Search found 3487 matches

by Gill
Thu Oct 19, 2017 3:15 pm
Forum: Personal Finance (Not Investing)
Topic: Gifted Realestate Question
Replies: 15
Views: 771

Re: Gifted Realestate Question

NotWhoYouThink wrote:
Thu Oct 19, 2017 11:42 am
If we're saying this is an exchange of gifts and not a sale, both gifts should be reported.
An exchange of gifts IS a sale.
Gill
by Gill
Thu Oct 19, 2017 2:43 pm
Forum: Personal Finance (Not Investing)
Topic: Gifted Realestate Question
Replies: 15
Views: 771

Re: Gifted Realestate Question

NotWhoYouThink wrote:
Thu Oct 19, 2017 12:15 pm
viewtopic.php?f=2&t=199231&p=3047671#p3047671

Reading through previous thread, it looks like OP is no more open to advice now than before.
Good catch. Thought this sounded familiar.
Gill
by Gill
Thu Oct 19, 2017 2:42 pm
Forum: Personal Finance (Not Investing)
Topic: Gifted Realestate Question
Replies: 15
Views: 771

Re: Gifted Realestate Question

I don't see how your grandfather can treat it as anything but a sale. He deeded the property to you (I still don't know why it was a quitclaim deed, strange way to transfer property) and you in turn gave a note for $200,000. To my way of thinking, if the property is worth $250,000 he made a sale of ...
by Gill
Thu Oct 19, 2017 6:20 am
Forum: Personal Finance (Not Investing)
Topic: Gifted Realestate Question
Replies: 15
Views: 771

Re: Gifted Realestate Question

In other words, you'd like to borrow $375,000 total against the property which you believe to be worth $250,000. You won't get that loan if you're being honest with the bank and don't disclose your note, also known as mortgage fraud. I guess your grandfather is also being less than above board, not ...
by Gill
Wed Oct 18, 2017 8:32 pm
Forum: Personal Finance (Not Investing)
Topic: Gifted Realestate Question
Replies: 15
Views: 771

Re: Gifted Realestate Question

Do you only have a quitclaim deed and not a full covenant and warranty deed? Also, does your grandfather plan to file a gift tax return for the $50,000 difference as a bargain sale? Is your note secured by a mortgage so you get an interest deduction? Also, how can you obtain a mortgage when it appea...
by Gill
Mon Oct 16, 2017 8:53 am
Forum: Personal Finance (Not Investing)
Topic: UTMA accounts
Replies: 17
Views: 530

Re: UTMA accounts

It's too late. The funds belong to them and you can't take them back, although you could spend it on non necessaries for them. You made an irrevocable gift to them.
Gill
by Gill
Sun Oct 15, 2017 1:58 pm
Forum: Personal Consumer Issues
Topic: Is Florida Over, 2017
Replies: 48
Views: 5449

Re: Is Florida Over, 2017

Where is your lot in Sarasota? I own property there as well and I'm at 30 feet elevation. Never occurred to me that I might have seawater washing over my home. :o
Gill
by Gill
Fri Oct 13, 2017 7:33 pm
Forum: Personal Finance (Not Investing)
Topic: Intentionally Defective Grantor Trust to avoid estate tax limit?
Replies: 20
Views: 1639

Re: Trust to avoid estate tax limit?

Bsteiner has frequently discussed intentionally defective grantor trusts on this forum. Basically it is an irrevocable trust for estate tax purposes but is treated as a grantor trust for income tax purposes. The effect of this is that, even though the grantor has moved the assets from his estate, th...
by Gill
Wed Oct 11, 2017 7:34 pm
Forum: Personal Finance (Not Investing)
Topic: Tax issue: Made a mistake on Inherited IRA RMDs for five years
Replies: 36
Views: 2551

Re: Tax issue: Made a mistake on Inherited IRA RMDs for five years

The IRA custodians are supposed to calculate the official RMD each year and tell the account holder what it is each January. Did your wife ever get a notice for any of the years? It could even have been part of the year-end statement. Then you would have seen that you were planning to withdraw a di...
by Gill
Wed Oct 11, 2017 6:53 pm
Forum: Personal Finance (Not Investing)
Topic: Tax issue: Made a mistake on Inherited IRA RMDs for five years
Replies: 36
Views: 2551

Re: Tax issue: Made a mistake on Inherited IRA RMDs for five years

The IRA custodians are supposed to calculate the official RMD each year and tell the account holder what it is each January . Did your wife ever get a notice for any of the years? That was my question. I know VG does this for you. There is no requirement that the custodian calculate the RMD and the...
by Gill
Wed Oct 11, 2017 6:01 pm
Forum: Investing - Theory, News & General
Topic: I Bond fixed rate mystery
Replies: 24
Views: 1745

Re: I Bond fixed rate mystery

friar1610 wrote:
Wed Oct 11, 2017 4:12 pm
Gill wrote:
Wed Oct 11, 2017 3:39 pm
Maximum was $30K and you could charge them on a credit card.
Gill
AND, if you bought them at the end of the month you got interest for the entire month.
Still do.
Gill
by Gill
Wed Oct 11, 2017 5:25 pm
Forum: Personal Finance (Not Investing)
Topic: Standard Sales Tax Deduction is Miserly -- here's my way
Replies: 28
Views: 3792

Re: Standard Sales Tax Deduction is Miserly -- here's my way

One year a few years ago a friend of mine in TX, who is a CPA (although not one that practices preparing taxes), said he just takes his financial details in a spreadsheet, and calculates/estimates his sales tax based upon his financial detail. I don't think he explicitly saved all of his receipts. ...
by Gill
Wed Oct 11, 2017 4:51 pm
Forum: Personal Finance (Not Investing)
Topic: Standard Sales Tax Deduction is Miserly -- here's my way
Replies: 28
Views: 3792

Re: Standard Sales Tax Deduction is Miserly -- here's my way

I follow the method used by your CPA. You shouldn’t need a receipt for every single item. I use my Quicken record and apply my local tax rate to the total of taxable expenditures. For example, if I spent $1,000 on clothing and the sales tax rate is 7%, divide the total by 1.07 giving you sales tax o...
by Gill
Wed Oct 11, 2017 4:30 pm
Forum: Personal Finance (Not Investing)
Topic: Tax issue: Made a mistake on Inherited IRA RMDs for five years
Replies: 36
Views: 2551

Re: Tax issue: Made a mistake on Inherited IRA RMDs for five years

Take the future withdrawals correctly and don’t look back. You won’t hear from the IRS and the difference is immaterial.
Gill
by Gill
Wed Oct 11, 2017 3:39 pm
Forum: Investing - Theory, News & General
Topic: I Bond fixed rate mystery
Replies: 24
Views: 1745

Re: I Bond fixed rate mystery

Maximum was $30K and you could charge them on a credit card.
Gill
by Gill
Mon Oct 09, 2017 1:46 pm
Forum: Personal Finance (Not Investing)
Topic: How to deal with estate with no liquid assets and a house?
Replies: 17
Views: 1254

Re: How to deal with estate with no liquid assets and a house?

I’m not so sure it’s appropriate for an executor to be using estate funds to improve an asset of the estate with no assurance of benefitting the estate. The beneficiaries could certainly object to these expenditures and surcharge the executor for making these payments. The house should be sold promp...
by Gill
Mon Oct 09, 2017 11:34 am
Forum: Personal Finance (Not Investing)
Topic: How to deal with estate with no liquid assets and a house?
Replies: 17
Views: 1254

Re: How to deal with estate with no liquid assets and a house?

Why not just sell it like it is, pay the debts from the proceeds and distribute the balance?
Gill
by Gill
Sun Oct 08, 2017 6:50 pm
Forum: Investing - Help with Personal Investments
Topic: Windfall and advice
Replies: 45
Views: 3464

Re: Windfall and advice

Are you saying your are receiving a seven-figure windfall in addition to the potential for a similar sized inheritance?
Gill
by Gill
Sun Oct 08, 2017 6:46 pm
Forum: Personal Consumer Issues
Topic: What to do with unused paint?
Replies: 38
Views: 2306

Re: What to do with unused paint?

This will make some people angry, but I make sure the lids are on properly then put it in thick contractor-style black trash bags and put it in the trash can for pickup. Where I live, the trash folks will take anything as long as they can't see what it is. Yes, it does make some people angry. Do yo...
by Gill
Sun Oct 08, 2017 6:35 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need to pay estimated taxes on a K-1 from an estate?
Replies: 3
Views: 506

Re: Do I need to pay estimated taxes on a K-1 from an estate?

The safe harbor rules should work for you. As you suggest, pay in an amount equal to your 2016 tax or 110% if your AGI was over $150,000.
Gill
by Gill
Sun Oct 08, 2017 3:43 pm
Forum: Investing - Help with Personal Investments
Topic: Charitable trust aggressive asset allocation and impact on personal investments
Replies: 14
Views: 766

Re: Charitable trust aggressive asset allocation and impact on personal investments

As bsteiner indicates, you are accomplishing diversification but with the trade off that you are limiting yourself to 5% of the principal annually and dealing with a CRUT the rest of your life. Furthermore, it is quite likely that the draw of 5% will erode the principal and significantly reduce your...
by Gill
Sun Oct 08, 2017 11:44 am
Forum: Personal Finance (Not Investing)
Topic: Tax basis after death of spouse
Replies: 7
Views: 956

Re: Tax basis after death of spouse

Both are correct. Tax laws (especially about step-up basis) depend on which state one is a taxpayer (resident). A full stepup would only be the case if the wife owned the properties in her own name. If they are joint there would be a 50% stepup. This is the case in common law states. I don't see ho...
by Gill
Sun Oct 08, 2017 11:38 am
Forum: Investing - Help with Personal Investments
Topic: Charitable trust aggressive asset allocation and impact on personal investments
Replies: 14
Views: 766

Re: Charitable trust aggressive asset allocation and impact on personal investments

I'm also curious why you would do this. There is almost no tax advantage to a CRUT for a person in their 30's.
Gill
by Gill
Sat Oct 07, 2017 6:37 pm
Forum: Investing - Help with Personal Investments
Topic: UGMA/UTMA
Replies: 2
Views: 192

Re: UGMA/UTMA

Almost anywhere you want, usually with a bank or mutual fund.
Gill
by Gill
Sat Oct 07, 2017 4:01 pm
Forum: Personal Finance (Not Investing)
Topic: Combining spouses separate accounts into one joint account. Any downsides?
Replies: 19
Views: 1409

Re: Combining spouses separate accounts into one joint account. Any downsides?

You lose the right to dispose of your property by will if it is all held jointly.
Gill
by Gill
Sat Oct 07, 2017 3:48 pm
Forum: Personal Consumer Issues
Topic: Roof shingles do not match - Neighbor sent notice
Replies: 44
Views: 5702

Re: Roof shingles do not match - Neighbor sent notice

I don't believe you've explained yet how you own this property. You said it is a duplex but is there separate ownership of the attached buildings? Who owns the roof that was repaired?
Gill
by Gill
Thu Oct 05, 2017 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: Paying off house that is in estate
Replies: 15
Views: 1272

Re: Paying off house that is in estate

Are you sure the mortgage isn't due now as the result of change of ownership?
Gill
by Gill
Thu Oct 05, 2017 6:09 pm
Forum: Personal Finance (Not Investing)
Topic: Paying off house that is in estate
Replies: 15
Views: 1272

Re: Paying off house that is in estate

No reason not to pay it off but if you do that and your brother is an equal beneficiary, you should distribute an equal amount to him.
Gill
by Gill
Thu Oct 05, 2017 4:33 pm
Forum: Personal Finance (Not Investing)
Topic: Paying off house that is in estate
Replies: 15
Views: 1272

Re: Paying off house that is in estate

Are you the sole beneficiary of the estate and trust? Is the trust terminating? Are you paying the mortgage from estate funds or your personal funds? That might have a bearing on the advice you will receive.
Gill
by Gill
Thu Oct 05, 2017 6:24 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity: can no longer use first initial, middle name
Replies: 30
Views: 2516

Re: Fidelity: can no longer use first initial, middle name

I have gone by my middle name all my life. However, after encountering similar problems as the OP I started going by the traditional first name middle initial when I travel, with Medicare, in the military and other uses where the first initial created confusion. I've always attributed the problem to...
by Gill
Wed Oct 04, 2017 7:52 pm
Forum: Personal Finance (Not Investing)
Topic: Financial arrangement for in-laws in guest house
Replies: 13
Views: 1155

Re: Financial arrangement for in-laws in guest house

Why are you even worrying about the annual gift tax exclusions? If they exceed that, so what. Just file a gift tax return.
Gill
by Gill
Mon Oct 02, 2017 5:38 pm
Forum: Personal Finance (Not Investing)
Topic: What's the purpose of having a child's name on a deed?
Replies: 41
Views: 3247

Re: What's the purpose of having a child's name on a deed?

Gill can you explain? To my simple no lawyer brain, I would think the cost basis implications would depend on whether the property was given by making the child a joint tenant or a tenant in common. If the latter, as I understood it, the TIC simply owned their share, with the basis they got when it...
by Gill
Mon Oct 02, 2017 12:08 pm
Forum: Local Chapters and Bogleheads Community
Topic: Retirement Class of 1998 (Sheepdog's Experience)
Replies: 45
Views: 4052

Re: Retirement Class of 1998 (Sheepdog's Experience)

Sheepdog, thanks for your post from a fellow member of the Class of 1998. I, too, discovered Vanguard Diehards about 1999. I had spend a career in the bank trust business and thought I knew a fair amount about investments and financial planning, but I have learned a great deal here. We're having a v...
by Gill
Sun Oct 01, 2017 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: Initial co-trustee instead of successor trustee
Replies: 25
Views: 1246

Re: Initial co-trustee instead of successor trustee

Thanks, Bruce. I assume if there is a continuing trust it is treated as a separate trust with its own ID and a calendar year.
Gill
by Gill
Sun Oct 01, 2017 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: Initial co-trustee instead of successor trustee
Replies: 25
Views: 1246

Re: Initial co-trustee instead of successor trustee

bsteiner, aren't we talking about a trust that can only have a calendar year?
Gill
by Gill
Sat Sep 30, 2017 1:29 pm
Forum: Personal Finance (Not Investing)
Topic: Selling a House in SC.
Replies: 4
Views: 626

Re: Selling a House in SC.

bcc1234 wrote:
Sat Sep 30, 2017 1:21 pm
What exactly will SC tax us on, the total sales price, or just the gain? Will we also have to file a SC tax return?
SC will tax you on the gain and it will require a SC nonresident tax return.
Gill
by Gill
Sat Sep 30, 2017 8:27 am
Forum: Personal Finance (Not Investing)
Topic: Term Life Insurance Beneficiary Question
Replies: 2
Views: 208

Re: Term Life Insurance Beneficiary Question

What happens if you only have a single beneficiary on your term life insurance policy, and something happened to both of you? Would it go to someone based on your will even though their were no other beneficiary’s designated on the policy? Normally the policy would provide for payment to your estat...
by Gill
Fri Sep 29, 2017 8:45 pm
Forum: Personal Finance (Not Investing)
Topic: Termination of Trust
Replies: 8
Views: 512

Re: Termination of Trust

Celia, yes, checking the box would notify the IRS not to expect further returns.
Gill
by Gill
Fri Sep 29, 2017 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: Termination of Trust
Replies: 8
Views: 512

Re: Termination of Trust

If this was a revocable inter vivos trust the trustee would only need receipts and releases from all beneficiaries to complete the trust administration. If this was a testamentary trust, it is similar except the trustee normally receives a discharge from the court. The executor has nothing to do wi...
by Gill
Fri Sep 29, 2017 8:07 pm
Forum: Personal Finance (Not Investing)
Topic: Termination of Trust
Replies: 8
Views: 512

Re: Termination of Trust

I'm curious about this as well. Say for example an individual establishes a typical revocable/irrevocable trust and re-titles their home in the name of the trust, then sells the home prior to their death, and never named or put any other assets (or accounts) in the trust. Is the trust still in effe...
by Gill
Fri Sep 29, 2017 7:36 pm
Forum: Personal Finance (Not Investing)
Topic: Termination of Trust
Replies: 8
Views: 512

Re: Termination of Trust

If this was a revocable inter vivos trust the trustee would only need receipts and releases from all beneficiaries to complete the trust administration. If this was a testamentary trust, it is similar except the trustee normally receives a discharge from the court. The executor has nothing to do wit...
by Gill
Fri Sep 29, 2017 6:13 pm
Forum: Personal Finance (Not Investing)
Topic: Trust just set up: What and How to transfer?
Replies: 8
Views: 506

Re: Trust just set up: What and How to transfer?

dm200 wrote:
Fri Sep 29, 2017 6:04 pm
It seems to me that you may have put the horse before the cart.

The decision to set up a trust, the details about the trust, etc. would be influenced by or determined by the pros and cons of shat goes into the trust and what does not.
Isn't the horse supposed to be before the cart? :happy
Gill
by Gill
Fri Sep 29, 2017 9:19 am
Forum: Personal Finance (Not Investing)
Topic: Selling a House in SC.
Replies: 4
Views: 626

Re: Selling a House in SC.

Was the house owned entirely by your mother at her death? Is the life estate being conveyed to you by the attorney-in-fact? Is everyone comfortable with your stepfather giving up his right to a life estate in the proceeds? If answers to all are in the affirmative, you would have a long term capital ...
by Gill
Wed Sep 27, 2017 9:00 pm
Forum: Personal Finance (Not Investing)
Topic: State Income Tax 2 States / 2nd Home Question
Replies: 3
Views: 326

Re: State Income Tax 2 States / 2nd Home Question

Are you talking about earned income, i.e., wages, or passive income earned from investments? The latter won't be taxed by a state where you are not a resident unless from rental income on property located in that state.
Gill
by Gill
Wed Sep 27, 2017 7:45 pm
Forum: Personal Finance (Not Investing)
Topic: I inherited a life insurance policy that is upside down?
Replies: 21
Views: 2042

Re: I inherited a life insurance policy that is upside down?

There would be no step up in this asset which is an ordinary income asset and not a capital asset.
Gill
by Gill
Wed Sep 27, 2017 7:42 pm
Forum: Personal Consumer Issues
Topic: Car Lease break
Replies: 12
Views: 1230

Re: Car Lease break

Post on craigslist. I see these all the time from military personnel. :wink: Seriously, what city? What are the lease terms and cost? Which trim level? How many months/miles left? http://www.leasetrader.com/ http://www.swapalease.com/ You could also see how much Carmax will offer. I once sold a car...
by Gill
Wed Sep 27, 2017 7:37 pm
Forum: Personal Finance (Not Investing)
Topic: Tax saving strategies for DINKs
Replies: 47
Views: 3786

Re: Tax saving strategies for DINKs

At one time you would be advised to invest in oil drilling partnerships and other tax shelters designed for those with high incomes. Most of the shelters have now been plugged so there isn't much left other than to continue as you are and pay your taxes.
Gill
by Gill
Wed Sep 27, 2017 7:30 pm
Forum: Personal Finance (Not Investing)
Topic: Naming a temporary power of attorney
Replies: 9
Views: 474

Re: Naming a temporary power of attorney

dm200 wrote:
Wed Sep 27, 2017 7:28 pm
cheese_breath wrote:
Wed Sep 27, 2017 6:51 pm
I'm not a lawyer, but I don't think you can hand the POA off to another person.
My understanding is that you cannot do this.
Only if there is a specific provision in the POA document.
Gill
by Gill
Mon Sep 25, 2017 8:32 am
Forum: Personal Finance (Not Investing)
Topic: What's the purpose of having a child's name on a deed?
Replies: 41
Views: 3247

Re: What's the purpose of having a child's name on a deed?

With the Federal estate tax there would be nothing included in the estate with this example. Gill Well, the poster referred to Pennsylvania estate tax, so what applies on the federal side is irrelevant. I hope you know this for a fact, because many states apply Federal law. I'm not a Pennsylvania l...
by Gill
Sun Sep 24, 2017 8:50 pm
Forum: Personal Finance (Not Investing)
Topic: What's the purpose of having a child's name on a deed?
Replies: 41
Views: 3247

Re: What's the purpose of having a child's name on a deed?

With the Federal estate tax there would be nothing included in the estate with this example.
Gill