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Subject: persfin-digest V4 #21
Date: Thu, 10 Apr 1997 22:26:25 -0400 (EDT)
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persfin-digest Thursday, April 10 1997 Volume 04 : Number 021
IN THIS ISSUE:
ADVERTISEMENT: domainTNG [Oppenheimer Software <Connect-Sales@mcimail.co]
Capital Gains Question - Separate Rate? [000 <kafer@crl.com>]
How Should I Structure Real Estate Partnership Agreement? [achillesk@juno]
Major Problems Because Of Lack of Estate Planning [BOB FORD <BOB_FORD@com]
Re: Gold Coin Buying [Stephen Brodeur <sbrodeur@draper.com>]
Tuition Deduction ["Timothy D. Brown" <0002105445@mcimail.com>]
Re: Credit Scoring [Randy Barnes <rbarnes@atl.mindspring.com>]
Re: Quicken & Spinoffs [WDStancil@aol.com]
Historical Stock or Mutual Fund prices Web Site Is Limited ["Andrew B. Co]
Re: maximum 401(k) contribution [WDStancil@aol.com]
Any Difference Among Gold Bullion Coins? [David Martin <dmartin@seabreeze]
How Can I Search For Out Of Print Books? [BERT HORWITZ <BG4868@bingvmb.cc]
Re: Rental write-offs? [agray@acceltech.com (Andy Gray)]
Re: How Do I Handle Mortgage Refinance? [agray@acceltech.com (Andy Gray)]
Bonds Don't Decrease Portfolio Risk - 100% Equities Is Better ["Lester M.]
Check Out Remainders Section at B&N, and Book Outlets ["Lester M. Levy, M]
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Date: Thu, 10 Apr 1997 21:47:04 -0400 (EDT)
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------------------------------
Date: Thu, 10 Apr 1997 21:49:19 -0400 (EDT)
From: 000 <kafer@crl.com>
Subject: Capital Gains Question - Separate Rate?
>I'm a rookie in the tax arena (this is the first time I've done my taxes)
and I've got a capital gains question....The only capital gain I had for the
year was for about $145, and on my 1040, I simply added this in with my
income (on line 13 and put CGD on the dotted line). Is this the correct way
to handle this? I thought there was a seperate rate for cap gains??? Can
>you guys enlighten me?
- -------------------
Dear Rookie--
Everyone once was a rookie at something, even Michael Jordan. Answer:
depends on what kind of capital gain you had. If from sale of an
appreciated asset (stock, bond, etc), you must use Schedule D and put the
data of the sale transaction in the correct area, short or long-term. If
capital gain is from mutual fund distribution, you must put it on Form
1040 line 13 and write CGD on the dotted line.
Separate rate on capital gains depends on your overall income. Capital
gains tax rate is capped at 28%. So, until your total taxable income goes
over the 28% bracket, [$58,150 (single), $48,450 (married filing single),
$83,050 (head of household), or $96,900 (married filing jointly)], your
capital gains are taxed same as regular income. There is a separate
worksheet in Form 1040 book (page 23) to calculate taxes on capital gains,
if Line 37 taxable income is over these amounts.
I recommend to everyone, not just to Rookie, that every year you obtain IRS
Publication 17. It has all you need to know, and more.
Frank AARP Tax-Aide for low-income Elderly (60+)
Not a professional tax preparer
------------------------------
Date: Thu, 10 Apr 1997 21:51:08 -0400 (EDT)
From: achillesk@juno.com (George A. Kirkou)
Subject: How Should I Structure Real Estate Partnership Agreement?
A friend and I would like to start investing in real estate property but
are unsure of the best contractual agreement. I have read up on many of
the different including partnerships, limited liability partnerships etc.
We thought a plain partnership would be best for out venture but
recently a lawyer suggested a limited liability partnership. Anyone have
any other thoughts?
Also does $200 sound reasonable to review our agreement, which we
already have written, sound reasonable?
Please post reply and send email directly to me if possible. Thanks for
the help.
achilles
achillesk@juno.com
------------------------------
Date: Thu, 10 Apr 1997 21:57:28 -0400 (EDT)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: Major Problems Because Of Lack of Estate Planning
DAVID
I am not an attorney so the following is not legal advice. It is my
opinion. I am both a creditor and a real estate investor. My experience
is only in California so the laws of your state can vary.
>From: dbecnel@nummi.com
>Subject: Protecting Real Estate Against Creditors?
>I need some advice on the following situation.
>An elderly widower with a home worth $400K transfers title of the home to
>his two daughters before his death. The daughters own it, but he plans to
>live there until he dies. One of the daughters proceeds to develop major
>financial problems and now has many creditors, most more than a little
>upset. The second daughter has a strong financial foundation and she is
>worried that the whole farm will be lost if the creditors find out the
>first daughter has her name on a piece of property.
>Now my questions:
>Does the "good" daughter need to worry? Does the father?
YES. Both need to worry. The home/farm can be sold to satisfy the
creditors.
How much money the creditors can get depends on the type of ownership of
the daughters. If they own it in joint tenancy the whole home/farm's
assets are available to the creditors. If they own it as tenants in
common, only half of the estate is available to the creditors. However
the creditors can force a sale of the property (called a partition). They
would then get up to one half of the proceeds of the sale.
The father could be evicted from the property due to the sale. If the
father had a life estate in the property, it is time to consult an
attorney as this situtation is complicated.
>In the age of computers, how easy would it be for the creditors to locate
this property and put a lien on it?
All real estate and who owns the real estate is a public record. Anyone
can find that information at the county recorders office in a very short
time.
>If they can put a lien on the property, can they attach it to 100% of the
>value or only 50%?
See answer above.
>It there a way the title can be restructured so as to better shield it from
>creditors?
Yes. The "bad" sister must be taken off the title as an owner. A quit
claim deed will do that. WARNING, you can not transfer assets to avoid
creditors. If the creditors find out about the asset transfer, the can
get the court to reverse the transfer.
>Could a trust be used in this situation to any advantage?
Possibly. Check with an attorney on how this can be done. It can get very
complicated and expensive. A trust is not a public document so creditors
can not search the public records to see if the "bad" sister is the
beneficiary of the trust.
All that shows on the public records is who is the trustee of the trust.
HOWEVER the creditors will go to court and ask the trustee who is the
beneficiary of the trust.
The trustee must give that information or commit perjury. If an attorney
is the trustee, they usually can not be forced to give out that
information so some might think that is a way to avoid having the
creditors find out if the "bad" sister is the beneficiary. That ploy will
not work. The creditors attorney will just put the "bad" sister on the
stand under oath and ask her if she is the beneficiary of any trusts. She
either says yes or commits perjury.
Just putting some one else on title to a property is perfect example of
how NOT TO DO ESTATE PLANNING. Here we have a $400,000 estate that could
be lost to creditors when a good estate plan would probably cost only 1
percent of the value of the estate.
David, I urge you to go to an estate planning attorney AS SOON AS POSSIBLE.
If you need more information, let me know.
GOOD LUCK
BOB FORD
(Editor's Comment - Bob, thank you very much. That was an excellent
answer to a complicated question. I learned much from your comments, as
did our subscribers. -IK)
------------------------------
Date: Thu, 10 Apr 1997 21:59:06 -0400 (EDT)
From: Stephen Brodeur <sbrodeur@draper.com>
Subject: Re: Gold Coin Buying
Are you investing in gold coins for their gold content, or for their value
as rare collectibles?
Rare coin investing requires a substantial knowledge of the field. Coins
that you or I would find to be identical (for instance, two rare
uncirculated $20 gold pieces, same date, same mint, uncirculated) can fetch
prices that differ by a factor of 2, or even 10, due to very subtle
differences in the quality of the strike, the condition of the blank before
striking, and the 'pedigree' of the grade. Beyond that, you need to
understand the nature of the specific collectibles market so you know how
and when to buy/sell. I recommend you stay away from the rare coins as
investments.
If you are investing in gold coins for their gold value, then there are
numerous 'standard' bullion coins issued. I believe weight and purity are
the determining factors for price. Check out the dealer with the Better
Business Bureau and your State Attorney General and/or consumer protection
agency before making a purchase. Also, ask the dealer what their policy is
for buying the gold back when you want to sell. See what the price spread
is if you sold your investment back on the very same day.
Good luck!
>(Editor's Thoughts - There always seems to be a scandal about coin
>dealers. New England Rare Coin Galleries was one that recently had mega
>problems. -IK)
I got burned by the NERC fraud, and I *thought* I was well informed when I
bought!!
- -Steve Brodeur (x2496)
(Editor's Question - Any difference between the "bullion coins" -
Krugerrands (politically correct these days to buy), Canadian Maple Leafs,
US gold pieces? -IK)
------------------------------
Date: Thu, 10 Apr 1997 22:02:15 -0400 (EDT)
From: "Timothy D. Brown" <0002105445@mcimail.com>
Subject: Tuition Deduction
Could one of the resident tax experts answer this question? When I
itemize for tuition, books, miscellaneous, the IRS demanded I submit
the 2106 as support for Schedule A. Did I miss where I need to identify
deductions as education expenses? 2106 seems to deal more w/ travel
expenses. Thx
Tim
(Editor's Comment - Education expenses are only deductible if they're
specifically required for your current job. Tuition for education to
qualify for a new career is not deductible. There are gray areas here,
like a legal assistant going to law school, so consulting the latest IRS
rulings would help. -IK)
------------------------------
Date: Thu, 10 Apr 1997 22:04:49 -0400 (EDT)
From: Randy Barnes <rbarnes@atl.mindspring.com>
Subject: Re: Credit Scoring
I've received several questions about credit scores so here's a little
more info FYI. The big 3 credit repositories, Equifax, TransUnion, and
TRW, each have a credit scoring system. They are each proprietary and
very secret. They're called Beacon, Emirica, and FICO (Fair-Issacs
Co.)respectively. This is all very new and very mysterious stuff. I
only know enough about this stuff to be very dangerous, so be
forewarned.
Most mortgage underwriters are requiring two scores. Most loan officers
will get all three and pitch out the lowest. (Remember they don't get
paid unless the loan gets approved and closed. They're on your side all
the way!)
Six months ago a score of about 580 was the min. for a loan approval,
now it's up to about 620. ( Lenders may vary a little on this) I've seen
scores change without any activity, so if the folks that look at this
everyday can't figure it out don't try it yourself. For now if you have
a 650 or better you'll probably never have any problems. If you're 700+
they'll be beating down your door to lend you money.
Now, if you want to know your score tough. The credit companies won't
give it to you. Hey, I think it stinks too. Write your congressman.
What I'd recommend is contact a local mortgage lender and tell them that
you are considering the purchase of a home, or are interested in
refinancing the one you've got. Ask if they will prequalify you and
give you one or more credit scores. They have to pay for this and will
probably charge you $5-25 for the work. Here in GA most lenders pay
about $4 for this info, but it does vary. If they won't or don't seem
cooperative hang up and call another one. If you live below the
Mason-Dixon email me for a referral.
I may have to write a little advice piece on raising your score soon. Do
any of you have any more ideas or information?? - RBarnes
------------------------------
Date: Thu, 10 Apr 1997 22:05:23 -0400 (EDT)
From: WDStancil@aol.com
Subject: Re: Quicken & Spinoffs
>I have an old version of Quicken (very old), and it handles
>the reinvestments and even the 2-for-1 splits, but does not
>seem to handle the spinoffs and subsequent basis adjustments.
>Does anyone know if a later version of Quicken handles this?
At least according to the online help Quicken 6 for Windows does handle
this situation: choose Security Detail View, then EasyActions, then Advanced
and choose Corporate Securities Spin-Off and fill in the form.
(also handles name changes and acquisitions in this area).
------------------------------
Date: Thu, 10 Apr 1997 22:06:13 -0400 (EDT)
From: "Andrew B. Cohen" <acohen@tiac.net>
Subject: Historical Stock or Mutual Fund prices Web Site Is Limited
>There are historical stock prices on www.teleserv.co.uk. [I do doing
>this from memory. So if it is not correct, let me know.]
Seems to be limited. For example, it found Cisco (CSCO), but it
couldn't find Open Market (OMKT). Also appears that you can't get
historical information for mutual funds.
Andrew Cohen
acohen@tiac.net
------------------------------
Date: Thu, 10 Apr 1997 22:07:04 -0400 (EDT)
From: WDStancil@aol.com
Subject: Re: maximum 401(k) contribution
>I have a simple question about 401(k) contributions. I know that you're
>allowed to contribute $9,500 or 15% of your salary per year to your 401(k)
>account. Here's the question: Suppose your employer makes an additional
>contribution to your account such that the total figure exceeds $9,500. Is
>this a problem, or can you contribute $9,500 of your own money PLUS your
>employer's contribution without fear of getting hit with penalties? Or is
>the total contribution--yours PLUS your employer's--not to exceed $9,500?
For all defined contribution plans (incl.401(k)), total contributions
(employee + employer) are capped at the lesser of $30,000 or 25% of income
according to Section 415 of the IRS code. Income is calculated as annual
compensation (gross income less Section 125 deductions). If you have alot of
(pre-tax) deductions for medical spending accounts, health insurance
premiums, etc. those may result in annual compensation being substantially
less than gross income. So if you're having alot deferred to your 401(k)
based on a percentage of your _gross_ income and your employer matches based
on your _gross_ income you can exceed this 25% limit. That's what happened
to me this year (large MSA contributions to cover the birth of a child +
large increase in health insurance to switch from single to family coverage).
The excess contributions (plus earnings on those contributions) were
returned to me this month in the form of a check - it is reportable taxable
income for 1997 (will be reported on a 1099-R to the IRS in January 1998).
The letter from my HR department indicated this is 1997 taxable income, not
income for 1996.
I'd appreciate any comments from benefits people - all the numbers above
were taken from the letter I got from my HR department with the check - no
penalties were mentioned, just that the return of excess contributions and
earnings on those excess contributions is ordinary income for 1997.
------------------------------
Date: Thu, 10 Apr 1997 22:09:02 -0400 (EDT)
From: David Martin <dmartin@seabreeze.hc.ti.com>
Subject: Any Difference Among Gold Bullion Coins?
Jim,
>In my opinion, not a huge markup for the larger coins. U.S. gold coins,
>called "Eagles", cost a bit more than the equivalent gold coins like, say,
>Canada Maple Leafs, South Africa Krugerrands, etc. and when you sell you'll
>get a bit more also, so it evens out.
If these coins are sold purely for the bullion value, then why
should it make a difference whether it is Maple Leaf, Eagle, etc.?
Does it simply reflect the different costs of transporting the coins
to the dealer?
-David Martin
(Editor's Question - Pros and cons of holding the actual gold itself?
Gold bars? Held in custodianship? -IK)
------------------------------
Date: Thu, 10 Apr 1997 22:11:48 -0400 (EDT)
From: BERT HORWITZ <BG4868@bingvmb.cc.binghamton.edu>
Subject: How Can I Search For Out Of Print Books?
dear netters: can you suggest some places where i can buy books that have
been out-of-print for more than 15 years? thanks.
(Editor's Answer:
Go to:
http://www.krakow.com
Take the "Bookstores" link. Then go to "Other Specialty Bookstores and
Book Review Sites". The first link on that page is to "Book Look", the
largest out of print book search service in the US. Hope this helps. -IK)
------------------------------
Date: Thu, 10 Apr 1997 22:13:10 -0400 (EDT)
From: agray@acceltech.com (Andy Gray)
Subject: Re: Rental write-offs?
chris kalka <ckalka@tgn.net> wrote:
>I am presently looking to buy a second home and am debating
>on whether or not to keep my present home and rent it or to
>sell it. My question is what kind of tax write offs come from
>renting a home.
I'm currently interested in this as well: a possible short-term job
transfer is posing the question of whether to buy or rent a new
residence, and whether to sell or rent out my current residence.
If you're a U.S. taxpayer, the main tax issues of renting out your
residence are essentially these (as I understand them):
* Rent that you receive is considered part of your gross income.
* You can deduct rental expenses from your gross income, with some
restrictions. Expenses include things like mortgage interest, taxes,
utilities, insurance premiums, advertising, and travel expenses related
to property management. You can deduct "repairs" (which keep the
property in good condition), but not "improvements" (which increase the
value of the property).
* If you are not renting out your home to make a profit, then you can
only deduct rental expenses up to the amount of your rental income.
Residential rental is considered a passive activity, so the ability to
deduct rental losses depends on at-risk rules and whether or not you
actively participate in the rental management, among other things.
* If you own the property you're renting out, you can depreciate it,
based on your basis and the property's recovery period, according to
another complex set of rules.
You'll want to take a look at some IRS publications, particularly
Publication 527: "Residential Rental Property." Also useful are
Publication 936: "Home Mortgage Interest Deduction," Publication 523:
"Selling Your Home," and Publication 535: "Business Expenses." These
publications are available in a variety of formats at
http://www.irs.ustreas.gov/prod/forms_pubs/pubs.html, or by calling the
IRS at 1-800-TAX-FORM.
I am not a tax professional; this is just what I've learned from my own
research. You will probably want to seek professional advice on these
issues; I plan to!
What else should I know about possibly renting out my residence?
Thanks --
-- Andy
------------------------------
Date: Thu, 10 Apr 1997 22:14:24 -0400 (EDT)
From: agray@acceltech.com (Andy Gray)
Subject: Re: How Do I Handle Mortgage Refinance?
Kurt Nosack <KNOSACK@novell.com> wrote:
> I just refinanced my mortgage and was wondering what is the best way to
>enter this in Quicken? Should I create a new account with the new
>interest rate, principle, etc. and close the original? Or should I just
>change the original? I am thinking of the former, but I am open to any
>suggestions.
With a mortgage refinance, you're really not changing your existing loan:
instead, you're paying off the existing loan with a new loan. Thus I
would recommend creating a new account for the new loan. If this were
just an interest rate adjustment of the existing mortgage instead, then
you wouldn't want to create a new account, but just change the loan
properties in the loan window.
Be sure that the balance of the old mortgage account becomes zero--either
by transferring money from the new loan to the old loan, or by adding
balancing transactions to both accounts--so that the overall liability is
reported correctly. (You don't want Quicken to think you owe on two
mortgages!) You can then hide the old account (see below).
>On a related note, I have cancelled a number of credit
>cards, so I don't care to see them in my account list. Is there a way
to
>archive them so they aren't in the way, yet accessible for reports, etc?
With the newer versions of Quicken, you can mark an account as "hidden"
so that it doesn't appear in the account list. The account is not
actually deleted, however, so all of the transactions for that account
are intact for historical and reporting purposes. You can optionally see
all accounts, including the hidden ones, by clicking a checkbox in the
account list.
>BTW, I have Quicken 4 for Windows. Is it time to upgrade? If so, is the
>Deluxe Version worth the extra $?
I think so, to both questions. Versions 5 and 6 added a lot of nice
features, particularly with respect to planning, investment, and online
banking. For me, the additional features in the deluxe version are worth
the extra $20 or so, but your mileage may vary. Check out www.intuit.com
for details on the differences between the versions.
-- Andy
------------------------------
Date: Thu, 10 Apr 1997 22:19:00 -0400 (EDT)
From: "Lester M. Levy, MD" <llevy@hoflink.com>
Subject: Bonds Don't Decrease Portfolio Risk - 100% Equities Is Better
(Editor's Comment - I like bonds in a portfolio (so does Warren Buffett,
so I'm not in such bad company). They give you steady income and are a
hedge against making totally goofy stock and mutual fund selections.
Properly used, bonds lower portfolio risk. -IK)
The advice given to the average stock investor is apt to be
"conventional wisdom". It is true that most allocation formulas suggest
that the percent of one's investments in equities (read stocks and stock
mutual funds) should be about 100 - age, with the balance in bonds and
money market funds. The theory behind this is that bonds are less
volatile and safer as one grows older.
The reality is that for the last 20 years, both stocks and bonds have
largely been driven by interest rates, and that both have moved rather
synchronously, with longer term bond prices rising and falling to a
greater extent than more short-term issues. Indeed, in recent years the
best performing bond funds have been those invested in "junk" bonds.. so
much for safety. Having been whipsawed several times by investing in
supposedly safer bonds, I have concluded that the greater growth in
stock values is virtually essential at all ages to protect against the
ravages of inflation and taxes. If it is essential that you have some
money which can be withdrawn even when stocks and bonds are low, then a
percentage of savings should be in money market funds and/or laddered
treasuries, and you have to eat the lowered yields.
- --
-Lester M. Levy, MD llevy@hoflink.com
------------------------------
Date: Thu, 10 Apr 1997 22:19:06 -0400 (EDT)
From: "Lester M. Levy, MD" <llevy@hoflink.com>
Subject: Check Out Remainders Section at B&N, and Book Outlets
When I go to Barnes and Noble, and other larger book vendors, I always
go first to the bargain book areas where "remainders" in great variety
are available at prices 1/10 to 1/3 the list prices. Barnes and Noble
have also been featuring reprints of older books often under their own
imprint. Recently a "book outlet" store opened in my neighborhood where
thousands of fiction and non-fiction "remainders" are available. New
best sellers may be available at 40 percent discounts. The price you pay
for buying "remainders" is that you are not able to say that you have
read the latest hot book in a timely fashion. Obviously the selection is
also somewhat limited, so you may have to buy some books at or near
list.
- --
-Lester M. Levy, MD llevy@hoflink.com
------------------------------
End of persfin-digest V4 #21
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