Search found 4354 matches

by Gill
Tue Jul 17, 2018 1:15 pm
Forum: Investing - Help with Personal Investments
Topic: Transferring money from Canada - Wait for exchange rate to improve?
Replies: 2
Views: 96

Re: Transferring money from Canada - Wait for exchange rate to improve?

No telling which way it may go. The exchange rate for The Canadian dollar has been much worse in the past. I’d covert it now and don’t look back.
Gill
by Gill
Tue Jul 17, 2018 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: iBonds within a revocable trust
Replies: 6
Views: 223

Re: iBonds within a revocable trust

Your Social Security number is the tax ID for the revocable trust.
Gill
by Gill
Sun Jul 15, 2018 8:25 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone not have a Budget?
Replies: 93
Views: 4593

Re: Anyone not have a Budget?

Now in retirement (2018 is our third full year) I prepare a budget and track spending against that budget. Not only to ensure discipline in our financial lives, but to try and ensure we spend up to the level of our means (i.e., live our lives to the fullest). My position, exactly, Mike. By budgetin...
by Gill
Sun Jul 15, 2018 8:13 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone not have a Budget?
Replies: 93
Views: 4593

Re: Anyone not have a Budget?

Maybe it’s my nature, but I find it hard to comprehend how anyone could not at least estimate what they can safely spend and compare that to what they in fact spend. It seems that regardless of one’s income or wealth there are still limits to what one can safely spend. I wouldn’t sleep nights if I d...
by Gill
Sun Jul 15, 2018 7:55 am
Forum: Investing - Help with Personal Investments
Topic: Need to generate income
Replies: 27
Views: 2412

Re: Need to generate income

I would rethink your aversion to an SPIA for at least part of your portfolio.
Gill
by Gill
Fri Jul 13, 2018 3:03 pm
Forum: Personal Consumer Issues
Topic: Building a Pool
Replies: 64
Views: 7163

Re: Building a Pool

Those pools do not lower the resale value of your house as a home pool will. That is simply not true in the Southeast, and particularly Florida, where they enhance the value of a house. I've lived in Florida 40 years and have always had a pool and wouldn't be without one. On the other hand, back in...
by Gill
Thu Jul 12, 2018 4:39 pm
Forum: Personal Consumer Issues
Topic: Costco Membership
Replies: 46
Views: 4890

Re: Costco Membership

Would highly recommend both Costco and Zenni. I have glasses from both. Zenni is a bit cheaper but without the personal service.
Gill
by Gill
Wed Jul 11, 2018 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: I Now Have a Revocable Trust and Have Questions
Replies: 14
Views: 1366

Re: I Now Have a Revocable Trust and Have Questions

Your attorney admitted her knowledge of trusts was limited, and that is one thing she was correct about. Essentially what she appears to have done is use the trust as a substitute for a DPOA and then have the trust terminate immediately after death rather than having more sophisticated dispositive p...
by Gill
Tue Jul 10, 2018 7:44 pm
Forum: Personal Finance (Not Investing)
Topic: RMD + Federal taxes
Replies: 19
Views: 1428

Re: RMD + Federal taxes

I know that I can indicate zero withholding, however, my question then was: Is it ok to pay the income tax in March when I file my federal income taxes or will I be penalized by the IRS because it is too late? Do I have any other options? Almost there As long as you meet the IRS safe harbor rules y...
by Gill
Tue Jul 10, 2018 7:39 pm
Forum: Investing - Help with Personal Investments
Topic: Must I submit a revised tax return?
Replies: 23
Views: 1715

Re: Must I submit a revised tax return?

You are under no obligation to amend a return if it’s in the government’s favor. They appreciate your donation. There is no legal obligation to file an amended tax return, regardless of whether the amended return would result in you owing more to the IRS or the IRS owing you a refund. I can’t put m...
by Gill
Tue Jul 10, 2018 7:35 pm
Forum: Personal Finance (Not Investing)
Topic: RMD + Federal taxes
Replies: 19
Views: 1428

Re: RMD + Federal taxes

Minimum is zero withholding.
Gill
by Gill
Tue Jul 10, 2018 6:43 pm
Forum: Investing - Help with Personal Investments
Topic: Must I submit a revised tax return?
Replies: 23
Views: 1715

Re: Must I submit a revised tax return?

Don’t do anything and just enjoy the $500.
Gill
by Gill
Sat Jul 07, 2018 7:16 pm
Forum: Personal Consumer Issues
Topic: Tipping in a hotel room/cruise ship room
Replies: 57
Views: 3966

Re: Tipping in a hotel room/cruise ship room

Some businesses have a no-tip-reimbursement policy, and the only way to get reimbursed would be fraudulent. So I think your old boss would be walking a fine line there. Maybe that's why he's no longer your boss. I’m not sure I’d want to work for a company with such a policy. Tipping is a perfectly ...
by Gill
Fri Jul 06, 2018 6:37 pm
Forum: Personal Consumer Issues
Topic: Going solar?
Replies: 70
Views: 5029

Re: Going solar?

OP, with an electric villas low as yours, I can’t see how solar would ever make sense.
Gill
by Gill
Fri Jul 06, 2018 10:17 am
Forum: Personal Consumer Issues
Topic: Boglehead CPA's: How Do You Complete Your CPE Requirements?
Replies: 7
Views: 493

Re: Boglehead CPA's: How Do You Complete Your CPE Requirements?

When I was still meeting the CPE requirements I used the Journal of Accountancy to meet part of the requirement. Very easy to do.
Gill
by Gill
Thu Jul 05, 2018 4:31 pm
Forum: Personal Finance (Not Investing)
Topic: Selling Main Residence Tax Question for Widow
Replies: 10
Views: 418

Re: Selling Main Residence Tax Question for Widow

Don't forget that your mother received a stepped up basis on your fathers half of the house as of the date of his death. That is a huge change in basis. Selling expenses and home improvements over the years can also be added. Did you notice my comment above? Stepup depends on how the house was owne...
by Gill
Thu Jul 05, 2018 4:21 pm
Forum: Personal Finance (Not Investing)
Topic: Selling Main Residence Tax Question for Widow
Replies: 10
Views: 418

Re: Selling Main Residence Tax Question for Widow

Understand that you can reinvest the proceeds from the sale of a primary residence into the new apartment if you purchase within a specified period of time (seems like it is either 6 months or 12 months, seek a more authoritative source before you commit to a specific plan) , so if you have a $700,...
by Gill
Wed Jul 04, 2018 2:25 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Schedule B
Replies: 6
Views: 424

Re: Trust Schedule B

A schedule attached to a document can be anything you want it to be. Doesn’t the document make reference to Schedule B?
Gill
by Gill
Wed Jul 04, 2018 11:24 am
Forum: Investing - Help with Personal Investments
Topic: Terminating personal advisory service
Replies: 4
Views: 782

Re: Terminating personal advisory service

I can't imagine it's any problem at all. Just tell your contact you wish to terminate the service.
Gill
by Gill
Wed Jul 04, 2018 11:22 am
Forum: Investing - Help with Personal Investments
Topic: Morgan Stanley Wealth Management Thoughts
Replies: 27
Views: 2119

Re: Morgan Stanley Wealth Management Thoughts

Why is J&J a big risk? I do not follow you logic at all. If I follow your numbers correctly, you have about 1/3 of your portfolio in one stock. It doesn't matter whether it is J & J or any other single company. Having that much of your portfolio invested any any one company is far too much risk. Gill
by Gill
Tue Jul 03, 2018 6:22 pm
Forum: Investing - Help with Personal Investments
Topic: Taxes for those drawing income
Replies: 9
Views: 884

Re: Taxes for those drawing income

My federal tax rate is lower in retirement than during my years as a working stiff. Nonetheless, my current taxes are greater than my gross Social Security benefit. I guess I could let SS withhold 100% of my net SS, but I prefer to pay the tax with -my year end RMD. I have done small Roth conversio...
by Gill
Sun Jul 01, 2018 6:33 pm
Forum: Investing - Theory, News & General
Topic: Treasury Direct website down all day (7/1)
Replies: 23
Views: 1753

Re: Treasury Direct website down all day (7/1)

I accessed it about 0800 EDT with no problem.
Gill
by Gill
Sun Jul 01, 2018 4:00 pm
Forum: Personal Finance (Not Investing)
Topic: Intra-family gift vs. loan
Replies: 6
Views: 616

Re: Intra-family gift vs. loan

Puzzled why your parents had enough to make gifts to you and now the situation is reversed. Are you exceeding the annual exclusion? Gill Just different points in our lives. I'm in better shape financially. My parents have quite a few assets but not very liquid. No incoming salary anymore and signif...
by Gill
Sun Jul 01, 2018 2:42 pm
Forum: Personal Finance (Not Investing)
Topic: Required minimum distributions from IRA
Replies: 18
Views: 1445

Re: Required minimum distributions from IRA

If you have multiple IRA accounts, only you know your RMD.
GIll
by Gill
Sun Jul 01, 2018 2:38 pm
Forum: Personal Finance (Not Investing)
Topic: Intra-family gift vs. loan
Replies: 6
Views: 616

Re: Intra-family gift vs. loan

Puzzled why your parents had enough to make gifts to you and now the situation is reversed. Are you exceeding the annual exclusion?
Gill
by Gill
Sat Jun 30, 2018 8:13 pm
Forum: Personal Finance (Not Investing)
Topic: What are your property taxes?
Replies: 212
Views: 12747

Re: What are your property taxes?

How meaningful is this survey? Real estate taxes generally have some relation to the value of the property and vary widely by municipality. How much anyone pays while knowing nothing else has no significance.
Gill
by Gill
Sat Jun 30, 2018 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: Local Bank Branch Consolidation - Huh?
Replies: 12
Views: 1008

Re: Local Bank Branch Consolidation - Huh?

In my experience, the bank considers your account at the branch where it was opened. To the customer it is meaningless because you can use any branch. I’ve never returned to the branch where my account was opened.
Gill
by Gill
Sat Jun 30, 2018 6:43 am
Forum: Personal Finance (Not Investing)
Topic: Missed June estimated tax payment deadline. Now what?
Replies: 17
Views: 2060

Re: Missed June estimated tax payment deadline. Now what?

As others have suggested, just file it now. Shouldn’t be a problem.
Gill
by Gill
Fri Jun 29, 2018 7:24 pm
Forum: Personal Consumer Issues
Topic: [Do you subscribe to Consumer Reports?]
Replies: 31
Views: 2808

Re: [Do you subscribe to Consumer Reports?]

Have been a subscriber for 50 years but find less of interest in recent years. As others have noted, their reviews seem less relevant. Maybe my consumption habits have changed along with increasing reliance on the Internet I’m still a subscriber but possibly not for much longer.
Gill
by Gill
Fri Jun 29, 2018 3:21 pm
Forum: Personal Finance (Not Investing)
Topic: Step to revoke RLT ; / define 'extensive changes' Trust
Replies: 7
Views: 445

Re: Step to revoke RLT ; / define 'extensive changes' Trust

I'm a little confused too, but you appear to wish to revoke the trust or to amend it. You can certainly do either. You can also remove all assets from it which would nullify the trust but be sure you don't have a will pouring over to that trust if you don't want to keep it. Why have you lost confide...
by Gill
Fri Jun 29, 2018 1:11 pm
Forum: Personal Finance (Not Investing)
Topic: Deed of Trust on Condo, how can borrower get a release if lender dies?
Replies: 26
Views: 1310

Re: Deed of Trust on Condo, how can borrower get a release if lender dies?

Would a private annuity make sense where you agree to pay her a certain amount monthly as long as she lives?
Gill
by Gill
Thu Jun 28, 2018 8:01 pm
Forum: Investing - Help with Personal Investments
Topic: Found Bond Question
Replies: 8
Views: 767

Re: Found Bond Question

This is a zero coupon bond maturing in four years. It pays no current interest but will pay its face value at maturity. It would be best to hold it until maturity as a sale now might be almost impossible at a reasonable price.
Gill
by Gill
Thu Jun 28, 2018 3:24 pm
Forum: Personal Consumer Issues
Topic: Determining "Fair Market Value" for a home
Replies: 14
Views: 1060

Re: Determining "Fair Market Value" for a home

It depends somewhat on the purpose of the valuation. Is this a sale or a gift? The most formal way, and the way that can withstand scrutiny from the IRS, is to have an appraisal done by a qualified real estate appraiser, not a broker or sales agent. There is, of course, a fee for this. As suggested ...
by Gill
Wed Jun 27, 2018 7:16 am
Forum: Personal Finance (Not Investing)
Topic: Quit claim deed gift tax
Replies: 17
Views: 1543

Re: Quit claim deed gift tax

OP, you don’t amend an income tax return with a gift tax return. Form 709 is a separate and distinct tax return having nothing to do with income tax.
Gill
by Gill
Tue Jun 26, 2018 6:49 pm
Forum: Personal Finance (Not Investing)
Topic: Quit claim deed gift tax
Replies: 17
Views: 1543

Re: Quit claim deed gift tax

There is no gift because they provided none of the consideration for the purchase. Even if the facts were different a gift tax is of no concern. Go ahead and make the transfer. Putting an account in joint tenancy, at least outside New York, isn't a gift because as between the parties the account be...
by Gill
Tue Jun 26, 2018 6:52 am
Forum: Personal Finance (Not Investing)
Topic: Quit claim deed gift tax
Replies: 17
Views: 1543

Re: Quit claim deed gift tax

There is no gift because they provided none of the consideration for the purchase. Even if the facts were different a gift tax is of no concern. Go ahead and make the transfer.
Gill
by Gill
Mon Jun 25, 2018 4:39 pm
Forum: Personal Finance (Not Investing)
Topic: What is/ was your career and would you recommend it now?
Replies: 343
Views: 31629

Re: What is/ was your career and would you recommend it now?

Amanda999 wrote:
Thu Jun 21, 2018 5:56 pm
Lawyer. No.
+1
by Gill
Mon Jun 25, 2018 4:24 pm
Forum: Personal Finance (Not Investing)
Topic: Donor Advised Fund and KQED
Replies: 8
Views: 649

Re: Donor Advised Fund and KQED

I've used my DAF to make contributions to charities where there are certain ancillary benefits such as free or reduced admissions. Had no problem with either Vanguard, Fidelity or Schwab.
Gill
by Gill
Mon Jun 25, 2018 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Florida Estate Planning
Replies: 8
Views: 591

Re: Florida Estate Planning

...the much bigger expense may be after you die when the beneficiary (or personal rep) has to pay a lawyer to help administer the trust which is the way trusts are handled in lieu of going through probate. https://store.nolo.com/products/online-living-trust-nntrus.html There is often no need for an...
by Gill
Mon Jun 25, 2018 3:11 pm
Forum: Personal Finance (Not Investing)
Topic: Charity giving how much? How much do other retirees give?
Replies: 44
Views: 3950

Re: Charity giving how much? How much do other retirees give?

Give away 25% of your withdrawals every year. Reevaluate annually. Can always give away most at death with stepped up basis. What does stepped up basis have to do with gifts to charity? Gill Charity gets to sell with less taxes - hopefully. Charity pays no taxes on capital gains so basis is irrelev...
by Gill
Sun Jun 24, 2018 3:25 pm
Forum: Personal Finance (Not Investing)
Topic: Niece & Vanguard as co-trustees
Replies: 13
Views: 975

Re: Niece & Vanguard as co-trustees

Sounds like a good arrangement depending on the duration of the trust and those who are the beneficiaries.
Gill
by Gill
Sun Jun 24, 2018 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: Donor Advised Fund and KQED
Replies: 8
Views: 649

Re: Donor Advised Fund and KQED

I can’t imagine a charity would make a distinction between the two types of gifts.
Gill
by Gill
Sun Jun 24, 2018 2:42 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes confuse me!
Replies: 14
Views: 1156

Re: Taxes confuse me!

Yes, you pay taxes on the gain, not the entire proceeds when you sell. No telling what rates might be in the future.
Fill
by Gill
Sun Jun 24, 2018 2:37 pm
Forum: Investing - Help with Personal Investments
Topic: dividends
Replies: 6
Views: 592

Re: dividends

Don’t follow. What does reinvesting have to do with STCG?
Gill
by Gill
Sat Jun 23, 2018 8:10 pm
Forum: Investing - Help with Personal Investments
Topic: Dividend Tax Withholding at Vanguard?
Replies: 10
Views: 1198

Re: Dividend Tax Withholding at Vanguard?

Why not just withhold more from the RMD’s?
Gill
by Gill
Sat Jun 23, 2018 5:35 pm
Forum: Personal Consumer Issues
Topic: South Florida for 2 days - Agenda?
Replies: 13
Views: 824

Re: South Florida for 2 days - Agenda?

I agree with the others Orlando to Key West is too much driving for your short time period. Do you know the only beaches in the Florida Keys are man made and not very exciting?
Gill
by Gill
Sat Jun 23, 2018 2:26 pm
Forum: Personal Finance (Not Investing)
Topic: Sibling wants to share house sale proceeds - best way to avoid gift taxes?
Replies: 20
Views: 2251

Re: Sibling wants to share house sale proceeds - best way to avoid gift taxes?

Just write the checks for the full amount and file one gift tax return. Actually, I think you could avoid the gift tax return entirely by taking the position it was just the settlement of an estate. No need to complicate things and no need to worry about ever having gift taxes.
Gill
by Gill
Sat Jun 23, 2018 6:18 am
Forum: Personal Finance (Not Investing)
Topic: No interest mortgage
Replies: 6
Views: 709

Re: No interest mortgage

Strange set of facts. Is your balance really $45? Also, are you sure that the bank wasn’t charging interest on the first mortgage? Were they possibly adding the interest to principal?
What did your annual tax form from the bank say about interest?
Gill
by Gill
Fri Jun 22, 2018 10:44 am
Forum: Personal Finance (Not Investing)
Topic: Trustee for mom's estate: large reserve recommended
Replies: 21
Views: 1648

Re: Trustee for mom's estate: large reserve recommended

Pajamas wrote:
Fri Jun 22, 2018 10:28 am
Do you agree that it's generally best to be conservative about paying out an estate or trust?
Absolutely! As I described above, it is best to be conservative in making estate distributions. The consequences of not maintaining a sufficient reserve can be serious.
Gill
by Gill
Fri Jun 22, 2018 10:22 am
Forum: Personal Finance (Not Investing)
Topic: Trustee for mom's estate: large reserve recommended
Replies: 21
Views: 1648

Re: Trustee for mom's estate: large reserve recommended

Pajamas wrote:
Fri Jun 22, 2018 9:44 am

It's certainly a situation in which someone could say, "No, you made the mistake, you will have to pay it out of your share. I didn't have any input on how to manage the estate and I already spent all of the money that I received."
Of course, they could be sued by the executor.
Gill