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Gill
Search found 8173 matches
- Tue Jun 13, 2023 7:39 pm
- Forum: Personal Finance (Not Investing)
- Topic: Revocable Trust Question
- Replies: 2
- Views: 511
- 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
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
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
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
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
- 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
Gill
- Wed May 10, 2023 5:46 am
- Forum: Personal Investments
- Topic: Step up basis?
- Replies: 15
- Views: 1854
- 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 ...
- 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
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
- 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
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
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
You’ll have to wait a while for April 31stcheesepep 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.
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
Don't you mean Victoria, British Columbia?TravelGeek wrote: ↑Tue Mar 07, 2023 3:50 pmI 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.
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
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
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
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...
- Sun Feb 05, 2023 4:18 pm
- Forum: Investing - Theory, News & General
- Topic: Fungible $: why not high interest from non-US banks?
- Replies: 24
- Views: 2390
Re: Fungible $: why not high interest from non-US banks?
Currency risk
Gill
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
Gill
- Sun Feb 05, 2023 5:30 am
- Forum: Personal Finance (Not Investing)
- Topic: If I donate to charity via credit card or paypal, do I need to subtract transaction cost when calculating tax deduction?
- Replies: 9
- Views: 1373
Re: If I donate to charity via credit card or paypal, do I need to subtract transaction cost when calculating tax deduct
No, that’s all part off your contribution.
Gill
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
- 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
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
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
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
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
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
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
Gill
- Sun Jan 01, 2023 6:04 pm
- Forum: Investing - Theory, News & General
- Topic: REGISTRATION FOR THE 2023 BOGLEHEAD CONTEST
- Replies: 672
- Views: 40246
- 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
No, it is the mean between the high and low on date of death.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.
Also, don’t assume there is a stepup in basis in all inheritance situations. Many inheritances from trust receive no stepup.
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
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....
- 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)
Yes, of course. This looks like a very small bond issue and maybe payment was just overlooked.
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?
That’s why you should consider a corporate trustee. No one individual offers all the attributes of an experienced corporate fiduciary.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.
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)
It’s possible the princiPAL could also be reversed.Carno wrote: ↑Thu Dec 08, 2022 5:27 pmBut 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
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
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
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
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
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
Hmm. That’s an interesting thought.
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
But why can’t you sell the assets and request a check like I suggested above?FelixTheCat wrote: ↑Wed Nov 23, 2022 3:30 pmI found out I cannot move the account to another brokerage this late in the game.
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
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...
- 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...
- 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 ...
- Mon Nov 14, 2022 7:53 am
- Forum: Personal Finance (Not Investing)
- Topic: Selling 2002 ibonds?
- Replies: 39
- Views: 3900
Re: Selling 2002 ibonds?
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
- Sun Nov 13, 2022 7:42 pm
- Forum: Personal Finance (Not Investing)
- Topic: Selling 2002 ibonds?
- Replies: 39
- Views: 3900
Re: Selling 2002 ibonds?
- 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
Gill