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Subject: persfin-digest V4 #133
Date: Wed, 11 Mar 1998 15:03:07 -0500 (EST)
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persfin-digest Wednesday, March 11 1998 Volume 04 : Number 133
IN THIS ISSUE:
ADVERTISEMENT: MCI InforSource
NY State Income Taxes On Income Earned in Florida?
Re: 401k rollover options?
re: Viaticals - Beware
Re: Two mortgage payments vs. one?
Re: Can you find the catch?
Re: Offset Capital Loss of Custodian Account Against My Cap Gain?
Philadelphia City tax Not Deductible
Re: SFNB Bank Problem
Net2Phone
Fair Market Value for Noncash Charitable Deductions?
Roth IRA state taxes?
Re: 2 mortgage payments
Pre-approved mortgage?
re: bi-monthly
re: family housing after bankruptcy
Mutual Fund Splits?
Re:Two mortgage payments vs. one?
Oyage Group?
Re: auto withdrawal to invest in stocks?
Re: car financing
RE: fair mkt value of non-cash charitable donations
spousal Roth IRA?
refinancing questions
Schedule A State Income tax Question
pre-IPO offering Meridian Dover?
Asset Allocation and REIT Funds?
401k rollover options?
Can you find the catch?
Real Estate Advice Sought:Revisited
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Date: Wed, 11 Mar 1998 14:17:03 -0500 (EST)
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------------------------------
Date: Wed, 11 Mar 1998 14:18:19 -0500 (EST)
From: Bob Hartwig <rph1@mindspring.com>
Subject: NY State Income Taxes On Income Earned in Florida?
I moved from Florida to New York State in late 1997. Most of my 1997
income was earned in FL. NY apparently requires that the "state wages"
match the federal wages. Does this mean that all the income I earned in
another state during 1997 is subject to NY state taxes? This seems to be
absolutley outrageous to me.
Any other Persfinners ever have this experience.
Thanks,
Bob
------------------------------
Date: Wed, 11 Mar 1998 14:18:46 -0500 (EST)
From: Jim McGrath <jimm@hi.com>
Subject: Re: 401k rollover options?
>I have a question about a 401k rollover and the options I have.
>
>This last week, the transfer was complete and I would be able to pay off
>the rest of the loan. This would give me 3 options:
>
> 1) Leave the 401k where it is with Vanguard, but still offically a
>401k under my ex-employer
> 2) Roll it over to an IRA with Vanguard or another mutual fund company
> 3) Roll it into the 401k I have with the company I work for now. This
>401k is administered by T. Rowe Price.
You will have the most flexability if you roll over into a self-directed
IRA brokerage account. A number of fund families and brokerage companies
provide mutual fund supermarkets. Look for a company that provides the
most no transaction fee/no load funds in which you might be interested.
Jim
------------------------------
Date: Wed, 11 Mar 1998 14:20:12 -0500 (EST)
From: "Stephan Iscoe" <stephan@mail.org>
Subject: re: Viaticals - Beware
The WSJ last week had an article concerning a move in the US
Congress to impose additional taxes on the disbursement of timed
settlement payments from a viatical fund. The specific target of this
measure is J. Wentworth, one of the largest purchasers of settlements.
The purpose (supposedly) is to prevent the recipient from either blowing
the one-time payment on a new boat, car, Vegas,etc and/or getting
ripped-off (paid less than the total of timed payments) by the
viatical company.
(I think I got the basic of the report right)
So, I'd be very, very wary of investing in any viatical company
until the outcome of the legislative proposals is known unless you have a
tolerance for risk.
An alternative would be to invest with companies that buy real estate/land
contracts, sports contracts, business receivables, or other secured debts.
Stephan Iscoe
- --------------------------------------------
Useful Links for Business & Personal Success
Visit http://www.LinktoSuccess.com
------------------------------
Date: Wed, 11 Mar 1998 14:20:35 -0500 (EST)
From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: Two mortgage payments vs. one?
> I just received a letter from my mortgage company offering to enroll
> me in a program where I would pay 1/2 of my mortgage payment on the
> first of the month and the other 1/2 on the 15th of the month. They
> claim that this will allow me to build equity at a much higher rate,
> pay off the loan 9-10 years earlier, and pay about 1/4 less interest
> over the long run. Enrollment includes a one time fee of about $300
> and monthly fees of $5. Any comments?
Yeah, one. DON'T SIGN UP FOR THE THING!!
You can accomplish exactly the same thing by:
(a) Making a monthly payment that is 13/12 times what the regular
payment is, with the excess applied to principal, or
(b) Make a 13th payment at the end of the year.
Unless there are some weird clauses in your mortgage, you
can do this trivially and without paying a dime and you'll
get all the benefits of the plan your mortgage company is
plugging.
Rich Carreiro
rlcarr@animato.pn.com
------------------------------
Date: Wed, 11 Mar 1998 14:21:04 -0500 (EST)
From: "L. Chen" <am302@freenet.buffalo.edu>
Subject: Re: Can you find the catch?
> I got an offer in the mail today for a credit card that offers
> $100 just for getting the card. I assume that there is some catch, but
> I can't figure it out. It says that there is a 25 day grace period
> when the account is paid in full, and there is no annual fee. It is a
> VISA "platinum" from Providian Bank.
>
> In the fine print, it says "We will pay you a $100 reward for
> trying all the benfits of this Platinum account, which simply means
> you must charge and transfer minimu amounts to your account once it is
> opened."
>
> Can anyone tell me what the catch is with this?
If you have to transfer balances to your account, that means paying interest
on the transferred balance. So the questions are: What is the definition of
"minimum amounts"? What is the interest rate? And how long do you have to
keep that balance? Then you can calculate whether you can come out ahead for
$100.
Chen
------------------------------
Date: Wed, 11 Mar 1998 14:25:13 -0500 (EST)
From: Charles Huang <chuang@rambus.com>
Subject: Re: Offset Capital Loss of Custodian Account Against My Cap Gain?
My son is 10 years old and he had a custodian account in stock market.
Can I apply his capital loss against my capital gain if
he had a net capital loss? (I will claim him as my dependent, of course)
Can anyone give me some hint? Thanks!!!
------------------------------
Date: Wed, 11 Mar 1998 14:27:37 -0500 (EST)
From: alufml@fanniemae.com (Francois-Michel Lang)
Subject: Philadelphia City tax Not Deductible
(I asked whether my son could recover Philadelphia city tax somehow.)
I lived in Philadelphia for 3 years about 10 years ago, and my experience
then was that this tax is not recoverable, period. I believe it's deductible
on your federal return, but that's it. We called it the city wage tax, and
it applied to anyone who worked in the city of Philadelphia, regardless of
where the person lived. This information is 10 years old, and is not
professional tax advice, just my recollection!
------------------------------
Date: Wed, 11 Mar 1998 14:30:26 -0500 (EST)
From: Somesh Rao <somesh@syl.nj.nec.com>
Subject: Re: SFNB Bank Problem
>As many of you know I have been trying to recover $750.00 that was sent out
>by the Treasury Department over 9 months ago to my SFNB account. SFNB
>adamantly denied receiving the check. The Treasury department said not only
>did SFNB receive the check but they cashed it. I sent SFNB a note months
>ago, and complained to the BBB. In the notes, I told SFNB that I am
>charging the same interest rate that they are charging customers who borrow
>on an SFNB credit card.
>
>Today, an acknowledgment was sent by the bank president as listed below. My
>online SFNB account shows a deposit for $750.00 with a transaction memo
>dated July 1998 Military Allotment, deposited on 4 March 1998.
Rodger,
I had a similar problem, but with a check I deposited in the ATM machine
for a very small sum of money ($60). My bank did not deposit it in my account
and the local manager said that they had opened the envelope (they keep the
envelopes and mark them if empty) and it was not empty but they could
not find what happened to the deposit. So they initiated a enquiry, which
resulted in me getting a threatening letter saying that I had deposited
an empty envelope and saying that if I wanted my money, I should send them
a copy of the cancelled check.
At this time, my patience ran out (a lot shorter time than your nine
months). I got them a copy of the cancelled check and along with that
I gave them a bill for my services (3 hours in working with them and
getting the check @$60/hour). I clearly notified them that it was
their problem that I was fixing, and if they did not pay me, I would
take them to small claims court. My estimate was that they would have
to send a lawyer from their corporate office (about 400 miles away) for a
day and one or more employees would have to spend a day in court. This
would cost at least several thousand dollars.
To cut a long story short, they paid me without a fuss. Now, everytime
I enter the bank, they fall over each other to help me.
Don't underestimate the power of a small claims court (or even the threat
of it).
BTW, I used the Parsons/Quicken family lawyer package to form the basic
framework of the letter that I sent them (though, this is not necessary).
Somesh
------------------------------
Date: Wed, 11 Mar 1998 14:30:57 -0500 (EST)
From: <Jim_Shoenfelt@usfg.com>
Subject: Net2Phone
I just signed up for Net2Phone.
Sender: owner-persfin-mod@shore.net
Precedence: bulk
Some warnings:
1) To get the 5 cents a minute, you need to call a number, wait for them to
answer (4 seconds), dial your 10 digit home number followed by a four digit
pin, and THEN dial the number.
2) The sound quality is notably different than your regular AT&T, MCI,
Sprint.
3) If you have three-way calling, your second out-going call on the same
line will not go through at 5 cents a call, but at "Metromedia" rates.
I'm going to stick with it for awhile because I make a lot of long distance
calls. However, be advised, you'll be dialing a lot of digits, you'll be
compromising sound quality, and your 3-way calling wont be billed at 5
cents a minute.
------------------------------
Date: Wed, 11 Mar 1998 14:31:54 -0500 (EST)
From: ANDREA WELCH <ACE.AWELCH@memo.acehardware.com>
Subject: Fair Market Value for Noncash Charitable Deductions?
In Digest #132
Raphael Johnson wrote:
>I seem to remember a discussion around here lat year about a book
>that contained Fair Market Values for most of the goods one would
>typically donate to Goodwill or the Salvation Army. I also
>believe that the book was updated annually. Can anyone remember
>the name of the book or the author?
The book is entitled "CASH for Your Used Clothing". It's
available from:
Client Valuation Services, Inc.
P.O. Box 22031
1111 Lincoln Mall, Suite 360
Lincoln, NE 68508
Phone 800-875-5927
Fax 402-484-8258
Web http:\\www.taxsave.com
I purchased it for the first time this year and it was quite
helpful in assigning values to donated merchandise.
Regards, Andrea Welch
------------------------------
Date: Wed, 11 Mar 1998 14:32:29 -0500 (EST)
From: juanb@vnet.ibm.com
Subject: Roth IRA state taxes?
I live in NJ and recently found out that they haven't amended their
state tax codes to match the Federal codes in regards to Roth IRA's.
So if I set one up, when I go to make withdrawals, the gains will be
taxed.
What are the chances that something like this would be retroactively
changed in the future to match the federal code and allow for tax-free
withdrawals?? I can't get any answers anywhere and was hoping someone
here could shed some insight, and maybe some examples if scenarios like
this have happened in the past where the tax codes didn't match.
Thanks in advance,
Juan
------------------------------
Date: Wed, 11 Mar 1998 14:33:16 -0500 (EST)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: Re: 2 mortgage payments
Robert
Take that letter and put it where it belongs, IN THE TRASH CAN. This is a
classic rip off. If you want to reduce the amount of interest you will pay
for your home loan and build equity faster, just make larger payments each
month.
Put a note with your payments that anything over the required payment
should be applied to reduce the amount owed on the mortgage.
You do not have to pay $300 to do that nor do you have to pay $5 per month.
If you need more information, let me know.
BOB FORD
BOB_FORD@COMPUSERVE.COM
------------------------------
Date: Wed, 11 Mar 1998 14:34:23 -0500 (EST)
From: Jerry Conley <jcrev@ncn.net>
Subject: Pre-approved mortgage?
I am trying to do some advanced planning and need help. I will be
purchasing a house in Florida during the next two years and think it might
be a good idea to check out the amount of down payment I will need.
Can anyone tell me:
1) Are there fees one must pay in order to get pre-approved financing?
2) Generally, how long is a pre-approval good?
3) Can someone suggest a good mortgage company or a place to start looking?
Thanks,
Jerry
------------------------------
Date: Wed, 11 Mar 1998 14:35:03 -0500 (EST)
From: stockr1@juno.com (Russ Stock)
Subject: re: bi-monthly
Robert:
you can do this on your own, without paying someone $$$$$$$$$$ to do it.
Call your lender. Normally you just make an extra payment sometime
during each year, or split it up truly on a biweekly basis, both will
work out close to the same (not exactly, give or take a year).
------------------------------
Date: Wed, 11 Mar 1998 14:36:19 -0500 (EST)
From: "Stephan Iscoe" <stephan@mail.org>
Subject: re: family housing after bankruptcy
Mark;
You might also consider purchasing the home via owner financing
(trust deed/land contract) or, to save the downpayment, renting
with an option to buy with a predetermined purchase price and % of the
rent being applied to the purchase.
An owner-financed deal typically includes a balloon after 5
years; if you go for a rent with option try to get a 2 year term - also,
with an option, if you find a buyer at a higher price you
could excercise the option and sell it for a profit!
Peace,
Stephan Iscoe
------------------------------
Date: Wed, 11 Mar 1998 14:37:58 -0500 (EST)
From: Peter & Karen Diamond <diamond@vsi.net>
Subject: Mutual Fund Splits?
Hello,
I was wondering if anyone knows if mutual funds ever "split" their shares.
I am noticing (for example) that the Vanguard Index 500 fund is almost
$100 per share. Would it ever split or just keep going up in value? Do
mutual funds care about their share price the way individual stocks do?
Thanks.
Peter Diamond
------------------------------
Date: Wed, 11 Mar 1998 14:38:47 -0500 (EST)
From: David Martin <dmartin@seabreeze.hc.ti.com>
Subject: Re:Two mortgage payments vs. one?
You can do the same sort of thing yourself by making small
extra principal payments when you make your regular payments. And you
won't need to pay an extra fee. You can also choose for yourself how
much extra to pay. You can pay more if you get a bonus at work, less
if you have a lot of bills that month.
These programs where you pay a fee to this sort of thing are
just scams to generate more money for the mortgage company.
-David Martin
------------------------------
Date: Wed, 11 Mar 1998 14:39:32 -0500 (EST)
From: Bala Mucherla <balarao@worldnet.att.net>
Subject: Oyage Group?
Hi could anyone tell me if they have heard of "Oyage group" and if what plan
they have ---a matrix system of amrketing actually makes money,or will I be
losing money subscribing to this whole concept of making money using your
home computer?
Please respond with any suggestions.
Thank you.
------------------------------
Date: Wed, 11 Mar 1998 14:40:19 -0500 (EST)
From: David Meyers <dmeyers@panix.com>
Subject: Re: auto withdrawal to invest in stocks?
>From: Anna_Christian@fortunemail.com
>Does anyone have any information or know how I can have money automatically
>taken out of my checking account and invested in stocks/mutual funds? I am
>looking for something that takes a certain amount out every month.
As far as I know, every fund family will allow, even encourage
you to do this. Contact whatever fund you are interested in and
just tell them.
- --D
------------------------------
Date: Wed, 11 Mar 1998 14:41:39 -0500 (EST)
From: David Meyers <dmeyers@panix.com>
Subject: Re: car financing
>>For sake of argument, let's assume that I've decided that it makes
>>economic sense to buy a new car. I'd much rather rent that money from the
>>dealer at 4.9% and invest the 20-30K.
>
> However, usually, to get a good price, you can't get the ultra
>low rate financing. In my case, when I bought a car, I got a 3-year
>loan from my credit union at 7% and got a low price for the car. Now,
>the interest on the 7% loan isn't tax deductible, and paying it off
Typically, they word it as "get x ultra-low rate, OR y cash back".
Translate that to mean "pay extra, up front to get the lower rate."
You pay the same - probably more - by getting the low rate. It just
_looks_ like a lower rate. You can probably get a better deal by
financing the car through your credit union, and taking the "cash
back" lower price. That is, _if_ you don't have the cash to just
buy the car outright. Unless you _need_ the car, and don't have
the cash to buy it, borrowing to buy the car is almost certainly
a bad investment. If you really want to leverage to invest in
the market, there are definately better ways than to borrow against
your car.
- --D
------------------------------
Date: Wed, 11 Mar 1998 14:42:45 -0500 (EST)
From: "Porter, Jim R" <jrporter@switch.com>
Subject: RE: fair mkt value of non-cash charitable donations
Raphael Johnson <rjohntwo@ix.netcom.com> wrote:
>I seem to remember a discussion around here last year about a book that
>contained Fair Market Values for most of the goods one would typically
>donate to Goodwill or the Salvation Army. I also believe that the book
>was updated annually. Can anyone remember the name of the book or the
>author?
You're probably looking for "Cash for your used clothing", issued by
Client Valuation Services, 1111 Lincoln Mall, Suite 360, Lincoln, NE
68508
You can order at 1-800-875-5927. Mention you saw their web site at
http://www.asiweb.com/lincoln/cashbook.htm and pay $17.95. They will
back you up if the IRS questions how you arrived at the values you
deduct for your donations. In my opinion, most people will woefully
underestimate the value of their donations, making this a good value if
you itemize deductions. If you don't save $200 in TAXES (not deductions),
return it for a full refund. The book isn't limited to clothing - it
covers just about all types of household goods. I guess you ought to
specify what year's book you want.
I have no connection with CVS other than as a satisfied customer.
------------------------------
Date: Wed, 11 Mar 1998 14:44:19 -0500 (EST)
From: "Dalmia, Bipin K." <DALMIABK@phibred.com>
Subject: spousal Roth IRA?
hi: i see a lot of discussion on the roth ira. what are the requirements
for a spousal roth IRA? my wife has no income (or maybe less than
$2000). can i contribute $2000 towards a spousal IRA or is it limited by
her earned income? also, does the spousal ira have to be a separate
account or can it be in the same account as my roth?
thanx, bip
------------------------------
Date: Wed, 11 Mar 1998 14:45:15 -0500 (EST)
From: "Dalmia, Bipin K." <DALMIABK@phibred.com>
Subject: refinancing questions
hi:
we have an FHA 1-year ARM at 6% which will be 7% next month and 8% in
april, 99 (assuming that it does increase by the maximum of 1% each
year). if i refinance now to another 1-year ARM i get an interest rate
of 5.8% that will increase to 6.8 next year and so on. the refinancing
costs are $2100. should i do it? we are planning on staying in the home
for 2-3 years and then moving to a bigger one.
another option is to get a 3-year balloon at 6.5%.
i know that some of you will say to go use the refinancing calculators
available on the web but most don't take into account the tax issues.
also, i have heard that when doing a refinancing calculation, one should
mortgage the new loan to the time remaining in the old loan and not 30
years (e.g., i should mortgage my new loan to 29 years) to truly compare
the costs and equity buildup.
is there a resource that discusses all the implications of refinancing?
thanx, bip
------------------------------
Date: Wed, 11 Mar 1998 14:47:49 -0500 (EST)
From: David Martin <dmartin@seabreeze.hc.ti.com>
Subject: Schedule A State Income tax Question
Here's a tax question for those of you who have filled out
schedule A before. On line 5, you can deduct state income
taxes. According to the instructions, not only can you deduct the
state income tax that was witheld, but any additional income tax that
you paid when you filed your state income taxes. This makes sense, but
the instructions don't indicate what sort of documentation should be
included to prove that you paid this additional amount. How does one
fill this in without upsetting the IRS computers?
-David Martin
(Editor's Comment - You don't need to include anything extra. Just make
sure that, in case you're audited, you have cancelled checks and/or
receipts to prove that you really paid it. PS - I'm not a tax pro. -IK)
------------------------------
Date: Wed, 11 Mar 1998 14:57:53 -0500 (EST)
From: "Thijs van Vliet" <M.vanVliet@hsbos.nl>
Subject: pre-IPO offering Meridian Dover?
I have received an offer from a company called Chase Global Capital
(Canada), to invest in a pre-IPO opportunity. I can buy stocks of
Meridian Dover, before they go public (april '98) on EASDAQ in
Belgium, Luxembourg, and the Bahamas. The net price of the stock
will be US$ 4, and I was told that the opening bid will be around
US$ 11 or 12. This way the investment would almost be tripled
in less than one month time. EASDAQ will not comment on IPO's at all.
Has anyone dealt with Chase Global before? Could this be a valid
offer, or is it just a deal that is too good to be true? Where could
I get information about the expected opening price?
Greetings,
Thijs
| Thijs van Vliet | #include <std/disclaimer.h> |
| Hogeschool 's-Hertogenbosch | Tel: +31 (0)736 295 435 |
| PO Box 732 | Fax: +31 (0)736 295 205 |
| NL 5201 AS 's-Hertogenbosch | E-mail: M.vanVliet@hsbos.nl |
------------------------------
Date: Wed, 11 Mar 1998 14:58:56 -0500 (EST)
From: Susan Luntz <LUNTZ@fredonia.edu>
Subject: Asset Allocation and REIT Funds?
About a year ago we invested a portion of our assets in a Reit Mutual
Fund. This was done mainly as part of a plan for diversifying and asset
allocation. In 1997 the REIT's in general and out REIT mutual fund did
well. This year they all seem to be doing badly.
Is this still a good sector? Does anyone have any thought as to why they
are doing badly?
Thanks in advance
------------------------------
Date: Wed, 11 Mar 1998 14:59:55 -0500 (EST)
From: Jason Kaufman <JHK@copper-mt.com>
Subject: 401k rollover options?
>From: BD323 <BD323@aol.com>
This last week, the transfer was complete and I would be able to pay off
the rest of the loan. This would give me 3 options:
1) Leave the 401k where it is with Vanguard, but still offically
a 401k under my ex-employer
2) Roll it over to an IRA with Vanguard or another mutual fund
company
3) Roll it into the 401k I have with the company I work for now.
This
401k is administered by T. Rowe Price.
Any comments on which might be the best option would be appreciated.
Bob,
I would have to go with the 401(k) at your current company.
There are many reasons why, but the first is the ability to have funds
together where you can see the progress of your retirement account all
in one report. Another reason is you have to keep up with your former
employer to track what is going on with your 401(k). This includes
notification of change of address.
If you go into the IRA, you could not contribute any more money
to it, since you cannot combine non-qualified money with qualified
money. Therefore, go with the current company's plan.
Jason H. Kaufman
Copper Mountain Trust Corporation
Portland, Oregon 97204-3713
------------------------------
Date: Wed, 11 Mar 1998 15:00:45 -0500 (EST)
From: Jason Kaufman <JHK@copper-mt.com>
Subject: Can you find the catch?
>From: David Martin <dmartin@seabreeze.hc.ti.com>
I got an offer in the mail today for a credit card that offers
$100 just for getting the card. I assume that there is some catch, but
I can't figure it out. It says that there is a 25 day grace period
when the account is paid in full, and there is no annual fee. It is a
VISA "platinum" from Providian Bank.
In the fine print, it says "We will pay you a $100 reward for
trying all the benfits of this Platinum account, which simply means
you must charge and transfer minimu amounts to your account once it is
opened."
Can anyone tell me what the catch is with this?
-David Martin
Sure, David, the catch is that they get you as a customer (big today in
this industry) and then they can begin to increase your rate slowly so
that the interest that you pay more than makes up for the $100. Nothing
in life is free...
Jason H. Kaufman
------------------------------
Date: Wed, 11 Mar 1998 15:01:48 -0500 (EST)
From: "Mark Jay Kaplan" <mkaplan@execpc.com>
Subject: Real Estate Advice Sought:Revisited
My earlier post sought opinions regarding affordability of a mortgage
after a bankruptcy( 5 years ago).We are now relatively debt-free ,
nominal savings and a combined income of $4000 per month after tax. We
have a family of six and are searching for a 3 bedroom home, 1.5 bath,
and a den/rec. room in a nice suburban area.
We find ourselves with about $1500 a month tops available for mortgage
and tax payments.
We currently are thinking about 3 options.
#1 4 bedroom great fixer-upper with possibilities for improvement. Price
$150,000 on a 3 year land contract at 8%, only $2000 downpayment.We
figure we can pay the $1500 a month payment and decorate/improve along
the way. No major work needed now.
#2 Wait 6 more months until we have saved $10,000 and get a mortgage for
$100,000 , buy the $110,000 modest smaller house that may not fully meet
our needs now, but feel secure in the equity we have and view it as our
starter home
#3 Wait a few more months and re-evaluate....we must move by the end of
this summer( rent-free ....parents home being sold)
Opinions sought
------------------------------
End of persfin-digest V4 #133
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