Search found 4715 matches

by Gill
Sat Nov 17, 2018 5:09 pm
Forum: Investing - Help with Personal Investments
Topic: Tax loss harvesting for a beginner with inheritance
Replies: 2
Views: 64

Re: Tax loss harvesting for a beginner with inheritance

Sounds as if you would have an overall net loss if you liquidated the entire portfolio, the excess of which you could use against ordinary income at $3,000 a year. There is no need to try and break even if you have an overall loss.You are on the right track. Do it now.
Gill
by Gill
Sat Nov 17, 2018 11:06 am
Forum: Personal Finance (Not Investing)
Topic: File K1 if not for a calendar year?
Replies: 1
Views: 106

Re: File K1 if not for a calendar year?

If the entity that issued the K-1 was on a fiscal year that ended in 2017 you were correct in including that in your 2017 return. The is no requirement to include a copy of the K-1 with your return.
Gill
by Gill
Sat Nov 17, 2018 8:38 am
Forum: Personal Finance (Not Investing)
Topic: Real estate capital gains - advice needed
Replies: 3
Views: 306

Re: Real estate capital gains - advice needed

There may be no capital gains at all because there is a stepped up basis. Yes, if sold at a gain you would normally have to file a return with the state where the property is located.
Gill
by Gill
Thu Nov 15, 2018 7:14 pm
Forum: Personal Finance (Not Investing)
Topic: Wait, do I need a prenup?
Replies: 63
Views: 6520

Re: Wait, do I need a prenup?

I dont know why prenups are a big deal either? Its a legal binding contract, correct? WHAT DO YOU THINK MARRIAGE IS? Marriage is also a legal binding contract recognized by the state. As all of you who are married know...you had to go to some local state building and sign some paperwork. That made ...
by Gill
Thu Nov 15, 2018 5:34 pm
Forum: Personal Finance (Not Investing)
Topic: Finding an Attorney with Demonstrated, Credentialed Expertise In Elderlaw
Replies: 15
Views: 932

Re: Finding an Attorney with Demonstrated, Credentialed Expertise In Elderlaw

Silk McCue wrote:
Thu Nov 15, 2018 5:33 pm
We have Board Certified Elder Law Attorneys in Florida.

Cheers
Beat me to it, Silk!
Gill
by Gill
Thu Nov 15, 2018 5:33 pm
Forum: Personal Finance (Not Investing)
Topic: Finding an Attorney with Demonstrated, Credentialed Expertise In Elderlaw
Replies: 15
Views: 932

Re: Finding an Attorney with Demonstrated, Credentialed Expertise In Elderlaw

What state are you in? Many states have board certifications for legal specialties. In Florida, for example, Elder Law is one of them.
Gill
by Gill
Wed Nov 14, 2018 9:41 pm
Forum: Investing - Help with Personal Investments
Topic: Tax-Exempt Bond Funds Kicking Off Capital Gains
Replies: 7
Views: 903

Re: Tax-Exempt Bond Funds Kicking Off Capital Gains

These funds produce tax exempt income but, with bond ownership, there is no avoiding gains and losses. Sorry it ”fries” you but you should have known there were possibilities of capital gains in these funds.
Gill
by Gill
Wed Nov 14, 2018 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: Wait, do I need a prenup?
Replies: 63
Views: 6520

Re: Wait, do I need a prenup?

Please ignore those who are saying you don't need a prenup. With your current assets and her potential inheritance a prenup would benefit you both. I stopped reading after I saw that information.
Gil
by Gill
Wed Nov 14, 2018 8:27 am
Forum: Investing - Help with Personal Investments
Topic: Tax-Exempt Bond Funds Kicking Off Capital Gains
Replies: 7
Views: 903

Re: Tax-Exempt Bond Funds Kicking Off Capital Gains

Wht’s It costing you? $300 - $400?
Gill
by Gill
Tue Nov 13, 2018 7:08 am
Forum: Personal Finance (Not Investing)
Topic: Stock market open today?
Replies: 14
Views: 2164

Re: Stock market open today?

It’s always open on Veteran’s Day This isn't quite true. The NYSE closed on Veteran's Day in 1918 and again on 1921. From 1922-1933 it didn't close but observed a 2 minute trading halt. From 1934-1953 it closed. From 1954-2006 it didn't close but observed a 2 minute trading halt. So dm200's questio...
by Gill
Mon Nov 12, 2018 8:23 pm
Forum: Personal Consumer Issues
Topic: How to get rid of palmettos [Palmetto bugs]
Replies: 15
Views: 2130

Re: How to get rid of palmettos

We call them palmetto bugs, not palmettos. Palmettos is the plant where they often live, thus the name.
Gill
by Gill
Mon Nov 12, 2018 7:19 pm
Forum: Personal Finance (Not Investing)
Topic: Stock market open today?
Replies: 14
Views: 2164

Re: Stock market open today?

It’s always open on Veteran’s Day and will be in 2019 and 2020 also. Banks are closed but not the stock exchange.
Gill
by Gill
Sun Nov 11, 2018 8:54 am
Forum: Investing - Help with Personal Investments
Topic: Help me make a fund recommendation for a family trust
Replies: 9
Views: 828

Re: Help me make a fund recommendation for a family trust

You are a no-win situation. I once managed a trust where such an arrangement was proposed and our firm ended up resigning rather than operating with an outside party directing half of the investments. You’re at the mercy of the other advisor and what they do with their half. For example, if they inv...
by Gill
Sat Nov 10, 2018 9:28 pm
Forum: Investing - Help with Personal Investments
Topic: Muni Bond funds and Capital Gains
Replies: 11
Views: 1116

Re: Muni Bond funds and Capital Gains

This may be a stupid comment, but I’m sure you know capital gains on municipal bonds are taxable? It wasn’t clear from your question if you were aware of that.
Gill
by Gill
Thu Nov 08, 2018 10:05 am
Forum: Personal Consumer Issues
Topic: Best LSAT course?
Replies: 20
Views: 1005

Re: Best LSAT course?

When I took it I was told to practice by working crossword puzzles. Guess it worked!
Gill
by Gill
Thu Nov 08, 2018 10:04 am
Forum: Personal Consumer Issues
Topic: Best LSAT course?
Replies: 20
Views: 1005

Re: Best LSAT course?

looking wrote:
Thu Nov 08, 2018 9:54 am
what is lsat ???
Law School Aptitude Test

Gill
by Gill
Thu Nov 08, 2018 10:02 am
Forum: Personal Finance (Not Investing)
Topic: Hiring a driver/escort tax question.
Replies: 6
Views: 949

Re: Hiring a driver/escort tax question.

Traveller wrote:
Thu Nov 08, 2018 9:46 am
I agree, but I fixed your post for you. :happy
Gill wrote:
Thu Nov 08, 2018 9:12 am
No need for withholding. They are independent contractors who should pay their own SS and income tax.
Gill
You’re absolutely right!
Gill
by Gill
Thu Nov 08, 2018 9:12 am
Forum: Personal Finance (Not Investing)
Topic: Hiring a driver/escort tax question.
Replies: 6
Views: 949

Re: Hiring a driver/escort tax question.

No need for withholding. They are independent contractors who pay their own SS and income tax.
Gill
by Gill
Wed Nov 07, 2018 6:55 am
Forum: Personal Finance (Not Investing)
Topic: Trustee of inherited business
Replies: 20
Views: 1374

Re: Trustee of inherited business

Determined wrote:
Wed Nov 07, 2018 6:49 am
What do I say when asked who owns the business? Do I say the trust and leave it at that? Do I say it is me as trustee?
Yes, the trust owns the business. You don’t need to say anything about the beneficiaries of the trust.
Gill
by Gill
Tue Nov 06, 2018 4:29 pm
Forum: Personal Finance (Not Investing)
Topic: Trustee of inherited business
Replies: 20
Views: 1374

Re: Trustee of inherited business

My brother is coming to town Friday because of the Canadian long weekend. He has a meeting set up with the accountant and plans to be at the plant. I will not be part of any of this as I have my own job. I have the authority to prevent him from meeting or even going to the plant? That's not somethi...
by Gill
Tue Nov 06, 2018 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: Trustee of inherited business
Replies: 20
Views: 1374

Re: Trustee of inherited business

I sense you are struggling with this situation and don't have all the expertise needed to oversee an ongoing business. If this situation continues for too long it could lead to a diminution in value of the business and possibly its loss entirely. This would be unfortunate for both you and your broth...
by Gill
Tue Nov 06, 2018 2:19 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Documents
Replies: 32
Views: 2626

Re: estate Documents

Perhaps he should have identified himself as such before saying that he wouldn't spend his time reading the book that I recommended. If I were Mr. Steiner, I wouldn't read it either. He is widely known on Bogleheads and doesn't need to introduce himself. Sorry, not going to agree with that. The OP ...
by Gill
Tue Nov 06, 2018 6:53 am
Forum: Personal Finance (Not Investing)
Topic: Trustee of inherited business
Replies: 20
Views: 1374

Re: Trustee of inherited business

Your one question about your authority wasn’t answered. Are you sole trustee? If so, you are the owner of the business and have complete control of the business if the majority of the stock is held in the trust. Gill I am the sole trustee and the business owns all the stock. My brother calls himsel...
by Gill
Mon Nov 05, 2018 9:32 pm
Forum: Personal Finance (Not Investing)
Topic: Trustee of inherited business
Replies: 20
Views: 1374

Re: Trustee of inherited business

Your one question about your authority wasn’t answered. Are you sole trustee? If so, you are the owner of the business and have complete control of the business if the majority of the stock is held in the trust.
Gill
by Gill
Mon Nov 05, 2018 9:27 pm
Forum: Investing - Help with Personal Investments
Topic: 80 year old wants to invest $100k to get ~$10k annually. Options?
Replies: 22
Views: 3861

Re: 80 year old wants to invest $100k to get ~$10k annually. Options?

Thank you all for the excellent discussion. The SPIA option seems to fit her needs the best. Just to clarify, she wasn't receiving $12k annually on a $100k property. The property was sold for $200k+ and some of the proceeds went to other expenses. She had $100k left from the proceeds to invest. Oh!...
by Gill
Mon Nov 05, 2018 7:02 pm
Forum: Personal Finance (Not Investing)
Topic: Trustee of inherited business
Replies: 20
Views: 1374

Re: Trustee of inherited business

I would seriously consider hiring a corporate trustee. One leader in the field of managing family businesses such as this is Northern Trust Company of Chicago with many other offices. They have a small business division with long experience with businesses such as yours. Give them a call.
Gill
by Gill
Mon Nov 05, 2018 4:36 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Documents
Replies: 32
Views: 2626

Re: estate Documents

RickBoglehead wrote:
Mon Nov 05, 2018 3:46 pm
Perhaps he should have identified himself as such before saying that he wouldn't spend his time reading the book that I recommended. If I were Mr. Steiner, I wouldn't read it either.
He is widely known on Bogleheads and doesn't need to introduce himself.
Gill
by Gill
Mon Nov 05, 2018 3:42 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Documents
Replies: 32
Views: 2626

Re: estate Documents

I'd suggest that instead of looking for documents to fill out, you do some reading to understand what estate planning consists of. I suggest you read this very easy to understand book, Living Trusts For Everyone .... Estate planning is not as simple as filling in forms. That doesn't sound like a bo...
by Gill
Sun Nov 04, 2018 12:27 pm
Forum: Investing - Help with Personal Investments
Topic: Life estate deeds
Replies: 4
Views: 267

Re: Life estate deeds

Is there anything in a will that could supersede or over ride what shows up on the deed of the property? No. The language of the deed controls in states where such deeds are recognized. The terms of the decedent's will would have no effect on the disposition of this property. Recording of the death...
by Gill
Sun Nov 04, 2018 10:22 am
Forum: Personal Finance (Not Investing)
Topic: RE Newbie: Buying Family Owned Home
Replies: 14
Views: 1060

Re: RE Newbie: Buying Family Owned Home

I'm not sure what you're saying here. Of course they may discount the price, all the way down to nothing. However, the difference between FMV and the price can equal a taxable gift. Gill I am not sure I follow as well - isn't FMV (especially in real estate) is what a willing buyer is offering? Othe...
by Gill
Sat Nov 03, 2018 3:06 pm
Forum: Investing - Help with Personal Investments
Topic: My Grandmother has 80% stocks
Replies: 55
Views: 5311

Re: My Grandmother has 80% stocks

staythecourse wrote:
Sat Nov 03, 2018 7:43 am
...84 year olds are not traveling the world or buying new cars so doubtful she is going to outlive her money.
Good luck.
A few on this board might disagree with you. :x
Gill
by Gill
Sat Nov 03, 2018 2:07 pm
Forum: Personal Finance (Not Investing)
Topic: RE Newbie: Buying Family Owned Home
Replies: 14
Views: 1060

Re: RE Newbie: Buying Family Owned Home

donall wrote:
Sat Nov 03, 2018 1:30 pm
Private parties may discount price if there is no real estate commission involved.
I'm not sure what you're saying here. Of course they may discount the price, all the way down to nothing. However, the difference between FMV and the price can equal a taxable gift.
Gill
by Gill
Sat Nov 03, 2018 10:27 am
Forum: Personal Finance (Not Investing)
Topic: Best date to schedule I bond purchase? (Fixed rate 0.5%)
Replies: 2
Views: 350

Re: Best date to schedule I bond purchase? (Fixed rate 0.5%)

You're on the right track, but I'd go with the 28th just to avoid the risk of a possible delay in executing the purchase. The two days is probably only about $2-3 on the savings account.
Gill
by Gill
Fri Nov 02, 2018 8:48 pm
Forum: Personal Finance (Not Investing)
Topic: RE Newbie: Buying Family Owned Home
Replies: 14
Views: 1060

Re: RE Newbie: Buying Family Owned Home

OP asked about tax consequences and I suspect you are thinking of possible gift tax aspects of the transaction. There is a gift involved if it is sold to you for less than fair market value. The amount of the gift is the difference between these amounts and if it exceeds the annual exclusion it shou...
by Gill
Fri Nov 02, 2018 6:24 pm
Forum: Investing - Help with Personal Investments
Topic: When to redeem EE savings bond?
Replies: 7
Views: 862

Re: When to redeem EE savings bond?

You must report the interest on this bond in 2018 regardless of what you do. It also stops earning interest so you might as well redeem it on December 1.
Gill
by Gill
Fri Nov 02, 2018 3:54 pm
Forum: Investing - Theory, News & General
Topic: Vanguard Year-End distribution estimates
Replies: 34
Views: 1307

Re: Vanguard Preliminary Estimates for Capital Gains

My experience, a least on the funds I hold, has been that the estimates are quite accurate.
Gill
by Gill
Fri Nov 02, 2018 3:52 pm
Forum: Personal Finance (Not Investing)
Topic: Stock basis for widow
Replies: 32
Views: 1022

Re: Stock basis for widow

Are you in a community property state? From an earlier post of yours it appears you may be a Minnesota resident, a common law state. I’m surprised the broker made this change on their own volition. If they had a joint revocable trust, they were probably in a community property state when they creat...
by Gill
Fri Nov 02, 2018 3:20 pm
Forum: Personal Consumer Issues
Topic: Florida transportation between coasts
Replies: 17
Views: 1183

Re: Florida transportation between coasts

Car rentals are by far the least expensive and the most convenient. May be able to rent one for $30 a day or so.
Gill
by Gill
Fri Nov 02, 2018 10:47 am
Forum: Personal Consumer Issues
Topic: Florida transportation between coasts
Replies: 17
Views: 1183

Re: Florida transportation between coasts

I second the idea of renting a car. I've done it many times for one way trips such as taking a cruise out of Miami or flying out of the East Coast.
Gill
by Gill
Thu Nov 01, 2018 8:51 pm
Forum: Personal Finance (Not Investing)
Topic: Stock basis for widow
Replies: 32
Views: 1022

Re: Stock basis for widow

celia wrote:
Thu Nov 01, 2018 8:48 pm
Gill, We both keep forgetting that I'm in a community property state. The titling of our accounts is as I stated above, but this may not apply to common law states.

I'll leave now.... :wink:
Yes, OP Is not in a community property state.
Gill
by Gill
Thu Nov 01, 2018 8:49 pm
Forum: Personal Finance (Not Investing)
Topic: Stock basis for widow
Replies: 32
Views: 1022

Re: Stock basis for widow

I’d have to see the entire trust agreement. I’ll bow out of this discussion and others may chime in. I gave you my opinion earlier that there is enough question as to the proper treatment of this asset that I’d accept the broker’s determination of the basis. I assume they did this with all assets of...
by Gill
Thu Nov 01, 2018 8:37 pm
Forum: Personal Finance (Not Investing)
Topic: Stock basis for widow
Replies: 32
Views: 1022

Re: Stock basis for widow

LaurieAnnaT wrote:
Thu Nov 01, 2018 8:36 pm
Gill wrote:
Thu Nov 01, 2018 8:35 pm
LaurieAnnaT wrote:
Thu Nov 01, 2018 8:32 pm
The trust permits either one of us to put assets into the trust and to take assets out of the trust. That sounds like joint property to me.
Yes, but does it remain your separate property?
Gill
No.
On what basis do you say that? What does the trust instrument say?
Gill
by Gill
Thu Nov 01, 2018 8:35 pm
Forum: Personal Finance (Not Investing)
Topic: Stock basis for widow
Replies: 32
Views: 1022

Re: Stock basis for widow

LaurieAnnaT wrote:
Thu Nov 01, 2018 8:32 pm
The trust permits either one of us to put assets into the trust and to take assets out of the trust. That sounds like joint property to me.
Yes, but does it remain your separate property?
Gill
by Gill
Thu Nov 01, 2018 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: Stock basis for widow
Replies: 32
Views: 1022

Re: Stock basis for widow

My husband passed away in April and I notified the brokerage so that they would remove my husband's name from the account and change the tax number from my husband's SSN to mine . Since your husband's SSN was used on the (joint) account, they probably gave the whole account a step-up in basis based...
by Gill
Thu Nov 01, 2018 8:21 pm
Forum: Personal Finance (Not Investing)
Topic: Stock basis for widow
Replies: 32
Views: 1022

Re: Stock basis for widow

I don’t agree with your calculation. If you feel that there was no full stepup in basis, then there is no stepup if it is treated as your property or a one-half stepup if it is treated as joint property. Gill I don't understand what you're saying. The original basis was $2/share. The shares were se...
by Gill
Thu Nov 01, 2018 8:01 pm
Forum: Personal Finance (Not Investing)
Topic: Stock basis for widow
Replies: 32
Views: 1022

Re: Stock basis for widow

I hadn't thought about the alternate valuation date. The stock has been going down and was worth about $57.50 on the alternate date. So I get a better step-up value based on date of death. I'll give the brokerage a call and see what I can do to change it. Very likely the estate doesn’t qualify for ...
by Gill
Thu Nov 01, 2018 7:59 pm
Forum: Personal Finance (Not Investing)
Topic: Stock basis for widow
Replies: 32
Views: 1022

Re: Stock basis for widow

If you are audited "the broker reported the wrong basis" is not an acceptable defense. There's even a checkbox on Schedule D for "the broker reported the wrong basis". I can't see why the IRS would ever object to my modification of the basis. The brokerage is saying it $61/share. I'll say it's $31....
by Gill
Thu Nov 01, 2018 7:52 pm
Forum: Personal Finance (Not Investing)
Topic: Stock basis for widow
Replies: 32
Views: 1022

Re: Stock basis for widow

Has anyone had experience with getting a brokerage to modify what they show as the basis in the case of a spouse dying and joint property being held? This property was not held jointly. You indicate it was in a revocable trust of which you were both grantors. That is different than JTWROS. I would ...
by Gill
Thu Nov 01, 2018 7:37 pm
Forum: Personal Finance (Not Investing)
Topic: Stock basis for widow
Replies: 32
Views: 1022

Re: Stock basis for widow

Minnesota is not common law. Yes, It is. It’s not a community property state and therefore the common law rules apply. I would not “look a gift horse in the mouth” and leave the basis as it is now. Why would you want to question it? Gill If you are audited "the broker reported the wrong basis" is n...
by Gill
Thu Nov 01, 2018 7:07 pm
Forum: Personal Finance (Not Investing)
Topic: Stock basis for widow
Replies: 32
Views: 1022

Re: Stock basis for widow

LaurieAnnaT wrote:
Thu Nov 01, 2018 7:05 pm
Minnesota is not common law.
Yes, It is. It’s not a community property state and therefore the common law rules apply.

I would not “look a gift horse in the mouth” and leave the basis as it is now. Why would you want to question it?
Gill