Go to Jeff Salisbury LWGate Home Page.From: persfin-digest <owner-persfin-digest@shore.net>
Subject: persfin-digest V4 #14
Date: Fri, 28 Mar 1997 17:06:35 -0500 (EST)
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persfin-digest Friday, March 28 1997 Volume 04 : Number 014
IN THIS ISSUE:
ADVERTISEMENT: MCI AUTOFORWARD [Oppenheimer Software <Connect-Sales@mcim]
Problems With Secondary Hard Drive As Backup [Nick Makrymanolakis <nmakry]
Tax Implications of Selling Mutual Funds [sco@snowhill.com]
RE: Lawyers and Conflict [Keith Mealy <kmealy@cincom.com>]
Executor Fees ["Burke, Cec EXEC" <CBURKE@tbw.gov.nf.ca>]
Montgomery Emerging Markets Fund -- late disclosure of Foreign Tax Paid []
Quickbooks and Quicken [jreed1@airmail.net]
Any Books On Options? [Iron Foot <ironfoot@dorsai.org>]
Another Vote For The Library [Timothy.E.Zickus/IT/VGI]
Recording Mileage? [Jacqueline.D.Richardson@Hitchcock.ORG (Jacqueline D. ]
Re: Quicken/Quickbooks ["Barry H. Rodin" <brodin@pica.army.mil>]
Re: Low Cost Health Insurance (Golden Rule) [skroege@nswc.navy.mil (Steve]
Re: mortgage loan types: fixed Vs ARM, bank vs mortgage company ["Fang A ]
re: Quicken/Quickbooks ["Mitchell, David D (PB-d4dmitc)" <D4DMITC@msg.Pac]
RE: Minimum Escrow Balance ["Peter Diamond" <diamond@vsi.net>]
Five Reasons to Sell a Stock ["Peter Diamond" <diamond@vsi.net>]
New Retirement Planner Website [Jacqueline.D.Richardson@Hitchcock.ORG (Ja]
Is Unused Sick Pay Taxable Income? [Frank Wagner <wagner@ececs.uc.edu>]
How To Report Late Estimated Tax Payment? ["Peter Staecker" <staeckep@mac]
Mortgage Questions (Origination Fees vs. Points)? Closing Deductions? [P]
Re: Mortgage escrow buffers - How Are They Calculated? [bjhaines@juno.co]
Dow Dogs and DRIPs [kmeinken@one.net]
When to sell a stock [kmeinken@one.net]
Bookstores Have A Great Selection [GeorgeS <pip@shore.net>]
Free Web Site for Financial Reports on AMEX/NASDAQ Companies? [BobWo@aol.]
Selling M.F. to Invest Elsewhere? [Jacqueline.D.Richardson@Hitchcock.ORG ]
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Date: Fri, 28 Mar 1997 16:25:49 -0500 (EST)
From: Oppenheimer Software <Connect-Sales@mcimail.com>
Subject: ADVERTISEMENT: MCI AUTOFORWARD
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------------------------------
Date: Fri, 28 Mar 1997 16:26:28 -0500 (EST)
From: Nick Makrymanolakis <nmakry@compulink.gr>
Subject: Problems With Secondary Hard Drive As Backup
>Can you think of your secondary hard drive as your backup?
>
>I had 240M drive and installed additional 1.6G, which is of course my
>C: drive now. Is it a bad idea to use old one (now on E:) as a backup?
>Well, if house burned down, I lose all, but talking about more
>probable hardware failure...
>
>Any objections?
Certainly, it's better than nothing, but imagine what will happen if your
computer get a virus. Since both drives are on-line, the data in both drives
are in danger.
Anyway, if you're talking about hardware failure, it is more safe to have
data in two hard disks than using only one.
>(Editor's Comment - How about a secondary computer, like a 486 with a 2GB
>hard drive, as a backup? The prices of 486s are falling through the
>floor. Not only can you back up your system, but for many programs you
>will know they they work because you install them on both computers.
>Probably cheaper than the Iomega solutions and definitely more reliable.
I'd prefer a tape drive for a full backup. Much cheaper and much more space
saver (I couldn't imaging my office with an extra computer on it just for
backup purposes!)
Nick Makrymanolakis
Athens, GREECE
nmakry@compulink.gr
------------------------------
Date: Fri, 28 Mar 1997 16:29:59 -0500 (EST)
From: sco@snowhill.com
Subject: Tax Implications of Selling Mutual Funds
(Jackie wants to "skim the profits" of her funds.)
Jackie,
Remember, you probably owe 28% of your skimmed profits in taxes next April.
Taxes alone should NOT drive your investment, but you need to consider the
implications of taking the capital gain.
Scott
(Editor's Comment - Actually, it's whatever her marginal tax rate is (15%,
36%, or 0% (if she has no other income and the profits are sufficiently
small. Also remember state taxes, if any, as well as the fact that
certain deductions phase out at certain AGI levels. That's what's nice
about TurboTax - you can try different "what if" scenaries for tax
implications. -IK)
------------------------------
Date: Fri, 28 Mar 1997 16:30:44 -0500 (EST)
From: Keith Mealy <kmealy@cincom.com>
Subject: RE: Lawyers and Conflict
(Editor's Comment - Lawyers make their money from conflict. If you get
agreement beforehand and want the lawyer to handle just the procedural
details (e.g., in a divorce) your fees will be astronomically less than if
two opposing lawyers, with both meters running, "resolve" the conflict.
- - -IK)
There's an old maxim that only one lawyer in a town will go broke, but
two can both make a good living.
Keith Mealy kmealy@cincom.com
Cincinnati, OH http://www.cincom.com
------------------------------
Date: Fri, 28 Mar 1997 16:35:24 -0500 (EST)
From: "Burke, Cec EXEC" <CBURKE@tbw.gov.nf.ca>
Subject: Executor Fees
>>From: Greg Panayoti <greg_panayoti@il.us.swissbank.com>
>>Subject: Executors Are Entitled To Compensation for Estate Work
>>I'm a bit confused. Firstly, executors are entitled to a fee for their
>>time and effort - this is standard practice (at least in the NY/NJ area)
>>so I don't agree when you say he wasn't entitled to anything. I believe
>>(and I could be wrong) they get 1-2%.
>>Secondly - it is fair and reasonable for an executor to be reimbursed
>>for any expenses related to the administration of the will. Now, perhaps
>>$7,000 is a bit crazy but I'm sure there were SOME expenses of time/money
>>that this person is entitled to get reimbursed for.
Greg is correct in that the law does provide for "executor fees". Where I
live the maximum is 5% of the value of the estate. But there is no
provision that the executor is automatically entitled to fees. The 5% is
protection for the estate and has to be set out in advance in a Will or
Trust document, or as in our case, billed after the estate is settled and
agreed to by the court. In this particular case the executor had the
option of just claiming out of pocket expenses, which he would have
received without question. We were shocked that he billed for fees of
$7,000 for the small amount of work involved.
>>From: PRIMO <primo@fast.net>
>>Subject: Why are the Lawyers at Fault?
>>I sympathize with the above situation, but exactly how are the lawyers
>>at fault? The solution to mediate the dispute may not have proven to be
>>any more fruitful since the executor may have not agreed to mediation.
>>Therefore, the article would have been more appropriately titled "How An
>>Executor and Beneficiary Ate Through An Estate." Apparently one thing
>>is for certain: When it comes to money, there is no such thing as a
>>"best friend."
>>However, more importantly, this article should serve as a wake up call
>>for everyone to take seriously the task choosing an executor. In the
>>above case, it may have been more prudent for the father-in-law to
>>simply appoint the beneficiary as the executor.
The lawyers delayed the settlement of the estate by waiting 9 months to
request clearance from the tax department after the final income tax had
been filed and assessed. During this period the executor and lawyer met 6
times to discuss estate matters. What matters there were to discuss other
than how to get us to agree to pay $7,000 in fees is still a mystery.
There were other things that happened in which we felt the involvement of
lawyers did more harm than good and only increased the amount of their
bill.
My father-in-laws lawyer told him that the beneficiary ( his daughter) would
be too emotionally distressed to deal with his estate after his death,
and that he should choose someone outside the family. This person did
not even send a Sympathy card.
cec
(Editor's Question - Is the possibility of emotional distress enough of a
reason not to be an executor? I see being an executor as honoring the
deceased by helping to carry out their last wishes. That would turn the
lawyer's argument on its head because only someone who was emotionally
involved with the deceased would understand their last wishes completely.
- -IK)
------------------------------
Date: Fri, 28 Mar 1997 16:37:08 -0500 (EST)
From: alufml@fanniemae.com (Francois-Michel Lang)
Subject: Montgomery Emerging Markets Fund -- late disclosure of Foreign Tax Paid
I have some money in the Montgomery Emerging Markets Fund through my
Fidelity account. To my surprise and chagrin, earlier this week,
Fidelity sent me a revised 1099-DIV form that included an item noting
$6.51 Foreign Tax Paid by that fund.
[Digression: Amounts of Foreign Tax Paid can be used to reduce your
federal income tax on a 1-for-1 basis. I.e., $6.51 of FTP can reduce your
tax owed by $6.51, not 28% or 31% of $6.51, like a deduction. The downside
is that getting this credit requires filing form 1116, which is a nightmare.]
Th3 $6.51 did not appear on the original 1099 that Fidelity had sent me,
as required, on 1/31. I'd already filed my taxes, and for the huge sum of
$6.51, I wasn't about to file an amended return; however it did not sit well
with me that this amount wasn't disclosed until 3/21. I called Fidelity,
and to my amazement, within 48 hours, they agreed with my concern, and
said they'd credit my account with that amount!
I rather doubt that I'm the only one to whom this happened, so if any
other persfin-ers are in this fund, especially though Fidelity, be
on the lookout.
------------------------------
Date: Fri, 28 Mar 1997 16:38:04 -0500 (EST)
From: jreed1@airmail.net
Subject: Quickbooks and Quicken
(Bonnie, a financial novice, wanted to compare Quickbooks and Quicken)
Hi, Bonnie....I've been a user both of Quickbooks and Quicken.
Sounds like Quicken might fill your needs better. It is an all around
personal finance program with the built-in ability to keep records for a
small business.
Although my wife and I are retired now (we owned a computer service business
for about 20 yrs), we once used Quickbooks for our corporation (which
operated the business). Quickbooks has some capabilities which make it
suited for fairly complex accounting journal entries, keeping payroll,
invoicing, etc. So it was best for us then.
The corporation still exists now, but it is nothing more than a shell
corporation, with very few accounting entries, so I've set up the
corporation within Quicken......and it does fine.
Also, Quicken Delux has some interesting aspects (as opposed to the regular
Quicken)....especially in the area of debt management, help resources, etc.
If you look on the box of the three pieces of software, there is a helpful
table to help with your decision.
Let me know if I can answer any questions. I'll be glad to help in any way
that I can.
Kindest regards,
Jim, in Texas
jreed1@airmail.net
------------------------------
Date: Fri, 28 Mar 1997 16:38:35 -0500 (EST)
From: Iron Foot <ironfoot@dorsai.org>
Subject: Any Books On Options?
Can the good readers on this list recommend a book on options
trading to me?
Thanks.
Elliott
------------------------------
Date: Fri, 28 Mar 1997 16:39:04 -0500 (EST)
From: Timothy.E.Zickus/IT/VGI
Subject: Another Vote For The Library
Here's another vote for the library.
If you live near a University, check out their library policy.
I have an excellent University library near me, and I can
purchase a "community borrowers card" for $30/yr which
lets me check out books. I can browse and read all I want
for free, and they even have the card catalog on the 'net.
I still buy books at Border's or Amazon.com, but for
sheer browsing pleasure and depth of coverage, you
can't beat a library.
- - Tim
------------------------------
Date: Fri, 28 Mar 1997 16:39:38 -0500 (EST)
From: Jacqueline.D.Richardson@Hitchcock.ORG (Jacqueline D. Richardson)
Subject: Recording Mileage?
Eight months ago I purchased an apartment house in another town (which also
happens to be in another state - border towns). I keep track of my mileage
whenever I go back and forth for anything. In 1996 I kept a log of all
expenses and the starting and ending odometer readings on my car because I
wanted to take the itemized (I forget the actual term) deduction complete with
depreciation, gas, expenses, etc. When I went to the CPA to do my taxes he
talked me out of that method and said that over the long haul I would be better
off just taking the mileage deduction. But, he said that I should continue
keeping such a great log. Well, that much of a detailed log is a pain in the
neck to keep if I'm not going to use all the gas and other expenses so I am
going to just keep track of the mileage.
My question is: Can I just keep a record of the date, reason for travel and
*number of miles driven*? Or, do I need to keep track of the starting and
ending odometer readings every time as well?
Thanks
jackie
------------------------------
Date: Fri, 28 Mar 1997 16:40:04 -0500 (EST)
From: "Barry H. Rodin" <brodin@pica.army.mil>
Subject: Re: Quicken/Quickbooks
Start with Quicken! It takes some time to get used to the program
so you should only try to learn one at a time. You might find that
Quicken is all you need.
BTW, trial versions of both Quicken and Quickbooks can
(as of a couple months ago) be downloaded from the Internet at:
www.intuit.com and/or www.qfn.com
Barry
------------------------------
Date: Fri, 28 Mar 1997 16:41:04 -0500 (EST)
From: skroege@nswc.navy.mil (Steven J. Kroeger)
Subject: Re: Low Cost Health Insurance (Golden Rule)
(question on health insurance for startup business)
Try Golden Rule, they provide catastrophic at very reasonable rates. When
my wife became self employed we searched high and low for health insurance
and found Golden Rule. Got the whole family covered for about $150.00 a month.
Have a great day
Steve Kroeger
------------------------------
Date: Fri, 28 Mar 1997 16:43:03 -0500 (EST)
From: "Fang A (Allison)" <afang1@ford.com>
Subject: Re: mortgage loan types: fixed Vs ARM, bank vs mortgage company
The route I take is to have 1 year ARM and I plan to refinance every year for
the same program. I try to shop for no point no cost. I find in most cases
the first year's rate for 1 year ARM is lower than the rates for 7 year fix or
5 year fix. The only drawback is to refinance every year. Of course, if the
interest go down substantially for 5 year or 7 year fix (I am comfortable with
7.0%), then I will change my policy. I do have one question: is it any
disadvantage of refinancing too often besides time?
Allison Fang
------------------------------
Date: Fri, 28 Mar 1997 16:44:18 -0500 (EST)
From: "Mitchell, David D (PB-d4dmitc)" <D4DMITC@msg.PacBell.COM>
Subject: re: Quicken/Quickbooks
I use Quicken (5.0) for personal use and Quickbooks (latest version
5.0?) for business. Quicken is much easier to use, and new features
usually appear there first. The latest version of Quickbooks has some
handy features, and is much improved (IMHO), but still
not as easy as Quicken.
If you're going to be doing invoicing, inventory, accts payable/
receivable, payroll, etc. - go with Quickbooks. You can do most of that
in Quicken, but it's not as easy. A competing product (which I have no
experience with) is Peachtree Accounting.
Dave
Dave Mitchell
------------------------------
Date: Fri, 28 Mar 1997 16:45:41 -0500 (EST)
From: "Peter Diamond" <diamond@vsi.net>
Subject: RE: Minimum Escrow Balance
Yes, the minimum 1/6 balance is correct.
I have run into difficulty with this because the bank is always trying to
catch up with the tax increases, so the escrow goes up every year. It
has really made things difficult for the banks. The feds probably did
this because some banks used to have too much escrow and not refund it in
a timely manner. People were paying off their mortgages and receiving
$10,000 in back escrow from the bank! (without interest)
I suppose everyone is now paying for the problems some banks created.
Our bank pays interest on the escrow so it's not too bad.
Peter Diamond
------------------------------
Date: Fri, 28 Mar 1997 16:47:10 -0500 (EST)
From: "Peter Diamond" <diamond@vsi.net>
Subject: Five Reasons to Sell a Stock
There are many reasons to sell a stock:
1) You need the money.
2) There are "better" investment opportunities elsewhere.
3) Your lifestyle/economic situation has changed.
4) The stock has risen and provided the return you wanted.
5) The stock has fallen more than you can afford to lose.
Think about why you bought the stock in the first place. Would you buy
it again today? If not, maybe you should sell.
Peter Diamond
(Editor's Comment - Here's another. You're into asset class allocation
(say 50% stock, 25% bond, 25% cash) and need to rebalance the percentages.
- -IK)
------------------------------
Date: Fri, 28 Mar 1997 16:49:14 -0500 (EST)
From: Jacqueline.D.Richardson@Hitchcock.ORG (Jacqueline D. Richardson)
Subject: New Retirement Planner Website
An interesting flyer just came across my desk and I was anxious to share it
with this group since I usually ask questions and rarely have any info to
offer.
The flyer is headed "New! Retirement Planner Website" "Free! Public Access"
The address is:
http://www.bankerstrust.com/gis/retirementplanner
The flyer looks interesting and I am going to take a peek at the site as
soon as I get a chance but I wanted to share it with you all asap. It
also says there are links to other informative websites on saving and
investing.
Enjoy!
jackie
------------------------------
Date: Fri, 28 Mar 1997 16:49:54 -0500 (EST)
From: Frank Wagner <wagner@ececs.uc.edu>
Subject: Is Unused Sick Pay Taxable Income?
I will shortly be retiring. At that time I will be paid for a certain
number of days of unused sick leave. Is that payment taxable as income?
------------------------------
Date: Fri, 28 Mar 1997 16:50:56 -0500 (EST)
From: "Peter Staecker" <staeckep@macom.com>
Subject: How To Report Late Estimated Tax Payment?
Last month I found that we did not send in our second payment of
estimated tax to IRS - so we sent it in - over 6 months late. How do
we report this blunder to figure the additional interest/penalty
involved?
Peter
------------------------------
Date: Fri, 28 Mar 1997 16:51:43 -0500 (EST)
From: Paul Fan <fan@math.ucla.edu>
Subject: Mortgage Questions (Origination Fees vs. Points)? Closing Deductions?
Hi -
With respect to taxes, what is the difference between
origination fees and discount points?
Also which other closing fees are tax deductible?
Thanks,
Paul
(fan@math.ucla.edu)
------------------------------
Date: Fri, 28 Mar 1997 16:53:16 -0500 (EST)
From: bjhaines@juno.com (Robert J Haines)
Subject: Re: Mortgage escrow buffers - How Are They Calculated?
Stephen,
I'm not a "realty folk," but I work in a financial DP shop; a
mortgage-lending system is one of our offerings.. The latest info I have
is that 2 months is the rule, and the most recent change I remember was a
slight change in the way that "2 months" was calculated. (I'm
math-impaired, so I didn't see a huge difference in the formula, but folks
I spoke to indicated that it would be beneficial to the consumer.) There
was also a change that required your money to be sent to you -- before, if
the difference was small, there was an option to leave it in the account
and reduce your monthly escrow amount.
I think your prior lender was better than most. Most lenders pay you a
pitiful amount of interest on these accounts, so they have an incentive
to hold as much of your money for as long as they can. O.P.M.
Finally, I don't know whether the MA law varies.
Bob Haines
BJHAINES@JUNO.COM (preferred)
or BJHAINES@AOL.COM
P.S. At the risk of starting a flamefest, did anyone else notice that
"PRIMO" was the only contributor in the last digest that hid behind
an anonymous net handle? My guess is that it's "PRIMO, Esq."
However his point is valid ... it's not fair to blame the lawyers and
not assign blame to litigants who let the lawyers continue beyond
the bounds of reason.
------------------------------
Date: Fri, 28 Mar 1997 16:54:04 -0500 (EST)
From: kmeinken@one.net
Subject: Dow Dogs and DRIPs
> Have you considered using DRIPs for making your DotD purchases and
> sales? Yes, in most cases you'll have to go through a broker to buy
> your first share of each Dog, but after that your transaction costs
> will be minimal.
But why do it that way? It is a slow process that may take months and
you lose the ability to buy when you want. You probably will end up
with higher transaction fees (most brokerages charge for sending out
certificates). Many brokers charge the same fee for up to several
hundred shares. Buying a single share and getting a certificate will
cost more than buying 500 or 1000 shares at my broker. Besides, when
I make a brokerage buy, I can select the purchase price, which I
cannot with a DRIP. Remember, on a 100 share purchase, a quarter
point will equal or exceed the brokerage fee.
I think DRIPs are great for LONG TERM buy and hold purchases, not for
yearly turnover stocks as in the Dow Dogs.
(to the Editor, yes, most, if not all of the Dow (and S&P 500) stocks
have DRIP plans.)
Ken
------------------------------
Date: Fri, 28 Mar 1997 16:55:22 -0500 (EST)
From: kmeinken@one.net
Subject: When to sell a stock
Paul Collins asks about when to sell a stock and refers to a
recommendation that a selling price be chosen when the stock is
bought and that the stock be sold when it reaches that price point.
Well, Paul, that runs counter to the advice of "lets your winners run
and sell your losers". The "pick a selling price" is also the
philosphy of the manager of the Monetta Fund. He had a good couple
of years and since then has been pretty much in the bottom of the
barrel.
I don't agree with the philosphy. There are no easy answers.
I think each stock has to be periodically reevaluated on its merits. Is
it overpriced? If so, will it significantly decline? Can I invest
the money better?
A stock is not overpriced if it has increased but its outlook
(earnings, expected future earnings) have likewise increased.
When Boeing was at 50 after being as low as 30, should it have been
sold? I don't think so, its has gone over 100. Should Cisco have
been sold years ago after it doubled? I don't think so.
And don't forget, if you have significant gains and you sell, you
contribute a chunk of that to uncle sam.
There are some stocks that just keep up pretty consistent price
growth, year after year. As long as the fundamentals don't change,
they probably should be never sold.
Ken
------------------------------
Date: Fri, 28 Mar 1997 16:58:54 -0500 (EST)
From: GeorgeS <pip@shore.net>
Subject: Bookstores Have A Great Selection
>Editor's Comment - Bookstores are for entertainment. Libraries are for
>actually learning things. Finish this sentence "I need to do research for>
a paper, so I'm going to ....". Anyone finish this with "Borders"?
>I have an MA in history. ,,,
You're just looking at the wrong period, try Roman history. You are bound to
find Gibbon, Grant, and Norwich. Look hard and you will find Polybius, Livy,
and Seutonius in the Penguin edition. Now, granted, this is not the fare of
the BMCR, but is pretty good if you want to explore the period.
Then again, as an engineer, if I want to do research I go to Quantum books,
or the MIT Coop, though I admit, there are few libraries finer than the ones
at MIT.
(Editor's Comment - I've been to Quantum. It's a wonderful specialty
computer bookstore. I'd go to a specialty store instead of a megastore.
Before the Boston Computer Society folded, they had the best selection of
computer books around, and you could borrow them as well if you were a
member. RIP BCS. -IK)
------------------------------
Date: Fri, 28 Mar 1997 17:01:34 -0500 (EST)
From: BobWo@aol.com
Subject: Free Web Site for Financial Reports on AMEX/NASDAQ Companies?
I'm looking for a free web site that will give a concise financial report on
a listed (AMEX or Nasdaq) company, similar to the Morningstar reports;
Morningstar does not list the securities I'm interested in. Any suggestions
are appreciated.
------------------------------
Date: Fri, 28 Mar 1997 17:04:30 -0500 (EST)
From: Jacqueline.D.Richardson@Hitchcock.ORG (Jacqueline D. Richardson)
Subject: Selling M.F. to Invest Elsewhere?
I am the one that recently asked how to sell mutual funds to take the
smallest tax bite this year. A few have asked where I wanted to reinvest.
Well, last year I bought a two family apartment house which I got a
mortgage on and am paying interest monthly. I want to buy another one,
but this time I thought I would use the (so called) profits from my mutual
funds to pay cash for it and then instead of paying the bank interest I
would reinvest each month in my mutual funds (dollar cost averaging - is
that what its called?).
My rationale was that the market just had to make a correction shortly
and I wanted to get some money out before the correction and then reinvest
it monthly while the market was going down and then (hopefully) back up.
I had originally posted this scenario to this list a few months ago and
asked if there was a flaw in my thinking - I wanted to be my own banker.
I didn't really get much of a response at the time so I am asking again.
If I buy an apartment building right (like I did the first time and how I
would this time or I wouldn't do it) is there a flaw in my thinking? Am I
overlooking something?
My feeling is that it is much like paying off your home mortgage - it is
a guaranteed return on investment. I am also disciplined enough to
reinvest the money monthly so I'm not worried about that.
Any comments, suggestions????
Thanks
jackie
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End of persfin-digest V4 #14
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