Search found 8173 matches

by Gill
Tue Jun 13, 2023 7:39 pm
Forum: Personal Finance (Not Investing)
Topic: Revocable Trust Question
Replies: 2
Views: 511

Re: Revocable Trust Question

None
Gill
by Gill
Wed Jun 07, 2023 1:43 pm
Forum: Personal Finance (Not Investing)
Topic: What does the IRS need to know about the house I bought for my son?
Replies: 5
Views: 1053

Re: What does the IRS need to know about the house I bought for my son?

It appears you continue to own the property. Nothing needs to be reported.

Gill
by Gill
Tue Jun 06, 2023 10:40 am
Forum: Personal Investments
Topic: In-Laws financial advisor charges 1.0% on AUM. Say something?
Replies: 129
Views: 10353

Re: In-Laws financial advisor charges 1.0% on AUM. Say something?

I agree you should bite your tongue. Only comment I have is the manager is gouging a bit on the amount over $3 million.
Gill
by Gill
Sun May 21, 2023 4:43 pm
Forum: Personal Investments
Topic: Inherited Property
Replies: 4
Views: 606

Re: Inherited Property

If you sell within a reasonable time after date of death you should have no gain and possibly even a loss after deducting selling expenses. Forget the idea of a like kind exchange. It doesn’t apply to you nor does it benefit you.
Gill
by Gill
Thu May 18, 2023 5:55 am
Forum: Personal Finance (Not Investing)
Topic: Moving to PA from MD for tax reasons
Replies: 54
Views: 4870

Re: Moving to PA from MD for tax reasons

At age 76, do you really want to go through the trauma and aggravation of moving for a tax savings? I certainly wouldn’t.
Gill
by Gill
Wed May 17, 2023 7:23 pm
Forum: Personal Finance (Not Investing)
Topic: Real Estate: TOD vs Trust, and cap gains thereof?
Replies: 7
Views: 607

Re: Real Estate: TOD vs Trust, and cap gains thereof?

ltgcc wrote: Wed May 17, 2023 7:14 pm 'transfer happens' as in when the recipient gets the title to the property.
…which implies the death of the owner. With a trust, there may not be a death involved.
Gill
by Gill
Wed May 17, 2023 5:41 pm
Forum: Personal Finance (Not Investing)
Topic: Real Estate: TOD vs Trust, and cap gains thereof?
Replies: 7
Views: 607

Re: Real Estate: TOD vs Trust, and cap gains thereof?

What do tyou mean by “when the transfer happens”? In any case, there are no capital gains involved. The stepped up basis should eliminate any capital gain.
Gill
by Gill
Wed May 10, 2023 5:46 am
Forum: Personal Investments
Topic: Step up basis?
Replies: 15
Views: 1854

Re: Step up basis?

MattB wrote: Wed May 10, 2023 1:54 am
QBoy wrote: Wed May 10, 2023 1:40 amFull step up.
Reference?
Why a reference? The fact the decedent is married, is irrelevant, at least in a common law state. I can’t speak for community property states.
Gill
by Gill
Tue May 09, 2023 7:24 am
Forum: Personal Investments
Topic: Valuation Date for stepped-up basis
Replies: 6
Views: 646

Re: Valuation Date for stepped-up basis

You have a few things confused. Generally, the IRS accepts the sale price of real estate within a reasonable time after date of death as reflecting the value on date of death. Securities must be valued as a date of death and don’t have this option. Gill Thank you very much, this clears up my question and is extremely helpful. Do you have any knowledge as to whether I should maintain title to the house in the name of the trust until sale, or whether I can (or should) transfer title to my name since the trust effectively dissolved upon her death? I’m really asking whether this muddies in any way the step-up, or makes no difference. Again, many thanks. Chris Makes no difference and has no effect on the basis. Closing agent will deal with the ...
by Gill
Tue May 09, 2023 5:31 am
Forum: Personal Investments
Topic: Valuation Date for stepped-up basis
Replies: 6
Views: 646

Re: Valuation Date for stepped-up basis

You have a few things confused. Generally, the IRS accepts the sale price of real estate within a reasonable time after date of death as reflecting the value on date of death. Securities must be valued as a date of death and don’t have this option.
Gill
by Gill
Sun May 07, 2023 6:34 pm
Forum: Personal Finance (Not Investing)
Topic: Receiving Transfer on Death in Brokerage Account (Non-Retirement)
Replies: 17
Views: 1857

Re: Receiving Transfer on Death in Brokerage Account (Non-Retirement)

twh wrote: Sun May 07, 2023 6:21 pmThere will be a final tax return that takes care of (2).
No, sales after date of death are not reported on the decedent’s final return. They will be reported on the return of the TOD beneficiary.
Gill
by Gill
Fri May 05, 2023 6:12 pm
Forum: Personal Finance (Not Investing)
Topic: Estate income tax return question
Replies: 22
Views: 1965

Re: Estate income tax return question

Have you elected a fiscal year? It doesn’t appear you have. You need to file a return to establish the fiscal year even if the income is less than $600.
Gill
by Gill
Sat Apr 29, 2023 10:43 am
Forum: Personal Investments
Topic: Help me figure out my I-Bond interest.
Replies: 16
Views: 2150

Re: Help me figure out my I-Bond interest.

I believe the current market value reflects the penalty for an early redemption.
Gill
by Gill
Tue Apr 11, 2023 4:27 pm
Forum: Personal Investments
Topic: Gross earnings on a CD
Replies: 5
Views: 734

Re: Gross earnings on a CD

cheesepep wrote: Tue Apr 11, 2023 4:25 pm Not 100% on topic, but I had a similar question about a Chase 3 month CD that I opened on January 31st. It yields 3.5% and as of now, I have not seen any interest post on any of the first two months to the CD account or any of my other Chase accounts. I guess come April 31st, that all of the accrued interest will be deposited to one of my accounts at once? Usually, in my other non-Chase accounts, the interest gets posted monthly.
You’ll have to wait a while for April 31st😀
Gill
by Gill
Tue Mar 07, 2023 4:08 pm
Forum: Personal Consumer Issues
Topic: Adding EV charging to condo building
Replies: 35
Views: 2528

Re: Adding EV charging to condo building

TravelGeek wrote: Tue Mar 07, 2023 3:50 pm
LilyFleur wrote: Tue Mar 07, 2023 1:26 pm
It is much easier to install a large capacity electrical charger in a single-family-home garage. I'm not sure what would happen with apartments and condos with detached garages if only electrical vehicles were to be sold in this state.
I think British Victoria and Vancouver in particular has long had building codes/regulations requiring EV chargers in multi unit housing developments. If you research that, you will probably see how billing could work.
Don't you mean Victoria, British Columbia?
Gill
by Gill
Fri Mar 03, 2023 6:22 pm
Forum: Personal Investments
Topic: Gifted mutual fund shares: To sell or not to sell?
Replies: 7
Views: 764

Re: Gifted mutual fund shares: To sell or not to sell?

You’d be giving the gift a ten percent haircut up front. For that amount of money I’d leave it alone.
Gill
by Gill
Tue Feb 14, 2023 5:37 am
Forum: Personal Finance (Not Investing)
Topic: Income tax return for estate?
Replies: 10
Views: 1455

Re: Income tax return for estate?

You dont need any more authority for the explanation by MarkNYC. He is an authority. Do what he says.

Gill
by Gill
Wed Feb 08, 2023 3:27 pm
Forum: Investing - Theory, News & General
Topic: Municipal Pension and Federal Taxes
Replies: 1
Views: 366

Re: Municipal Pension and Federal Taxes

Yes, you certainly can. I don’t opt for withholding from any source because it is so much easier to adjust with quarterly payments.
Gill
by Gill
Sun Feb 05, 2023 7:21 pm
Forum: Personal Investments
Topic: Can You Gift Stock and Keep Dividends?
Replies: 19
Views: 1829

Re: Can You Gift Stock and Keep Dividends?

It could be argued that this is a gift with a retained life estate and therefore includable in the donor’s estate. That's exactly what it is. You're giving away the remainder and keeping a life estate. That's more common with real estate but you can do it with other assets. Before the Subchapter S Revision Act of 1982, which allowed more trusts to own S shares, people sometimes left S shares in a series of life estates. Since life estates and remainders are awkward, it's generally better to do it in a trust. That makes it easier to sell assets, it makes it easier to deal with what happens if the child dies first, and it makes it easier to keep the assets out of the child's estate. For estate and gift tax purposes, it's a gift of the entire...
by Gill
Sun Feb 05, 2023 4:16 pm
Forum: Personal Investments
Topic: Can You Gift Stock and Keep Dividends?
Replies: 19
Views: 1829

Re: Can You Gift Stock and Keep Dividends?

It could be argued that this is a gift with a retained life estate and therefore includable in the donor’s estate.
Gill
by Gill
Fri Feb 03, 2023 5:43 am
Forum: Personal Finance (Not Investing)
Topic: I received a 1099 for my deceased husband
Replies: 17
Views: 3923

Re: I received a 1099 for my deceased husband

mushripu wrote: Fri Feb 03, 2023 4:37 am For current year you are filing as head of household I would assume.
Why would you assume that? It’s more likely filing as a single person.
Gill
by Gill
Tue Jan 24, 2023 6:24 am
Forum: Personal Finance (Not Investing)
Topic: regarding the sale of primary residence in Florida
Replies: 8
Views: 713

Re: regarding the sale of primary residence in Florida

You are including the gain twice.
Gill
by Gill
Mon Jan 23, 2023 8:25 am
Forum: Personal Finance (Not Investing)
Topic: severe debilitating disease, STD/LTD
Replies: 4
Views: 792

Re: severe debilitating disease, STD/LTD

Just FYI, there are attorneys who specialize in employment matters. I retained one once (and I am an attorney) and it was the best money I ever spent. Something to keep in mind if needed.
Gill
by Gill
Sun Jan 22, 2023 6:38 pm
Forum: Personal Investments
Topic: When is an Estate Account Needed?
Replies: 14
Views: 1392

Re: When is an Estate Account Needed?

If all the accounts have designated beneficiaries the accounts should be paid direct to those individuals and there is no need for an estate account.
Gill
by Gill
Sat Jan 14, 2023 11:10 am
Forum: Personal Consumer Issues
Topic: Turbo Tax Question
Replies: 13
Views: 1123

Re: Turbo Tax Question

Sure. Just don’t enter itemized deductions.
Gill
by Gill
Sat Jan 14, 2023 5:51 am
Forum: Personal Investments
Topic: Trust question
Replies: 18
Views: 1411

Re: Trust question

Where did you come up with the $17,000 limit? I think you are confusing the annual exclusion for gift taxes which has nothing to do with taxation of income from a trust.
Gill
by Gill
Fri Jan 06, 2023 5:03 pm
Forum: Personal Finance (Not Investing)
Topic: First Year Filing Quarterly Taxes: Handling Large & Variable Dividend/Capital Gain Income
Replies: 11
Views: 1140

Re: First Year Filing Quarterly Taxes: Handling Large & Variable Dividend/Capital Gain Income

Most taxpayers simplify things which is to use the safe harbor rules. Pay in 100% of the prior year’s taxes (110% if AGI over $150k) in equal installments and you’re home free.
Gill
by Gill
Sun Jan 01, 2023 7:27 pm
Forum: Personal Investments
Topic: Anyone buying I-bonds today?
Replies: 85
Views: 12339

Re: Anyone buying I-bonds today?

Put in the order today with the purchase date being 1/27/23. There’s no need to wait until the actual date to make the purchase. This is almost an addiction. I’ve been buying the maximum since 2000 and they have become a significant but welcome part of my portfolio.
Gill
by Gill
Tue Dec 13, 2022 1:57 pm
Forum: Personal Investments
Topic: Calculating Cost Basis On Inherited Stock
Replies: 15
Views: 1575

Re: Calculating Cost Basis On Inherited Stock

brooklynboy wrote: Tue Dec 13, 2022 1:16 pm my condolences on your loss.
your basis is the FMV on date of death. i think this is the average of opening and ending prices. sometimes the FMV follows a few days after the stock is transferred to you. however, better to be pro-active and call fidelity and request that basis be updated to FMV on date of death.
No, it is the mean between the high and low on date of death.

Also, don’t assume there is a stepup in basis in all inheritance situations. Many inheritances from trust receive no stepup.

Gill
by Gill
Sat Dec 10, 2022 6:05 am
Forum: Personal Finance (Not Investing)
Topic: Trust and basis question
Replies: 2
Views: 438

Re: Trust and basis question

Stepup in basis if trust assets are includable in grantor’s estate.
Gill
by Gill
Thu Dec 08, 2022 7:35 pm
Forum: Personal Finance (Not Investing)
Topic: Choosing Estate Trustee - corporate, CPA, lawyer or other?
Replies: 114
Views: 15071

Re: Choosing Estate Trustee - corporate, CPA, lawyer or other?

I suppose you could have a CPA or law firm as trustee. That would give continuity if the person you know were to retire, leave, or die. The other question would be whether they know what they are doing as trustee. You could investigate how much they know about the trustee responsibilities and how to manage the questions that arise. I gather many attorneys who specialize in estates and trusts also serve as trustees. They should know what they are doing. If they are part of large and well established firms with sizeable practices in estates and trusts, then you could assume competence and continuity. You would have to see whether they had the customer relationship software and online access that you might expect from a bank or trust company....
by Gill
Thu Dec 08, 2022 6:07 pm
Forum: Personal Finance (Not Investing)
Topic: Individual Bond Interest Payment Reversed (Withdrawn)
Replies: 30
Views: 2036

Re: Individual Bond Interest Payment Reversed (Withdrawn)

Geologist wrote: Thu Dec 08, 2022 5:58 pm It is also possible that there has been no default, but the interest payment was delayed for some reason (a glitch) and it will be deposited again in a day or two. That sort of thing has happened to me.
Yes, of course. This looks like a very small bond issue and maybe payment was just overlooked.
Gill
by Gill
Thu Dec 08, 2022 6:05 pm
Forum: Personal Finance (Not Investing)
Topic: Choosing Estate Trustee - corporate, CPA, lawyer or other?
Replies: 114
Views: 15071

Re: Choosing Estate Trustee - corporate, CPA, lawyer or other?

Jack FFR1846 wrote: Thu Dec 08, 2022 6:01 pm This very much interests me. How does one find a corporate someoneorother to be executor/trustee? We're considering not doing trusts because anyone we might want are our age, so could easily be gone before us. We're looking into revolkable trusts that would not be funded until DW and I both pass.
That’s why you should consider a corporate trustee. No one individual offers all the attributes of an experienced corporate fiduciary.
Gill
by Gill
Thu Dec 08, 2022 5:56 pm
Forum: Personal Finance (Not Investing)
Topic: Individual Bond Interest Payment Reversed (Withdrawn)
Replies: 30
Views: 2036

Re: Individual Bond Interest Payment Reversed (Withdrawn)

Carno wrote: Thu Dec 08, 2022 5:27 pm
Gill wrote: Thu Dec 08, 2022 5:20 pm This is not unusual. Custodians anticipate income and post it even though not received. It sounds as if the obligor defaulted on the interest payment so the custodian reversed the entry.
Gill
But what about the principle. It posted late on 12/05/22 but so far it has not been reversed. How could they default on the interest but still make the full principle payment (a much larger amount)? Could this principle be reversed in the coming days as well? I did not find any default event for this issue on EMMA: https://emma.msrb.org/Security/Details/357806AS7
It’s possible the princiPAL could also be reversed.
Gill
by Gill
Thu Dec 08, 2022 5:52 pm
Forum: Personal Finance (Not Investing)
Topic: Choosing Estate Trustee - corporate, CPA, lawyer or other?
Replies: 114
Views: 15071

Re: Choosing Estate Trustee - corporate, CPA, lawyer or other?

Do you expect your lawyer and CPA to outlive the termination of the trust, or be always available, not get sick, have expertise in all aspects of trust administration and be totally objective and impartial? If not, consider a corporate fiduciary.
Gill
by Gill
Thu Dec 08, 2022 5:20 pm
Forum: Personal Finance (Not Investing)
Topic: Individual Bond Interest Payment Reversed (Withdrawn)
Replies: 30
Views: 2036

Re: Individual Bond Interest Payment Reversed (Withdrawn)

This is not unusual. Custodians anticipate income and post it even though not received. It sounds as if the obligor defaulted on the interest payment so the custodian reversed the entry.
Gill
by Gill
Wed Nov 30, 2022 8:24 am
Forum: Personal Finance (Not Investing)
Topic: Joint accounts don't automatically transfer to survivor (in NJ)?
Replies: 28
Views: 3954

Re: Joint accounts don't automatically transfer to survivor (in NJ)?

You’re right about the law governing JTWROS but the NJ taxing authorities still have an interest in collecting a tax on that transfer.
Gill
by Gill
Tue Nov 29, 2022 8:48 am
Forum: Personal Finance (Not Investing)
Topic: Transferring UTMA accounts into a Trust
Replies: 1
Views: 444

Re: Transferring UTMA accounts into a Trust

You really can’t do what you are proposing. The funds in those accounts are governed by the UTMA statutes and the beneficiary children are entitled to outright distribution at the age provided in the statute.

Gill
by Gill
Fri Nov 25, 2022 5:56 am
Forum: Investing - Theory, News & General
Topic: UTMA coming due for estranged child
Replies: 60
Views: 7701

Re: UTMA coming due for estranged child

placeholder wrote: Fri Nov 25, 2022 1:24 am
Gill wrote: Wed Nov 23, 2022 2:46 pm Although it may not be entirely Kosher, I would sell everything in the account, have the broker send you a check for the balance, and then open a bank account in the name of the UTMA. You are then free to deal with that account however you wish.
That sounds like it would be against the law.
Hmm. That’s an interesting thought.
Gill
by Gill
Wed Nov 23, 2022 6:21 pm
Forum: Investing - Theory, News & General
Topic: UTMA coming due for estranged child
Replies: 60
Views: 7701

Re: UTMA coming due for estranged child

FelixTheCat wrote: Wed Nov 23, 2022 3:30 pm
MP123 wrote: Wed Nov 23, 2022 2:07 pm Perhaps you as custodian could move the account elsewhere and thus reset the time before it escheats to the state?
I found out I cannot move the account to another brokerage this late in the game.
But why can’t you sell the assets and request a check like I suggested above?

Gill
by Gill
Wed Nov 23, 2022 2:46 pm
Forum: Investing - Theory, News & General
Topic: UTMA coming due for estranged child
Replies: 60
Views: 7701

Re: UTMA coming due for estranged child

Although it may not be entirely Kosher, I would sell everything in the account, have the broker send you a check for the balance, and then open a bank account in the name of the UTMA. You are then free to deal with that account however you wish.

Gill
by Gill
Mon Nov 14, 2022 8:49 am
Forum: Personal Finance (Not Investing)
Topic: Selling 2002 ibonds?
Replies: 39
Views: 3900

Re: Selling 2002 ibonds?

My point is you would not be in this position had you elected to report the income annually. I fully understand your position and I am well aware of that alternative. The interest on my bonds is now running about $60,000 a year. Why should I pay tax on that income years in advance ? Gill Because reporting it every year might allow you to feather the interest income in piecemeal (in smaller increments) over time where your marginal tax rate might be lower. It seems logical that taking a bolus of income in one year (or concentrated over several years) has a higher probability of putting some of your income into a higher marginal tax rate (in one year or over several years) than if it were amortized into income in smaller pieces over a long t...
by Gill
Mon Nov 14, 2022 8:40 am
Forum: Personal Finance (Not Investing)
Topic: Selling 2002 ibonds?
Replies: 39
Views: 3900

Re: Selling 2002 ibonds?

This is precisely why I am planning to report the income each year. Avoids having a bolus of untaxed income waiting to drop into our tax return upon sale and at possibly a very inopportune time (and causing issues such as the OP is having now). This has been discussed at length on this forum and many of us disagree. I am looking at more than six figures of interest income in 2030 and beyond but I’m not going to worry about it in 2022. I know others disagree. Gill My point is you would not be in this position had you elected to report the income annually. I fully understand your position and I am well aware of that alternative. The interest on my bonds is now running about $60,000 a year. Why should I pay tax on that income years in advance...
by Gill
Mon Nov 14, 2022 8:15 am
Forum: Personal Finance (Not Investing)
Topic: Selling 2002 ibonds?
Replies: 39
Views: 3900

Re: Selling 2002 ibonds?

Do you really want to pay tax on 20 years of interest? Gill This is precisely why I am planning to report the income each year. Avoids having a bolus of untaxed income waiting to drop into our tax return upon sale and at possibly a very inopportune time (and causing issues such as the OP is having now). This has been discussed at length on this forum and many of us disagree. I am looking at more than six figures of interest income in 2030 and beyond but I’m not going to worry about it in 2022. I know others disagree. Gill My point is you would not be in this position had you elected to report the income annually. I fully understand your position and I am well aware of that alternative. The interest on my bonds is now running about $60,000 ...
by Gill
Mon Nov 14, 2022 7:53 am
Forum: Personal Finance (Not Investing)
Topic: Selling 2002 ibonds?
Replies: 39
Views: 3900

Re: Selling 2002 ibonds?

MikeG62 wrote: Mon Nov 14, 2022 7:46 am
Gill wrote: Sun Nov 13, 2022 4:32 pm Do you really want to pay tax on 20 years of interest?
Gill
This is precisely why I am planning to report the income each year. Avoids having a bolus of untaxed income waiting to drop into our tax return upon sale and at possibly a very inopportune time (and causing issues such as the OP is having now).
This has been discussed at length on this forum and many of us disagree. I am looking at more than six figures of interest income in 2030 and beyond but I’m not going to worry about it in 2022. I know others disagree.
Gill
by Gill
Sun Nov 13, 2022 7:42 pm
Forum: Personal Finance (Not Investing)
Topic: Selling 2002 ibonds?
Replies: 39
Views: 3900

Re: Selling 2002 ibonds?

friar1610 wrote: Sun Nov 13, 2022 7:13 pm
Gill wrote: Sun Nov 13, 2022 4:32 pm Do you really want to pay tax on 20 years of interest?
Gill
Unless you use the I-Bonds for educational expenses for yourself or your kids there’s really no way to avoid paying taxes on them, is there? And they don’t “step up” when you die.
…but you can avoid it for ten more years.
Gill
by Gill
Sun Nov 13, 2022 4:32 pm
Forum: Personal Finance (Not Investing)
Topic: Selling 2002 ibonds?
Replies: 39
Views: 3900

Re: Selling 2002 ibonds?

Do you really want to pay tax on 20 years of interest?
Gill