Search found 4624 matches

by Gill
Fri Oct 19, 2018 5:54 pm
Forum: Personal Finance (Not Investing)
Topic: Depositing Cash if it was gifted?
Replies: 95
Views: 3954

Re: Depositing Cash if it was gifted?

libralibra wrote:
Fri Oct 19, 2018 4:36 pm

If she were able to sell them to a coin dealer, the cash issue resolves itself, although then she'd have to pay some collectible capital gains tax on the profit (28%).
Don’t forget there would be a stepup in basis.
Gill
by Gill
Fri Oct 19, 2018 2:10 pm
Forum: Personal Finance (Not Investing)
Topic: Adding instructions to term life insurance to simplify payout?
Replies: 2
Views: 177

Re: Adding instructions to term life insurance to simplify payout?

There must be a designated beneficiary of the life insurance, either an individual, a trust or an entity such as a charity. You should explore the possibility of having an unfunded trust as the beneficiary if you wish to avoid having a check sent to the beneficiary outright.
Gill
by Gill
Fri Oct 19, 2018 1:44 pm
Forum: Personal Finance (Not Investing)
Topic: Can beneficiary pay taxes on final year of trust as personal income?
Replies: 3
Views: 238

Re: Can beneficiary pay taxes on final year of trust as personal income?

I think I may have figured out the answer to my own question with a bit more reading... The trustee does have to file a final 1041 but everything will get passed through to my wife on a K-1, and the trust will end up with zero liability. Is that right? Yes, you have it now. There is no "option". Gill
by Gill
Fri Oct 19, 2018 1:36 pm
Forum: Investing - Help with Personal Investments
Topic: Capital Loss, confirming how to file 1040
Replies: 6
Views: 197

Re: Capital Loss, confirming how to file 1040

It reduces your gross income by $1,500, not necessarily your taxable income.
Gill
by Gill
Fri Oct 19, 2018 6:18 am
Forum: Personal Finance (Not Investing)
Topic: Depositing Cash if it was gifted?
Replies: 95
Views: 3954

Re: Depositing Cash if it was gifted?

I see this went on all night.😀. Another risk that hasn’t been mentioned is that the IRS and state could look into grandmother’s income tax returns to see how the cash was accumulated. I handled an estate where the decedent has $250K in cash and this is exactly what happened. This might be a risk of ...
by Gill
Thu Oct 18, 2018 8:32 pm
Forum: Personal Finance (Not Investing)
Topic: Depositing Cash if it was gifted?
Replies: 95
Views: 3954

Re: Depositing Cash if it was gifted?

I'll bet there's probably more cash in other places in the house. (My in-law put a deceased's persons stuff in the front yard for a yard sale, then started going through the pockets. After they found several hundred dollars, they pulled all the clothes inside for another time. The original family d...
by Gill
Thu Oct 18, 2018 8:19 pm
Forum: Personal Finance (Not Investing)
Topic: Depositing Cash if it was gifted?
Replies: 95
Views: 3954

Re: Depositing Cash if it was gifted?

I'll bet there's probably more cash in other places in the house. (My in-law put a deceased's persons stuff in the front yard for a yard sale, then started going through the pockets. After they found several hundred dollars, they pulled all the clothes inside for another time. The original family d...
by Gill
Thu Oct 18, 2018 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: Depositing Cash if it was gifted?
Replies: 95
Views: 3954

Re: Depositing Cash if it was gifted?

LITeacher wrote:
Thu Oct 18, 2018 8:12 pm
Does the note need to be in any specific format? Or it can just be a card that says the amount?
Just a friendly personal note will do.
Gill
by Gill
Thu Oct 18, 2018 8:11 pm
Forum: Personal Finance (Not Investing)
Topic: Depositing Cash if it was gifted?
Replies: 95
Views: 3954

Re: Depositing Cash if it was gifted?

No need to worry about receiving such a gift and quite unlikely it would trigger an audit. Banks are required to report cash deposits of $10,000 or more but there is no harm in this. Your grandmother might document the gift with a little note to each of you.
Gill
by Gill
Thu Oct 18, 2018 6:27 pm
Forum: Personal Finance (Not Investing)
Topic: Reporting taxes on joint accounts when Married Filing Separately (not in a Community Property State)
Replies: 1
Views: 148

Re: Reporting taxes on joint accounts when Married Filing Separately (not in a Community Property State)

The easiest is to report it according to the SS number on the 1099. If this does not meet your objectives or is inconsistent with contributions to the joint account, you can report a portion each using the nominee method.
Gill
by Gill
Thu Oct 18, 2018 6:19 pm
Forum: Personal Finance (Not Investing)
Topic: Can you include this in a will?
Replies: 13
Views: 1517

Re: Can you include this in a will?

c.coyle wrote:
Thu Oct 18, 2018 6:15 pm
It worked in my case.
Have you died?😀
Gill
by Gill
Thu Oct 18, 2018 6:06 pm
Forum: Personal Finance (Not Investing)
Topic: Step-up of basis on spouse’s death
Replies: 10
Views: 626

Re: Step-up of basis on spouse’s death

This would imply that in the case of terminal illness, it is advantageous to transfer assets / equities to an account of the dying spouse, resulting in the surviving spouse getting all the assets “back” but with a completely reset basis within a short time frame. That seems ... odd. No, this potent...
by Gill
Thu Oct 18, 2018 5:57 pm
Forum: Personal Finance (Not Investing)
Topic: Is this a gift?
Replies: 3
Views: 743

Re: Is this a gift?

If the transfer exceeds the annual exclusion for gifts to aliens it is a reportable gift.
Gill
by Gill
Thu Oct 18, 2018 5:49 pm
Forum: Personal Finance (Not Investing)
Topic: Step-up of basis on spouse’s death
Replies: 10
Views: 626

Re: Step-up of basis on spouse’s death

This would imply that in the case of terminal illness, it is advantageous to transfer assets / equities to an account of the dying spouse, resulting in the surviving spouse getting all the assets “back” but with a completely reset basis within a short time frame. That seems ... odd. No, this potent...
by Gill
Thu Oct 18, 2018 7:33 am
Forum: Personal Consumer Issues
Topic: Re-doing a trust, contingent beneficiary question
Replies: 6
Views: 522

Re: Re-doing a trust, contingent beneficiary question

We didn’t name specific charities in the trust document itself, rather we designated an amount to go to charities with a notation that a separate list would be provided. We also stipulated that any beneficiary, including charities, that challenged the trust would immediately be eliminated from any ...
by Gill
Thu Oct 18, 2018 6:13 am
Forum: Personal Finance (Not Investing)
Topic: Taxes on parents’ house transferred to children
Replies: 4
Views: 840

Re: Taxes on parents’ house transferred to children

Celia, there was a step up as discussed above.
Gill
by Gill
Wed Oct 17, 2018 8:48 pm
Forum: Personal Consumer Issues
Topic: Re-doing a trust, contingent beneficiary question
Replies: 6
Views: 522

Re: Re-doing a trust, contingent beneficiary question

How about having a donor advised fund as a contingent remainderman? You can then name all the charitable beneficiaries you wish and easily change them at any time during your lifetime.
Gill
by Gill
Wed Oct 17, 2018 2:45 pm
Forum: Personal Finance (Not Investing)
Topic: how to buy parents a house in Florida (with cash)
Replies: 8
Views: 1257

Re: how to buy parents a house in Florida (with cash)

Just a caution. Local property assessors in Florida are becoming very aggressive in investing fraudulent claiming of the homestead exemption. Gone are the days when they looked the other way and they have developed some clever ways to determine false claiming of Florida residency. In the county wher...
by Gill
Tue Oct 16, 2018 6:38 pm
Forum: Personal Finance (Not Investing)
Topic: how to buy parents a house in Florida (with cash)
Replies: 8
Views: 1257

Re: how to buy parents a house in Florida (with cash)

The simplest arrangement would be to hold title in your name alone. Your parents need to have an ownership interest in the property to qualify for the homestead exemption. Seems to me there are too many negatives in order to save a few hundred dollars in real estate taxes.
Gill
by Gill
Mon Oct 15, 2018 8:45 pm
Forum: Personal Consumer Issues
Topic: How Much Is Your Sewer Bill?
Replies: 78
Views: 3901

Re: How Much Is Your Sewer Bill?

I consume around 235,000 gallons of water per year. How are you using so much water? ~19,500 gallons a month? Showers and lawn watering mostly. I have a shower with 6 heads. My showers typically last 40-60 minutes. Very relaxing and cheaper than regular massages. I water my lawn daily. It looks fab...
by Gill
Mon Oct 15, 2018 8:42 pm
Forum: Personal Consumer Issues
Topic: How Much Is Your Sewer Bill?
Replies: 78
Views: 3901

Re: How Much Is Your Sewer Bill?

I consume around 235,000 gallons of water per year. How are you using so much water? ~19,500 gallons a month? Showers and lawn watering mostly. I have a shower with 6 heads. My showers typically last 40-60 minutes. Very relaxing and cheaper than regular massages. I water my lawn daily. It looks fab...
by Gill
Mon Oct 15, 2018 7:20 pm
Forum: Investing - Help with Personal Investments
Topic: Have you annuitized some of your money?
Replies: 67
Views: 5634

Re: Have you annuitized some of your money?

If the 401(k) money is pretax, then all annuity payments will be fully taxable because you have not paid taxes on the money. In addition, the amount annuitized will be removed from your 401(k) balance because you no longer own that money. This thread has been enlightening! Do most people pay with p...
by Gill
Mon Oct 15, 2018 1:59 pm
Forum: Personal Finance (Not Investing)
Topic: Gift for two of four grandchildren
Replies: 18
Views: 2195

Re: Gift for two of four grandchildren

A single check of $25K would have tax consequences for the parents of both of the grandkids... What kind of tax consequences? Why can't she make the gifts now and put the proceeds in a UGMA account? Is her estate over $5 million and therefore there are gift/estate tax consequences? Gill Isn't the a...
by Gill
Mon Oct 15, 2018 11:17 am
Forum: Personal Finance (Not Investing)
Topic: Gift for two of four grandchildren
Replies: 18
Views: 2195

Re: Gift for two of four grandchildren

focusedonwhatmatters wrote:
Mon Oct 15, 2018 11:06 am
A single check of $25K would have tax consequences for the parents of both of the grandkids...
What kind of tax consequences? Why can't she make the gifts now and put the proceeds in a UGMA account? Is her estate over $5 million and therefore there are gift/estate tax consequences?
Gill
by Gill
Mon Oct 15, 2018 11:13 am
Forum: Personal Finance (Not Investing)
Topic: 1040-ES missed Sept 15 payment
Replies: 3
Views: 533

Re: 1040-ES missed Sept 15 payment

Pay it now and, yes, the sooner the better as far as minimizing penalties.
Gill
by Gill
Sun Oct 14, 2018 5:37 pm
Forum: Investing - Help with Personal Investments
Topic: Have you annuitized some of your money?
Replies: 67
Views: 5634

Re: Have you annuitized some of your money?

The base rates they are using for annuities these days are so low that I wouldn't worry too much about insolvency. Some other company will take it over. They issued annuities at much higher payouts years ago, but there haven't been many problems with those. Can I infer from this that annuities are ...
by Gill
Sun Oct 14, 2018 6:19 am
Forum: Personal Consumer Issues
Topic: Blue Ridge Suggestions
Replies: 4
Views: 730

Re: Blue Ridge Suggestions

There are hundreds of cabin rentals in the area.
Gill
by Gill
Thu Oct 11, 2018 8:03 pm
Forum: Personal Finance (Not Investing)
Topic: If I retire to a State that has no State taxes...
Replies: 46
Views: 7340

Re: If I retire to a State that has no State taxes...

Keep in mind that if your state of residence is not clear you may have more than one state claiming you as a resident and attempting to tax all your income or other adverse tax consequences.
Gill
by Gill
Thu Oct 11, 2018 5:48 am
Forum: Personal Finance (Not Investing)
Topic: If I retire to a State that has no State taxes...
Replies: 46
Views: 7340

Re: If I retire to a State that has no State taxes...

Also, the income tax laws of your old state may have a bearing on whether you can then escape that state’s tax on distributions. Gill My understanding is that is not true. It is your understanding that is mistaken. Many states have relatively easy requirements for new residence status. However, som...
by Gill
Wed Oct 10, 2018 8:45 pm
Forum: Personal Finance (Not Investing)
Topic: If I retire to a State that has no State taxes...
Replies: 46
Views: 7340

Re: If I retire to a State that has no State taxes...

There is no generic method to become a resident of a new state for income tax purposes. State laws differ and you must also abandon your old residence. Florida makes it fairly clear through a form that can be filed called an Affadavit of Domicile but you still must take other steps to make it clear ...
by Gill
Fri Oct 05, 2018 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: How much effort to close an estate and is it worth it?
Replies: 13
Views: 1424

Re: How much effort to close an estate and is it worth it?

It's correct that if there are more than $30,000 of probate assets this is not eligible for the NY small estate administration. However, it is foolish not to administer this estate and a small town lawyer will probably have a personal representative appointed with minimal charges and then the assets...
by Gill
Fri Oct 05, 2018 8:09 am
Forum: Personal Finance (Not Investing)
Topic: can i start a private investment firm?
Replies: 70
Views: 5080

Re: can i start a private investment firm?

Yes, assuming you have all the appropriate qualifications and licenses.
Gill
by Gill
Fri Oct 05, 2018 8:06 am
Forum: Personal Finance (Not Investing)
Topic: How much effort to close an estate and is it worth it?
Replies: 13
Views: 1424

Re: How much effort to close an estate and is it worth it?

Most states have a very simplified process for small estates. One page very simple forms to collect assets - that sort of thing. We closed our FIL's and MIL's estates in two different states and the work involved each time was minimal. Google "Closing small estates in (State Name)" For example in C...
by Gill
Thu Oct 04, 2018 7:34 pm
Forum: Investing - Help with Personal Investments
Topic: Simple estate: Is 1041 filing is required.
Replies: 4
Views: 525

Re: Simple estate: Is 1041 filing is required.

No, there is no return required. All income earned after death should have been reported by the beneficiaries of the inherited assets which were deemed to pass as of date of death. Why was an estate account opened when there was no probate estate?
Gill
by Gill
Wed Oct 03, 2018 7:52 pm
Forum: Personal Finance (Not Investing)
Topic: Sold Home - 2 days after buyer claims they found an issue with A/C
Replies: 119
Views: 11742

Re: Sold Home - 2 days after buyer claims they found an issue with A/C

I don’t believe it has been mentioned yet, but you should review the sale contract. What does it say about seller’s disclosures and representations?
Gill
by Gill
Tue Oct 02, 2018 7:05 am
Forum: Investing - Help with Personal Investments
Topic: Long term capital gains tax deferral
Replies: 7
Views: 483

Re: Long term capital gains tax deferral

There’s also the time value of money.
Gill
by Gill
Mon Oct 01, 2018 7:57 pm
Forum: Investing - Help with Personal Investments
Topic: Will and POA questions
Replies: 5
Views: 676

Re: Will and POA questions

Your questions highlight some of the reasons it’s advisable to have an attorney draft your will. Your will will normally cover all your property, wherever located. Also, it is considered advisable to only have one original will to avoid having to produce other originals at probate. The remaining que...
by Gill
Mon Oct 01, 2018 10:28 am
Forum: Personal Finance (Not Investing)
Topic: Help me manage my day to day bills to save more!!
Replies: 45
Views: 3510

Re: Help me manage my day to day bills to save more!!

In several places you mention "tax returns" which I assume means refunds on your income tax. Have you considered reducing your withholding so there is more in your take home pay rather than receiving a large refund at the end of the year?
Gill
by Gill
Sun Sep 30, 2018 6:25 pm
Forum: Personal Finance (Not Investing)
Topic: Gift a car to daughter question
Replies: 6
Views: 788

Re: Gift a car to daughter question

I thought you didn't have to file the form at all if the gift was within the exclusion amount? The gift is not within the $15,000 annual exclusion for the OP but taking advantage of the spouse’s annual exclusion requires filing of the gift tax return. Gill Ah, I see. If this was a cash gift could e...
by Gill
Sun Sep 30, 2018 6:13 pm
Forum: Personal Finance (Not Investing)
Topic: Gift a car to daughter question
Replies: 6
Views: 788

Re: Gift a car to daughter question

terran wrote:
Sun Sep 30, 2018 6:10 pm
I thought you didn't have to file the form at all if the gift was within the exclusion amount?
The gift is not within the $15,000 annual exclusion for the OP but taking advantage of the spouse’s annual exclusion requires filing of the gift tax return.
Gill
by Gill
Sun Sep 30, 2018 3:35 pm
Forum: Personal Finance (Not Investing)
Topic: Gift a car to daughter question
Replies: 6
Views: 788

Re: Gift a car to daughter question

We are going to give our daughter a car. This is the last year she will be our dependent on taxes. The car is titled only in my name and is greater than $20000. I am unable to get a clear answer if I have to file the gift tax form to the IRS as she is a dependent. I am also unclear that since the t...
by Gill
Sat Sep 29, 2018 6:09 pm
Forum: Personal Finance (Not Investing)
Topic: Stock in a private company - howto sell
Replies: 13
Views: 1191

Re: Stock in a private company - howto sell

Wife’s mother (now deceased) was the executor. Wife and her sister split some of the grandfather’s properties when their mom and Dad passed. Understand that the process of claiming the stock may be long, but we need to start somewhere. Is the company under any obligation to share with us any histor...
by Gill
Fri Sep 28, 2018 7:55 pm
Forum: Personal Consumer Issues
Topic: How to sell a 60-percent ownership share in an inherited 4-plex rental unit
Replies: 9
Views: 1194

Re: How to sell a 60-percent ownership share in an inherited 4-plex rental unit

Depending on the state and title details it may be that the majority owner could unilaterally decide to sell assuming steps were taken not to abuse the minority owner rights, for example making sire to seek highest market price. I would suggest aunt consult a local attorney if neice doesn't instant...
by Gill
Fri Sep 28, 2018 7:50 pm
Forum: Personal Finance (Not Investing)
Topic: Stock in a private company - howto sell
Replies: 13
Views: 1191

Re: Stock in a private company - howto sell

Wife’s mother (now deceased) was the executor. Wife and her sister split some of the grandfather’s properties when their mom and Dad passed. Understand that the process of claiming the stock may be long, but we need to start somewhere. Is the company under any obligation to share with us any histor...
by Gill
Fri Sep 28, 2018 7:21 pm
Forum: Personal Consumer Issues
Topic: How to sell a 60-percent ownership share in an inherited 4-plex rental unit
Replies: 9
Views: 1194

Re: How to sell a 60-percent ownership share in an inherited 4-plex rental unit

You’re not very likely to find a buyer for the fractional share. Are both owners interested in selling? This would be the easiest. Another alternative is to initiate a partition action in court.
Gill
by Gill
Fri Sep 28, 2018 6:38 pm
Forum: Personal Finance (Not Investing)
Topic: Stock in a private company - howto sell
Replies: 13
Views: 1191

Re: Stock in a private company - howto sell

Denovo, yes I understand escheating but how are you suggesting it was transferred from the name of the grandfather?
Gill
by Gill
Fri Sep 28, 2018 6:22 pm
Forum: Personal Finance (Not Investing)
Topic: Stock in a private company - howto sell
Replies: 13
Views: 1191

Re: Stock in a private company - howto sell

How do you know you are entitled to the stock just because you are the “closest living relatives”? Do you know who were the beneficiaries of his estate? He may have left everything to the SPCA. Gill I am guessing their names and the stock wouldn't be listed on the unclaimed property site if they we...
by Gill
Fri Sep 28, 2018 5:46 pm
Forum: Personal Finance (Not Investing)
Topic: Stock in a private company - howto sell
Replies: 13
Views: 1191

Re: Stock in a private company - howto sell

How do you know you are entitled to the stock just because you are the “closest living relatives”? Do you know who were the beneficiaries of his estate? He may have left everything to the SPCA. There may be no market for the stock. If you are the rightful owner, the CFO of the company would be a sta...
by Gill
Thu Sep 27, 2018 6:12 am
Forum: Investing - Help with Personal Investments
Topic: Liquidating saving bonds?
Replies: 14
Views: 1211

Re: Liquidating saving bonds?

How did you acquire that much in I bonds over a three-year period? I realize the limit was $30,000 per person at that time but your total still seems high. I realize those bonds have nearly tripled in value so if you purchased $60,000 each year for you and spouse you would have about $500K. If your ...
by Gill
Mon Sep 24, 2018 8:20 pm
Forum: Personal Finance (Not Investing)
Topic: FIL bought land with 6 other people, and one passed away
Replies: 8
Views: 1648

Re: FIL bought land with 6 other people, and one passed away

I don’t understand the bank not being willing to accept payment unless the loan document forbids prepayments. Gill There are probably legal ramifications if the payments are made in full (someone pays the share of the deceased individual) and then the deceased's share is contested. The person or gr...