Search found 6316 matches

by Gill
Mon Jun 29, 2020 5:56 pm
Forum: Personal Investments
Topic: New 2020 RMD Rules
Replies: 19
Views: 1636

Re: New 2020 RMD Rules

I’m still puzzled why this can be claimed as a charitable deduction. I guess the taxpayer by directing payment of his assets to charity has made a charitable gift regardless of the tax treatment of the distribution to him.
Gill
by Gill
Mon Jun 29, 2020 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: Estimated Tax Question
Replies: 12
Views: 784

Re: Estimated Tax Question

If, for example, I wait until the end of the year to sell, it will be too late to do an estimated tax payment. Not to give you a complete answer but just to clarify that the above is incorrect. The final quarterly payment is due January 15th so it will never be too late to make an estimated payment...
by Gill
Mon Jun 29, 2020 5:43 am
Forum: Personal Investments
Topic: New 2020 RMD Rules
Replies: 19
Views: 1636

Re: New 2020 RMD Rules

I stand corrected. I was speculating on the answer and Alan knows this subject far better than me. I’m still surprised at the answer.
Gill
by Gill
Sun Jun 28, 2020 3:06 pm
Forum: Personal Investments
Topic: New 2020 RMD Rules
Replies: 19
Views: 1636

Re: New 2020 RMD Rules

OP, You can return the full RMD amount and then take the QCD as a charitable deduction, assuming you will itemize. I recommend calling the brokerage directly since the ruling is so new and I suspect the online systems haven’t been updated yet. Mark the deposit as a 2020 Rollover, Re: IRS Note 2020-...
by Gill
Sun Jun 28, 2020 10:23 am
Forum: Personal Finance (Not Investing)
Topic: Do I need an accountant for a windfall year (sale of private stock)?
Replies: 13
Views: 1039

Re: Do I need an accountant for a windfall year (sale of private stock)?

Has the business received competent advice as to the most tax efficient way to sell the business? There are many different ways to sell a business other than a straight sale of the stock for cash. Have you looked into doing anything with the stock before the sale such as gifts to charity, family mem...
by Gill
Sun Jun 28, 2020 5:59 am
Forum: Investing - Theory, News & General
Topic: Take 2020 RMD just for QCD and estimated tax payment
Replies: 30
Views: 1403

Re: Take 2020 RMD just for QCD and estimated tax payment

Yes, I understand that, but when there are no RMD's required in 2020 why would one incur the tax on the withdrawal in order to pay estimated taxes? For example, if my taxes are estimated to be $20,000 and I am in a 24% bracket, if I pull $20,000 from my IRA and have 100% withholding and the $20,000...
by Gill
Sat Jun 27, 2020 8:37 pm
Forum: Personal Consumer Issues
Topic: Snow bird
Replies: 12
Views: 1224

Re: Snow bird

ram wrote:
Sat Jun 27, 2020 8:30 pm
piazano wrote:
Sat Jun 27, 2020 6:04 pm
want a warmer climate for the winter preferably on the east coast.
Please clarify if you are referring to east coast of USA or east coast of Florida.
Good point. I was assuming he meant Florida, but a warmer climate to someone in PA could be Baltimore to Key West.
Gill
by Gill
Sat Jun 27, 2020 8:26 pm
Forum: Personal Consumer Issues
Topic: About to buy a car. What am I forgetting?
Replies: 38
Views: 2300

Re: About to buy a car. What am I forgetting?

You’re forgetting that you should be able to buy it for less that the “suggested price”.
Gill
by Gill
Sat Jun 27, 2020 7:27 pm
Forum: Personal Finance (Not Investing)
Topic: Estimated tax payments - July 15th
Replies: 2
Views: 353

Re: Estimated tax payments - July 15th

Make one payment for the total of your first two quarters. The IRS doesn’t care as long as the total is paid by July 15.
Gill
by Gill
Sat Jun 27, 2020 6:55 pm
Forum: Personal Consumer Issues
Topic: Does HELOC appraisal affect future home sale?
Replies: 6
Views: 452

Re: Does HELOC appraisal affect future home sale?

The appraisal is only between you, the bank and the appraiser. No one else should have access to it.
Gill
by Gill
Sat Jun 27, 2020 6:48 pm
Forum: Investing - Theory, News & General
Topic: Take 2020 RMD just for QCD and estimated tax payment
Replies: 30
Views: 1403

Re: Take 2020 RMD just for QCD and estimated tax payment

Gill, That's an interesting option ...obviously I would have to look up the IRS code Most working people , if they're not subject to Withholding , have to pay a certain amount each quarter ....I don't know anything about the July 15th provision All estimated payments were deferred this year to July...
by Gill
Sat Jun 27, 2020 6:44 pm
Forum: Personal Consumer Issues
Topic: Snow bird
Replies: 12
Views: 1224

Re: Snow bird

Not sure where to begin. Florida is a huge state and the East coast runs 500 miles from Key West to Jacksonville. You need to narrow it down a bit.
Gill
by Gill
Sat Jun 27, 2020 6:25 pm
Forum: Investing - Theory, News & General
Topic: Take 2020 RMD just for QCD and estimated tax payment
Replies: 30
Views: 1403

Re: Take 2020 RMD just for QCD and estimated tax payment

If you wish you could pay your entire 2020 tax bill by July 15 with funds from outside the IRA without incurring any penalties or taxable income from the IRA. You could also make whatever QCD’s you wish from the IRA for the rest of the year.
Gill
by Gill
Sat Jun 27, 2020 4:25 pm
Forum: Investing - Theory, News & General
Topic: Take 2020 RMD just for QCD and estimated tax payment
Replies: 30
Views: 1403

Re: Take 2020 RMD just for QCD and estimated tax payment

I'm sure you realize that taking a distribution to pay your estimated taxes is a taxable distribution which you could avoid by making the payments from other funds. Gill The benefit of taking them through an IRA distribution is that you are having the taxes withheld and therefore do not have to fol...
by Gill
Sat Jun 27, 2020 3:14 pm
Forum: Personal Investments
Topic: Vanguard annuity comparison tool?
Replies: 4
Views: 396

Re: Vanguard annuity comparison tool?

pwill112 wrote:
Sat Jun 27, 2020 3:03 pm
Thanks. Youi are correct. It appears Transamerica is now administering annuities.
Transamerica is only one company in the annuity business. The website I gave you above will give you quotes on dozens of annuities offered by different insurance companies.
Gill
by Gill
Sat Jun 27, 2020 2:55 pm
Forum: Personal Investments
Topic: Transferring Inherited funds from another country [Canada to US]
Replies: 12
Views: 700

Re: Transferring Inherited funds from another country

bberris wrote:
Sat Jun 27, 2020 1:48 pm

I prefer the local term "Looney"
That term only describes the one dollar coin because it has the image of a loon on one side of it.
Gill
by Gill
Sat Jun 27, 2020 2:51 pm
Forum: Personal Investments
Topic: Vanguard annuity comparison tool?
Replies: 4
Views: 396

Re: Vanguard annuity comparison tool?

I believe Vanguard is out of the business. A site I like with even better rates than Vanguard once had is blueprintincome.com.
Gill
by Gill
Sat Jun 27, 2020 2:40 pm
Forum: Investing - Theory, News & General
Topic: Take 2020 RMD just for QCD and estimated tax payment
Replies: 30
Views: 1403

Re: Take 2020 RMD just for QCD and estimated tax payment

I'm sure you realize that taking a distribution to pay your estimated taxes is a taxable distribution which you could avoid by making the payments from other funds.
Gill
by Gill
Fri Jun 26, 2020 8:24 pm
Forum: Personal Investments
Topic: Figuring out Cost-Basis: DRIP, Merger, Spin-off, Bought by a Foreign Company, Reverse Split.
Replies: 9
Views: 589

Re: Figuring out Cost-Basis: DRIP, Merger, Spin-off, Bought by a Foreign Company, Reverse Split.

Do you know the original price paid by the relative? That would be a start. I would just estimate it from there. Hadn’t been aware of that website. Could be worth a try.
Gill
by Gill
Fri Jun 26, 2020 5:49 pm
Forum: Personal Investments
Topic: Transferring Inherited funds from another country [Canada to US]
Replies: 12
Views: 700

Re: Transferring Inherited funds from another country

As Jack points out, you are not “losing” anything. You are simply converting to another currency at the prevailing exchange rate. If US dollars are desired the only way is to accept the current exchange rate. She could keep it in Canadian dollars if she wishes and spend it when she visits Canada.
Gill
by Gill
Fri Jun 26, 2020 5:43 pm
Forum: Personal Finance (Not Investing)
Topic: Converting Canadian money
Replies: 10
Views: 564

Re: Converting Canadian money

That much money in Canada will barely buy a cup of coffee. They’ve eliminated pennies and the smallest paper currency is the five dollar bill. What OP has is almost worthless.
Gill
by Gill
Fri Jun 26, 2020 4:14 pm
Forum: Personal Finance (Not Investing)
Topic: Converting Canadian money
Replies: 10
Views: 564

Re: Converting Canadian money

Dottie57 wrote:
Fri Jun 26, 2020 4:08 pm
bob60014 wrote:
Fri Jun 26, 2020 3:59 pm
How much are you talking about?
Less than 10 dollars Canadian
Give it to someone going to Canada. I had a bag full of Canadian,Euros, Pesos and others and gave it all to my daughter.
Gill
by Gill
Fri Jun 26, 2020 3:10 pm
Forum: Personal Finance (Not Investing)
Topic: Revisiting Wash Sale: Funds that track same index is Not Substantially Identical?
Replies: 40
Views: 1345

Re: Revisiting Wash Sale: Funds that track same index is Not Substantially Identical?

Also in a unrelated but philosophically similar case, in the past BH "consensus" on backdoor Roth was that it was illegal because of the step doctrine (the law that says if you chain together a sequence of event that the whole is illegal even if the parts are not). Tax experts were split. Many were...
by Gill
Fri Jun 26, 2020 3:08 pm
Forum: Personal Finance (Not Investing)
Topic: Revisiting Wash Sale: Funds that track same index is Not Substantially Identical?
Replies: 40
Views: 1345

Re: Revisiting Wash Sale: Funds that track same index is Not Substantially Identical?

Not to be snarky, but bottom line it is your tax return. Take whatever position you like and it will probably work. The IRS is too busy to worry about your little wash sale.
Gill
by Gill
Fri Jun 26, 2020 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: Revisiting Wash Sale: Funds that track same index is Not Substantially Identical?
Replies: 40
Views: 1345

Re: Revisiting Wash Sale: Funds that track same index is Not Substantially Identical?

The law is often based on on what I was taught in law school as the "reasonable man" principle, which now I'm sure must be taught as the "reasonable person" principle. :happy Whatever it's called, do you really think a reasonable person would say two funds that track the same index are not substant...
by Gill
Fri Jun 26, 2020 2:16 pm
Forum: Personal Finance (Not Investing)
Topic: Revisiting Wash Sale: Funds that track same index is Not Substantially Identical?
Replies: 40
Views: 1345

Re: Revisiting Wash Sale: Funds that track same index is Not Substantially Identical?

The law is often based on on what I was taught in law school as the "reasonable man" principle, which now I'm sure must be taught as the "reasonable person" principle. :happy Whatever it's called, do you really think a reasonable person would say two funds that track the same index are not substanti...
by Gill
Wed Jun 24, 2020 7:10 pm
Forum: Personal Finance (Not Investing)
Topic: IRS broadens rollover options for 2020 RMD distributions
Replies: 46
Views: 2706

Re: IRS broadens rollover options for 2020 RMD distributions

.... I called Vanguard this afternoon in an attempt to roll it back. They were not at all up to speed on this and, after considerable time on hold, I was advised to call back in a few days so that it may be reviewed by their legal department. No rush I guess. We have until August 31. Gill Saw this ...
by Gill
Tue Jun 23, 2020 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: IRS broadens rollover options for 2020 RMD distributions
Replies: 46
Views: 2706

Re: IRS broadens rollover options for 2020 RMD distributions

.... I called Vanguard this afternoon in an attempt to roll it back. They were not at all up to speed on this and, after considerable time on hold, I was advised to call back in a few days so that it may be reviewed by their legal department. No rush I guess. We have until August 31. Gill Saw this ...
by Gill
Tue Jun 23, 2020 4:05 pm
Forum: Personal Finance (Not Investing)
Topic: IRS broadens rollover options for 2020 RMD distributions
Replies: 46
Views: 2706

Re: IRS broadens rollover options for 2020 RMD distributions

Wonderful news from Alan and many thanks for posting. My wife was in a similar position as Mel's and I called Vanguard this afternoon in an attempt to roll it back. They were not at all up to speed on this and, after considerable time on hold, I was advised to call back in a few days so that it may ...
by Gill
Tue Jun 23, 2020 2:07 pm
Forum: Personal Finance (Not Investing)
Topic: Is a forgiven loan a gift?
Replies: 13
Views: 1079

Re: Is a forgiven loan a gift?

Did you report the imputed interest as income?
Gill
by Gill
Tue Jun 23, 2020 6:18 am
Forum: Investing - Theory, News & General
Topic: Immediate Annuities dot com Question
Replies: 14
Views: 974

Re: Immediate Annuities dot com Question

GuyInFL wrote:
Tue Jun 23, 2020 6:13 am
Yes. An annuity that begins in the future is a deferred annuity.
https://www.dictionary.com/browse/deferred-annuity?s=t
Except an annuity that starts within one year is still treated as an immediate annuity.
Gill
by Gill
Tue Jun 23, 2020 6:12 am
Forum: Investing - Theory, News & General
Topic: Immediate Annuities dot com Question
Replies: 14
Views: 974

Re: Immediate Annuities dot com Question

With an ordinary immediate annuity you can defer the first payment up to one year.
Gill
by Gill
Mon Jun 22, 2020 8:29 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question: CA Company but based in VA
Replies: 7
Views: 524

Re: Tax question: CA Company but based in VA

No, you are working and residing in Virginia and not subject to CA tax on your salary.
Gill
by Gill
Mon Jun 22, 2020 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: Line of credit secured by brokerage account
Replies: 18
Views: 648

Re: Line of credit secured by brokerage account

Interest isn’t deductible, of course.
Gill
by Gill
Mon Jun 22, 2020 11:20 am
Forum: US Chapters
Topic: Happy Birthday Mel Lindauer - 6/22/2020
Replies: 58
Views: 2798

Re: Happy Birthday Mel Lindauer - 9/22/2020

Nicolas wrote:
Mon Jun 22, 2020 11:18 am
Yes, happy birthday. But isn’t it a bit premature? This is 6/22 not 9/22 :confused
Her subject line is wrong. Quite certain Mel’s birthday is today.
Gill
by Gill
Mon Jun 22, 2020 11:17 am
Forum: Personal Finance (Not Investing)
Topic: Purchasing cabin with parents - need advice on how to structure
Replies: 18
Views: 1129

Re: Purchasing cabin with parents - need advice on how to structure

Skinut wrote:
Mon Jun 22, 2020 11:14 am
I appreciate everyone's input. Looks like deeding the property is the easiest option (and tax free, which is nice)
Deeding it and devising it by will in the event they haven’t transferred it to you during their lifetimes.
Gill
by Gill
Mon Jun 22, 2020 10:37 am
Forum: Personal Finance (Not Investing)
Topic: Purchasing cabin with parents - need advice on how to structure
Replies: 18
Views: 1129

Re: Purchasing cabin with parents - need advice on how to structure

Do you have any siblings? Gill's solution might be overly simplistic if you do. Are your parents close to the estate tax? Both federal and state or just state? Is there a state inheritance tax? Would the step up in basis of receiving the cabin as an inheritance outweigh estate taxes? What happens i...
by Gill
Mon Jun 22, 2020 10:36 am
Forum: Personal Finance (Not Investing)
Topic: Purchasing cabin with parents - need advice on how to structure
Replies: 18
Views: 1129

Re: Purchasing cabin with parents - need advice on how to structure

Thanks Gill, If they "deed" it to me at the 10 year mark, would there by any tax implications? (or anything else I should be aware of?) Not likely. There would be a gift of the equity in the property and possibly a gift tax return would need to be filed but no tax to be paid. I'm assuming from the ...
by Gill
Mon Jun 22, 2020 10:17 am
Forum: Personal Finance (Not Investing)
Topic: Purchasing cabin with parents - need advice on how to structure
Replies: 18
Views: 1129

Re: Purchasing cabin with parents

As long as they are assuming all financial obligations for the first ten years, they could simply buy the property in their own name and deed it to you at the ten year mark or else retain title and you assume the financial obligation. Their will could leave it to you. No reason for you to be on the ...
by Gill
Mon Jun 22, 2020 6:02 am
Forum: Personal Investments
Topic: Temporary Safe Investment for 90 days
Replies: 11
Views: 970

Re: Temporary Safe Investment for 90 days

90 day Treasury Bills?
Gill
by Gill
Sun Jun 21, 2020 7:06 pm
Forum: Personal Finance (Not Investing)
Topic: NJ Law and Probate Shenanigans
Replies: 18
Views: 1672

Re: NJ Law and Probate Shenanigans

Such an agreement was common in my experience with sizable partial distributions from estates. I once had to recover an excess distribution from an estate that was made by the prior officer administering the estate and it wasn’t a pleasant situation.
Gill
by Gill
Sun Jun 21, 2020 11:09 am
Forum: Personal Investments
Topic: Funding end of life legal (and other) fees
Replies: 6
Views: 811

Re: Funding end of life legal (and other) fees

Liquidity isn't usually a problem in estates with listed securities because of the stepped up basis and the ability to quickly sell stocks, bonds or mutual funds to satisfy the cash requirements of the estate. I wouldn't worry about the cash needs of the estate unless a large percentage of the estat...
by Gill
Sat Jun 20, 2020 9:35 am
Forum: Personal Investments
Topic: Portfolio for Endowed DAF
Replies: 3
Views: 198

Re: Portfolio for Endowed DAF

With an endowed grant plan distributions must be at least 5% with a minimum of $500. Also, the final residue doesn't have to go to the Vanguard Fund but it can go as you direct. As for your question, I think 100% equities is much too aggressive. I have mine EGP set at 40% equities. Gill Thank you f...
by Gill
Sat Jun 20, 2020 8:24 am
Forum: Personal Investments
Topic: Portfolio for Endowed DAF
Replies: 3
Views: 198

Re: Portfolio for Endowed DAF

With an endowed grant plan distributions must be at least 5% with a minimum of $500. Also, the final residue doesn't have to go to the Vanguard Fund but it can go as you direct.

As for your question, I think 100% equities is much too aggressive. I have mine EGP set at 40% equities.
Gill
by Gill
Fri Jun 19, 2020 9:06 am
Forum: Personal Finance (Not Investing)
Topic: Bequest to DAF - tax questions & trust question
Replies: 3
Views: 208

Re: Bequest to DAF - tax questions & trust question

You are correct about the charitable deduction for estate tax purposes. As for a testamentary trust with no designated remainder, I would think it would pass under the residuary clause of the decedent’s will. Gill Estate: Thank you. Trust: What if the trust for beneficiary was the residuary estate?...
by Gill
Fri Jun 19, 2020 8:08 am
Forum: Personal Finance (Not Investing)
Topic: Bequest to DAF - tax questions & trust question
Replies: 3
Views: 208

Re: Bequest to DAF - tax questions & trust question

You are correct about the charitable deduction for estate tax purposes. As for a testamentary trust with no designated remainder, I would think it would pass under the residuary clause of the decedent’s will.
Gill
by Gill
Thu Jun 18, 2020 8:40 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up and Managing a Private Foundation
Replies: 42
Views: 1536

Re: Setting up and Managing a Private Foundation

I think you will find that a seven figures is really too low for a private foundation because of the expense of establishing and operating such an entity. I urge you to consult with a community foundation which would most likely be happy to work with you on your charitable intentions.
Gill
by Gill
Thu Jun 18, 2020 7:01 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up and Managing a Private Foundation
Replies: 42
Views: 1536

Re: Setting up and Managing a Private Foundation

NewMoneyMustBeSmart wrote:
Thu Jun 18, 2020 6:57 pm
inbox788 wrote:
Thu Jun 18, 2020 6:52 pm
How old are you? How long is the foundation expected to last? What is the succession plan?
40s, centuries, heirs run it and on terminal bloodline assets go to predesignated charities.
You’re getting younger. A year ago you said early 50’s.😀
Gill
by Gill
Thu Jun 18, 2020 6:49 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up and Managing a Private Foundation
Replies: 42
Views: 1536

Re: Setting up and Managing a Private Foundation

You should consult with an attorney specializing in charitable entities, if for no other reason than to assure a private foundation and your intended funding make sense. There are other ways that be more efficient and easier to manage. Private foundations often don’t make sense unless the amounts in...
by Gill
Thu Jun 18, 2020 4:11 pm
Forum: Personal Finance (Not Investing)
Topic: Determining real estate basis on inherited property with life estate
Replies: 5
Views: 334

Re: Determining real estate basis on inherited property with life estate

Just to clarify... are you saying that parents gifted (not inheritance) the second home after divorce? That's what was supposed to happen, but didn't. While the divorce decree stated it should happen, the deed was never changed prior to the one parent's death. The surviving parent is the one who fo...