Go to Jeff Salisbury LWGate Home Page.From: persfin-digest <owner-persfin-digest@shore.net>
Subject: persfin-digest V4 #35
Date: Tue, 13 May 1997 20:40:04 -0400 (EDT)
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persfin-digest Tuesday, May 13 1997 Volume 04 : Number 035
IN THIS ISSUE:
ADVERTISEMENT: LAN ACCESS TO MCI MAIL [Oppenheimer Software <Connect-Sal]
Re: Any Credit Cards with Rebates? [bonsai@world.std.com]
Re: Web Sites for Hotel Discount Cards? [Srinivasan Varadarajan <srin@con]
Re: Jim's Traveling - Juno Discontinued 800 Numbers ["L. Chen" <am302@Fre]
Re: Can I Monitor Foreign Investment In Treasuries? ["L. Chen" <am302@Fre]
404(c) Plan ??? [Chuck Vaughan <cvaughan@snowhill.com>]
Re: Microsoft Offers Personal Finance Consulting For Free [Scott Barnett ]
Re: Bankruptcy Question - Buy A House After Declaring Chapter 7? [Jeff Mo]
Re: IRA and 401K plan - Can I Have Both? [Rich Carreiro <rlcarr@animato.p]
Re: Credit card rebates [drstone@gsvms2.cc.gasou.edu]
Re: Paying Bills Less Than $2 - You Should Do It ["Barry H. Rodin" <brodi]
Re: College Fund For Children - Parents Should Trust Their Children [Paul]
Credit Cards With Rebates? [Mirin Lew <mirin@scmkt.sr.hp.com>]
the "Rogers" forecasting tool [APRESTON@server.vcccd.cc.ca.us]
Re: IRA and 401K plan - Can I Have Both? ["Lester M. Levy, MD" <llevy@hof]
homeowners association dues? ["Dalmia, Bipin K." <DALMIABK@phibred.com>]
Re: Any Credit Cards with Rebates? ["Alexei Chadovich" <AlexCh@InConnect.]
Re: Bankruptcy question [Bart & Helen Levitan <hlevitan@southeast.net>]
question on credit card consolidation [ZULU1127@aol.com]
Brooke Shields....on money management ["Jim Reed" <jreed1@airmail.net>]
buy home after bankruptcy? [BOB FORD <BOB_FORD@compuserve.com>]
HMO'S [BOB FORD <BOB_FORD@compuserve.com>]
Re: Money For College - When Is A Gift Transfer Accomplished? [BOB FORD ]
tax consequences for house sharing? [ANDREA WELCH <ACE.AWELCH@MEMO.ACEHAR]
tax deductions? [David Martin <dmartin@seabreeze.hc.ti.com>]
credit card rebates - Try Shell and Amoco [David Martin <dmartin@seabreez]
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Date: Tue, 13 May 1997 19:53:18 -0400 (EDT)
From: Oppenheimer Software <Connect-Sales@mcimail.com>
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------------------------------
Date: Tue, 13 May 1997 19:54:02 -0400 (EDT)
From: bonsai@world.std.com
Subject: Re: Any Credit Cards with Rebates?
Ronald L. Russell wrote:
>I am looking for a Master/Visa card that has a rebate (monthly/annually
>doesn't matter) when items are purchased on card. I have a daughter who
[snip]
>You may email me at rlr@syl.mindspring.com
If anyone has suggestions or resources on this, please post them to the
list -- I'm looking for a new card too. I'd like a worthwhile rebate
program (I want to replace an AT&T Universal card, the "points" earned on
which are effectively useless) on a card that provides damage and personal
injury insurance on car rentals (and liability, if any actually do provide
that).
Any recommendations?
Bonnie
------------------------------
Date: Tue, 13 May 1997 19:54:36 -0400 (EDT)
From: Srinivasan Varadarajan <srin@consilium.com>
Subject: Re: Web Sites for Hotel Discount Cards?
Hi all:
I am planning to make many short trips in the USA and Canada this
year. I hope to stay in hotels during my trips and would like to take
advantage of the various hotel discount cards that exist today.
Are there are web sites / phone numbers for hotel discount cards that
our members might know of? I'm evaluating different cards and so far
know of two:
1. Quest International's card (50% off usual hotel rate)
2. HalfPrice HotelCard (50% off)
I have also heard of something called an Entertainment card, but havent
found contact information. If you can recommend any specific card I'd
appreciate it.
Thanks
Srinivasan Varadarajan
------------------------------
Date: Tue, 13 May 1997 20:09:19 -0400 (EDT)
From: "L. Chen" <am302@FreeNet.Buffalo.EDU>
Subject: Re: Jim's Traveling - Juno Discontinued 800 Numbers
> .............. snip ..............
> Well, some others have been kind enough to post sites that will
> email quotes to you. If that works OK, why not setup a Juno
> account? Free email (with 800 number) for filling out a marketing
> profile and putting up with a _small_ ad banner onscreen.
> ................ snip ...................
Juno has discontinued most, if not all, 800 numbers.
Another possiblity is the local library. More and more public libraries
are providing internet access -- although I don't know whether they limit
its use to local residents.
Lily Chen
am302@freenet.buffalo.edu
------------------------------
Date: Tue, 13 May 1997 20:09:57 -0400 (EDT)
From: "L. Chen" <am302@FreeNet.Buffalo.EDU>
Subject: Re: Can I Monitor Foreign Investment In Treasuries?
> ............... snip ...................
> The fact that he knew this means to me that there is some way to monitor
> the flow of foreign investment into and out of the U.S. market.
>
> I was wondering if anyone knew how this flow of funds was monitored and
> if there are any resources that I could access to monitor this myself.
I believe the statistics is available from the Federal Reserve Bulletin
available in your local library. It may also be available on the WWW.
Lily Chen
am302@freenet.buffalo.edu
------------------------------
Date: Tue, 13 May 1997 20:10:30 -0400 (EDT)
From: Chuck Vaughan <cvaughan@snowhill.com>
Subject: 404(c) Plan ???
Hi,
My wife and are confused on how to pursue the 404(c) retirement plan
offered by her employer.
First we have never read anything on this type of plan. Its ran by the
Principal Finance Group..She can invest up to 10% of her pay (after
taxes) each pay period, however we are not sure on what best to invest
that 10% in. We were thinking about splitting the monthly 20% and placing
10% in Stock Index 500 Account(Dynamic) and 10% in International Stock
Account (Aggressive).
Not sure if this is the best way to go, so if there is anyone that can
offer some additional information or guidance, please do so.
Thank you,
Chuck & Donna
------------------------------
Date: Tue, 13 May 1997 20:12:54 -0400 (EDT)
From: Scott Barnett <sab@newton.crisp.net>
Subject: Re: Microsoft Offers Personal Finance Consulting For Free
Although this is slightly off-topic from the original
posting, I'm interested in what people think of Microsoft's
growing business. It appears that they have the desire
to get into a large number of different markets, including
(but not limited to):
x Operating Systems
x Applications Software (including things from MS Office up to Viper/Falcon)
x Database Software
x ISP (MSN)
x Publishing
x Media/Multimedia (MSNBC, WebTV, Slate, etc.)
x Personal Finance
Are there any other examples of a company this diversified? Is
this good or bad for consumers? I'm interested to hear people's
thoughts on this.
- --
Scott Barnett
sab@crisp.net
------------------------------
Date: Tue, 13 May 1997 20:16:49 -0400 (EDT)
From: Jeff Morgan <Morgajs@parsec.com>
Subject: Re: Bankruptcy Question - Buy A House After Declaring Chapter 7?
>Can you buy a house and qualify for this type of mortage while in
>chapter 7?
Yes, it is likely your friend can qualify to purchase a home
after bankruptcy, either through FHA or with a conventional
lender.
The primary reason is that it is relatively easy to repossess
a house in the event of default, unlike repossession of small
appliances, clothing, meals, airline tickets, and intangibles
purchased with revolving credit. The bank is reasonably
assured it can recoup the investment unless real estate
values decline drastically.
Two caveats: the interest rate may be slightly higher, and
(don't take this personally), if your friend's situation is
due to misuse of credit or failure to live within a budget,
she would do well to learn how to budget and live within
her means. Some junior colleges offer introductory personal
finance classes, and there's plenty of free info at the
local library.
Just one man's opinion here, best of luck.
- --
Jeff Morgan - mailto:morgajs@parsec.com
------------------------------
Date: Tue, 13 May 1997 20:17:42 -0400 (EDT)
From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: IRA and 401K plan - Can I Have Both?
[Disclaimer: this is my opinion, not advice. I am not a professional.]
>I have an IRA, which came about because of the money I got from the
>401K plan at a previous job. Now I have a 401K plan at my new job.
>Question is: can I put money (up to the $2000 yearly) into my IRA,
>if I have the 401K at the same time.
Anyone under age 70.5 can put the lesser of $2000 or their earned
income into an IRA each year (and if you are married but had less than
$2000 in earned income, you can still put in $2000 if your spouse had
enough earned income to cover it). The question is if the
contribution can be deducted. If (or your employer) is putting *any*
money into the 401(k), then an income test on the deductibility of the
contributions applies. See the Form 1040 instructions and IRS
Publication 590. Even if you cannot deduct the contribution, it will
still grow tax-deferred. Over time, the removal of the tax drag on
compounding can be jsut as significant as an initial deduction, so
don't dismiss making non-deductible contributions out of hand.
One other thing -- think twice before putting any annual contributions
into the IRA account that was funded by the rollover from your
previous 401(k). If you put even $1 of contributory money into it,
you forever lose the ability to roll that IRA account back into a
401(k) or other qualified plan. If you want to make annual
contributions, open another IRA account and put the contributions into
that.
>Also: can I put the IRA money into my 401K?
See above. If you have an IRA account that has been *solely* funded
by rollovers from qualified plans, then you can roll that back into a
401(k) [if the new employer's plan allows for this -- they don't have
to]. If an IRA account has *any* contributory money in it at all, it
may not be rolled into an employer qualified plan such as a 401(k).
- --
Rich Carreiro
rlcarr@animato.pn.com
------------------------------
Date: Tue, 13 May 1997 20:18:45 -0400 (EDT)
From: drstone@gsvms2.cc.gasou.edu
Subject: Re: Credit card rebates
"Ronald L. Russell" <rlr@pop.mindspring.com> asked about credit cards with
rebate features. I've been using the Discover Private Issue card for most
purchases and paying the monthly balance each month. There is an annual
fee but it is small; the rebate rate works its way up to 2% (higher than
the usual rate on the standard Discover card). During this last year I have
charged college tuitions and groceries and gas, as well as department store
purchases and hotel and airline tickets. My Cash Back bonus will be in the
$450 range. The card also provides use of a travel agent -- hotel, airfare
and car rentals arranged this way bring a 5% rebate (actually a credit to
the account).
Not all merchants accept Discover, but most do.
If you don't mind being captive to a particular brand of car, Ford
and GM each have a Visa with a 5% rebate feature -- that mounts up fast.
When I bought my '95 Taurus SHO, I applied $1850 from that rebate program.
I believe there are many other Visa cards that have some sort of
rebate, sometimes cash, sometimes credit toward specified products. The
Waterhouse Securities Visa will give credit in your brokerage account; RCI
will give some sort of credit toward a time-share exchange. Each user must
decide if the particular program fits his needs. Most airlines have an
arrangement with some card which earns frequent flyer miles (but why in the
world does Delta have it with American Express???!!! -- next to useless for
me).
Ron plans to send this card off to college with his daughter; I did
the same, but the card was in both of our names so I was allowed to speak
as a card holder if something came up (like the time her purse was stolen
in Key West on Spring Break). I decided I'd rather she have a credit card
than carry much cash. Actually both of my daughters did this and they were
pretty dependable and did not become spendthrifts simply because they had a
card available.
Actually, I paid tuitions on my Discover Card by just faxing a form
to the college Bursar's Office.
David
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
David R. Stone Office Phone: 912-681-5335
Department of Mathematics and CS Office Fax: 912-681-0654
Georgia Southern University drstone@gsvms2.cc.gasou.edu
Statesboro GA 30460-8093 Home Phone: 912-681-4048
"Well, it may be all right in practice, but it will
never work in theory." -- Warren Buffett, super rich investor,
on how the academic community regards his investment approach.
------------------------------
Date: Tue, 13 May 1997 20:19:48 -0400 (EDT)
From: "Barry H. Rodin" <brodin@pica.army.mil>
Subject: Re: Paying Bills Less Than $2 - You Should Do It
>"Never heard of one of those $2 negative marks yet."
Well, my parents own a weekend/vacation cabin, and the local
electric utility has a minimum periodic charge -- since the cabin
goes unused during the winter months, the minimum charge
applies. My mom got into the habit of deferring this payment,
since it was such a small amount.
Since my name and my dad's name are similar, our credit bureau
info often "crosses." In 1990 or 1991, I was in the process of getting
a mortgage, and my mortgage company wanted an explanation for
the negative mark on my credit bureau report. Yup, you guesed it.
No, it wasn't two bucks ... perhaps more like $7.50. Still,
considering the hassle that it takes to clear off your credit bureau
records (I'm still waiting for the bureaus to get their much-overdue
comeuppance!), I wouldn't skip paying any bill, even if it was a
penny. Yes, it's a waste of time and $0.32 stamps, but so is
cleaning up your report.
Bob Haines
BJHAINES@JUNO.COM
- ----- End of forwarded messages
In a case like this, where you anticipate receiving a few bills for
small amounts, it is a good idea to overpay the total amount in advance.
That way you will avoid the hassle of making monthly payments and
will maintain a good credit rating.
Also, in the case of credit card bills, if you don't make the required
payment of $0.02, you might get a $20.00 late payment fee.
Barry
------------------------------
Date: Tue, 13 May 1997 20:21:07 -0400 (EDT)
From: Paul Landsberg <paws@vlsi.columbia.edu>
Subject: Re: College Fund For Children - Parents Should Trust Their Children
I am always a touch puzzled by the gyrations people go through when they
consider a college fund for children. Time after time you will see people
suggest that you avoid a UGMA account because "the kid might blow it
when he turns 18." So let me get this right. You, the parent, absolutely
do not trust your child to make the right decisions after he/she turns
18? We are talking about the "child" that now can vote and do military
service (implication be called upon to go to war). I'll be honest, this
level of distrust of a family member surprises and disturbs me.
On the finance side, I am particularly frustrated at how slow the Social
Security Administration is in getting a SS# set up for my newborn.
I'd like to get an early jump on those nasty college costs and get
the UGMA set up. Obviously I could start an account on my own but
then I'd have to go through paperwork hoops shortly (I hope) and I
was hoping to avoid that.........ah well.
Paul Landsberg
------------------------------
Date: Tue, 13 May 1997 20:21:45 -0400 (EDT)
From: Mirin Lew <mirin@scmkt.sr.hp.com>
Subject: Credit Cards With Rebates?
I would recommend either a gas company card if you happen to use that, or
the Discover or Bravo cards otherwise. I have the Shell MasterCard which
gives you 3% back on Shell purchases (I usually use Shell unless it's
a lot more expensive), plus 2% back on all else up to $70 cash back per
year, after which only Shell gas purchases qualify for rebate. That's my
highest percentage one, so I always run that one to the max first. Then
I used to switch to the U.S. West MasterCard, but they recently changed
their program so that only the first $1000 worth of charges per billing
cycle count, and also changed the percentages so now a Discover card is
better. That said, I have almost $100 coming on the U.S. West card. :-)
Mirin Lew
------------------------------
Date: Tue, 13 May 1997 20:22:15 -0400 (EDT)
From: APRESTON@server.vcccd.cc.ca.us
Subject: the "Rogers" forecasting tool
jim reed wrote about jimmy roger's comments on "the money club" on friday
last. i listen every week to rogers' comments on both friday morning, and
the weekend show he appears on, but for different reasons - i have found that
if i direct my investment strategy in exactly the opposite direct of what
rogers recommends, i can outperform the market. during these past 3 or 4
years of the greatest bull market in history, rogers has been negative the
whole time. i am thankful i have no money invested in his program.
sometimes i even sense that others wait on friday to hear him for the same
reason. the market will correct by 75 points on thursday, he'll predict a
crash on the following monday, and the dow will soar 100+ points. i'm glad i
watch him, but i'm also glad i never follow his advice.
------------------------------
Date: Tue, 13 May 1997 20:23:00 -0400 (EDT)
From: "Lester M. Levy, MD" <llevy@hoflink.com>
Subject: Re: IRA and 401K plan - Can I Have Both?
<<I have an IRA, which came about because of the money I got from the
401K plan at a previous job. Now I have a 401K plan at my new job.
Question is: can I put money (up to the $2000 yearly) into my IRA,
if I have the 401K at the same time.
Also: can I put the IRA money into my 401K? >>
Since you are covered by a 401K plan at work, in order to put pre-tax
money into an IRA, you must pass an income test. For marrieds, if your
adjusted gross income is less than $40,000 you can put upto $2000 in an
IRA. Between $40,000 and $50,000, there is a phase out. Above $50,000,
you cannot put any pretax money into an IRA.
However, you can put upto $2000 of post tax money (no deduction on 1040)
into an IRA, or split upto $2250 between your wife and yourself. If you
do post tax contribution (because the earnings can grow tax-deferred),
you must fill out a form 8606 with your next tax return to document
this. You must keep the latest copy of form 8606 until you retire so
that you can get credit for the fact that taxes were already paid on
this money. For singles, the threshholds are lower. See the instructions
for 1040.
To put the IRA money (from the old 401K) into the new one, you must not
have "contaminated" the IRA with any money not from a 401K, and the new
401K rules must permit the transfer. Check with your human resources (or
is it still called personnel) department. (Not a tax pro.)
- --
-Lester M. Levy, MD llevy@hoflink.com
------------------------------
Date: Tue, 13 May 1997 20:24:21 -0400 (EDT)
From: "Dalmia, Bipin K." <DALMIABK@phibred.com>
Subject: homeowners association dues?
hello: as a new owner of a condo/townhome i have a few questions:
1. are homeowners association dues tax deductible (like the mortgage
interest?)
2. can i apply part of the per month homeowners dues towards the cost
basis of my home?
3. i got a FHA loan. is the mortgage insurance premium (MIP)
tax-deductible?
4. is my homeowners insurance premium tax-deductible?
5. if i add 'home improvements', do they increase the cost basis of my
home? what is considered a home improvement? i am planning on painting
the garage (from the inside, it wasn't painted when we bought, new
construction), add an automatic garage door opener, add shelving to some
closets, window treatments etc. would all or any of these add to my cost
basis?
thanx, bip
------------------------------
Date: Tue, 13 May 1997 20:24:29 -0400 (EDT)
From: "Alexei Chadovich" <AlexCh@InConnect.com>
Subject: Re: Any Credit Cards with Rebates?
I use two cards both with 1% rebate and no annual fee.
One is REI MasterCard (Seafirst Bank), 800-552-7302. It's also an REI
membership card and they pay the rebate through the REI stores in June.
The other one is Frontier VISA (M&T bank) that pays back in cash in
January, 800-790-5955. It also is a calling card (5% rebate on phone
calls) but I never used it as such.
- -- Alexei
------------------------------
Date: Tue, 13 May 1997 20:26:24 -0400 (EDT)
From: Bart & Helen Levitan <hlevitan@southeast.net>
Subject: Re: Bankruptcy question
I'd like to reply to the chap 7 bankruptcy question, since I've been there
and done that, so to speak.
Yes, you can buy a home after a chap 7, we did. It is possible after 2 years
(this is 2 years after the finalization of it-not the filing) and you can
go FHA.
We just bought our first home last August with 2 1/2 % down and we found
an older home where the seller wanted out (he had another home across
town) and he paid all our closing costs and prepaids too. The only thing
the bank (in our case-Nationsbanc Mortgage) wanted from us was a perfect
credit history from the finalization date, a letter of explanation on why
and what caused our filing of chap 7 and a stable work history.
I do want to warn your friend, it is much harder to get unsecured credit,
such as credit cards, etc...but once you can re-establish one, you can
usually work up, but you have to prove yourself worthy because of the
bankruptcy. It took us 5 years to do that and now we have a new car and
our first home.
Let me know if you need anymore information.
Helen Levitan
hlevitan@jaxnet.com
------------------------------
Date: Tue, 13 May 1997 20:26:48 -0400 (EDT)
From: ZULU1127@aol.com
Subject: question on credit card consolidation
I have about four major credit cards with between $500 an $5000 balances and
would like to consolidate. Is there a company which does this? If anyone
knows, please let me know. Thanks!
------------------------------
Date: Tue, 13 May 1997 20:28:23 -0400 (EDT)
From: "Jim Reed" <jreed1@airmail.net>
Subject: Brooke Shields....on money management
I thought perhaps the group might enjoy a quote from the wisdom of
Brooke Shields:
"I'm so naive about finances. Once when my mother mentioned an amount
and I realized I didn't understand, she had to explain: "That's like three
Mercedes." Then I understood.
must be nice.... :-)
Kindest regards,
Jim, in Texas
jreed1@airmail.net
------------------------------
Date: Tue, 13 May 1997 20:29:57 -0400 (EDT)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: buy home after bankruptcy?
Yes. People that have terrible credit buy houses every day. The key is
assuming a loan that already exist OR owner financing. You can assume
ANY home loan that does not have what is called a 'DUE ON SALE CLAUSE'.
This is most private loans and old VA and FHA loans. Since the first 10
years of a loan reduce the amount owed very little, many of these loans
are for an amount close to the value of the home.
Also many owners will "carry back" a loan when they own the house free and
clear. Always ask about what loans are on a house and if there is none,
ask the owner to "carry back a loan".
> and qualify for this type of mortage while in chapter 7?
Possibly if you get a B or C mortgage. B and C mortgages are for high
risk people and have a high interest rate. Check with many mortgage
brokers and see if they can find you a mortgage. Be prepared to pay a lot
of points and a high interest rate.
Please let me know if you need more information.
GOOD LUCK
BOB FORD
------------------------------
Date: Tue, 13 May 1997 20:32:27 -0400 (EDT)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: HMO'S
>side of that is that it is in their interest to keep you well. My HMO has
>many "wellness" programs to keep people from requiring expensive treatment
>in the future. It's much more cost efficient to treat problems when they're
>small than wait until they become major problems.
>While it sometimes can be several weeks to get routine appointments, I have
>no trouble getting in on the same day for urgent care.
These 2 statements contradict each other. If the HMO'a have a wellness
program, they will not make you wait for routine appointments. That
routine appointment for a head ache that you said people had to wait
several weeks for could be a brain cancer that could have been removed if
caught in time. Of course it is cheaper to treat problems when they are
small but how can this small problem be treated if you have to wait
several weeks to get an appointment.
>The down sides are seeing a lot of different doctors (which doesn't bother
>me), potential problems if I'm sick or injured out of the area, and the
>HMO's tendency to try less-expensive treatments first (When I had a back
>pain problem, I was sent for physical therapy and other treatments before
I
>was given an MRI. However, once the MRI disclosed a herniated disk, I was
>able to schedule timeley surgery which cost me not a penny.).
Sending a patient for physical therapy when they have a herniated disk is
MEDICAL MALPRACTICE in my opinion. I think you should contact your
legal advisor and explain what was done to you. I bet they recommend legal
action against your HMO. You are very very lucky there was no damage to
your spinal cord. That is the problem of trying the cheapest cure first.
It can cause terrible damage to the patient.
BOB FORD
------------------------------
Date: Tue, 13 May 1997 20:34:27 -0400 (EDT)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: Re: Money For College - When Is A Gift Transfer Accomplished?
I got a lot of good input on my idea of buying municipal bonds for
children's college. Thanks to everyone for their information. I can see
the idea needs a lot of refinement. That is the great thing about this
list. We learn from each other. Thanks Ira for doing a great job on this
list.
Someone pointed out that assets in a child's name hurt them when it comes
to getting aid to go to college. This brings a question to my mind that
perhaps some one can help me with. The question is "WHEN IS THE TRANSFER
OF AN ASSET (A GIFT) ACCOMPLISHED?"
I seem to remember from a business law course in college a very long time
ago (How long? Edsels were a new car that year) that a gift is not a gift
until the giver intends the transfer of ownership to happen. That is, it
is not a gift until the giver gives it and the receiver accepts it. Does
anyone know if that is true?
Suppose a trust fund has been set up for a child's college expenses. Can a
child legally claim that this is not part of their assets when they apply
for college because the gift has not yet been given to them so they could
not have accepted as yet?
BOB FORD
------------------------------
Date: Tue, 13 May 1997 20:34:49 -0400 (EDT)
From: ANDREA WELCH <ACE.AWELCH@MEMO.ACEHARDWARE.COM>
Subject: tax consequences for house sharing?
In issue #29 Kurt Nosack requested information regarding possible
tax benefits of renting out a room in one's home. I'm also
interested in this topic and thought that I'd re-open the issue
since I haven't seen any responses to date.
I own a 2-flat and rent out one apartment as well as a room in my
unit. I'm already deducting expenses for the 2-flat. Does anyone
know whether or not I can deduct partial expenses for my home
also. My house-mate has full rights to all shared quarters,
including kitchen, garage, storage, etc.
Responses are surely appreciated. By the way, great newsletter!
I'm a new subscriber and am enjoying it immensely.
Andrea
------------------------------
Date: Tue, 13 May 1997 20:35:41 -0400 (EDT)
From: David Martin <dmartin@seabreeze.hc.ti.com>
Subject: tax deductions?
> This year he paid most of his money to Uncle Sam. Basically, he is single,
> separated, renting. Only deduction he had was 401K and the standard
> deduction. Money he is making is in the range of high figures.
> What he is interested is in finding out, are there any other ways he can
> try or do this year so that he does not have to pay to Uncle Sam all his
> money next year.
Some companies have a medical savings account that allows you
to pay for various medical expenses with pretax dollars. These include
eyeglasses, contact lens saline solution, many types of medical
deductibles and copayments, etc.
Other than that, there isn't much he can do except vote for
politicians who will actually cut taxes _and_ government spending.
-David Martin
------------------------------
Date: Tue, 13 May 1997 20:36:16 -0400 (EDT)
From: David Martin <dmartin@seabreeze.hc.ti.com>
Subject: credit card rebates - Try Shell and Amoco
>I am looking for a Master/Visa card that has a rebate (monthly/annually
>doesn't matter) when items are purchased on card.
The Shell Oil and Amoco credit cards both give 2% back and are
good deals if you own a car and live near a Shell or Amoco gas
station. If you are planning to buy a Ford car, you can get 5% back
towards the purchase of a Ford car using the Citibank Ford
Mastercard. I think GM has a similar program for the GM card. There
are some cards which offer frequent flyer miles, but make sure that it
is worth it when you include the fee, and that the airline goes
someone that you would want to go and isn't about to go out of
business.
-David Martin
------------------------------
End of persfin-digest V4 #35
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