Search found 672 matches

by EdNorton
Fri Mar 22, 2024 8:27 am
Forum: Personal Finance (Not Investing)
Topic: deduct property survey as expense for rental?
Replies: 2
Views: 208

Re: deduct property survey as expense for rental?

Definitely deduct, as professional services. I'm a retired CPA (car parking attendant).
:sharebeer
by EdNorton
Fri Mar 22, 2024 7:51 am
Forum: Investing - Theory, News & General
Topic: Silly TLH games
Replies: 40
Views: 3814

Re: Silly TLH games

I always sell in taxable if I see a chance to harvest a loss that is a significant dollar amount. If my replacement drops the next day and presents another significant loss amount, I do it again (and again, and again, as opportunities arise). Losses are valuable to me, allowing me to convert more to Roth each year without paying federal tax. Plus, I might never pay taxes on capital gains, because I may not have to empty the taxable account in my lifetime, and/or I may stay in the 12% bracket for life. Please enlighten me on how capital losses enable you to convert more to Roth without paying taxes? A $3k loss would enable you to covert more at a lower bracket, but unless your income is less than the standard deduction, you have to pay tax ...
by EdNorton
Sat Mar 16, 2024 9:57 am
Forum: Personal Consumer Issues
Topic: Buying an Expensive Car
Replies: 101
Views: 8708

Re: Buying an Expensive Car

It's more fun to drive a slow car fast than a fast car slow. Why pay for extreme performance if you rarely can experience it.
:sharebeer
by EdNorton
Mon Mar 04, 2024 7:47 am
Forum: Personal Finance (Not Investing)
Topic: If I own a house for 30 years and I replace the roof twice, do both replacements count as capital improvements?
Replies: 80
Views: 10073

Re: If I own a house for 30 years and I replace the roof twice, do both replacements count as capital improvements?

tunafish wrote: Mon Mar 04, 2024 7:02 am
carolinaman wrote: Sun Mar 03, 2024 3:47 pm No. Both are considered maintenance.
I believe that is correct.
Incorrect. Can't Bogleheads read.
:sharebeer
by EdNorton
Sat Mar 02, 2024 6:12 pm
Forum: Personal Consumer Issues
Topic: Cost for tickets to Duke basketball game?
Replies: 7
Views: 1571

Cost for tickets to Duke basketball game?

I've always wanted to attend a Duke home basketball game at Cameron Arena. I saw a story on NBC news tonight which showed a young cancer survivor ringing the bell which reminded me of my desire. How much for a pair of decent tickets?
Cheers to all!
:sharebeer
by EdNorton
Thu Feb 29, 2024 8:20 am
Forum: Personal Finance (Not Investing)
Topic: Tax question re house sale [NY resident, sold house in FL]
Replies: 11
Views: 1202

Re: Tax question re house sale [NY resident, sold house in FL]

Are you a resident of NY per your prior tax returns? If so, you will pay NY income tax on the gain of the Florida home.
by EdNorton
Thu Feb 29, 2024 6:36 am
Forum: Investing - Theory, News & General
Topic: What good is tax deferred?
Replies: 122
Views: 15668

Re: What good is tax deferred?

Leif wrote: Thu Feb 29, 2024 1:22 am With tax deferred you can buy/sell within the account without tax consequences. So, if you want to do some tax loss harvesting (TLH), but you also want to maintain your asset allocation, you can sell equities, at a loss, in your taxable account and buy an equal amount of different equities in your tax deferred account. After the 31 days have passed you can reverse the process. That gives to a tax loss that can be used to offset $3,000 of income and/or offset capital gains you have, now and in the future.

I keep my tax deferred account all in fixed income unless I doing TLH.
Thanks for the advice. I didn't know you could do that.
:sharebeer
by EdNorton
Mon Feb 26, 2024 11:13 am
Forum: Personal Investments
Topic: ROTH Conversion Requirements
Replies: 19
Views: 2264

Re: ROTH Conversion Requirements

A lower tax bracket now than in the future.
:sharebeer
by EdNorton
Sun Feb 25, 2024 12:10 pm
Forum: Personal Investments
Topic: 50% of my portfolio in FANG - 15% in NVDA
Replies: 90
Views: 16403

Re: 50% of my portfolio in FANG - 15% in NVDA

Here's my NVDA story, I bought 1,000 shares at $30, 2 years later sold for$330,000. Wit the split, it would be worth over $3 million today. Instead of a 10 bagger, it would be a 100 bagger. Guess I wasn't as smart as I thought I was.
:sharebeer
by EdNorton
Fri Feb 23, 2024 11:54 am
Forum: Personal Finance (Not Investing)
Topic: Know your customer (KYC)
Replies: 22
Views: 2828

Re: Know your customer (KYC)

kd2008 wrote: Fri Feb 23, 2024 11:50 am You are raising the stakes here that do not matter at all.

Nobody cares what you answer.

They are required to ask you those questions.

Nobody cares about your net worth.

Just go through the motions and collect the money.

Some people get their panties in a wad over the most inane stuff.

At worst they will make a sales pitch - ignore and continue.
There you go. :sharebeer
by EdNorton
Thu Feb 22, 2024 5:54 pm
Forum: Investing - Theory, News & General
Topic: borrow money and interest is tax deductible
Replies: 25
Views: 2729

Re: borrow money and interest is tax deductible

IDpilot wrote: Thu Feb 22, 2024 5:25 pm
smitcat wrote: Thu Feb 22, 2024 8:17 am - small business loans
- loans on boats/RV's
- loans on vehicles used for business
Loans on boats/RV's for personal use are NOT tax deductible
A boat or RV can qualify as a 2nd home and interest is deductible as long as it has sleeping quarters, a bathroom and a kitchen (or galley).
:sharebeer
by EdNorton
Tue Feb 20, 2024 10:07 am
Forum: Personal Finance (Not Investing)
Topic: Roth Conversion Triggered Estimated Tax Penalty
Replies: 17
Views: 1890

Re: Roth Conversion Triggered Estimated Tax Penalty

TOM1964 wrote: Mon Feb 19, 2024 5:08 pm
retiredjg wrote: Mon Feb 19, 2024 4:01 pm I think if you fill out the form 2210, it will eliminate the penalty.

Next time, use withholding?
Not if you have after-tax money to pay the liability! Withholding tax-deferred cash from a Roth conversion makes it much less worthwhile.
My goal with Roth conversions is to reduce my MRD's once they are required.
by EdNorton
Thu Feb 15, 2024 3:11 pm
Forum: Personal Consumer Issues
Topic: What inferior good do you love?
Replies: 232
Views: 25954

Re: What inferior good do you love?

Pabst Blue Ribbon, not inferior, just lower priced.
:sharebeer
by EdNorton
Tue Feb 06, 2024 7:57 pm
Forum: US Chapters
Topic: Are any BH's not wealthy?
Replies: 165
Views: 26447

Re: Are any BH's not wealthy?

I thought I was till I started reading Bogleheads.
:sharebeer
by EdNorton
Mon Feb 05, 2024 8:10 am
Forum: Personal Finance (Not Investing)
Topic: Working Cushy job now, offered promotion to another dept. Stay put or make the jump over?
Replies: 32
Views: 2854

Re: Working Cushy job now, offered promotion to another dept. Stay put or make the jump over?

Why are you even thinking of changing jobs? You have $250k+ low stress income, why change that to an unknown? Put as much money as you can in tax deferred accounts. Congratulations on all your success.
:sharebeer
by EdNorton
Sun Feb 04, 2024 7:18 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Preparer bailed, which tax software to use?
Replies: 76
Views: 6602

Re: Tax Preparer bailed, which tax software to use?

Not an issue for me as until I just Binged it had no idea what it was. Also, in 9 years of working in a CPA firm never encountered that form.

You worked at a CPA firm and never heard of Form 1116? Were you the janitor?
:sharebeer
by EdNorton
Sun Feb 04, 2024 7:04 pm
Forum: Personal Finance (Not Investing)
Topic: Estimated Tax UnderPayment Penalty
Replies: 23
Views: 2406

Re: Estimated Tax UnderPayment Penalty

cchrissyy wrote: Sun Feb 04, 2024 8:31 am
chemocean wrote: Sat Feb 03, 2024 9:38 am Safe harbor is only reached with tax withholding, not submission of estimated payments.
That's not true, you can get in the safe harbor by estimated payments alone as long as they are big enough and on time.
There's quite a bit of bad tax advice on this forum.
:sharebeer
by EdNorton
Fri Jan 26, 2024 7:35 pm
Forum: Personal Finance (Not Investing)
Topic: Roth conversions in the 22 & 24% tax brackets.
Replies: 144
Views: 14683

Re: Roth conversions in the 22 & 24% tax brackets.

We (both 57) convert to the top of the 22% bracket and do it 4x a year to catch market fluctuations. Dollar cost averaging. I have modelled the need to keep some brokerage and traditional qualified monies around for income manipulation (such as withdrawing from T-IRAs to the 12%/15% bracket + standard deduction). Additionally, there may be LTC to pay for over and above QLACs and SPIAs that will be purchased with before-tax money. Having said that, we do have objectives to get more Roth before social security kicks in. Our qualified investments were always Roth (and HSA) since those became available, so we don't have that much more to convert. It might make sense for you to be more aggressive, given your circumstance or ultimate Roth target...
by EdNorton
Fri Jan 26, 2024 8:49 am
Forum: Personal Finance (Not Investing)
Topic: Roth conversions in the 22 & 24% tax brackets.
Replies: 144
Views: 14683

Re: Roth conversions in the 22 & 24% tax brackets.

When will you retire? What do you expect your income to be after retirement and before RMD's? If you expect to be lower, wait to do Roth contributions/conversions.
:sharebeer
by EdNorton
Tue Jan 23, 2024 10:30 am
Forum: Personal Consumer Issues
Topic: What are some of the things that improved YOUR quality of life?
Replies: 254
Views: 42486

Re: What are some of the things that improved YOUR quality of life?

PXG 14° driver. Golf is much more fun when you start with a boomer.
:sharebeer
by EdNorton
Mon Jan 22, 2024 3:12 pm
Forum: Personal Consumer Issues
Topic: Need help deciding what to do with 2 teslas
Replies: 30
Views: 4467

Re: Need help deciding what to do with 2 teslas

I think Jazbo Jenkins doesn't own any Teslas, just wanted to see Boglehead's reactions.
:sharebeer
by EdNorton
Sun Jan 21, 2024 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: Nice home, nice neighborhood, unsavory neighbors – options?
Replies: 92
Views: 10632

Re: Nice home, nice neighborhood, unsavory neighbors – options?

We have a,crazy neighbor, always calling the cops on us, accusing us of being drug dealers, harassing my friends when they come by. She even got a flood light shining on our property. Starting documenting every incident for potential harassment lawsuit.
:sharebeer
by EdNorton
Thu Jan 18, 2024 9:43 am
Forum: Personal Investments
Topic: Buying AMD
Replies: 43
Views: 5393

Re: Buying AMD

You missed the boat @ $123.
:sharebeer
by EdNorton
Thu Jan 18, 2024 9:09 am
Forum: Personal Investments
Topic: Tips for unwinding the single stock part of my portfolio
Replies: 17
Views: 1818

Re: Tips for unwinding the single stock part of my portfolio

Hope you sold yesterday, Humana down 12%.
:sharebeer
by EdNorton
Wed Jan 17, 2024 11:48 am
Forum: Personal Finance (Not Investing)
Topic: Contractor 1099-NEC Issue
Replies: 12
Views: 778

Re: Contractor 1099-NEC Issue

MP123 wrote: Wed Jan 17, 2024 11:46 am Do you have a written contract for the $11k of work?

I would have a polite conversation making it clear that you will not be paying his taxes and asking him to explain the new charges.

If you filed the 1099 with "refused" for the TIN (which he apparently won't provide) then you'll probably get a CP letter telling you that you'll need to start backup withholding for any future payments to him. Did you perhaps send him a W9 rather than a 1099?

Oh, and maybe change the locks.
Also, send the wife out to start the car i,n the morning.
by EdNorton
Wed Jan 10, 2024 11:42 am
Forum: Personal Finance (Not Investing)
Topic: Advice regarding CPA fees
Replies: 22
Views: 2583

Re: Advice regarding CPA fees

$4k seems reasonable for a CPA, maybe not so much for an EA. Does the EA have to file any payroll taxes, sales tax, workman's comp returns? How often do you call him for advice during the year? An E'A's time is his money maker, seems reasonable to me.
:sharebeer
by EdNorton
Fri Jan 05, 2024 8:00 am
Forum: Personal Finance (Not Investing)
Topic: Retirement: what was more expensive than anticipated?
Replies: 80
Views: 20639

Re: Retirement: what was more expensive than anticipated?

My Dollar Tree purchases are now 25% more.
:sharebeer
by EdNorton
Tue Dec 26, 2023 6:20 am
Forum: Personal Investments
Topic: Tax Gain Harvesting
Replies: 16
Views: 1864

Re: Tax Gain Harvesting

If a state does not allow carryforward of capital losses, it usually allows all the losses occurred in that year. It's a state adjustment. What state do you live in?
:sharebeer
by EdNorton
Fri Dec 22, 2023 11:27 am
Forum: Personal Finance (Not Investing)
Topic: My former employer is late paying my severance and they're screwing up my tax situation for 2023
Replies: 43
Views: 5212

Re: My former employer is late paying my severance and they're screwing up my tax situation for 2023

Your employer is probably doing you a favor by paying the severance in 2024, assuming income will be lower being laid off and no capital gain from land sale.
:sharebeer
by EdNorton
Wed Dec 20, 2023 8:58 am
Forum: Personal Investments
Topic: Reviewing my 90-y/o mom's portfolio - is this as bad as I think?
Replies: 15
Views: 3889

Re: Reviewing my 90-y/o mom's portfolio - is this as bad as I think?

InNameOnly wrote: Wed Dec 20, 2023 8:39 am Looking at this from 30,000 ft.
What are her returns?
YTD: _______
5Y: _______
10Y: ________
Yes.
:sharebeer
by EdNorton
Mon Dec 18, 2023 7:13 pm
Forum: Investing - Theory, News & General
Topic: The Final, Definitive Thread on Brokerage Transfer Bonuses
Replies: 7760
Views: 1351139

Robinhood 1% bonus - any firm matching?

[Merge here - mod mkc)

I just now got Schwab to match a $2,000 bonus from Citi Wealth Management. Now I see Robin hood is paying a 1% bonus with no limit. I got a $2,000 bonus from Chase in early 2022, I'm hoping they might match Robinhood, anybody have any luck?

I get a little nervous transferring a significant sum of money to an upstart company.

Peace, love and tie dye.
:sharebeer
by EdNorton
Wed Dec 13, 2023 11:37 am
Forum: Personal Finance (Not Investing)
Topic: H&R Block 2023 software offer
Replies: 246
Views: 39270

Re: H&R Block 2023 software offer

boglegirl wrote: Tue Dec 12, 2023 7:26 am Deluxe + State is $19.99 today at Newegg.
Thank you, got it today, $19.99.
:sharebeer
by EdNorton
Tue Dec 12, 2023 12:14 pm
Forum: Personal Consumer Issues
Topic: Your Classic "This Used Car or That New Car?" Thread
Replies: 20
Views: 2224

Re: Your Classic "This Used Car or That New Car?" Thread

I would finance as much of the car as possible. Assuming you can finance 100% of the purchase price and your trade in is worth $20,000, you could get a new car and a check for $20,000, apply that $20,000 to your 6.5% mortgage. I've done this maneuver several times with 0% financing. Sales people will probably be clueless about this.
:sharebeer
by EdNorton
Sat Dec 02, 2023 8:12 pm
Forum: Personal Investments
Topic: Uninterested Spouse
Replies: 166
Views: 23976

Re: Uninterested Spouse

You're in charge of your family's finances. She doesn't know the fun she missed out on not paying her credit card.

My question: why did you have to change the password?

:sharebeer
by EdNorton
Sun Nov 26, 2023 2:41 pm
Forum: Personal Finance (Not Investing)
Topic: NY State taxes - do they not calculate the marginal rates?
Replies: 26
Views: 3560

Re: NY State taxes - do they not calculate the marginal rates?

Bilsep2 wrote: Sun Nov 26, 2023 1:36 pm I’ve just prepared an amended 2021 joint return (married jointly) that increased income by 39,244 which resulted in an increase of 63,634 of NYS tax.


The originally filed return reported:
NY AGI: 2,172,550
NY TAXABLE: 2,144,542
TAX: 146,901 (flat rate 6.85%)

The amended return reports:
NY AGI: 2,211,794
NY TAXABLE: 2,183,786
TAX: 210,735 (flat rate 9.65%)

Difference:
NY AGI: 39,244 increase
NY TAXABLE: 39,244 increase
TAX: 63,834 increase

Is it correct that the STATE totally eliminates the marginal rates and taxes ALL the income at the top marginal rate?
Get help, you did something wrong.
:sharebeer
by EdNorton
Sun Nov 26, 2023 9:02 am
Forum: Investing - Theory, News & General
Topic: The Final, Definitive Thread on Brokerage Transfer Bonuses
Replies: 7760
Views: 1351139

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

theac wrote: Sun Nov 26, 2023 8:40 am Does Schwab match bonus offers from other brokerages?

Specifically, this one from Citi?
https://banking.citi.com/cbol/investmen ... 28E0A44CC6

I called their ROTH Dept 2 weeks ago, spoke to an agent, he said he couldn't find that offer, and would call me back. He never did. I'm thinking of making another call, this time to their Brokerage Dept.

I'm thinking of transferring $50k in etfs from Vanguard ROTH to my Schwab ROTH.
Fidelity shows a $500 bonus, so just wondering if Schwab would match that offer.
I asked Schwab for a retention bonus, never had any luck. Thanks for the link for the City bonus.
:sharebeer
by EdNorton
Wed Nov 22, 2023 8:24 pm
Forum: Personal Finance (Not Investing)
Topic: S corporation distributions
Replies: 28
Views: 2841

Re: S corporation distributions

vnatale wrote: Wed Nov 22, 2023 8:07 pm
billaster wrote: Tue Nov 21, 2023 9:51 pm
vnatale wrote: Tue Nov 21, 2023 5:51 pm His rights to Sub S Dividends for Previously Taxed Income for which he has had to fully declare on his tax returns. Him receiving that remaining $90,000 will have no tax consequence to him as he's already paid the taxes on it.
The retained earning are his basis. When he sells his shares, he subtracts the basis to determine taxable gain. It's the same as selling shares of a stock. He isn't taxed twice on his basis.
On what do you base that upon?

I believe his basis is exactly what he paid for his shares when he originally purchased them.
I forbid you to comment on any S Corp questions based around on above comment.
:sharebeer
by EdNorton
Wed Nov 22, 2023 5:22 pm
Forum: Personal Investments
Topic: Highly concentrated stock positions & seeking feedback (AAPL, GOOGL)
Replies: 95
Views: 9497

Re: Highly concentrated stock positions & seeking feedback (AAPL, GOOGL)

KlangFool wrote: Mon Nov 20, 2023 6:29 pm
indexin99 wrote: Mon Nov 20, 2023 11:58 am
I am in a position where I am confident in AAPL's future,
indexin99.

But, that may not have anything with the future of AAPL's stock price.

The current AAPL P/E ratio is 30+. In order for AAPL's stock to move higher, the earning needs to grow much more than 30% per year. Do you believe that it can consistently beat that expectation over the next few years?

KlangFool
KlangFool - where did you come up with that rule of thumb? What happens if earnings grow 20%/year. If the stock price stays the same, the P/E will be 17.36 in 3 years. Would it be a bargain then? A 30 P/E implies it's earnings should be growing, but a P/E of 30 does not mean earnings should be growing at 30%.
:sharebeer
by EdNorton
Fri Oct 20, 2023 4:54 pm
Forum: Personal Consumer Issues
Topic: Will Dog Food Prices Go Back Down?
Replies: 24
Views: 2176

Re: Will Dog Food Prices Go Back Down?

whodidntante wrote: Fri Oct 20, 2023 3:10 pm I hope that Alpo prices come down. That's my plan B to mitigate a prolonged bear market.
Hope you have a dog!
:sharebeer
by EdNorton
Sun Oct 15, 2023 5:02 pm
Forum: Personal Finance (Not Investing)
Topic: Live Auction House Flip: Thoughts?
Replies: 14
Views: 1903

Re: Live Auction House Flip: Thoughts?

Please explain "someone can outbid you later"? Never heard of that at an auction.
:sharebeer
by EdNorton
Fri Oct 13, 2023 6:21 am
Forum: Personal Finance (Not Investing)
Topic: New accountant asked/suggested I simplify
Replies: 21
Views: 3651

Re: New accountant asked/suggested I simplify

Ask the accountant how much time it saves. Once you enter account information into tax program, it rolls over to the next year. Your 3 or 4 investment accounts are not excessive. I'd look for another accountant.
:sharebeer
by EdNorton
Wed Oct 04, 2023 5:50 pm
Forum: US Chapters
Topic: Sad News - LadyGeek's Mom has passed
Replies: 158
Views: 38156

Re: Sad News - LadyGeek's Mom has passed

Sorry for your loss. If you pay the PA inheritance tax within 90 days from the date of death there is a 5% discount. You can send in an estimate.
by EdNorton
Tue Oct 03, 2023 8:21 am
Forum: Investing - Theory, News & General
Topic: Aren't bonds basically guaranteed to appreciate in the short/medium term?
Replies: 37
Views: 4247

Re: Aren't bonds basically guaranteed to appreciate in the short/medium term?

I guarantee I can flip a coin and it will come up heads 100% of the time.
Assumptions: tails will never come up.
by EdNorton
Sat Sep 30, 2023 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: Should you get a local CPA when you move?
Replies: 14
Views: 1575

Re: Should you get a local CPA when you move?

toddthebod wrote: Sat Sep 30, 2023 1:51 pm Have you asked your CPA if he/she is comfortable filing a Georgia return?
Keep your PA CPA. Should be no problem doing simple GA return.
:sharebeer
by EdNorton
Thu Sep 28, 2023 7:58 pm
Forum: Investing - Theory, News & General
Topic: What did work in the late 60's?
Replies: 82
Views: 13927

Re: What did work in the late 60's?

Viagra worked for me.
:sharebeer
by EdNorton
Thu Sep 28, 2023 1:05 pm
Forum: Personal Investments
Topic: Investing funny money but not laughing anymore
Replies: 86
Views: 12314

Re: Investing funny money but not laughing anymore

Sell VSAT, take the tax loss, invest proceeds in SRPT. Thank me in November.
:sharebeer
by EdNorton
Fri Sep 22, 2023 7:52 am
Forum: Personal Investments
Topic: Ways to take advantage of unemployment
Replies: 11
Views: 1855

Re: Ways to take advantage of unemployment

If you have any L/T cap gains, you can do tax gain harvesting at 0% tax rate.
:sharebeer
by EdNorton
Thu Sep 21, 2023 5:58 am
Forum: Personal Finance (Not Investing)
Topic: HR Block: Home office deduction not reported on Sched C?
Replies: 26
Views: 1789

Re: HR Block: Home office deduction not reported on Sched C?

Are you self employed or a W-2 employee who has a home office?
by EdNorton
Fri Sep 15, 2023 12:40 pm
Forum: Personal Consumer Issues
Topic: My son and I are getting into golf...
Replies: 39
Views: 4184

Re: My son and I are getting into golf...

Advice once playing on a real course:

Play good, play fast.
Play poorly, play faster.

:sharebeer