Search found 7186 matches

by Gill
Sat Apr 17, 2021 6:01 pm
Forum: Personal Finance (Not Investing)
Topic: Buying Vacation Home with Parent?
Replies: 10
Views: 785

Re: Buying Vacation Home with Parent?

Given their wishes the cleanest and easiest way would be for them to write you a check for half the cost and then you purchase the property in the names of you and your spouse. Yes, it would be a gift but that shouldn’t be a problem. Any other arrangement is overly complicated and presents too many ...
by Gill
Sat Apr 17, 2021 2:04 pm
Forum: Personal Finance (Not Investing)
Topic: Should/Can I file an tax amendment for incorrectly reported capital gains
Replies: 5
Views: 431

Re: Should/Can I file an tax amendment for incorrectly reported capital gains

ir0nhide wrote: Sat Apr 17, 2021 1:50 pm
One more question - Does it matter if I file my 2020 tax returns first and then file the amendment? I am hoping there is no order in that
No, unless the amendment affects a carryover to 2020.
Gill
by Gill
Sat Apr 17, 2021 8:04 am
Forum: Personal Finance (Not Investing)
Topic: When to transfer vehicle title to Teen?
Replies: 4
Views: 443

Re: When to transfer vehicle title to Teen?

For liability reasons, I’d be inclined to transfer title to your son. I’d also check with your insurance carrier as to the effect of doing this.
Gill
by Gill
Fri Apr 16, 2021 5:58 pm
Forum: Personal Finance (Not Investing)
Topic: 2017 tax records.. Destroy?
Replies: 20
Views: 2060

Re: 2017 tax records.. Destroy?

I still have all of my returns for the last fifty years, literally. Beat ‘cha! I have mine for the last 56 years but the supporting documents for only the last six. Gill I beat you back then. I have all supporting documents since 1970. 🙂 I had the supporting documents for many years but about five ...
by Gill
Fri Apr 16, 2021 5:30 pm
Forum: Personal Finance (Not Investing)
Topic: 2017 tax records.. Destroy?
Replies: 20
Views: 2060

Re: 2017 tax records.. Destroy?

Nicolas wrote: Fri Apr 16, 2021 4:48 pm I still have all of my returns for the last fifty years, literally.
Beat ‘cha! I have mine for the last 56 years but the supporting documents for only the last six.
Gill
by Gill
Fri Apr 16, 2021 3:25 pm
Forum: Personal Consumer Issues
Topic: Snowbirds establishing FL residency from Northeast- Residency audits
Replies: 32
Views: 2742

Re: Snowbirds establishing FL residency from Northeast- Residency audits

My point here is that I would not (in my mind) have one clear primary residence....I would have to choose one for practical purposes (voting, driving, taxation). Of course, given the option, I would choose FL because of the tax and estate advantage, but not out of dishonesty. MA is your current dom...
by Gill
Fri Apr 16, 2021 2:53 pm
Forum: Personal Consumer Issues
Topic: Snowbirds establishing FL residency from Northeast- Residency audits
Replies: 32
Views: 2742

Re: Snowbirds establishing FL residency from Northeast- Residency audits

My point here is that I would not (in my mind) have one clear primary residence....I would have to choose one for practical purposes (voting, driving, taxation). Of course, given the option, I would choose FL because of the tax and estate advantage, but not out of dishonesty. ...but you need to est...
by Gill
Thu Apr 15, 2021 2:44 pm
Forum: Personal Finance (Not Investing)
Topic: Fixing a simple tax error from 4 years ago
Replies: 13
Views: 1158

Re: Fixing a simple tax error from 4 years ago

gobel wrote: Thu Apr 15, 2021 1:41 pm If you filed by the Apr15 deadline in 2018, then today is the deadline to amend your 2017 taxes.
OP - Note Well! Make tracks!

Gill
by Gill
Thu Apr 15, 2021 2:36 pm
Forum: Personal Investments
Topic: sell all rental homes in one year or stager them yearly
Replies: 21
Views: 1630

Re: sell all rental homes in one year or stagger them yearly

Another point to consider; Are you sure of your basis? Is that after depreciation? The ones you have held for twenty years may be nearly fully depreciated.
Gill
by Gill
Wed Apr 14, 2021 6:13 pm
Forum: Personal Consumer Issues
Topic: Summerizing Florida House
Replies: 12
Views: 1353

Re: Summerizing Florida House

Number one priority is to set the A/C so it runs. Also someone should check the unit to be sure it and the refrigerator is running. Pour some cooking oil into the disposal. Covering toilets with a little bleach in the water. Gill Thanks everybody for the suggestions. I understad everything except p...
by Gill
Wed Apr 14, 2021 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Loaning $15K / IRS form implications
Replies: 10
Views: 514

Re: Loaning $15K / IRS form implications

If you hadn't been on Bogleheads for six years with 708 posts how would you do it? You'd write your mother a check for $15,000, perhaps get a note simply saying "I hereby agree to pay Calico $15,000 on demand with zero percent interest", she would eventually pay you and that would be the e...
by Gill
Wed Apr 14, 2021 10:52 am
Forum: Personal Finance (Not Investing)
Topic: How to estimate how much you can spend?
Replies: 14
Views: 1097

Re: How to estimate how much you can spend?

Vtsax100 wrote: Wed Apr 14, 2021 10:46 am You are 70 with over 4 mil. You can spend as much as you want.
Not really, with perhaps 20 to 30 years of life left.
Gill
by Gill
Wed Apr 14, 2021 8:57 am
Forum: Personal Finance (Not Investing)
Topic: W-4 error, had single filing status not married
Replies: 7
Views: 619

Re: W-4 error, had single filing status not married

Many people do this intentionally to increase their withholding. No harm done.
Gill
by Gill
Wed Apr 14, 2021 8:55 am
Forum: Personal Consumer Issues
Topic: Summerizing Florida House
Replies: 12
Views: 1353

Re: Summerizing Florida House

We had a refrigerator shut off thawing the frozen orange juice in the top freezer creating a huge sticky mess. Good advice about the refrigerator from other posters. Have lived in Florida 44 years and it becomes a habit to keep many things in the refrigerator just to protect them from humidity and i...
by Gill
Wed Apr 14, 2021 8:12 am
Forum: Personal Consumer Issues
Topic: Summerizing Florida House
Replies: 12
Views: 1353

Re: Summerizing Florida House

Number one priority is to set the A/C so it runs. Also someone should check the unit to be sure it and the refrigerator is running. Pour some cooking oil into the disposal. Covering toilets with a little bleach in the water.
Gill
by Gill
Tue Apr 13, 2021 1:38 pm
Forum: Personal Finance (Not Investing)
Topic: Life Estate
Replies: 3
Views: 327

Re: Life Estate

A life estate arrangement doesn't transfer the ownership to the life tenant; it only provides the right for the life tenant to occupy the property until any number of conditions are met. So, I don't understand what you mean when you say that the ownership "reverts back" to you when the li...
by Gill
Mon Apr 12, 2021 9:15 am
Forum: Personal Finance (Not Investing)
Topic: Gross Income Definition
Replies: 22
Views: 1780

Re: Gross Income Definition

Trying to determine if my Son (adult student) needs to file taxes. All his income is unearned. My tax guy says the threshold for filing income tax returns on gross income are based on proceeds, not profits. So if one sells stocks for $10,000, even if the cost basis was $9,500, his gross income is $...
by Gill
Sun Apr 11, 2021 8:29 pm
Forum: Personal Investments
Topic: Creating revocable trust just for buying I Bonds?
Replies: 29
Views: 1954

Re: Creating revocable trust just for buying I Bonds?

.. I wonder what sort of risks there is if someone went that route for a trust that's only purpose was to hold Savings Bonds for ones own benefit :confused I don’t see any risk. Name a successor trustee in the event of disability before death and direct the trust to terminate at death and be paid t...
by Gill
Sun Apr 11, 2021 8:10 pm
Forum: Personal Investments
Topic: Creating revocable trust just for buying I Bonds?
Replies: 29
Views: 1954

Re: Creating revocable trust just for buying I Bonds?

I don’t see any reason why you couldn’t create a simple RLT solely for the purpose of buying I Bonds and there is no need to have your checking account with the same registration. If this is the only reason for the trust the dispositive provisions can simply have the trust terminate at death and pou...
by Gill
Sun Apr 11, 2021 5:25 pm
Forum: Personal Finance (Not Investing)
Topic: Gross Income Definition
Replies: 22
Views: 1780

Re: Gross Income Definition

Consider a new tax guy.
Gill
by Gill
Sun Apr 11, 2021 4:26 pm
Forum: Personal Finance (Not Investing)
Topic: Additions to Cost Basis of Land
Replies: 1
Views: 167

Re: Additions to Cost Basis of Land

Yes and yes. Both valid additions to your basis.
Gill
by Gill
Sun Apr 11, 2021 6:24 am
Forum: Investing - Theory, News & General
Topic: [Is it a good time to buy I bonds?]
Replies: 63
Views: 917

Re: I Bonds

This is like the worst time to buy I bonds. The fixed rate is 0% with inflation on the horizon. I bonds pay off when you buy right before deflation is about to occur. I don’t follow your reasoning. What makes you think the fixed rate will change? Seems to me with inflation on the horizon it’s a goo...
by Gill
Sun Apr 11, 2021 6:08 am
Forum: Personal Investments
Topic: I Bonds [Can we buy in our kids' names?]
Replies: 22
Views: 5802

Re: I Bonds

Yes, you can invest in the names of your children but you have then made a gift to them and they own the bonds.
Gill
by Gill
Sat Apr 10, 2021 8:36 am
Forum: Personal Finance (Not Investing)
Topic: Disclaiming inheritance as remainder beneficiary
Replies: 15
Views: 1329

Re: Disclaiming inheritance as remainder beneficiary

By way of example, let's assume a trust was established by the father in 1995 and has grown to $1 million. It became irrevocable in 2000 due to the death of the father. All income and principal could be used for the benefit and care of the son. The trust stipulates that at the death of the son, the...
by Gill
Sat Apr 10, 2021 8:13 am
Forum: Personal Finance (Not Investing)
Topic: Do budgets work?
Replies: 122
Views: 4854

Re: Do budgets work?

No, I don’t see how you can’t”earn your way” out of your spending habits. More earnings it seems will only lead to more spending.
Gill
by Gill
Fri Apr 09, 2021 7:56 pm
Forum: Personal Finance (Not Investing)
Topic: Tax implication of transferring Mutural Funds from a joint account under my SSN to a joint acct under my mom's SSN
Replies: 3
Views: 390

Re: Tax implication of transferring Mutural Funds from a joint account under my SSN to a joint acct under my mom's SSN

Changing Social Security numbers on the account doesn’t accomplish a thing. You should report the income based on ownership, not Social Security numbers.
Gill
by Gill
Fri Apr 09, 2021 9:18 am
Forum: Personal Finance (Not Investing)
Topic: Disclaiming a portion of an inheritance
Replies: 16
Views: 1201

Re: Disclaiming a portion of an inheritance

willthrill81 wrote: Fri Apr 09, 2021 9:10 am This sounds like a great question for an estate attorney licensed in your state.
...actually, admitted to practice in the state of the decedent's domicile.
Gill
by Gill
Fri Apr 09, 2021 9:06 am
Forum: Personal Finance (Not Investing)
Topic: Disclaiming a portion of an inheritance
Replies: 16
Views: 1201

Re: Disclaiming a portion of an inheritance

Seems like if you disclaim a portion of an estate but also want to direct where the disclaimed portion goes it's a round about way of making a gift. Well that is essentially what it is - a roundabout way of making a gift. My question is whether it's legal or not, assuming that Person A's children a...
by Gill
Fri Apr 09, 2021 9:00 am
Forum: Personal Finance (Not Investing)
Topic: Disclaiming a portion of an inheritance
Replies: 16
Views: 1201

Re: Disclaiming a portion of an inheritance

Seems like if you disclaim a portion of an estate but also want to direct where the disclaimed portion goes it's a round about way of making a gift. Well that is essentially what it is - a roundabout way of making a gift. My question is whether it's legal or not, assuming that Person A's children a...
by Gill
Thu Apr 08, 2021 11:40 am
Forum: Forum Issues and Administration
Topic: Question about discussion of a proposed law or regulation
Replies: 14
Views: 819

Re: Question about discussion of a proposed law or regulation

That makes sense. When they say 11.7 million per person, when would that even apply? Would both mother and father have to pass at the exact same time for that to happen? Or do the accounts have to be non-joint accounts? It would apply with the use of trusts to take advantage of each spouse's exempt...
by Gill
Thu Apr 08, 2021 7:28 am
Forum: Personal Finance (Not Investing)
Topic: IRA Beneficiary & Estate Question
Replies: 18
Views: 1167

Re: IRA Beneficiary & Estate Question

I will give a simpler example. There is an estate with only a savings account in it. The savings account had $20,000 of interest in 2020. There is only one beneficiary to the estate. The estate had no expenses in 2020. That is one heck of a savings account. At .05% that would be a $4 million accoun...
by Gill
Wed Apr 07, 2021 9:07 am
Forum: Personal Finance (Not Investing)
Topic: Tax bill split between spouses
Replies: 81
Views: 4277

Re: Tax bill split between spouses

How about if she only contributes the amount of her withholding? That would likely approximate her equitable share.
Gill
by Gill
Wed Apr 07, 2021 6:14 am
Forum: Personal Finance (Not Investing)
Topic: Revocable Living Trust issue
Replies: 9
Views: 954

Re: Revocable Living Trust issue

These assets are now held in the same trust although it has now become irrevocable with a new tax ID number. With a copy of the trust agreement, the death certificate and the new ID number the bank should send a check payable to your wife as trustee of the trust.
Gill
by Gill
Tue Apr 06, 2021 2:25 pm
Forum: Personal Investments
Topic: Inherited Trust Portfolio - Planning Advice
Replies: 6
Views: 837

Re: Inherited Trust Portfolio - Planning Advice

Your trust has a trustee, not an executor. Until the trust is distributed to you, it appears the trustee has the sole responsibility for managing the assets. He is taking an enormous risk having 20% of your trust in one stock.
Gill
by Gill
Tue Apr 06, 2021 2:20 pm
Forum: Personal Finance (Not Investing)
Topic: For those retired or FI, how much do you spend annually?
Replies: 286
Views: 20819

Re: How much do you spend annually in retirement?

bg5 wrote: Tue Apr 06, 2021 1:10 pm My gut tells me that $50,000 annually would be living "high on the hog" assuming all debts are paid off.
You'll find there are many retirees on this board who spend that much on one category such as housing, income taxes or travel.
Gill
by Gill
Tue Apr 06, 2021 2:13 pm
Forum: Personal Finance (Not Investing)
Topic: IRA Beneficiary & Estate Question
Replies: 18
Views: 1167

Re: IRA Beneficiary & Estate Question

Am I reading incorrectly that any amount over $12,500 is taxed (in an estate) as 39.6%? The IRA has about 500k in it. The three beneficiaries most definitely do not have personal income tax rates anywhere near 39.6%. You're not digesting fully what bsteiner and AlanS have told you. Distributions fr...
by Gill
Tue Apr 06, 2021 6:37 am
Forum: Personal Finance (Not Investing)
Topic: Spouse on Deed but not Mortgage?
Replies: 13
Views: 1403

Re: Spouse on Deed but not Mortgage?

You can’t encumber the property without your wife’s consent. She might not be on the note but you can’t borrow against it on your own. Appears an error on bank’s part. I have been through this dance myself. It highly depends on your local laws and how the bank choose to interpret them. If she is on...
by Gill
Mon Apr 05, 2021 8:40 pm
Forum: Personal Finance (Not Investing)
Topic: Can someone become bankrupt from gift contracts?
Replies: 17
Views: 1955

Re: Can someone become bankrupt from gift contracts?

A promise to make a gift can be an enforceable contract if there is reliance on the promise by the donee. If your church builds an addition in reliance on your promise to contribute the cost you could be liable. The same could be true for a non charitable gift.
Gill
by Gill
Mon Apr 05, 2021 8:21 pm
Forum: Personal Finance (Not Investing)
Topic: Spouse on Deed but not Mortgage?
Replies: 13
Views: 1403

Re: Spouse on Deed but not Mortgage?

You can’t encumber the property without your wife’s consent. She might not be on the note but you can’t borrow against it on your own. Appears an error on bank’s part.
Gill
by Gill
Mon Apr 05, 2021 10:10 am
Forum: Investing - Theory, News & General
Topic: Forgoing Taking RMD's in 2020
Replies: 4
Views: 828

Re: Forgoing Taking RMD's in 2020

The two times RMD's have been forgiven was after a steep decline in the market when it was felt to be unfair to require RMD's based on a much higher market the previous December 31st. The circumstances are different in 2021 and such a holiday doesn't seem likely.
Gill
by Gill
Mon Apr 05, 2021 7:35 am
Forum: Personal Investments
Topic: Mom's Legacy
Replies: 19
Views: 2847

Re: Mom's Legacy

If you want it to grow, put it in a stock index fund, in a retirement or taxable account. If you want to preserve and not lose much value, consider ibonds on Treasury direct. It may take a couple of years to invest it all due to annual limits. Thanks for your feedback, we are leaning towards index ...
by Gill
Thu Apr 01, 2021 8:01 pm
Forum: Personal Finance (Not Investing)
Topic: Need help selecting a moderate cost trusts and estates attorney
Replies: 17
Views: 906

Re: Need help selecting a moderate cost trusts and estates attorn

Has anyone reviewed the trust instrument to see what is required to remove the trustee? Sometimes the services of an attorney are not even necessary.
Gill
by Gill
Thu Apr 01, 2021 9:43 am
Forum: Non-US Investing
Topic: How you sell your stocks
Replies: 4
Views: 767

Re: How you sell your stocks

ericsk wrote: Thu Apr 01, 2021 6:46 am
How do you guys sell your stocks?
It's so infrequent I can hardly remember but it's usually selecting the highest cost shares and clicking a mouse.

Gill
by Gill
Thu Apr 01, 2021 9:39 am
Forum: Personal Finance (Not Investing)
Topic: Nd help deciphering my mother's intentions in re: Series EE Savings Bonds in my mother's Safety Deposit Box
Replies: 19
Views: 1678

Re: Nd help deciphering my mother's intentions in re: Series EE Savings Bonds in my mother's Safety Deposit Box

cas wrote: Thu Apr 01, 2021 7:54 am If there is an estate tax return, the accrued interest can be reported there.
Yes, but can't do so when the bonds bypass the estate through a POD designation.
Gill
by Gill
Thu Apr 01, 2021 5:44 am
Forum: Personal Finance (Not Investing)
Topic: Questionable offer for as is house
Replies: 16
Views: 2498

Re: Questionable offer for as is house

They are essentially buying an option to buy the house at a later date and causing the property to be taken off the market. Not a very attractive deal.
Gill
by Gill
Wed Mar 31, 2021 2:52 pm
Forum: Personal Consumer Issues
Topic: To change trustee and POA without an attorney
Replies: 4
Views: 382

Re: To change trustee and POA without an attorney

What relation is the POA to your revocable trust? Perhaps you should establish a relationship with a new attorney for the ongoing administration of your trust and in the event of your death.
Gill
by Gill
Wed Mar 31, 2021 8:01 am
Forum: Personal Investments
Topic: short term strategy for a lot of cash
Replies: 29
Views: 3635

Re: short term strategy for a lot of cash

If you’re not willing to buy a bond fund most of us are at a loss as what to suggest unless you want to put it in equities.
Gill
by Gill
Tue Mar 30, 2021 7:21 pm
Forum: Personal Investments
Topic: I Bond Sell Strategy
Replies: 82
Views: 6995

Re: I Bond Sell Strategy

clcarter wrote: Tue Mar 30, 2021 7:04 pm I wonder if some with large holdings still have paper bonds or have they been confident enough to converted to electronic at Treasury Direct?
Mine are all at TreasuryDirect.
Gill