Go to Jeff Salisbury LWGate Home Page.From: persfin-digest <owner-persfin-digest@shore.net>
Subject: persfin-digest V4 #105
Date: Fri, 21 Nov 1997 22:48:11 -0500 (EST)
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persfin-digest Friday, November 21 1997 Volume 04 : Number 105
IN THIS ISSUE:
ADVERTISEMENT: MCI FAX BROADCAST SERVICE
Any ATM Machines in Poland and the Czech Republic?
A Silly, but Good Question re Diamonds
Re: Safe Investment of $10K?
Cellular Phone Contracts?
Even more IRA questions
re: free visa with ff on any airline!
Re: Credit Cards w/Frequent Flyer on any airline? Possible Gotcha
Condo Depreciation Question
Roth IRA Conversion?
Re: Safe Investment of $10K?
Flying funeral ashes to foreign locations?
Re: Safe Investment of $10K?
re: Deductible IRA Question
tax on capital gains?
The Raging Bull (www.ragingbull.com)-- Excellent Site
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Date: Fri, 21 Nov 1997 22:25:38 -0500 (EST)
From: Oppenheimer Software <Connect-Sales@mcimail.com>
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------------------------------
Date: Fri, 21 Nov 1997 22:28:23 -0500 (EST)
From: The Editor <ikrakow@shore.net>
Subject: Any ATM Machines in Poland and the Czech Republic?
My daughter and I are going to Poland and the Czech Republic from
December 20 to January 10, 1998. I would like to know the best way to
bring money. Are there ATM machines in Poland and the Czech Republic? Do
they accept Cirrus? Which ATM card is the best? Should I bring travelers
checks? Which, if any? What about cash? Thanks in advance.
Ira
------------------------------
Date: Fri, 21 Nov 1997 22:29:44 -0500 (EST)
From: "Louis J. Schwarz, CFP, RFC" <sfc@deafcfp.com>
Subject: A Silly, but Good Question re Diamonds
One of my clients tells me that collecting gemstones are for three
reasons - pleasure of owning or using them as jewelry, good investment
for long long long time, and indestructible mediums as compared to other
collectibles.
- --
However, my thoughts tell me that diamonds are made of carbon - are they
subject to be burned and changed to ashes like other carbon products
(paper, wood, coal, etc.)?
Louis J. Schwarz, CFP, RFC TTY 301-587-5996
Schwarz Financial Concepts FAX 301-587-5997
814 Thayer Avenue, Suite 301 Voice Relay 800-735-2258
Silver Spring, Maryland 20910-4500 Mailto:sfc@deafcfp.com
------------------------------
Date: Fri, 21 Nov 1997 22:30:22 -0500 (EST)
From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: Safe Investment of $10K?
>I need some advise on how to safely invest about $10,000. I'm looking
>for the greatest amount of return without high risk. This is for my
>grandmother, who recently came into a little money. She wants me to take
What is "without high risk"? Do you mean absolutely no chance of
loss? Or can there be the chance of a small short-term loss?
If the former, I'd say go with a CD or a Treasury bill. T-Bills have
maturities of 13, 26, and 52 weeks. They have a minimum purchase size
of $10,000 and can be bought commission-free directly from the
government through the Treasury Direct program. Their income is
exempt from state taxes. On an after-tax basis they can often compare
favorably with CDs of far longer maturities.
If a little risk can be shouldered, perhaps consider a *short-term*
bond fund. Note that with a bond fund there is never any guarantee
that no money will be lost, though practically it is rather unlikely
for a short-term bond fund to have losses over a (say) 5 year period.
If that's a little too stomach-turning, perhaps buying some 5-year
Treasuries might work. You'll get a better return than a T-bill and
they are risk-free *if held to maturity*. If they have to be sold
before maturity there is a chance of loss or gain.
Rich Carreiro
rlcarr@animato.pn.com
------------------------------
Date: Fri, 21 Nov 1997 22:31:21 -0500 (EST)
From: "Timothy A. Budd" <Tbudd@pacbell.net>
Subject: Cellular Phone Contracts?
I am having some difficulties with my cellular provider. I am very
disastified with their service. Unfortunately, because of the deal I
signed, I am under a two year contract with an early termination fee.
Although I am well versed in the legal implications of a breach of contract
action, I am hoping for anecdotal evidence from those who have actually
succeeded. I would like to know if it is worth the first.
Thanks,
Tim
------------------------------
Date: Fri, 21 Nov 1997 22:32:23 -0500 (EST)
From: Drew Blaha <djb@gilbarco.com>
Subject: Even more IRA questions
Sorry folks, this should be obvious, but I haven't found
the answer worded perfectly for my question.
For my wife's IRA, she is no longer hit with the 'Tainted Spouse' rule.
She can now contribute regardless of my 401K.
As a separate matter, a stay at home non-wage earning spouse can put
$2000 into a spousal IRA, up from the previous $200.
Now, what about my occasionaly employed wife who fills in for other
people's vacations? If she earns a total of 1400 dollars in 1998,
can she put $2000 into her IRA, or is she limited to $1400 since
she actually earned some money?
And is there any real difference between a 'normal' IRA and a 'spousal'
IRA? She's worked in the past, hence her IRA. Now, staying at home,
can we just add money to that existing IRA, or do we need to open a
new one designated as a 'spousal' IRA.
Thanks for the help.
Drew
Drew_Blaha@gilbarco.com
------------------------------
Date: Fri, 21 Nov 1997 22:33:09 -0500 (EST)
From: Jim_Shoenfelt@USFG.COM
Subject: re: free visa with ff on any airline!
That sounds great - do you have a tel number for Providian National Bank
(It's probably on your visa card.)
Thanks, Jim
------------------------------
Date: Fri, 21 Nov 1997 22:34:11 -0500 (EST)
From: David Meyers <dmeyers@panix.com>
Subject: Re: Credit Cards w/Frequent Flyer on any airline? Possible Gotcha
>From: karenh@mcsi.net (Karen Henderson)
>
>Providian National Bank offers a VISA card with a rewards program where you
>earn one point for every $1 charged. Earn 25,000 points and you can take a
>flight within the continental United States on any airline, any day of the
>year without paying an annual fee.
Check for the expiration provisions. I've looked at a
couple of cards with generic "miles" programs and they
all seem to expire - except AmEx, which lets you transfer
the miles to the airline miles program of your choice
and then it is an issue of whether that airline's program
has expirations.
At the moment, I have only a card which gets me miles
directly with one airline, rather than the generic
program and that airline - Continental - does not
expire the miles.
- --D
------------------------------
Date: Fri, 21 Nov 1997 22:35:08 -0500 (EST)
From: "Benjamin Okun" <bokun@hotmail.com>
Subject: Condo Depreciation Question
Hi...
Does anybody know if I could deduct depreciation on the portion of a
condo that I rent to a roommate? For example, if I live in a 2 bedroom,
two bath house, and rent one bath/bdrm to somebody, can I take
depreciation on half of the value of the condo?
Thks..
- -Ben
------------------------------
Date: Fri, 21 Nov 1997 22:36:01 -0500 (EST)
From: Tjanik@aol.com
Subject: Roth IRA Conversion?
Based on everything I have read about converting an IRA to a Roth IRA, I
would like to see if I'm on the right track with regard to my determination
of the taxable amount upon conversion. Here are the facts:
Rolled 401(k) into IRA during 1996 $8700
Non-deductible contributions made in 1997 $700
(the funds are co-mingled)
Current balance $10,500
Calculation of taxable amount upon conversion to Roth IRA in 1998:
$10,500 - $700 = $9800
$9800 taxed at 28% = $2744
Spread over four years = $686/year tax due
I have not seen any examples so far that deal with this specific set of facts
(i.e. a rollover that has been co-mingled with non-deductible contributions.)
Does anyone concur or disagree?
Thanks
------------------------------
Date: Fri, 21 Nov 1997 22:36:51 -0500 (EST)
From: "Ken Meinken" <kmeinken@one.net>
Subject: Re: Safe Investment of $10K?
>
> I need some advise on how to safely invest about $10,000. I'm looking
> for the greatest amount of return without high risk. This is for my
> grandmother, who recently came into a little money. She wants me to take
> care of it for her. So i want to do something that's safe but draws more
> than what just putting it in a savings account would make.
>
Chuck,
Higher returns have higher risks.
I think you need to consider
1) how important is this money to her?
2) when might she need it?
I do not think that it would be wise to invest it in the stock
market.
You should be able to find a money market fund, or a CD yielding a
bit better than 5%. If she doesn't see a need to use it for a long
time, then maybe in a long term treasury bond (6%), or a commercial
bond (higher risk, 7+%).
Ken
------------------------------
Date: Fri, 21 Nov 1997 22:38:42 -0500 (EST)
From: Joe <Broutek@worldnet.att.net>
Subject: Flying funeral ashes to foreign locations?
I came across something on line the other day. Has anyone ever heard of
accompanying human ashes to foreign locations? The funeral home pays you,
and in the process you go on vacation. Is there a central dispatching
service that does this type of thing.
Thank you - Joe
(Editor's Question - Does it count against your baggage allowance? -IK)
------------------------------
Date: Fri, 21 Nov 1997 22:40:03 -0500 (EST)
From: "Victor Daniel a.k.a the MacNut" <macnut@pop-server.netaxs.com>
Subject: Re: Safe Investment of $10K?
Chuck,
Probably the best investment vehicle for your situation is a bank CD
(Certificate of Deposit). They have the insurance of a typical bank
account, but pay higher interest-typically around 5-6%. Usually with a bank
CD you have to leave the money in the account basically untouched for a
certain period of time to gain the full return on the interest rate, and
that period of time may range from a few months to several(10+) years, and
the longer you leave it in the bank, the better the interest rate you get.
Check around at various banks and credit unions in your area to see what
kind of CDs they are offering and what their terms are. Important things
look for:
1) No penalty for early withdrawal-after all, emergencies can happen.
2) Look for a minimum balance requirement no greater than $1000-this will
give your grandmother some breathing room in case that emergency does come,
she can still have some money invested.
3) Of course look for a good interest rate, 5% and above.
IMHO, you can't do any better than a bank CD without assuming some risk of
loss that would come with investing in a stock fund or bond fund. And many
money market funds don't pay as well.
The MacNut
| Victor Daniel a.k.a The MacNut Home page in progress at: |
| macnut@netaxs.com http://www.netaxs.com/~macnut |
| vdaniel@achtung.eng.temple.edu vdaniel@thunder.ocis.temple.edu |
------------------------------
Date: Fri, 21 Nov 1997 22:41:22 -0500 (EST)
From: TaxPlanner@aol.com
Subject: re: Deductible IRA Question
In a November 17 posting, Brian O'Rourke notes that he "read in Money
magazine that the recently passed tax bill allowed one to deduct his IRA
even if his wife has access to a tax-sheltered retirement account. Does
anyone know if this deduction will be phased in? Or will it take effect
all at once in 1998?"
The recently enacted tax bill ("Taxpayer Relief Act of 1997") does change
the so-called "active participation" rules, and the change becomes
effective for tax year 1998. So, it will affect the tax returns we are
required to file in 1999 related to the prior year.
Under the revised active participation rules, the maximum deductible IRA
contribution will be available in 1998 to the spouse who is not covered
by an employer-sponsored retirement plan at any time during 1998, provided
the couple's adjusted gross income (AGI) is less than $150,000. The
deduction for an IRA for the spouse who is not an active participant is
phased out for couples with AGI of $150,000 to $160,000, and is
unavailable to couples with an AGI of $160,000 or more.
Edie Silvestri
TaxPlanner@aol.com
------------------------------
Date: Fri, 21 Nov 1997 22:42:25 -0500 (EST)
From: eric <eric_marcus@compuserve.com>
Subject: tax on capital gains?
Do taxes come due on capital gains at year's end or should I pay on a
quarterly basis?
------------------------------
Date: Fri, 21 Nov 1997 22:43:16 -0500 (EST)
From: "Cicero Seven" <cicero7@hotmail.com>
Subject: The Raging Bull (www.ragingbull.com)-- Excellent Site
Friends,
I found this site: http://www.ragingbull.com while cruising yahoo.
I thought I would share it with you. This site offers free message
boards in a user and graphically friendly environment. They just need
some posting, and I thought a few of us could help out with that. Being
free unlike SI, and not hard to use like the Fool, I think this site has
a great future if a few of us create the catalyst. Thanks for your
time. http://www.ragingbull.com
------------------------------
End of persfin-digest V4 #105
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