Search found 4864 matches

by Gill
Tue Jan 15, 2019 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: Choosing a trustee
Replies: 46
Views: 3251

Re: Choosing a trustee

Some of these requirement can only be provided by a close friend or relative. Unreasonable to expect the personal knowledge of a corporate trustee. If you are lucky enough to have a good individual to serve as trustee, that person can enlist an attorney to interpret the trust instruments and laws. ...
by Gill
Mon Jan 14, 2019 9:17 pm
Forum: Personal Finance (Not Investing)
Topic: Best way to help my wife buy a new car (gift tax implications?)
Replies: 15
Views: 1924

Re: Best way to help my wife buy a new car (gift tax implications?)

All of that thought for nothing. There are no tax implications of gifts between spouses.
Gill
by Gill
Mon Jan 14, 2019 7:43 pm
Forum: Personal Finance (Not Investing)
Topic: Choosing a trustee
Replies: 46
Views: 3251

Re: Choosing a trustee

The cost with vanguard trustee fees is outrageous. Many better options. I’m surprised not to see a reasonable fee for service. :annoyed You are likely confusing "trustee" with "financial advisor". A trustee does A LOT MORE (and may not even be responsible for the investment decisions). The trustee ...
by Gill
Mon Jan 14, 2019 5:24 pm
Forum: Investing - Help with Personal Investments
Topic: Capital Gains Question from Novice
Replies: 13
Views: 1231

Re: Capital Gains Question from Novice

Duckie wrote:
Sun Jan 13, 2019 6:19 pm
If a mutual fund you own pays you a capital gains distribution you will receive a 1099-DIV and will pay short or long term taxes on the distribution based on how long you held the fund (not how long the mutual fund held the asset).
Did you mean this? It is incorrect.
Gill
by Gill
Mon Jan 14, 2019 4:02 pm
Forum: Investing - Help with Personal Investments
Topic: Capital gain saving / Cashing in
Replies: 2
Views: 325

Re: Capital gain saving / Cashing in

If I understand your proposal correctly, there is no way to use the sale proceeds to avoid recognizing the gain for tax purposes. This is not a like kind exchange if that is what you're suggesting.
Gill
by Gill
Mon Jan 14, 2019 10:16 am
Forum: Personal Finance (Not Investing)
Topic: ? mortgage interest deduction on rental
Replies: 3
Views: 426

Re: ? mortgage interest deduction on rental

You are correct. It is a business expense and not a personal deduction. The $10,000 limit you mention is the cap on a personal deduction of state and local taxes.
Gill
by Gill
Sun Jan 13, 2019 7:04 pm
Forum: Investing - Help with Personal Investments
Topic: Capital Gains Question from Novice
Replies: 13
Views: 1231

Re: Capital Gains Question from Novice

OP, just to be clear, there would be capital gains on either fund if you sell the shares at a profit.
Gill
by Gill
Sun Jan 13, 2019 10:09 am
Forum: Personal Finance (Not Investing)
Topic: What deductible for Comprehensive and Collision Insurance?
Replies: 34
Views: 1509

Re: What deductible for Comprehensive and Collision Insurance?

I have $2500 deductible at Geico which I believe is the maximum they offer.
Gill
by Gill
Sun Jan 13, 2019 8:20 am
Forum: Personal Finance (Not Investing)
Topic: What deductible for Comprehensive and Collision Insurance?
Replies: 34
Views: 1509

Re: What deductible for Comprehensive and Collision Insurance?

I choose the largest deductible available on all insurance but you must be able to afford the loss.
Gill
by Gill
Sat Jan 12, 2019 11:40 am
Forum: Personal Finance (Not Investing)
Topic: How Long Should I Keep Financial Records of Deceased Relatives
Replies: 20
Views: 1418

Re: How Long Should I Keep Financial Records of Deceased Relatives

It appears all the estates are closed and considerable time has elapsed. I'd toss everything except the estate tax returns.

Gill
by Gill
Wed Jan 09, 2019 9:13 pm
Forum: Personal Finance (Not Investing)
Topic: Attn Tax Experts: Sold Primary Residence
Replies: 24
Views: 1011

Re: Attn Tax Experts: Sold Primary Residence

Looks as if your gain may be in the range of $200K. No problem whatsoever.
Gill
by Gill
Wed Jan 09, 2019 9:09 pm
Forum: Personal Finance (Not Investing)
Topic: Attn Tax Experts: Sold Primary Residence
Replies: 24
Views: 1011

Re: Attn Tax Experts: Sold Primary Residence

Are you married? That determines the amount of the exemption. In any case, your gain is less than the exemption for a single taxpayer so you have no tax problem at all.
Gill
by Gill
Tue Jan 08, 2019 5:31 pm
Forum: Investing - Help with Personal Investments
Topic: Escaping capital gains on second home ideas?
Replies: 22
Views: 1550

Re: Escaping capital gains on second home ideas?

If the gain comes first, could subsequent loss(es) be taken against the gain later on? Yes, as long as the losses were in the same year. Gill Gill, are you saying stockpiled carryover losses cannot be used to offset capital gains from real estate sale? No, not at all. Of course they can. The questi...
by Gill
Tue Jan 08, 2019 3:42 pm
Forum: Investing - Help with Personal Investments
Topic: Escaping capital gains on second home ideas?
Replies: 22
Views: 1550

Re: Escaping capital gains on second home ideas?

bighatnohorse wrote:
Tue Jan 08, 2019 3:36 pm
If the gain comes first, could subsequent loss(es) be taken against the gain later on?
Yes, as long as the losses were in the same year.
Gill
by Gill
Mon Jan 07, 2019 3:22 pm
Forum: Investing - Help with Personal Investments
Topic: Escaping capital gains on second home ideas?
Replies: 22
Views: 1550

Re: Escaping capital gains on second home ideas?

All the effort hardly seems worth it, and it may backfire, just to avoid $10-15,000 in tax. Are you sure that is the amount of your gain? You may have had capital improvements and there will also be selling costs to reduce the gain. You could run into all sorts of related problems trying to get cute...
by Gill
Mon Jan 07, 2019 7:13 am
Forum: Personal Finance (Not Investing)
Topic: Is it appropriate to take deduction for donating items belonging to deceased?
Replies: 8
Views: 1007

Re: Is it appropriate to take deduction for donating items belonging to deceased?

CABob wrote:
Mon Jan 07, 2019 12:47 am
No tax expert here, but since you do not have a cost basis for the items I didn't think you could deduct them.
Please correct me if I am not correct.
Basis is irrelevant and furthermore the donor does have a basis which is the date of death value.
Gill
by Gill
Sun Jan 06, 2019 6:58 pm
Forum: Personal Finance (Not Investing)
Topic: Tax liability question
Replies: 8
Views: 722

Re: Tax liability question

I don’t see where either one of these is income and I doubt you’ll receive a 1099.
Gill
by Gill
Sat Jan 05, 2019 8:30 am
Forum: Personal Consumer Issues
Topic: How old is too old to buy a house?
Replies: 50
Views: 4026

Re: How old is too old to buy a house?

Old Guy wrote:
Sat Jan 05, 2019 8:05 am
I bought the largest and most expensive house we have ever had when I was 72. Do whatever you want to do.
Did the same at 73. 4,250 square feet for the two of us and we love it.
Gill
by Gill
Fri Jan 04, 2019 5:48 pm
Forum: Personal Consumer Issues
Topic: Paying (paper) cash for daily transactions
Replies: 83
Views: 3753

Re: Paying (paper) cash for daily transactions

I think you'll find most of us use very little cash. I like to pay with cash at Mom and Pop type restaurants or stores and I use cash regularly for tips at places like the country club golf course. I get hundreds to give as gifts but, otherwise, nearly all my in person expenses are paid by credit ca...
by Gill
Thu Jan 03, 2019 12:48 pm
Forum: Personal Finance (Not Investing)
Topic: Quarterly Taxes Question
Replies: 5
Views: 741

Re: Quarterly Taxes Question

You're too late to take advantage of the safe harbor rules. I would suggest making a 1/15/19 estimated payment so you will have paid in 90% of what you estimate as your eventual 2018 total tax. Are you sure the K-1 covers the calendar year 2018?
Gill
by Gill
Thu Jan 03, 2019 11:35 am
Forum: Investing - Help with Personal Investments
Topic: Investment advice to manage windfall of $250K
Replies: 15
Views: 1181

Re: Investment advice to manage windfall of $250K

How did you get a $610,000 loan with $120,000 salary?
Gill
by Gill
Thu Jan 03, 2019 11:33 am
Forum: Personal Finance (Not Investing)
Topic: Tithing by Proxy (Legal Tax Avoidance?)
Replies: 32
Views: 1611

Re: Tithing by Proxy (Legal Tax Avoidance?)

EdNorton wrote:
Wed Jan 02, 2019 6:01 pm
I'm a retired CPA and I endorse this. Your parent's can gift you cash. You can do what you want with that cash. I would do it and can't see the IRS successfully challenging that.
Yes, you will probably get away with it, but it's still a step transaction nevertheless.
Gill
by Gill
Wed Jan 02, 2019 8:17 pm
Forum: Investing - Help with Personal Investments
Topic: SPIAs inside a Roth
Replies: 3
Views: 310

Re: SPIAs inside a Roth

Agree entirely and I have bought an SPIA with a portion of my Roth. I don’t know if all insurance companies issue Roth SPIA’s but some do. You’re correct, all distributions from the SPIA are tax free.
Gill
by Gill
Wed Jan 02, 2019 4:26 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard Returns Extremely Disappointed
Replies: 44
Views: 5041

Re: Vanguard Returns Extremely Disappointed

OldSport wrote:
Wed Jan 02, 2019 4:23 pm
... 80% of VG contribtions were made the last 4.5 years.
So what is the relevance of your benchmark performance figures?
Gill
by Gill
Wed Jan 02, 2019 12:14 pm
Forum: Personal Consumer Issues
Topic: Sarasota -> Key West Road Trip
Replies: 6
Views: 463

Re: Sarasota -> Key West Road Trip

smallest post office in the US (off Alligator Alley) Ochopee (home of the "smallest post office in the US") is on US 41, not Alligator Alley. It looks like at least 20 miles one way from AA. Many people confuse Alligator Alley (now I-75) with the Tamiami Trail (US 41), both running across the Everg...
by Gill
Wed Jan 02, 2019 11:20 am
Forum: Personal Consumer Issues
Topic: Sarasota -> Key West Road Trip
Replies: 6
Views: 463

Re: Sarasota -> Key West Road Trip

Don't take Alligator Alley to Miami. Get off I-75 at Route 951 in Naples just before the toll gates and head South to US 41. Follow US 41 from Naples to the intersection at Route 997 leading to Homestead, Florida City and US 1 which then heads into the Keys all the way to Key West. You won't see any...
by Gill
Sun Dec 30, 2018 9:00 pm
Forum: Personal Finance (Not Investing)
Topic: Family Charitable Fund - Experiences and Best Practices?
Replies: 12
Views: 709

Re: Family Charitable Fund - Experiences and Best Practices?

The mechanics described are way too complicated with too many people to keep up long term. If your family is like many, I would stay out of it, avoid the hassle and then do something similar by myself if I were inclined. I agree. Thirteen people is an unwieldy number which is why I suggested one ad...
by Gill
Sun Dec 30, 2018 8:25 pm
Forum: Personal Finance (Not Investing)
Topic: Family Charitable Fund - Experiences and Best Practices?
Replies: 12
Views: 709

Re: Family Charitable Fund - Experiences and Best Practices?

I assume this is a donor advised fund. You will need to elect/appoint someone to act as advisor and as successor advisor to recommend grants to Vanguard. I would think this person should have the final decision on grants with input from any family members who wish to participate.
Gill
by Gill
Sun Dec 30, 2018 6:34 pm
Forum: Investing - Help with Personal Investments
Topic: SPIA for 85 year old
Replies: 18
Views: 1506

Re: SPIA for 85 year old

Agreed. Recently I found the best rate there available anywhere. Gill So I'm curious, did you decide to buy an SPIA (for yourself or a family member)? Any tips or lessons learned? Yes, I did purchase. I have purchased annuities through immediateannuities.com and Vanguard in the past. Recently disco...
by Gill
Sun Dec 30, 2018 4:30 pm
Forum: Investing - Help with Personal Investments
Topic: SPIA for 85 year old
Replies: 18
Views: 1506

Re: SPIA for 85 year old

Agreed. Recently I found the best rate there available anywhere. Gill So I'm curious, did you decide to buy an SPIA (for yourself or a family member)? Any tips or lessons learned? Yes, I did purchase. I have purchased annuities through immediateannuities.com and Vanguard in the past. Recently disco...
by Gill
Sun Dec 30, 2018 8:38 am
Forum: Investing - Help with Personal Investments
Topic: SPIA for 85 year old
Replies: 18
Views: 1506

Re: SPIA for 85 year old

2) Should I look anywhere besides Vanguard's partner (Hueler dba Income Solutions)? You can check https://www.immediateannuities.com/, but I doubt you'll get a better price than you got from Vanguard. I would also check blueprintincome.com . I saw better rates for some scenarios. Agreed. Recently I...
by Gill
Sat Dec 29, 2018 8:25 pm
Forum: Personal Finance (Not Investing)
Topic: Vacation in Fort Myers
Replies: 16
Views: 1511

Re: Vacation in Fort Myers

Also, just curious, the people that have been to sanibel, is the bridge scary? I thought it was this bridge that I heard people talking about that said it’s super scary. I mean, grown men that are usually not scared of things. It could be a different place though. Just thought it was ft Myers. Are ...
by Gill
Fri Dec 28, 2018 1:00 pm
Forum: Personal Finance (Not Investing)
Topic: Donor Advised Fund for small donors - my experience
Replies: 49
Views: 2773

Re: Donor Advised Fund for small donors - my experience

ote]QCDs give you a 100% tax reduction if they are part of your RMD. Cash donations only give you your tax rate as a tax reduction and that is only if you itemize. I use QCDs for any donation $50 or more, but there is no minimum. This isn't correct if I understand what you are saying. Are you imply...
by Gill
Fri Dec 28, 2018 9:59 am
Forum: Personal Finance (Not Investing)
Topic: Donor Advised Fund for small donors - my experience
Replies: 49
Views: 2773

Re: Donor Advised Fund for small donors - my experience

ote]QCDs give you a 100% tax reduction if they are part of your RMD. Cash donations only give you your tax rate as a tax reduction and that is only if you itemize. I use QCDs for any donation $50 or more, but there is no minimum. This isn't correct if I understand what you are saying. Are you imply...
by Gill
Thu Dec 27, 2018 9:37 pm
Forum: Personal Finance (Not Investing)
Topic: Estimated Tax Payment Question
Replies: 18
Views: 1421

Re: Estimated Tax Payment Question

You should check out the safe harbor rules; note that it would be due Jan 15. I think you could skip both forms if you meet these rules. Generally, an underpayment penalty can be avoided if you make one of the safe harbor payments described below. The IRS will not charge an underpayment penalty if ...
by Gill
Tue Dec 25, 2018 9:24 pm
Forum: Personal Finance (Not Investing)
Topic: Which accounts to put under Trust?
Replies: 5
Views: 682

Re: Which accounts to put under Trust?

Normally none of those other than your taxable accounts. Your will and beneficiary designations should cover the balance. I assume you established a revocable living trust.
Gill
by Gill
Tue Dec 25, 2018 8:01 pm
Forum: Investing - Help with Personal Investments
Topic: Layered Annuities SPIA
Replies: 9
Views: 928

Re: Layered Annuities SPIA

I'm fairly new to thinking about SPIA annuities, so it's quite possible I just don't get it yet. But, it seems to me that if I'm purchasing longevity insurance with an SPIA that I'd prefer it to be indexed to inflation. Otherwise it wouldn't perform its intended primary function, which in our case ...
by Gill
Mon Dec 24, 2018 10:06 pm
Forum: Personal Finance (Not Investing)
Topic: Testamentary Trust, Taxes, and UTMA
Replies: 14
Views: 813

Re: Testamentary Trust, Taxes, and UTMA

Do you know that capital gain is usually credited to principal, not income?
Gill
by Gill
Mon Dec 24, 2018 9:27 pm
Forum: Personal Finance (Not Investing)
Topic: Testamentary Trust, Taxes, and UTMA
Replies: 14
Views: 813

Re: Testamentary Trust, Taxes, and UTMA

If you had 30% realized income in a year, presumably most of that would be capital gain taxed to the trust except to the extent distributed to the beneficiary.
Gill
by Gill
Sun Dec 23, 2018 10:07 pm
Forum: Personal Finance (Not Investing)
Topic: Living Trust written in California, good in North Carolina?
Replies: 4
Views: 595

Re: Living Trust written in California, good in North Carolina?

Because CA is a community property state and NC is not, I would delay any thoughts of a trust until you move and can consult a NC Attorney.
Gill
by Gill
Sat Dec 22, 2018 11:14 am
Forum: Personal Finance (Not Investing)
Topic: Expensive Colleges - Investment Worth It
Replies: 67
Views: 2574

Re: Expensive Colleges - Investment Worth It

I don't think the real question is whether expensive colleges are worth it. I think, for the most part, yes, they are worth it. The real question is whether the expense makes sense in your family context and, as you've carefully outlined and with five children to put through college it clearly doesn...
by Gill
Fri Dec 21, 2018 5:18 pm
Forum: Investing - Help with Personal Investments
Topic: RMD reinvest
Replies: 26
Views: 1797

Re: RMD reinvest

Indianrock wrote:
Fri Dec 21, 2018 5:12 pm
Then there is the "in-kind" aspect of moving that portion from IRA to taxed account.
No need to transfer mutual funds in kind. Just sell in the IRA and buy in the taxable account.
Gill
by Gill
Wed Dec 19, 2018 4:33 pm
Forum: Investing - Help with Personal Investments
Topic: Please critique my uncles investment advice...
Replies: 10
Views: 817

Re: Please critique my uncles investment advice...

ElmoHongZito wrote:
Wed Dec 19, 2018 3:19 pm
Remember don't buy until intrest rates peek! Good luck”

I wouldn't pay much attention to anyone talking about an interest rate "peek" (sic).
Gill
by Gill
Wed Dec 19, 2018 4:30 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Settlement issues and inherited IRAs
Replies: 37
Views: 1556

Re: Estate Settlement issues and inherited IRAs

That assumes that all the beneficiaries are in agreement. If the OP wants HIS share of the IRA(s), he can do everything himself for himself, and not wait for anyone else to do anything. I'm not sure what position the custodian would take if there wasn't agreement. I assume they should divided the I...
by Gill
Wed Dec 19, 2018 4:15 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Settlement issues and inherited IRAs
Replies: 37
Views: 1556

Re: Estate Settlement issues and inherited IRAs

There is Illinois estate tax due. It will be 160-180k most likely. And that is my main worry. If the value of the estate tanks in the next three months, it could go under the exemption level for that tax (4.2 million). We could then owe 160k when we should owe nothing. If the estate is re-assessed ...
by Gill
Wed Dec 19, 2018 4:08 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Settlement issues and inherited IRAs
Replies: 37
Views: 1556

Re: Estate Settlement issues and inherited IRAs

Illinois has an alternate valuation provision which means the estate can be valued at date of death or six months later UNLESS ASSETS ARE DISPOSED OF SOONER. In other words, you don't need to hold up distribution for six months. You can distribute now and that value become your alternate value. Some...
by Gill
Wed Dec 19, 2018 3:21 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Settlement issues and inherited IRAs
Replies: 37
Views: 1556

Re: Estate Settlement issues and inherited IRAs

For whatever it is worth now that the horse is out of the barn, it is totally irresponsible for an executor or trustee to continue to hold a decedent's original assets without the specific consent of the beneficiaries. These should have been liquidated immediately unless all the beneficiaries consen...
by Gill
Tue Dec 18, 2018 8:35 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance
Replies: 6
Views: 336

Re: Life Insurance

If you have enough to provide for anyone dependent upon you in the event of your death, I’d let it lapse.
Gill