Search found 4445 matches

by Gill
Sun Aug 19, 2018 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: How do you pay for purchase of a vehicle in retirement?
Replies: 9
Views: 1499

Re: How do you pay for purchase of a vehicle in retirement?

Will probably do it the same way we purchased our last car. We typically put about half the cost from our savings and then use our HELOC for the other half. In the past the interest for the HELOC was less than getting a car loan. Also, could deduct the HELOC interest on our taxes. Not sure about be...
by Gill
Sun Aug 19, 2018 10:31 am
Forum: Investing - Help with Personal Investments
Topic: Retirees: Timing your withdrawals
Replies: 27
Views: 1837

Re: Retirees: Timing your withdrawals

I also have income tax withheld at source for pension, IRA & SS. No fuss, no muss. For 2017 my tax refund was $54. Not bad. This would drive me nuts. By doing this you are dealing with three different payors who need to contacted every time you want to change your withholding. I find quarterly paym...
by Gill
Sun Aug 19, 2018 7:37 am
Forum: Investing - Help with Personal Investments
Topic: Retirees: Timing your withdrawals
Replies: 27
Views: 1837

Re: Retirees: Timing your withdrawals

As needed to supplement my fixed pension, SS and annuity income which automatically flows to my checking account.
Gill
by Gill
Sat Aug 18, 2018 2:18 pm
Forum: Personal Finance (Not Investing)
Topic: funds from inheritance [how is it taxed?]
Replies: 9
Views: 757

Re: funds from inheritance [how is it taxed?]

The answers have been all over the lot because none of us know the details of the estate. There could be a redemption of EE Bonds or I-Bonds that could cause a huge amount of income tax. Likewise withdrawals from a traditional IRA could cause income tax. There could also be capital gains if assets a...
by Gill
Fri Aug 17, 2018 7:44 am
Forum: Investing - Help with Personal Investments
Topic: Elderly Relative Short on Money
Replies: 91
Views: 6818

Re: Elderly Relative Short on Money

+1. This is sage advice. To improve her situation, she may need to work now while she is employable before she actually becomes “elderly”. FYI, at 60 I ran the NYC marathon. I know people in their 30s who cannot walk around the block. 65 is not elderly IMHO. Thanks for this comment! I felt very old...
by Gill
Fri Aug 17, 2018 7:39 am
Forum: Personal Finance (Not Investing)
Topic: Inherited House Sale as Capital Loss
Replies: 27
Views: 1098

Re: Inherited House Sale as Capital Loss

So my question is if the remaining loss can be divided up and be used by the beneficiaries? If so, does the trust need to issue K-1 forms to each beneficiary telling them their amount of remaining loss? What if the trustee is unwilling to do this as no funds are left to pay the tax preparer to gene...
by Gill
Fri Aug 17, 2018 7:34 am
Forum: Personal Finance (Not Investing)
Topic: Inherited House Sale as Capital Loss
Replies: 27
Views: 1098

Re: Inherited House Sale as Capital Loss

Yes, but what would you use to establish cost basis if they had waited longer? In my role as executor I just passed on a house to a beneficiary who may need to sell in a few years to find a smaller place. The house should be appraised by a qualified appraiser with the value as of the date of death....
by Gill
Thu Aug 16, 2018 7:18 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited House Sale as Capital Loss
Replies: 27
Views: 1098

Re: Inherited House Sale as Capital Loss

Jablean wrote:
Thu Aug 16, 2018 7:08 pm
Was the tax appraisal higher than what you sold for? You might be able to claim that loss as a difference.
You’re not going to get around the fact that the house sold for $220,000 two months after date of death. That is the best evidence of fair market value at date of death.
Gill
by Gill
Thu Aug 16, 2018 7:12 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited House Sale as Capital Loss
Replies: 27
Views: 1098

Re: Inherited House Sale as Capital Loss

Jablean wrote:
Thu Aug 16, 2018 7:08 pm
Was the tax appraisal higher than what you sold for? You might be able to claim that loss as a difference.
What tax appraisal? There has been no mention of any appraisal other than the buyer’s bank.
Gill
by Gill
Thu Aug 16, 2018 7:02 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited House Sale as Capital Loss
Replies: 27
Views: 1098

Re: Inherited House Sale as Capital Loss

So, we're just agreeing by arguing about it? :happy No, you were saying there is no loss. There is a loss which is the difference between the selling price and the net proceeds. Gill Okay then... I meant the $68k loss, and I'm sure you knew that. My interpretation of your original post was telling ...
by Gill
Thu Aug 16, 2018 6:53 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited House Sale as Capital Loss
Replies: 27
Views: 1098

Re: Inherited House Sale as Capital Loss

chevca wrote:
Thu Aug 16, 2018 6:51 pm
So, we're just agreeing by arguing about it? :happy
No, you were saying there is no loss. There is a loss which is the difference between the selling price and the net proceeds.
Gill
by Gill
Thu Aug 16, 2018 6:44 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited House Sale as Capital Loss
Replies: 27
Views: 1098

Re: Inherited House Sale as Capital Loss

OP does not need to call it an investment property. As I explained above, the loss on inherited property is deductible. He is off base, however, trying to use the appraised figure as I’ve also explained.
Gill
by Gill
Thu Aug 16, 2018 6:34 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited House Sale as Capital Loss
Replies: 27
Views: 1098

Re: Inherited House Sale as Capital Loss

I don't think you have a loss either. You don't just get to claim the house would have been used as an investment property. Was it... ever... even for a day? It sounds like the answer there is, no. Without a basis set up, depreciation schedule set up, advertised it for rent, and let alone ever rent...
by Gill
Thu Aug 16, 2018 6:02 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited House Sale as Capital Loss
Replies: 27
Views: 1098

Re: Inherited House Sale as Capital Loss

Basis is based on FMV at date of death and an appraisal is often used for that purpose. However, the best evidence of FMV is that price paid by a willing buyer to a willing seller. When that sale is close to DOD the IRS takes the position that is the best evidence of DOD value. Furthermore, even if ...
by Gill
Thu Aug 16, 2018 3:52 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited House Sale as Capital Loss
Replies: 27
Views: 1098

Re: Inherited House Sale as Capital Loss

The IRS takes the position the best indication of value at date of death is the selling price withing a reasonable time after death. The appraisal appears to have no value to you and your basis would be the selling price with the loss the amount by which the sales price was reduced by selling expens...
by Gill
Wed Aug 15, 2018 3:53 pm
Forum: Investing - Help with Personal Investments
Topic: Trying to simplify - 18 holdings all less than 1% of total portfolio
Replies: 11
Views: 635

Re: Trying to simplify - 18 holdings all less than 1% of total portfolio

jebmke wrote:
Wed Aug 15, 2018 1:51 pm
I used remnants like this to fund my Donor Advised Fund at Vanguard.
I did exactly this also some eight years ago when I parted with my last holdings of individual shares. Was a perfect solution to the problem.
Gill
by Gill
Tue Aug 14, 2018 6:24 pm
Forum: Investing - Help with Personal Investments
Topic: Holding only VWENX for retirement
Replies: 12
Views: 1047

Re: Holding only VWENX for retirement

As long as you’re comfortable holding about 2/3 equities I see no reason not to hold this fund exclusively.
Gill
by Gill
Tue Aug 14, 2018 5:26 pm
Forum: Personal Finance (Not Investing)
Topic: Inheritance tax on UK assets owned by non-UK residents?
Replies: 14
Views: 719

Re: Inheritance tax on UK assets owned by non-UK residents?

I don’t know anything about the tax law or tax treaties with respect to these countries but, it is a general rule that personal property has a situs at the domicile of the owner whereas real property has a situs where it is located. In other words, the assets you describe would not normally have a s...
by Gill
Tue Aug 14, 2018 11:36 am
Forum: Investing - Help with Personal Investments
Topic: Beginner Help with inheritance
Replies: 10
Views: 739

Re: Beginner Help with inheritance

Are you locked in with Edward Jones? Is Edward Jones Trust Company the trustee? I also wonder how "ironclad" the trust is. Do you have power to invade principal or change trustees? As a starter it would help if you could give us more information about the trust.
Gill
by Gill
Tue Aug 14, 2018 7:54 am
Forum: Personal Consumer Issues
Topic: Retire in Florida or Alabama?
Replies: 107
Views: 7199

Re: Retire in Florida or Alabama?

mrmass wrote:
Tue Aug 14, 2018 6:36 am
Naples FL, specifically within walking distance of 5th Ave.
Are you serious? Only if you have a minimum of a million or more and very few that cheap. Lived there for 30 years.
Gill
by Gill
Mon Aug 13, 2018 6:27 pm
Forum: Personal Consumer Issues
Topic: Retire in Florida or Alabama?
Replies: 107
Views: 7199

Re: Retire in Florida or Alabama?

You mentioned spending part of the year in either Alabama or Florida. If you’re speaking of the winter, there is a huge difference between Alabama weather and Florida weather. Also, there is considerable difference between the northern part of Florida and the southern part.
Gill
by Gill
Fri Aug 10, 2018 8:14 pm
Forum: Personal Finance (Not Investing)
Topic: Average expenses in MCOL area for a family of 4
Replies: 50
Views: 2351

Re: Average expenses in MCOL area for a family of 4

livesoft wrote:
Fri Aug 10, 2018 7:29 pm
I don't know our family of 4 expenses, but $86K is more than our taxable income on Form 1040 for the past 10 years.
OK, I’ll bite. As you well know, taxable income is meaningless. Tell us your accounting income, although I’m sure you don’t know it. :happy
Gill
by Gill
Fri Aug 10, 2018 3:39 pm
Forum: Investing - Help with Personal Investments
Topic: Help - Safety Stow $ as family Trustee?
Replies: 9
Views: 607

Re: Help - Safety Stow $ as family Trustee?

When you are distributing a trust in such a short period of time, you don't want to take the slightest bit of risk in the interim. Your job is not to enhance principal or even to obtain a reasonable return. It is strictly to preserve principal. Nothing makes a beneficiary angrier than to tell them o...
by Gill
Fri Aug 10, 2018 2:30 pm
Forum: Investing - Help with Personal Investments
Topic: Help - Safety Stow $ as family Trustee?
Replies: 9
Views: 607

Re: Help - Safety Stow $ as family Trustee?

Is this trust being distributed and not a continuing trust? If so, I wouldn't risk one cent and therefore would buy nothing but US Treasury Bills. I think I get it now. The $3.5 million you mentioned in the earlier post is part of this $5 million. Correct?
Gill
by Gill
Fri Aug 10, 2018 11:56 am
Forum: Investing - Help with Personal Investments
Topic: Help - Safety Stow $ as family Trustee?
Replies: 9
Views: 607

Re: Help - Safety Stow $ as family Trustee?

I wouldn't risk an entire $5 million trust in a commercial paper fund. In the interest of safety I'd suggest US Treasury Bills as a temporary investment until you more permanently invest the trust. In your earlier post you asked about the investment of $3.5 million which you inherited. Is this diffe...
by Gill
Thu Aug 09, 2018 11:44 am
Forum: Investing - Help with Personal Investments
Topic: QLAC and RMD
Replies: 7
Views: 445

Re: QLAC and RMD

Purchase the QLAC in 2018 to remove it from the balance used to calculate the 2019 RMD. Also agree, deferral to age 75 doesn't make much sense. I'd suggest age 85 to get the maximum discount and maximum distribution at age 85.
Gill
by Gill
Thu Aug 09, 2018 7:17 am
Forum: Investing - Theory, News & General
Topic: Accrued Interest on Treasury Auctions
Replies: 6
Views: 463

Re: Accrued Interest on Treasury Auctions

Subtract it from the interest received on the next payment date.
Gill
by Gill
Tue Aug 07, 2018 5:58 pm
Forum: Investing - Help with Personal Investments
Topic: SPIA for an older retired relative
Replies: 11
Views: 972

Re: SPIA for an older retired relative

Sounds like a great idea. At 75, she would get about $700/month for life per $100,000. Go for it. So for $350K she gets 3.5 x $700 = $2,450/month before taxes. But her tax bracket will be low, so all is well. I would use about half her money for this and leave the other half for emergency capital. ...
by Gill
Tue Aug 07, 2018 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage question
Replies: 20
Views: 1766

Re: Mortgage question

It's better to invest the sums of money according to your asset allocation model until you have enough to completely pay off the mortgage. Then it's better to sit down and decide if it makes sense to pay off your mortgage (which depends on your mortgage rate, your financial goals, your lack of slee...
by Gill
Tue Aug 07, 2018 4:21 pm
Forum: Personal Finance (Not Investing)
Topic: Added as joint account owner - Is it a gift (gift/estate tax)? Is it a good idea?
Replies: 16
Views: 1189

Re: Added as joint account owner - Is it a gift (gift/estate tax)? Is it a good idea?

Good Listener wrote:
Tue Aug 07, 2018 4:15 pm
Thank you for the clarification. But if the person added to the account spent the 50k let's say 2 years after being added but before the death of the original owner, then it counts as a gift?
Yes.
Gill
by Gill
Tue Aug 07, 2018 9:23 am
Forum: Personal Finance (Not Investing)
Topic: When are the taxes due on rental property sale
Replies: 14
Views: 911

Re: When are the taxes due on rental property sale

Another safe harbor is withholding 90% of current yr taxes........ true, but i don't know what my current year taxes are.. because the law changed, i doubled my RE tax payments next year (SALT deduction trick), etc. last year tax $$ is the only specific number I have. the rest is estimates.. i can ...
by Gill
Tue Aug 07, 2018 9:18 am
Forum: Personal Consumer Issues
Topic: Attn: Buffalo area Bogleheads --> St. Catharines
Replies: 7
Views: 660

Re: Attn: Buffalo area Bogleheads --> St. Catharines

Buffalo local here. I have a coworker who commutes from Ontario. He suggested "Niagara Airbus" as a possible alternative. It's a shuttle/tour charter service. I plugged in 1 person one-way trip from the Buffalo airport to St. Catharines - $99. I don't know if that is palatable for you. I cannot spe...
by Gill
Tue Aug 07, 2018 7:31 am
Forum: Personal Finance (Not Investing)
Topic: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?
Replies: 75
Views: 4881

Re: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?

...The DAF has the responsibility to determine that all grants are to qualified charities. They don’t accept your word for it and I’ve seen them go to considerable lengths investigating the proposed grantee to determine it is a qualified charity. Gill My experienc exactly with the DAF I have set up...
by Gill
Tue Aug 07, 2018 6:09 am
Forum: Personal Finance (Not Investing)
Topic: Gifting through Renting?
Replies: 11
Views: 1082

Re: Gifting through Renting?

Yes, this is a gift and should be reported.
Gill
by Gill
Mon Aug 06, 2018 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?
Replies: 75
Views: 4881

Re: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?

Yes, there are penalties for both the donor and the DAF. I never claimed the donor was off the hook if the DAF made the grant, only that it would not be made at all unless the DAF approved.
Gill
by Gill
Mon Aug 06, 2018 5:51 pm
Forum: Personal Finance (Not Investing)
Topic: Members Trust Company
Replies: 1
Views: 243

Re: Members Trust Company

Never heard of it until seeing your post. Appears to be a national full service personal trust company owned by credit unions. I note they accept trusts of half million. Might be worth considering.
Gill
by Gill
Mon Aug 06, 2018 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: Added as joint account owner - Is it a gift (gift/estate tax)? Is it a good idea?
Replies: 16
Views: 1189

Re: Added as joint account owner - Is it a gift (gift/estate tax)? Is it a good idea?

This is not a gift to you so maybe that helps answer the other concerns. Gill Gill, Why wouldn't this be a gift? Not suggesting any bad or illegal intentions, but if the lady dies and the poster then owns the full 50k, isn't this avoiding gift tax when it was given? No, it’s not a gift at the time ...
by Gill
Mon Aug 06, 2018 4:31 pm
Forum: Personal Finance (Not Investing)
Topic: Added as joint account owner - Is it a gift (gift/estate tax)? Is it a good idea?
Replies: 16
Views: 1189

Re: Added as joint account owner - Is it a gift (gift/estate tax)? Is it a good idea?

One question that remains - am I correct in thinking that if I pay funeral and/or settlement fees (e.g., attorney fees) from this account after her death when it belongs to me, I can be reimbursed from the estate to reduce the estate tax that will be due? Yes, it would be normal and quite appropria...
by Gill
Mon Aug 06, 2018 3:36 pm
Forum: Personal Finance (Not Investing)
Topic: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?
Replies: 75
Views: 4881

Re: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?

In spite of all the discussion, the decision still lies in the hands of the DAF. If they won't make the grant it doesn't happen. OP can make the "gift" on his own, and take his chances with the deductibility.
Gill
by Gill
Mon Aug 06, 2018 3:34 pm
Forum: Personal Finance (Not Investing)
Topic: When are the taxes due on rental property sale
Replies: 14
Views: 911

Re: When are the taxes due on rental property sale

Meg77 wrote:
Mon Aug 06, 2018 3:29 pm
To be safe just make sure you withhold (or pay via quarterly estimates) at least as much as you owed in 2017. Then you're good even if the actual amount you owe for 2018 far exceeds that.
...unless your 2017 AGI exceeds $150K in which case you should pay in 110%.
Gill
by Gill
Mon Aug 06, 2018 12:18 pm
Forum: Investing - Help with Personal Investments
Topic: What to do with a five figure "inherited" cash sum?
Replies: 32
Views: 3270

Re: What to do with a five figure "inherited" cash sum?

vineviz wrote:
Mon Aug 06, 2018 10:36 am
But if the donor adamantly and stubbornly refused to engage with the IRS on this question, I'm not sure that the recipient wouldn't have at least some chance on being on the hook for taxes.
There are no taxes due. I don't understand the concern here.
Gill
by Gill
Mon Aug 06, 2018 12:15 pm
Forum: Personal Finance (Not Investing)
Topic: Added as joint account owner - Is it a gift (gift/estate tax)? Is it a good idea?
Replies: 16
Views: 1189

Re: Added as joint account owner - Is it a gift (gift/estate tax)? Is it a good idea?

This is not a gift to you so maybe that helps answer the other concerns.
Gill
by Gill
Mon Aug 06, 2018 10:06 am
Forum: Investing - Help with Personal Investments
Topic: What to do with a five figure "inherited" cash sum?
Replies: 32
Views: 3270

Re: What to do with a five figure "inherited" cash sum?

Aren't we making mountains out of molehills? My advice to OP is take the cash and deposit it in the bank.
Gill
by Gill
Mon Aug 06, 2018 9:06 am
Forum: Investing - Help with Personal Investments
Topic: What to do with a five figure "inherited" cash sum?
Replies: 32
Views: 3270

Re: What to do with a five figure "inherited" cash sum?

To reiterate, the relative MUST declare the gift or else the OP will owe income tax on the money. That's nonsense. It will not be income to the OP regardless of whether the relative reports it is a gift. Gill It might be nonsense, but it is the law. That's interesting. Could you give me a citation ...
by Gill
Mon Aug 06, 2018 8:59 am
Forum: Investing - Help with Personal Investments
Topic: What to do with a five figure "inherited" cash sum?
Replies: 32
Views: 3270

Re: What to do with a five figure "inherited" cash sum?

vineviz wrote:
Sun Aug 05, 2018 11:53 pm
To reiterate, the relative MUST declare the gift or else the OP will owe income tax on the money.
That's nonsense. It will not be income to the OP regardless of whether the relative reports it is a gift.
Gill
by Gill
Sun Aug 05, 2018 8:03 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Planning - tax consequence of paying obligations at our passing
Replies: 2
Views: 345

Re: Estate Planning - tax consequence of paying obligations at our passing

No one inherits your debts, and it is normal for a decedent’s liabilities to be paid from the estate before distribution. Your creditors also have the right to enforce claims against your estate. There are no tax consequences.
Gill
by Gill
Sun Aug 05, 2018 2:20 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Planning - Tax consequences of distributing inheitance at intervals
Replies: 5
Views: 440

Re: Estate Planning - Tax consequences of distributing inheitance at intervals

If your estate/trust holds onto assets for multiple years, it will have to file an annual income tax return. +1. The biggest tax consideration may be that the tax owed on any investment return will generally be much higher in a trust or estate than what your heirs would pay, unless they already hav...
by Gill
Sun Aug 05, 2018 10:55 am
Forum: Personal Finance (Not Investing)
Topic: Legitimate deductible donation for charity travel?
Replies: 14
Views: 527

Re: Legitimate deductible donation for charity travel?

Are you saying the medical professionals make a cash contribution? If so, I see no reason why it wouldn't be deductible.
Gill
by Gill
Sun Aug 05, 2018 10:44 am
Forum: Investing - Help with Personal Investments
Topic: What to do with a five figure "inherited" cash sum?
Replies: 32
Views: 3270

Re: What to do with a five figure "inherited" cash sum?

There really is no problem as the OP describes the situation. If he wants to give you cash, take the cash and don't make it difficult for him. Either keep it in the form of cash or deposit it with the realization the bank will file a government form if $10,000 or more. This form will have no impact ...
by Gill
Sun Aug 05, 2018 6:14 am
Forum: Personal Finance (Not Investing)
Topic: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?
Replies: 75
Views: 4881

Re: Can I use my Donor Advised Fund to give extra cash to sponsor my kids travel sports team?

Keep in mind, you don’t direct a DAF to make a grant, you advise or suggest the grant.
Gill