If they both like aisles, they should do exactly this.
Totally agree.
Gill
by Gill
Wed Nov 13, 2019 10:20 am
Forum: Personal Finance (Not Investing)
Topic: Forgotten Expenses in Retirement--Travel
Replies: 32
Views: 2622

Re: Forgotten Expenses in Retirement--Travel

My game plan is to try to do a European trip plus a domestic trip/year. I came up with a general set-aside of about $7,500 to easily cover my expenses. Would that translate into retirement, or do things change much more than during working years? It's really hard to see how you can take two major t...
by Gill
Mon Nov 11, 2019 4:51 pm
Forum: Personal Finance (Not Investing)
Topic: Do I Understand Safe Harbor rules correctly?
Replies: 27
Views: 2489

Re: Do I Understand Safe Harbor rules correctly?

exoilman wrote:
Mon Nov 11, 2019 4:43 pm
I do not pay any tax till Dec. and will have a large tax bill due to RMD's and large annuity cash out. Will the safe harbor apply for us in spite of no taxes taken out?

Thanks
sam
If you've met the safe harbor rules through withholding you're fine, regardless of the size of your tax bill.
Gill
by Gill
Mon Nov 11, 2019 4:46 pm
Forum: Personal Finance (Not Investing)
Topic: Will I be audited?
Replies: 51
Views: 4237

Re: Will I be audited?

Why don't you make it easy on yourself and just put the $70,000 into the DAF. You can make grants from the DAF immediately once it's funded.
Gill
by Gill
Mon Nov 11, 2019 4:28 pm
Forum: Personal Investments
Topic: USAA Giving Fund (Donor Advised Fund)
Replies: 10
Views: 408

Re: USAA Giving Fund (Donor Advised Fund)

Just took a look at USAA Giving Fund and found this:

"The USAA Giving Fund is not currently available for new accounts."

Not that I would want one anyway with the high ER on its funds.

Gill
by Gill
Mon Nov 11, 2019 3:48 pm
Forum: Personal Investments
Topic: Investing $140k in cash at 1k per week
Replies: 174
Views: 11630

Re: Investing $140k in cash at 1k per week

Do you really want 140 different tax lots?
Gill
by Gill
Mon Nov 11, 2019 11:31 am
Forum: Personal Investments
Topic: About to put $ in Fixed income, which one?
Replies: 16
Views: 1882

Re: About to put $ in Fixed income, which one?

William Million wrote:
Mon Nov 11, 2019 11:28 am
Am I overlooking anything?
Yes, the simple fact that the money market funds hold very short term instruments and the yield could drop quite rapidly.
Gill
by Gill
Sun Nov 10, 2019 6:37 pm
Forum: Personal Finance (Not Investing)
Topic: What to put into Revocable Living Trust?
Replies: 8
Views: 1212

Re: What to put into Revocable Living Trust?

Yes, for the reasons you stated, the RLT should be the contingent beneficiary or maybe even the primary beneficiary of the life insurance. Gill No, OP, you shouldn't be thinking "or" or "maybe". It needs to be what you want, and you need to ensure that what you want and how you say you want it is c...
by Gill
Sun Nov 10, 2019 5:04 pm
Forum: Personal Finance (Not Investing)
Topic: Has Vanguard changed the $250 min Checks?
Replies: 8
Views: 1217

Re: Has Vanguard changed the $250 min Checks?

I've been surprised they're willing to issue QCD checks for any amount with no $250 minimum.
Gill
by Gill
Sun Nov 10, 2019 4:15 pm
Forum: Personal Finance (Not Investing)
Topic: Need to add houseguests to homeowners or umbrella insurance?
Replies: 17
Views: 1108

Re: Need to add houseguests to umbrella insurance?

Why would they need liability coverage? Seems it’s no concern of yours.
Gill
by Gill
Sun Nov 10, 2019 3:19 pm
Forum: Personal Investments
Topic: Need advice on maximum IRA contributions - possible oops!
Replies: 8
Views: 431

Re: Need advice on maximum IRA contributions - possible oops!

Was is the check for the CD from your personal funds or from your IRA?
Gill
by Gill
Sun Nov 10, 2019 12:22 pm
Forum: Personal Investments
Topic: Money Market Fund in IRA for RMD
Replies: 17
Views: 1061

Re: Money Market Fund in IRA for RMD

I don’t have a money market fund in my IRA for RMD purposes but I do keep a reserve in the short term corporate bond fund which serves the same purpose with higher yield and low volatility.
Gill
by Gill
Sun Nov 10, 2019 10:46 am
Forum: Personal Finance (Not Investing)
Topic: Cashing EE bonds
Replies: 12
Views: 591

Re: Cashing EE bonds

CZjc1330 wrote:
Sun Nov 10, 2019 10:31 am
Don't forget to deduct taxes.
What does this mean?
Gill
by Gill
Sun Nov 10, 2019 7:22 am
Forum: Personal Finance (Not Investing)
Topic: What to put into Revocable Living Trust?
Replies: 8
Views: 1212

Re: What to put into Revocable Living Trust?

Yes, for the reasons you stated, the RLT should be the contingent beneficiary or maybe even the primary beneficiary of the life insurance.
Gill
by Gill
Sat Nov 09, 2019 7:41 pm
Forum: Personal Finance (Not Investing)
Topic: When to move to FL? (tax implications and more)
Replies: 13
Views: 1454

Re: When to move to FL? (tax implications and more)

Your voter registration and auto registrations from the state you are leaving should be cancelled. Return the plates. Be aware that registering in Florida will require paying a substantial one-time fee in addition to the regular fee for cars previously purchased out-of-state. Some time after the mo...
by Gill
Sat Nov 09, 2019 5:33 pm
Forum: Personal Consumer Issues
Topic: Fully loaded 2016 Lexus RX350 for $34K - good deal?
Replies: 11
Views: 1365

Re: Fully loaded 2016 Lexus RX350 for $34K - good deal?

Doesn't sound like a "killer deal" but maybe not too bad a deal. Carmax shows several 2016's with fewer miles and lower prices but possibly not as fully loaded as the one you are considering. For example, they have two with 18K miles, one for $33K and one for 34K.
Gill
by Gill
Sat Nov 09, 2019 5:23 pm
Forum: Personal Finance (Not Investing)
Topic: When to move to FL? (tax implications and more)
Replies: 13
Views: 1454

Re: When to move to FL? (tax implications and more)

Without attempting to answer all your questions, on the surface it seems you have a problem identifying the exact date you become a Florida resident. Wisconsin will also have something to say about that. In other words, simply moving into your rental property doesn't necessarily establish Florida re...
by Gill
Sat Nov 09, 2019 3:39 pm
Forum: Personal Finance (Not Investing)
Topic: TOD Brokerage Account and selling the stock as executor while retaining step-up in basis
Replies: 5
Views: 321

Re: TOD Brokerage Account and selling the stock as executor while retaining step-up in basis

One person can do all the leg work and only one death certificate is needed, but the custodian will want written directions from each beneficiary as to their share of the distribution. The last one I handled similar to this they asked for an account for each beneficiary to which funds could be wired...
by Gill
Sat Nov 09, 2019 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: TOD Brokerage Account and selling the stock as executor while retaining step-up in basis
Replies: 5
Views: 321

Re: TOD Brokerage Account and selling the stock as executor while retaining step-up in basis

You don't need to be appointed executor to distribute the account to the beneficiaries. It has nothing to do with the estate. You also have no right to sell the stocks in the account. That is up to the four beneficiaries. Fidelity will do what the four beneficiaries direct which normally would be to...
by Gill
Fri Nov 08, 2019 3:32 pm
Forum: Personal Investments
Topic: Inherited trust taxes
Replies: 4
Views: 385

Re: Inherited trust taxes

If the trust allows for income distributions, you can distribute from the trust, and income from Interest and dividends will come to you on a K1 from the trust, and be taxed on your personal return. Capital gains and losses do not get distributed from the trust on a K1 to you, even if you remove pr...
by Gill
Thu Nov 07, 2019 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Cost Basis Time Share received for free or a few dollars
Replies: 11
Views: 758

Re: Cost Basis Time Share received for free or a few dollars

Is this really a gift or is it a sale for nominal consideration? I would think it's the latter in which case your basis will be whatever costs you incur with the transfer. On another note, are you sure you want to accept this "gift" or whatever it is? Most people would love to give away their time s...
by Gill
Thu Nov 07, 2019 11:27 am
Forum: Personal Finance (Not Investing)
Topic: Stock Cost Basis for Sales
Replies: 5
Views: 438

Re: Stock Cost Basis for Sales

The trustee not only should give you the bases but should have liquidated these holdings years ago.
Gill
by Gill
Wed Nov 06, 2019 8:44 pm
Forum: Personal Finance (Not Investing)
Topic: Transferring Daughter's Funds to Her Efficiently
Replies: 16
Views: 1436

Re: Transferring Daughter's Funds to Her Efficiently

How is this a gift? You are returning assets to her that have belonged to her all along. How did it end up in your name?
Gill