TMFPMarti

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TMFPMarti replied to the Tax Strategies board. 31 minutes ago

Re: Social security and payroll tax witholding

After the sentencing in September, if I am understanding this right, the IRS will then seek to collect on the $4.7M (plus interest and penalties?).

That's what I would assume, depending on what happens at sentencing. Remember that [more]

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TMFPMarti replied to the Tax Strategies board. 4:39 PM

Re: how to earn equity returns tax advatnaged?

Coverdales, we use but 2k / yr is slow gloing.

we use self directed ROTH, IRA and soon 402, self directed .

WHAT about anyother way to invest for kids college inb srtks, compounding Tx free or tax advantaged ?

Sorry, [more]

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TMFPMarti replied to the Buying or Selling a Home board. 1:26 PM

Re: question: down payment on my first home

I am trying to do is PROTECT myself by modifying a legal document BEFORE I sign it so that IN CASE that I am not able to live in the property that I am about to purchase I can legally rent it out. And I have reason to believe this might [more]

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TMFPMarti replied to the Baby Boomers board. 7:25 PM

Re: For Bigpix and Christina

We're now thinking about running down into Manhattan to Guy's American Grill near Times Square. Have you tried it?

I don't know whether Christina has or not, but the NY Times restaurant critic did:

GUY FIERI, have you [more]

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TMFPMarti replied to the Tax Strategies board. 8:45 AM

Re: Rolling over Education IRA to 529?

2. If so, how does the tax consequences plays in the picture? I have stocks in the E-IRA which I do not want to sell for the proceeds (What I would like to do is transfer that stock in my brokerage account and transfer the proceeds from there - as [more]

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TMFPMarti replied to the Tax Strategies board. 8:28 AM

Re: Rolling over Education IRA to 529?

From the reading I've done online and in reading Pub 970, I thought the answer was 'Yes'.

Thanks for the catch.

You are correct where it matters. The key is that a contribution to a 529 with the same beneficiary as the [more]

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TMFPMarti replied to the Buying or Selling a Home board. 7:41 PM

Re: Downpayment Sources

"That's if you jump through all the hoops, and don't leave your job before you've put it all back."

Are you certain of the truth of that statement? I am not. And it certainly was not true when I took a 401-k loan for home [more]

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TMFPMarti replied to the Buying or Selling a Home board. 6:55 PM

Re: Downpayment Sources

But it is true that you're basically paying twice on the interest portion.
But that IMO is a minor consideration, and the "you're paying taxes twice" is a phrase that is more designed for an emotional impact, rather than [more]

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TMFPMarti replied to the Buying or Selling a Home board. 2:01 PM

Re: Downpayment Sources

Brewologist: "2. My 401k offers the option to take a loan of up to $50k at 4.25% that our mortgage broker says can be used for part of the 20%. If we chose to do that, we could cover the whole downpayment out of the loan plus liquid [more]

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TMFPMarti replied to the Tax Strategies board. 12:45 PM

Re: Rolling over Education IRA to 529?

I have an Education IRA and a 529 for my kid. The reason I created the Education IRA was to be able to manage the money myself rather than investing with a money manager in a 529. Since the E-IRA has a limit of 2000 per year, I am not sure if mine [more]

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TMFPMarti replied to the Lawyers/Attorneys board. 9:36 PM

Re: Tax law 1031 exchange

Jersey shore home prices have been erratic since January when grandma passed. She is afraid that the value will be increased because a neighbor (2 doors down with identical lot and similar damage) sold for way more than anyone expected. That is [more]

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TMFPMarti replied to the Tax Strategies board. 9:28 PM

Re: inheritance vs gift

It sounds like he and the other sibs are disclaiming their shares of the inheritance.

Crap. No, if sibs had officially disclaimed, then their portions would go to their children.

In that case it sounds like DH is the [more]

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TMFPMarti replied to the Lawyers/Attorneys board. 7:40 PM

Re: Tax law 1031 exchange

OK I got the timeline wrong, but the 1031 part of the answer holds. It's just that the FMV at the date of death is probably about the same as the value of the vacant land.

Phil
Rule Your Retirement Home Fool

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TMFPMarti replied to the Lawyers/Attorneys board. 7:39 PM

Re: Tax law 1031 exchange

I think she cannot do a 1031 exchange because the home she wants to sell was not used as an investment or for productive use.

I think she cannot do a 1031 exchange because there's no gain to defer through a 1031 exchange. As you [more]

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TMFPMarti replied to the Tax Strategies board. 7:11 PM

Re: inheritance vs gift

FIL did have a will, leaving everything to be divided equally among his adult children.

The consensus among the siblings is that since SIL was taking care of FIL in his dotage, she earned whatever inheritance, if any, was left. So this is [more]

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TMFPMarti replied to the Tax Strategies board. 1:56 PM

Re: inheritance vs gift

In order to more easily manage his finances, SIL put all of FIL's assets (< $250k) into her own name. A bad idea, as it would've sabotaged his Medicaid eligibility, but since he died (in 2011) before that became an issue, no harm done on that [more]

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TMFPMarti replied to the Tax Strategies board. 10:01 PM

Re: Max TIRA limit for 2013

Can anyone tell me the maximum contribution for 2013 for persons over 50?

$5,500 plus $1,000 catch up.

[more]