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<v Speaker 1>It's night Side with Dan Ray. I'm delay Boston News Radio.

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<v Speaker 2>All right, our number two coming up with Mark Misslbeck.

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<v Speaker 2>Mark Missilbeck a CPA of more than a few years.

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<v Speaker 2>He has been also more than a few years the

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<v Speaker 2>unofficial night Side Tax CPA. Mark works with a big

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<v Speaker 2>firm called Cherry Beckard Advisory LLC eight hundred South Street

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<v Speaker 2>in Waltham. And Mark, I know you do this off

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<v Speaker 2>the top of your head, and it amazes me that

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<v Speaker 2>no matter what someone asks you, you were able to

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<v Speaker 2>give them an answer. I mean, I I never practiced

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<v Speaker 2>tax law. I've done tax returns for people, never at

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<v Speaker 2>the level of complexity that you deal with. It has

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<v Speaker 2>to be, you know, a real struggle to keep up

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<v Speaker 2>with Congress. I mean the two thousand and seventeen Tax Act.

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<v Speaker 2>One of the things that bothered me about that. And

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<v Speaker 2>I'll just get a little political for a moment. I

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<v Speaker 2>don't expect you to chime in here is that in

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<v Speaker 2>many states like Massachusetts and New York and California, Maryland

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<v Speaker 2>that are New Jersey, Connecticut, that are Democratic controlled states,

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<v Speaker 2>there's pretty high real estate taxes and high income tax,

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<v Speaker 2>income state taxes, and the so called salt limitations of

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<v Speaker 2>ten thousand dollars on the taxes was the device that

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<v Speaker 2>the Trump administration very effectively used because in a lot

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<v Speaker 2>of the red states, they're not dealing with real estate

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<v Speaker 2>taxes like we deal here in Massachusetts or state income taxes.

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<v Speaker 3>It was pretty pretty clever.

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<v Speaker 2>Of what happened in twenties seven a team. But I

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<v Speaker 2>believe that there is some talk in Congress now to

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<v Speaker 2>remove that cap, or at least increase that cap so

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<v Speaker 2>that not this year, but beginning next year, if they

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<v Speaker 2>do pass a new tax act, that people in Massachusetts

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<v Speaker 2>who pay significantly more real estate taxes, more state income taxes,

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<v Speaker 2>and in other states like you know, Maryland, New York,

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<v Speaker 2>New Jersey, California, will get a little bit of relief.

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<v Speaker 2>Do you see what I see that there was a

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<v Speaker 2>little bit of politics in the twenty seventeen Tax Reform Act.

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<v Speaker 4>Possibly, but I think it's more noise than reality. What

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<v Speaker 4>do you think the tax top tax rate is? And

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<v Speaker 4>what do you think the savings is from deducting those taxes?

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<v Speaker 3>It depends upon how much real estate taxes should pay.

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<v Speaker 4>If you're someone you know, I mean, what what percentages

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<v Speaker 4>the savings?

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<v Speaker 2>Thirty seven percent. In other words, if you used to

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<v Speaker 2>pay For example, I live in Newton, and you can

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<v Speaker 2>pay forty fifty thousand dollars easily on real estate taxes.

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<v Speaker 4>Yeah, but Dan, Dan, In a lot of instances, the

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<v Speaker 4>savings is only nine percent.

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<v Speaker 2>Why would it be nine percent because there's.

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<v Speaker 4>A little hidden agenda called the Alternative minimum Tax or

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<v Speaker 4>AMT AMT.

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<v Speaker 3>Yep, that's that's a good point.

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<v Speaker 4>What you deduct on regular tax in your regular taxes

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<v Speaker 4>at thirty seven percent for taxes, those taxes are not

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<v Speaker 4>deductible for AMT, and the tax rate under AMT is

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<v Speaker 4>twenty eight percent. So if you have a higher tax

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<v Speaker 4>under AMT, you pay the AMT in it to bring

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<v Speaker 4>your regular tax up to the AMT. So if you

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<v Speaker 4>save at thirty seven but you pay back at twenty eight,

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<v Speaker 4>the net savings may only be nineteen percent. Well it

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<v Speaker 4>may sound better than it is as a deduction.

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<v Speaker 2>Oh, absolutely, because and of course the AFT is another

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<v Speaker 2>device that the government uses to go after. You know,

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<v Speaker 2>we're always told it's the rich people that don't pay taxes,

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<v Speaker 2>but you know, people pay a lot of taxes.

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<v Speaker 4>Do you know what the origin of the AMT was?

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<v Speaker 3>No, the political origin.

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<v Speaker 4>No, the sound and thunder in nineteen sixty nine of

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<v Speaker 4>a congressional hearing where it was brought out that eleven

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<v Speaker 4>millionaires paid no tax whatsoever, brought in the then alternative

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<v Speaker 4>minimum tax, and in nineteen eighty six it was transmogrified

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<v Speaker 4>with the writing over of all the tax law in

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<v Speaker 4>that broad based change to our modern AMT.

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<v Speaker 2>Right was that was the Rostenkowski was the chairman of

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<v Speaker 2>in the Ways and Means Committee.

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<v Speaker 4>And got a deal with the with the Reagan administration.

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<v Speaker 2>Yes, he did kind of deal with the Reagan administration

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<v Speaker 2>and some of the problems there where there were people

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<v Speaker 2>that were had invested in legitimate, legitimate real estate investments

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<v Speaker 2>and a lot of the deductions and credits which have

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<v Speaker 2>been promised to people from making legitimate investments.

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<v Speaker 4>In really but highly leveraged in some really really aggressive.

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<v Speaker 2>Well there was something outright fraud. But because there there

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<v Speaker 2>was there was fraud there.

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<v Speaker 4>Dan proud or not, I went. I went through the

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<v Speaker 4>middle with those packed shelters and the ratio was four

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<v Speaker 4>times the deductions of what you invested. The dirty little

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<v Speaker 4>secret was at the time getting five or six percent

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<v Speaker 4>immuni bonds if you had the discipline to put the

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<v Speaker 4>tax savings from that leverage deduction aside and invest that

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<v Speaker 4>with that five or six percent rate to build up

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<v Speaker 4>the money to repay the taxes when you got out

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<v Speaker 4>of the darn things. You had to be into them

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<v Speaker 4>for twenty five years to break even.

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<v Speaker 3>Right.

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<v Speaker 2>But my recollection, and again you probably because if you

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<v Speaker 2>were practicing tax law you have a better recollection, is that.

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<v Speaker 2>For example, specifically on historic preservation properties, which were absolutely

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<v Speaker 2>legitimate deductions, those deductions and credits were dramatically reduced after

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<v Speaker 2>people invested in those and relied upon the tax code

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<v Speaker 2>as it existed in nineteen eighty three or nineteen eighty four,

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<v Speaker 2>and the ground rules then got changed retroactively. And I

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<v Speaker 2>think that was an abomination, and I think a lot

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<v Speaker 2>of people came to that conclusion ultimately as well. The

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<v Speaker 2>other there were other items which were actually fraudulent, I mean,

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<v Speaker 2>and there should have been people and probably were some

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<v Speaker 2>that went to jail, But on legitimate historic preservation properties,

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<v Speaker 2>I think those are very legitimate investments that people made.

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<v Speaker 4>They got their credits, they if they didn't use them

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<v Speaker 4>in the years they got into them, and they slopped

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<v Speaker 4>over into the post eighty six Tax Act changes he

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<v Speaker 4>asked they could be limited and have taken a while

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<v Speaker 4>to get. They were pushed off and deferred, but still

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<v Speaker 4>ultimately available either on realization of income of the same

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<v Speaker 4>sort of category or on the disposition of the project

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<v Speaker 4>that generated the income or law the credits and losses.

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<v Speaker 2>And again I remember that very well, and I think

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<v Speaker 2>I think the Reagan administration actually came to regret the

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<v Speaker 2>eighty six Tax Act. And of course Ruskin Ruskyinkowski, im

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<v Speaker 2>if I'm not mistaken, was eventually indicted. He was the

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<v Speaker 2>Chairman of Ways and Means at that time. If you

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<v Speaker 2>recall the guy, so the guy that was writing tax

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<v Speaker 2>code in America as the chairman of the Housewives and

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<v Speaker 2>Meets Committee ended himself ended up himself being indicted.

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<v Speaker 4>If you I think we're going a little far afield

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<v Speaker 4>from our listeners at this point.

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<v Speaker 2>No, no, I understand that that's fine, that's fair enough.

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<v Speaker 2>But I do want to keep up. Let's get back

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<v Speaker 2>to phone calls. I'm going to go to Jay and share,

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<v Speaker 2>and Jay, I appreciate you. You're hanging in here with us.

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<v Speaker 5>Go right ahead, Jay, Yeah, Hi, thanks for taking account.

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<v Speaker 2>So I'm sorry about that that little side side uh

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<v Speaker 2>side step go right ahead, you're.

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<v Speaker 5>With thank you. So my question is I'm thinking of

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<v Speaker 5>buying an innocent property in New Hampshire. And my question was,

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<v Speaker 5>it's a brand new property coming up. So if I'm

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<v Speaker 5>like to buy that, I know that is a depreciation

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<v Speaker 5>that I can account for or doing the taxes for

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<v Speaker 5>this year. But if I'm furnishing and you know, completely

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<v Speaker 5>furnishing the unit and all that, but what other expenses

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<v Speaker 5>can I include? Are there any allowances for those expenses?

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<v Speaker 4>Dam I'm going to ask you to summarize because a

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<v Speaker 4>lot of that didn't come through clearly.

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<v Speaker 2>Okay, this gentleman is buying a investment property in New Hampshire.

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<v Speaker 2>Is this an investment property that you'll be renting out?

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<v Speaker 2>This is not going to be the second time that

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<v Speaker 2>you're going to rent out, okay. And I think your

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<v Speaker 2>question was, in addition to the property, which you could

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<v Speaker 2>depreciate over time, you wanted to know if you were

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<v Speaker 2>to refurnish the property. I assume this might be a

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<v Speaker 2>new property that you're purchasing, are you able to also

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<v Speaker 2>to depreciate the furniture as well as the purchase price

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<v Speaker 2>of the property.

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<v Speaker 4>Yes, the furniture would be a seven year write off.

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<v Speaker 4>There are mandatory tables the IRS has issued and as

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<v Speaker 4>long as you don't backload your purchases where forty percent

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<v Speaker 4>of what you put in service falls into the last

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<v Speaker 4>quarter of the ye, those tables are good for the

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<v Speaker 4>entire year. For whatever you put in service, a certain

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<v Speaker 4>percentage would be deductible in the year placed in service,

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<v Speaker 4>and then the percentages go out for the following years.

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<v Speaker 4>On the building itself. If it's sufficiently large purchase, you

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<v Speaker 4>might consider what is known as a cost segregation study,

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<v Speaker 4>where an engineering firm would evaluate not only the building

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<v Speaker 4>but the components to the building, and certain components would

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<v Speaker 4>be classified not as the building but as personal property

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<v Speaker 4>appurtenances that would have a shorter life. For example, your

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<v Speaker 4>furniture is seven years. If the building is residential, you

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<v Speaker 4>would have to write it off over twenty seven and

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<v Speaker 4>a half years. If it's commercial that is more than

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<v Speaker 4>twenty percent rented to commercial operations out of the total

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<v Speaker 4>square footage. It's not twenty seven and a half years,

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<v Speaker 4>thirty nine years as a write off, okay, so moving

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<v Speaker 4>it down. And one thing other that some people ignore

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<v Speaker 4>land is land and is always there at the end

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<v Speaker 4>of the day. You have to carve out of your

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<v Speaker 4>purchase price the portion of the price that is attributable

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<v Speaker 4>to the land that compell or high water at the

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<v Speaker 4>end of the day is still there, So no depreciation

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<v Speaker 4>on that.

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<v Speaker 5>Okay, okay, thank you. And one other questions if I

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<v Speaker 5>may ask, great, Yeah, so in terms of tactics for

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<v Speaker 5>last year, you know, are you still taking you know,

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<v Speaker 5>new new folks. If I wanted to get my taxes

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<v Speaker 5>done now, I've been doing it all these years, but

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<v Speaker 5>I thought maybe it's time I get some professional advice

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<v Speaker 5>and help. So just checking, right, are you still able

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<v Speaker 5>to take people to file tax returns?

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<v Speaker 4>We're not taking on clients at your level, I don't believe.

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<v Speaker 4>I don't think it would be cost effective, but you

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<v Speaker 4>certainly should be able to find someone who will work

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<v Speaker 4>on your taxes. It may be, however, in searching for

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<v Speaker 4>someone at this point in time, that they would have

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<v Speaker 4>to put you on extension and do your taxes after

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<v Speaker 4>April fifteenth. Yeah, they they might feel more obligated to

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<v Speaker 4>the people who've been with them for a while.

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<v Speaker 2>The other thing, Jay, is that the extension pretty much

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<v Speaker 2>is granted, but you do have to, as Mark has

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<v Speaker 2>emphasized every time we talk about extensions, you have to

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<v Speaker 2>basically pay.

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<v Speaker 4>Yeah, you make your best effort to figure out what

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<v Speaker 4>it is you expect to owe and whatever you haven't

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<v Speaker 4>already paid, and you need to send in with the extension.

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<v Speaker 5>Yep.

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<v Speaker 2>And the other thing to consider, Jay, is that it's

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<v Speaker 2>always nice to have a tax prepared that is close

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<v Speaker 2>to home. Uh So, if you know Mark's Marx company,

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<v Speaker 2>which you certainly can call if you want, There's not

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<v Speaker 2>nothing would prevent you from calling Cherry Burkert Advisory in Waltham.

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<v Speaker 2>It's always helpful if you can find someone closer to

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<v Speaker 2>home so that you're you know, it's a little bit

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<v Speaker 2>more convenient in terms of running back and forth.

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<v Speaker 3>So that would be my advisory on that as well.

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<v Speaker 5>Okay, okay, thank you, thank you so much.

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<v Speaker 3>Jay, very welcome, thanks for calling Nightside. We'll take a

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<v Speaker 3>very quick break.

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<v Speaker 2>I guess Mark Misselbeck he is our he's providing tax

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<v Speaker 2>advice for Nightside listeners. I am indebted to him greatly,

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<v Speaker 2>and if you want to, we will continue till eleven

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<v Speaker 2>o'clock and if you if you have a question, just dial.

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<v Speaker 2>I have one line at six one seven two five

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<v Speaker 2>thirty and one at six one seven nine three one

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<v Speaker 2>ten thirty. This is a free tax advice that is

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<v Speaker 2>worth much more than what you don't pay for it.

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<v Speaker 2>Normally they say free advice is what's worth what you

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<v Speaker 2>pay for it. Well, this is free tax advice that

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<v Speaker 2>actually is worth a lot to you and to other.

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<v Speaker 3>Listeners as well.

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<v Speaker 2>And I appreciate Mark taking his time twice a year

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<v Speaker 2>as he does for Nightside. Back on Nightside with more

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<v Speaker 2>calls and questions for Mark Missilebeck right after this.

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<v Speaker 1>Now back to Dan Ray live from the Window World

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<v Speaker 1>Nightside Studios on WBZ News Radio.

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<v Speaker 3>Back to the phones we go.

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<v Speaker 2>Let's go to Gene Gene, welcome you and next on Nightside.

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<v Speaker 2>Your question uh for for my guest CPA Mark Missilebeck.

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<v Speaker 3>He awaits your question.

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<v Speaker 6>Yes, Hi, Hi Jan, thank you very much. Hi Mak

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<v Speaker 6>So here's my question. Okay, my horrible lutgage company that

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<v Speaker 6>really has is just incredibly lacking. They they had this

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<v Speaker 6>is this is a minor thing, but I need to

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<v Speaker 6>find out what to do with it. They you know,

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<v Speaker 6>took too much escrow and now they sent me ten

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<v Speaker 6>ninety nine for twenty two dollars of interest, so A

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<v Speaker 6>tenety nine a m C. So we took the Schedule

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<v Speaker 6>B form to put that extra interest on. And yeah,

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<v Speaker 6>I couldn't find anywhere else that it goes, Am I

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<v Speaker 6>right on that that I should put it on the

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<v Speaker 6>Schedule B.

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<v Speaker 4>Yes, they they earned twenty two dollars for holding your

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<v Speaker 4>money to be able to pay insurance and taxes, and

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<v Speaker 4>they put it into that fund for future use in

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<v Speaker 4>paying insurance and taxes. And if you reach a point

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<v Speaker 4>where your equity in the house at fair value versus

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<v Speaker 4>the mortgage out stand rises to fifty percent or more,

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<v Speaker 4>you may be able to ask them to discontinue the

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<v Speaker 4>escrow element and let you pay your insurance and taxes

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<v Speaker 4>on your own because you have such a great amount

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<v Speaker 4>of equity into the property.

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<v Speaker 6>Yeah, I like to get rid of them really quick.

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<v Speaker 6>The horrible and they really have messed me up a lot,

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<v Speaker 6>the horrible. I don't know how they keep license, to

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<v Speaker 6>be honest, but there is no consumer protection around anymore.

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<v Speaker 4>You should talk to a credit assistance agency and potentially

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<v Speaker 4>look at a refi into a different mortgage.

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<v Speaker 6>Yeah, I know, thank you, Gene.

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<v Speaker 3>How much equity. Do you have in your property A lot?

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<v Speaker 4>A lot.

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<v Speaker 3>I don't want you to.

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<v Speaker 4>You check with one of your local credit unions. They

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<v Speaker 4>usually have a fairly good rate, particular if you're a patron.

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<v Speaker 4>Positive very much.

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<v Speaker 6>I appreciate it. I do wish we had more consumer

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<v Speaker 6>protection out there. That there's really not too many places

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<v Speaker 6>to call for help anymore. So I did put that

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<v Speaker 6>money in here on this on this Schedule B. I

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<v Speaker 6>do not have capital gains and all that, so I

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<v Speaker 6>know I could skip some of that portion of that form,

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<v Speaker 6>but on I also added it onto line thirty.

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<v Speaker 4>Six at it goes from the Schedule B onto another

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<v Speaker 4>line on the face of the return. The one thing

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<v Speaker 4>you want to do on Schedule B. However, there are

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<v Speaker 4>a couple of questions about foreign bank accounts and trusts.

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<v Speaker 4>Ye don't have them. You do want to? You do

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<v Speaker 4>want to? You do want to put an answer in there.

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<v Speaker 6>Of no, okay, thank you. I just wanted to make

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<v Speaker 6>sure I'm kind of doing this right, and I did

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<v Speaker 6>put it online thirty six of the Schedule B.

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<v Speaker 4>Also, yeah, I don't have the forms in front of me,

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<v Speaker 4>and I can't tell you the specific lines, but you

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<v Speaker 4>you do enter the item in there, you total it

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<v Speaker 4>on the bottom. It's on one half of the form.

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<v Speaker 4>You take a total for that half of the form,

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<v Speaker 4>and then you bring it over on to the front

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<v Speaker 4>of the return. The page one of the page one.

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<v Speaker 6>Of the I edited, Yeah, I edited in there along

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<v Speaker 6>with my regular interest. I added the twenty two dollars

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<v Speaker 6>in there.

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<v Speaker 4>All the all of the different interests items should be

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<v Speaker 4>on the schedule.

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<v Speaker 6>B though yes, yes it is, but in the Massachusetts

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<v Speaker 6>form they have Massachusetts bank interest.

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<v Speaker 4>And so yeah, well, the new for this year, they

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<v Speaker 4>don't give you the hundred or two hundred dollars exclusion

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<v Speaker 4>any longer. That was revealed last year. I noticed one

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<v Speaker 4>different The one difference is the one difference is mass

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<v Speaker 4>bank interest will not be capable of being offset if

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<v Speaker 4>you have capital losses. Non mass bank interest and dividends.

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<v Speaker 4>If you have capital losses, can apply against those, but

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<v Speaker 4>not against the mass bank interest. That's the one difference

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<v Speaker 4>that remains in having mass bank interest.

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<v Speaker 6>Okay, thank you very much. I appreciate you, Jeane.

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<v Speaker 3>Best of luck.

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<v Speaker 5>You're gonna be okay.

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<v Speaker 3>Don't worry. They're not gonna off you for twenty two bucks.

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<v Speaker 6>Thank you. Thank you very much.

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<v Speaker 4>I know, thanks very much.

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<v Speaker 2>There are a lot of honest people out there, and

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<v Speaker 2>Gene is someone who's very honest. She's being so careful

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<v Speaker 2>and so diligent and and my hat's off to folks

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<v Speaker 2>like that. We will take a quick break Mark Misselbeck.

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<v Speaker 2>We've still got calls here, so we're going.

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<v Speaker 3>To keep rolling. Six one.

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<v Speaker 2>The only line that is open right now, folks, is

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<v Speaker 2>the six one, seven nine. You get in there now,

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<v Speaker 2>we'll be able to get to you. But if you wait,

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<v Speaker 2>we will be running out of time because Mark will

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<v Speaker 2>not be here, uh any longer than this hour. So

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<v Speaker 2>if you have a question, now is the time to

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<v Speaker 2>dial six one seven, And the number to dial is

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<v Speaker 2>six one seven, nine, three one, ten thirty. The other line,

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<v Speaker 2>they're all filled up. We're coming back on night Side.

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<v Speaker 1>It's night Side with Boston's News Radio.

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<v Speaker 2>We are talking with Mark Misselbeck, CPA and taking your

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<v Speaker 2>questions on taxes. Let's go next to Anna from Marlborough, Massachusetts. Anna,

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<v Speaker 2>welcome you next time night Side with Mark, Misslbeck. What's

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<v Speaker 2>your question for Mark? Go right ahead. Anna.

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<v Speaker 7>Hello, So I feel a little embarrassed because I feel

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<v Speaker 7>like I should know a little more about taxes at

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<v Speaker 7>this point.

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<v Speaker 8>But oh, well, you know something.

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<v Speaker 2>The only I learned a long time ago, Anna, The

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<v Speaker 2>only dumb question is the question that you're too afraid

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<v Speaker 2>to ask. There are really no questions.

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<v Speaker 8>If you don't here, I am take it.

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<v Speaker 3>That's okay, You're gonna get fine, Go right ahead.

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<v Speaker 7>Okay. So, my long term partner and I have two

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<v Speaker 7>young children, and we own a home together. I'm a nurse,

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<v Speaker 7>but I'm currently working part time as I work through

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<v Speaker 7>a master's program. My partner is a full time engineer,

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<v Speaker 7>and so I am wondering who should claim the children,

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<v Speaker 7>who should claim the house? And would marriage significantly alter

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<v Speaker 7>our tax situation?

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<v Speaker 3>Those are great questions.

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<v Speaker 4>Go ahead, Mark, great, great and complex. Yes, if you

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<v Speaker 4>had the children together. If you've had the children together,

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<v Speaker 4>it becomes a question of who has supplied the greater

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<v Speaker 4>portion of the support, essentially the family first question, who

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<v Speaker 4>owns the house? One of you alone or both of.

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<v Speaker 7>You together, both of us together?

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<v Speaker 9>All right.

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<v Speaker 4>The obligation then is for each of you to underwrite

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<v Speaker 4>half of the cost of the house, So it should

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<v Speaker 4>be half each of the taxes, the insurance, and so forth.

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<v Speaker 4>If there's a mortgage, you each get half of the interest,

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<v Speaker 4>you each get half of the taxes, and if you

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<v Speaker 4>have enough, you itemized deductions. The threshold for itemization on

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<v Speaker 4>a single return is less than on a joint return.

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<v Speaker 4>The only way to work it out is to test

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<v Speaker 4>what would happen if you were filing married, But the

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<v Speaker 4>person supplying the part of the support for the children

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<v Speaker 4>should be the one who claims the children. It sounds

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<v Speaker 4>as though the engineer who brings some of the larger

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<v Speaker 4>paycheck would be the greater tax savings vehicle of claiming

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<v Speaker 4>the children, and legitimately may do so if their wage

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<v Speaker 4>base is that much more than yours in contributing to

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<v Speaker 4>the support of the entire family.

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<v Speaker 7>M yep, Okay, But that that does sound right, at

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<v Speaker 7>least for the time being. Yep.

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<v Speaker 4>On the facts before me. That's that's the best answer

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<v Speaker 4>I can give it the moment.

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<v Speaker 5>Okay.

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<v Speaker 7>And in marriage, how does marriage significant? Would marriage significantly

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<v Speaker 7>alter that? You may have answered that I'm.

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<v Speaker 4>The tax brackets. The tax brackets are wider before they

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<v Speaker 4>hit the next level, But then you have the combined income.

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<v Speaker 4>But if yours is significantly less than the other partner

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<v Speaker 4>in the group, it may be that the combined tax

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<v Speaker 4>rate is less than the separate tax rates as singles.

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<v Speaker 7>Okay, I understand, I get that.

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<v Speaker 4>The itemized that the itemized deductions that neither you get.

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<v Speaker 4>There may be better off under the joint rules than

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<v Speaker 4>under the single rules. As I say, you have to

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<v Speaker 4>synthesize what hypothetical marital filing would look like, and you

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<v Speaker 4>have to, in fact be married by the end of

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<v Speaker 4>the year to file as married filing joint unless you're

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<v Speaker 4>in a state where common law marriages recognized, and you

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<v Speaker 4>can make the case that you have the indices or

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<v Speaker 4>indisia of a common law marriage.

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<v Speaker 7>Is that Massachusetts? Do they recognize common law marriage?

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<v Speaker 4>That's a coalegal question, out of tax question, so I

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<v Speaker 4>can't answer it.

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<v Speaker 2>Okay, and neither I'm not going to give any legal advice.

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<v Speaker 2>I'll try to google it for you. At some point,

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<v Speaker 2>things do change. And how long have you and your

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<v Speaker 2>partner been together? You have two children? How old are

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<v Speaker 2>the children?

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<v Speaker 7>Our children are three and almost one. We've been together

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<v Speaker 7>for about nine years.

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<v Speaker 2>Okay, Well, you may be at least thinking about getting married.

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<v Speaker 7>I assume this, Oh we are, Yeah, No, it's honestly,

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<v Speaker 7>at this point, and it's like kind of a strategic

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<v Speaker 7>type of thing, you know, like when's the right time

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<v Speaker 7>to do it. And so that's why I was really

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<v Speaker 7>wondering if it would impact our taxes. I know that

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<v Speaker 7>it would impact my ability to get to the loan.

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<v Speaker 4>Yeah, it typically does impact your taxes. It may be

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<v Speaker 4>more favorable in your case than in other cases. If

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<v Speaker 4>both of you were earning the same amount of money

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<v Speaker 4>or in the higher earning capacity. It might be adverse

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<v Speaker 4>to get married in terms of immediate income taxes, but

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<v Speaker 4>in terms of estate taxes, it would be more beneficial

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<v Speaker 4>in a marital unit than in an unrelated cohabitation, which

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<v Speaker 4>is essentially what you have now. Yeah, there is unlimited

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<v Speaker 4>gifting and unlimited bequests of property between spouses, but there

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<v Speaker 4>is a cap on transfers between unrelated parties, and if

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<v Speaker 4>you're not married, you're deemed unrelated for these purposes.

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<v Speaker 7>Oh my gosh, I didn't I didn't know they're the

428
00:26:00.960 --> 00:26:02.119
<v Speaker 7>cap on transfers.

429
00:26:04.119 --> 00:26:08.319
<v Speaker 4>Each person may give any other person of their choice

430
00:26:08.799 --> 00:26:12.400
<v Speaker 4>eighteen thousand dollars a year. If the aggregate of what

431
00:26:12.640 --> 00:26:16.640
<v Speaker 4>is given to another party exceeds eighteen thousand dollars, it

432
00:26:16.720 --> 00:26:21.000
<v Speaker 4>eats into the lifetime giving that may be done currently

433
00:26:21.720 --> 00:26:26.079
<v Speaker 4>about thirteen fourteen million dollars, but if the changes that

434
00:26:26.119 --> 00:26:29.920
<v Speaker 4>were in effect effectuated with the twenty seventeen taxak collapse

435
00:26:30.000 --> 00:26:32.160
<v Speaker 4>at the end of the year, that will go down

436
00:26:32.160 --> 00:26:36.920
<v Speaker 4>to about five million. It may not currently be a problem,

437
00:26:37.640 --> 00:26:42.000
<v Speaker 4>but as you age and your property appreciates and you

438
00:26:42.079 --> 00:26:47.799
<v Speaker 4>accumulate more assets, it may become a problem.

439
00:26:47.680 --> 00:26:50.359
<v Speaker 2>Okay, also may be a good problem to have your

440
00:26:50.400 --> 00:26:52.920
<v Speaker 2>if your assets have accumulated that amount.

441
00:26:53.119 --> 00:26:54.160
<v Speaker 3>I have an answer for you.

442
00:26:54.200 --> 00:26:59.000
<v Speaker 2>On common law marriage, Massachusetts does not recognize the creation

443
00:26:59.119 --> 00:27:03.079
<v Speaker 2>of common law mans marriages within the state. However, it

444
00:27:03.119 --> 00:27:07.079
<v Speaker 2>does recognize common law marriages that were legally established in

445
00:27:07.160 --> 00:27:12.079
<v Speaker 2>other states. This means if a couple you and your partner.

446
00:27:14.079 --> 00:27:16.640
<v Speaker 2>This means that if a couple was considered common law

447
00:27:16.720 --> 00:27:19.400
<v Speaker 2>married in another state, they will have the same rights

448
00:27:19.400 --> 00:27:22.400
<v Speaker 2>in Massachusetts as any other married couple. Which leads to

449
00:27:22.400 --> 00:27:26.519
<v Speaker 2>the question, during your nine years together, have you ever

450
00:27:26.640 --> 00:27:28.240
<v Speaker 2>lived in any other state?

451
00:27:29.799 --> 00:27:30.400
<v Speaker 5>We haven't.

452
00:27:30.640 --> 00:27:32.559
<v Speaker 7>Now, Mas Jesus has been at.

453
00:27:34.640 --> 00:27:37.920
<v Speaker 2>Massachusetts, which you think of as being a very progressive

454
00:27:38.000 --> 00:27:43.440
<v Speaker 2>state on this issue, is not progressive because one it

455
00:27:43.480 --> 00:27:47.200
<v Speaker 2>will impact tax revenue and two, it would probably offend

456
00:27:47.799 --> 00:27:53.839
<v Speaker 2>the dominant religion in Massachusetts, Roman Catholicism, which does encourage

457
00:27:53.880 --> 00:27:57.079
<v Speaker 2>people to get married. So you have a legal analysis

458
00:27:57.119 --> 00:27:59.359
<v Speaker 2>and also be tax analysis.

459
00:27:59.359 --> 00:28:01.440
<v Speaker 3>Two for one night, you have a special.

460
00:28:01.079 --> 00:28:05.440
<v Speaker 7>Okay, perfect, Thank you so much. That was really helpful.

461
00:28:05.920 --> 00:28:08.160
<v Speaker 2>You sound like a great person. And I'm sure you

462
00:28:08.200 --> 00:28:10.359
<v Speaker 2>guys are in a good relationship.

463
00:28:09.680 --> 00:28:11.559
<v Speaker 3>And it won't Yeah, it'd be too bad.

464
00:28:11.640 --> 00:28:14.279
<v Speaker 2>Yeah, I mean you can, you know, do it, get it,

465
00:28:14.319 --> 00:28:16.200
<v Speaker 2>get it over with. And I thank you.

466
00:28:16.359 --> 00:28:20.119
<v Speaker 3>Yeah, you've been with them long enough. It's probably gonna work.

467
00:28:20.160 --> 00:28:20.359
<v Speaker 9>You know.

468
00:28:21.440 --> 00:28:22.240
<v Speaker 10>I think you're right.

469
00:28:22.319 --> 00:28:24.880
<v Speaker 7>I think we've been through the tough times. Let me

470
00:28:24.880 --> 00:28:28.240
<v Speaker 7>tell you so with the children, So I think you're okay,

471
00:28:29.160 --> 00:28:29.759
<v Speaker 7>you got.

472
00:28:29.599 --> 00:28:32.000
<v Speaker 3>That for sure. Thanks Anne, appreciate you going.

473
00:28:32.039 --> 00:28:34.079
<v Speaker 8>Thank you, thanks for listening.

474
00:28:34.160 --> 00:28:40.400
<v Speaker 3>Tonight's good night. Uh. It's it's amazing the the.

475
00:28:39.799 --> 00:28:45.640
<v Speaker 2>The breath of questions that people have and get a

476
00:28:45.680 --> 00:28:48.319
<v Speaker 2>little bit of a little a little bit of research

477
00:28:48.799 --> 00:28:52.640
<v Speaker 2>even quickly you find out something. So Mark, we're going

478
00:28:52.680 --> 00:28:54.200
<v Speaker 2>to continue, We're going to take a quick break. I

479
00:28:54.200 --> 00:28:56.319
<v Speaker 2>don't want to short change the next caller.

480
00:28:56.440 --> 00:28:56.680
<v Speaker 5>Dave.

481
00:28:57.519 --> 00:28:59.559
<v Speaker 2>We'll join us next. He's our next caller, and we

482
00:28:59.640 --> 00:29:01.839
<v Speaker 2>got open lines after that, folks, So if you if

483
00:29:01.839 --> 00:29:03.480
<v Speaker 2>you'd like to join us. If not, we're going to

484
00:29:03.680 --> 00:29:07.400
<v Speaker 2>let Mark go a little early after the after the

485
00:29:07.440 --> 00:29:10.680
<v Speaker 2>break six one seven, two five four, ten thirty, we

486
00:29:10.720 --> 00:29:12.680
<v Speaker 2>have lines there, and we have one line at six

487
00:29:12.799 --> 00:29:16.960
<v Speaker 2>one seven nine three one ten thirty back with Mark Misselbeck,

488
00:29:17.960 --> 00:29:21.640
<v Speaker 2>who is a CPA UH and has done this stuff

489
00:29:21.759 --> 00:29:25.839
<v Speaker 2>for a long time and has been very successful at it,

490
00:29:26.200 --> 00:29:27.079
<v Speaker 2>and he also.

491
00:29:26.880 --> 00:29:28.039
<v Speaker 3>Is very good on radio.

492
00:29:28.160 --> 00:29:33.559
<v Speaker 2>He explains complex issues very clearly and cleanly, which is

493
00:29:33.599 --> 00:29:35.920
<v Speaker 2>what I appreciate, and I learn a lot every night

494
00:29:36.000 --> 00:29:38.519
<v Speaker 2>when I sit here listening to him, and I hope

495
00:29:38.680 --> 00:29:40.599
<v Speaker 2>if you have any question you can join us. We're

496
00:29:40.599 --> 00:29:43.119
<v Speaker 2>coming right back on night Side.

497
00:29:44.000 --> 00:29:46.960
<v Speaker 1>Now back to Dan Way live from the Window World

498
00:29:47.119 --> 00:29:50.559
<v Speaker 1>night Sight Studios on WBZ News Radio.

499
00:29:51.400 --> 00:29:53.000
<v Speaker 2>Mark, I won't be able to let you go early.

500
00:29:53.039 --> 00:29:55.759
<v Speaker 2>We have four callers awaiting us here, so let's get

501
00:29:55.880 --> 00:29:58.160
<v Speaker 2>right to it. All of a sudden. People love to

502
00:29:58.200 --> 00:29:59.960
<v Speaker 2>get their questions in at the last minute. Let me

503
00:30:00.119 --> 00:30:01.119
<v Speaker 2>go first to Dave.

504
00:30:01.680 --> 00:30:01.880
<v Speaker 3>Dave.

505
00:30:01.960 --> 00:30:04.279
<v Speaker 2>I'm not sure where you're from, but you're on line five.

506
00:30:04.319 --> 00:30:07.960
<v Speaker 9>Go right ahead, Dave, Hey, Dan, who are you?

507
00:30:09.039 --> 00:30:11.839
<v Speaker 2>I'm doing just great you'rere with Mark Misselback and we

508
00:30:11.920 --> 00:30:13.359
<v Speaker 2>have three callers behind you.

509
00:30:13.359 --> 00:30:18.200
<v Speaker 9>So okay, I'll get right to your question. This is question.

510
00:30:20.599 --> 00:30:25.920
<v Speaker 3>Okay, what where's Dave? Dave? Dave? We just lost year.

511
00:30:25.920 --> 00:30:29.119
<v Speaker 3>There were about fifteen seconds. Where are you from?

512
00:30:29.319 --> 00:30:32.240
<v Speaker 11>Walfare, Mass? I had the gas station of brighton our

513
00:30:32.319 --> 00:30:35.599
<v Speaker 11>Chester Hill lab. I serviced your cob many years.

514
00:30:35.960 --> 00:30:38.160
<v Speaker 3>Okay, okay, now I know who you are. Go right ahead,

515
00:30:38.160 --> 00:30:38.759
<v Speaker 3>you got mars.

516
00:30:39.119 --> 00:30:40.599
<v Speaker 9>I go ahead, right right.

517
00:30:40.640 --> 00:30:43.119
<v Speaker 11>I just wanted to say hi to you, Dan. I'll

518
00:30:43.119 --> 00:30:45.880
<v Speaker 11>make it quick. I'm still going strong. I'm maybe two

519
00:30:45.960 --> 00:30:48.759
<v Speaker 11>years old now. I listened to your show every now

520
00:30:48.799 --> 00:30:51.079
<v Speaker 11>and then when I can, when I'm out on the road.

521
00:30:51.119 --> 00:30:52.759
<v Speaker 11>But it's good to hear your voice, sir.

522
00:30:53.279 --> 00:30:55.599
<v Speaker 2>Right back at you, Dave. Thank you for calling in

523
00:30:55.680 --> 00:30:59.319
<v Speaker 2>and for your service. And uh believe me, you can

524
00:30:59.359 --> 00:31:01.599
<v Speaker 2>get this new vice at home. It's called a radio.

525
00:31:01.880 --> 00:31:04.440
<v Speaker 2>I have one in several rooms. You not only can

526
00:31:04.480 --> 00:31:07.400
<v Speaker 2>listen in the car, but you could listen on your

527
00:31:07.440 --> 00:31:10.640
<v Speaker 2>cell phone on the the iHeart app love, love to

528
00:31:10.640 --> 00:31:11.880
<v Speaker 2>have you more often, David.

529
00:31:11.920 --> 00:31:14.559
<v Speaker 11>You do all the time when I can. And I've

530
00:31:14.559 --> 00:31:18.160
<v Speaker 11>been married almost sixty years. God blood again, keep up

531
00:31:18.599 --> 00:31:19.079
<v Speaker 11>more too.

532
00:31:19.599 --> 00:31:22.480
<v Speaker 3>Your wife's saint Dave. You know that. Okay, you only

533
00:31:22.559 --> 00:31:24.240
<v Speaker 3>get it, only getting thanks d.

534
00:31:24.640 --> 00:31:28.599
<v Speaker 9>Wife in the worlds for everything. You take care of it.

535
00:31:28.880 --> 00:31:32.880
<v Speaker 3>Good night, Okay, let's keep rolling. He gonna go to Nope,

536
00:31:33.400 --> 00:31:35.480
<v Speaker 3>there was no question there for you, Mark, Sorry, but

537
00:31:35.640 --> 00:31:36.599
<v Speaker 3>John has a question.

538
00:31:36.720 --> 00:31:39.039
<v Speaker 2>John is in debt him? Hey, John walking on with

539
00:31:39.119 --> 00:31:41.079
<v Speaker 2>Mark Misselbeck right ahead.

540
00:31:41.279 --> 00:31:43.160
<v Speaker 9>Oh, thank you. I'm not sure this is a tax

541
00:31:43.359 --> 00:31:47.039
<v Speaker 9>question or a financial plenty question of two years ago

542
00:31:47.079 --> 00:31:48.680
<v Speaker 9>my mother went in the nursing home. We had to

543
00:31:48.720 --> 00:31:50.960
<v Speaker 9>take all the aspects out of Berne put in my

544
00:31:51.039 --> 00:31:54.319
<v Speaker 9>father's name, so we have some stars. My father passed

545
00:31:54.319 --> 00:31:56.559
<v Speaker 9>away and he had some stars, like three years ago,

546
00:31:57.319 --> 00:31:59.759
<v Speaker 9>and something else in my family was supposed to take

547
00:32:00.079 --> 00:32:02.599
<v Speaker 9>of all the stock work, but that my mother passed

548
00:32:02.599 --> 00:32:06.759
<v Speaker 9>away last year, and we still have a stock in

549
00:32:06.799 --> 00:32:10.000
<v Speaker 9>my father's name, even though I've already done his last

550
00:32:10.000 --> 00:32:13.640
<v Speaker 9>tax return two or three years ago. My question is

551
00:32:14.960 --> 00:32:18.240
<v Speaker 9>I assume we should expect a ten ninety nine for

552
00:32:19.400 --> 00:32:21.519
<v Speaker 9>is a stock dividends? Is that correct?

553
00:32:23.519 --> 00:32:25.559
<v Speaker 4>Somebody going to get a ten ninety nine for any

554
00:32:25.599 --> 00:32:29.400
<v Speaker 4>dividends paid on that stock, and you may have to

555
00:32:29.400 --> 00:32:34.079
<v Speaker 4>reopen your father's estate to probate that stock asset and

556
00:32:34.119 --> 00:32:35.880
<v Speaker 4>get it out. You're going to have to talk to

557
00:32:35.920 --> 00:32:39.000
<v Speaker 4>a state attorney about what has to be done to

558
00:32:39.079 --> 00:32:42.680
<v Speaker 4>clear the ownership registration on that stock.

559
00:32:43.880 --> 00:32:47.079
<v Speaker 9>Okay, So I'm sure the ten ninety nine will still

560
00:32:47.079 --> 00:32:50.680
<v Speaker 9>come in his name because we just had a dividend

561
00:32:50.839 --> 00:32:56.599
<v Speaker 9>in his name. So, as you said, pottating a state attorney.

562
00:32:56.960 --> 00:33:00.200
<v Speaker 2>Yeah, so may have mark. What about an amended return here?

563
00:33:00.200 --> 00:33:04.000
<v Speaker 2>If there was some income. I forget how many years

564
00:33:04.039 --> 00:33:06.839
<v Speaker 2>everybody was still alive, but if the dad was alive

565
00:33:06.880 --> 00:33:10.519
<v Speaker 2>and there was income that wasn't reported in prior years,

566
00:33:10.519 --> 00:33:12.200
<v Speaker 2>that maybe an amended return as well.

567
00:33:12.240 --> 00:33:16.160
<v Speaker 4>I assume, Well, who and who was supposed to inherit

568
00:33:16.240 --> 00:33:18.920
<v Speaker 4>the stock from your dad? Was it your mom?

569
00:33:19.519 --> 00:33:21.640
<v Speaker 9>I think it was originally supposed to go to my mother,

570
00:33:21.839 --> 00:33:25.599
<v Speaker 9>but through the estate plan because she was incapacitated. She

571
00:33:25.640 --> 00:33:28.000
<v Speaker 9>had dementia. She was in a nursing for like five

572
00:33:28.000 --> 00:33:31.079
<v Speaker 9>six years before she passed away, so she was a

573
00:33:31.160 --> 00:33:34.880
<v Speaker 9>capacitated at the time I did his last return for

574
00:33:34.920 --> 00:33:38.599
<v Speaker 9>the year twenty twenty two, she did not have enough income,

575
00:33:38.599 --> 00:33:43.400
<v Speaker 9>but her the tax planer we had, they retired the dolphins.

576
00:33:43.799 --> 00:33:47.599
<v Speaker 9>They said because she'd have enough income, she wouldn't need

577
00:33:48.599 --> 00:33:51.599
<v Speaker 9>a tax return. But again, at that time attack the

578
00:33:51.640 --> 00:33:54.960
<v Speaker 9>stock was in my father's name still, so she wouldn't

579
00:33:54.960 --> 00:33:57.160
<v Speaker 9>have gotten a ten ninety nine. He was getting the

580
00:33:57.200 --> 00:34:00.279
<v Speaker 9>ten eighty nine. So the DAN said, maybe.

581
00:34:00.720 --> 00:34:03.519
<v Speaker 4>How much of a dividend are we talking about?

582
00:34:04.920 --> 00:34:07.839
<v Speaker 9>Uh, that's not much at all. It's probably like twenty

583
00:34:07.880 --> 00:34:09.199
<v Speaker 9>seven dollars a quarter.

584
00:34:11.480 --> 00:34:16.639
<v Speaker 4>Fifty four, one hundred and eight dollars, which is just

585
00:34:17.039 --> 00:34:25.599
<v Speaker 4>over the complex trust exemption of one hundred dollars. Complex trust,

586
00:34:25.679 --> 00:34:29.480
<v Speaker 4>the trustee has the discretion to distribute income or accumulate it.

587
00:34:30.199 --> 00:34:33.679
<v Speaker 4>If is a simple trust that would mandate that the

588
00:34:33.679 --> 00:34:36.400
<v Speaker 4>income be distributed, it would have a three hundred dollars exemption,

589
00:34:36.880 --> 00:34:40.199
<v Speaker 4>would not or a tax. But whoever, the person who

590
00:34:40.239 --> 00:34:43.760
<v Speaker 4>was supposed to get the income from the trust is

591
00:34:44.079 --> 00:34:48.920
<v Speaker 4>would have to report the dividend. Okay, then it should

592
00:34:48.960 --> 00:34:51.440
<v Speaker 4>have gone your mother's return. And if she didn't have

593
00:34:51.519 --> 00:34:54.519
<v Speaker 4>enough income, including that one hundred and eight dollars to

594
00:34:54.559 --> 00:34:57.119
<v Speaker 4>have to file a return, you may be able to

595
00:34:57.239 --> 00:34:59.679
<v Speaker 4>argue that there was no return due from anybody.

596
00:35:01.119 --> 00:35:03.800
<v Speaker 9>Okay. That makes sense, Okay, And then we have to

597
00:35:03.800 --> 00:35:06.159
<v Speaker 9>figure out how to distribute it.

598
00:35:05.679 --> 00:35:08.760
<v Speaker 4>Because to go, and that's where you still wind up

599
00:35:08.800 --> 00:35:10.840
<v Speaker 4>back in the lap of the state attorney.

600
00:35:11.239 --> 00:35:13.679
<v Speaker 9>Yeah, right, for the actual how much is that?

601
00:35:13.960 --> 00:35:16.199
<v Speaker 3>How much is the stock worth today?

602
00:35:17.000 --> 00:35:19.800
<v Speaker 9>Maybe it's somewhere between eight and ten thousand.

603
00:35:20.400 --> 00:35:23.760
<v Speaker 2>You would take enough money enough to do it and

604
00:35:23.960 --> 00:35:27.159
<v Speaker 2>and that should be a fairly simple process so that

605
00:35:27.280 --> 00:35:29.639
<v Speaker 2>the estate attorney won't eat it all up. Okay, so

606
00:35:30.079 --> 00:35:33.079
<v Speaker 2>good luck for that, right, Thank you, Thanks John, Talk

607
00:35:33.119 --> 00:35:35.239
<v Speaker 2>to you soon. Let's keep rolling here. We're going to

608
00:35:35.280 --> 00:35:37.800
<v Speaker 2>get two in going to go to Sean in Hull

609
00:35:37.840 --> 00:35:40.719
<v Speaker 2>and we got room for Dan and Halifax. Sean, if

610
00:35:40.719 --> 00:35:42.679
<v Speaker 2>you could be quick for me, I know Dan in

611
00:35:42.719 --> 00:35:46.880
<v Speaker 2>Halifax ahead, Sean, Yeah, I'll be real quick.

612
00:35:47.760 --> 00:35:50.920
<v Speaker 10>My father passed last year and he set up a

613
00:35:51.000 --> 00:35:54.880
<v Speaker 10>trust for my one sister, and I'm the executor of

614
00:35:54.960 --> 00:35:59.360
<v Speaker 10>the state. So when I filed taxes, you know, and

615
00:35:59.400 --> 00:36:02.920
<v Speaker 10>I haven't no member of the trust. Would I file

616
00:36:03.039 --> 00:36:10.719
<v Speaker 10>that tax return in Massachusetts. The trust was established in Pennsylvania.

617
00:36:10.840 --> 00:36:14.199
<v Speaker 4>But did your father die as a resident of mass.

618
00:36:15.639 --> 00:36:18.400
<v Speaker 10>No, he died a resident of Pennsylvania.

619
00:36:19.920 --> 00:36:22.280
<v Speaker 4>Then you would have a Pennsylvania.

620
00:36:21.679 --> 00:36:26.960
<v Speaker 10>Filing, So I would file that in Pennsylvania.

621
00:36:27.199 --> 00:36:27.960
<v Speaker 8>I would do that.

622
00:36:30.280 --> 00:36:33.000
<v Speaker 4>Further question is, are you're the executive of the estate.

623
00:36:33.039 --> 00:36:34.360
<v Speaker 4>Are you the trustee of the trust?

624
00:36:35.719 --> 00:36:35.920
<v Speaker 8>Yes?

625
00:36:36.000 --> 00:36:41.119
<v Speaker 4>I am okay? And is the trust includable in your

626
00:36:41.119 --> 00:36:43.559
<v Speaker 4>father's estate or was it structured to be outside of

627
00:36:43.599 --> 00:36:44.360
<v Speaker 4>his estate.

628
00:36:47.199 --> 00:36:48.320
<v Speaker 10>Within his estate.

629
00:36:50.280 --> 00:36:52.800
<v Speaker 4>If it's in his estate, the assets would be stepped

630
00:36:52.840 --> 00:36:56.760
<v Speaker 4>up in his date of death. If the total assets

631
00:36:56.800 --> 00:37:01.440
<v Speaker 4>he owned federally are under thirteen point nine million dollars

632
00:37:01.440 --> 00:37:05.119
<v Speaker 4>as I recall for twenty twenty four, then he has

633
00:37:05.119 --> 00:37:08.400
<v Speaker 4>no federal tax. I can't speak to what may be

634
00:37:09.599 --> 00:37:14.079
<v Speaker 4>an estate tax obligation for Pennsylvania. You'd have to check

635
00:37:14.199 --> 00:37:19.400
<v Speaker 4>with someone more knowledgeable or are locally knowledgeable of Pennsylvania

636
00:37:19.440 --> 00:37:22.000
<v Speaker 4>requirements as to whether or not there were be a

637
00:37:22.000 --> 00:37:26.840
<v Speaker 4>Pennsylvania state tax filing. Then you have a trust return

638
00:37:27.519 --> 00:37:30.480
<v Speaker 4>for the income coming into the trust. And now it

639
00:37:30.559 --> 00:37:32.920
<v Speaker 4>depends upon the terms of the trust that the trust

640
00:37:34.039 --> 00:37:37.119
<v Speaker 4>directs you to pay out all income to the income

641
00:37:37.159 --> 00:37:41.679
<v Speaker 4>beneficiary at least annually or quarterly. Then all the income

642
00:37:42.000 --> 00:37:45.719
<v Speaker 4>would pass out to your sister. If it gives you

643
00:37:45.800 --> 00:37:49.159
<v Speaker 4>discretion and you choose not to pay out all the income,

644
00:37:49.679 --> 00:37:52.800
<v Speaker 4>the trust would be obligated to pay tax on the

645
00:37:52.840 --> 00:37:56.599
<v Speaker 4>income that it is holding on to and the rates

646
00:37:56.599 --> 00:38:00.280
<v Speaker 4>on the Trust peak out at thirty seven percent at

647
00:38:00.280 --> 00:38:06.480
<v Speaker 4>fourteen dollars of income, So frequently is better taxwise. A

648
00:38:06.599 --> 00:38:11.480
<v Speaker 4>lesser tax results for distributions paid out to individuals who

649
00:38:11.519 --> 00:38:14.960
<v Speaker 4>have a much wider tax bracket before they get to

650
00:38:15.000 --> 00:38:18.000
<v Speaker 4>thirty seven percent than in the trust, where the tax

651
00:38:18.239 --> 00:38:21.400
<v Speaker 4>hits the thirty hits the thirty seven percent level and

652
00:38:21.519 --> 00:38:23.199
<v Speaker 4>a much smaller amount of income.

653
00:38:25.920 --> 00:38:27.360
<v Speaker 3>Did your dad have a lawyer?

654
00:38:27.599 --> 00:38:29.360
<v Speaker 10>Like everything is complicated?

655
00:38:29.760 --> 00:38:33.880
<v Speaker 2>Yees, Sean, Did your dad have a lawyer in Pennsylvania?

656
00:38:34.239 --> 00:38:34.800
<v Speaker 9>Yes, you did.

657
00:38:35.519 --> 00:38:40.679
<v Speaker 2>That's who you got to start with. Okay, okay, right,

658
00:38:40.800 --> 00:38:44.039
<v Speaker 2>thanks Seank. You you're welcome. Okay, we're gonna get Dan

659
00:38:44.079 --> 00:38:46.079
<v Speaker 2>and Halifax and Dan, we're gonna get you under the

660
00:38:46.079 --> 00:38:47.079
<v Speaker 2>wire real quickly.

661
00:38:47.280 --> 00:38:48.960
<v Speaker 3>You got about a minute. Go right ahead. You're on

662
00:38:49.000 --> 00:38:49.840
<v Speaker 3>with Mark Misselbeck.

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00:38:50.840 --> 00:38:53.280
<v Speaker 8>Okay, I'll make it quick. I just have a question.

664
00:38:53.400 --> 00:38:56.199
<v Speaker 8>So I started a new job a few years ago

665
00:38:56.679 --> 00:38:58.760
<v Speaker 8>and I filled out when I filled out the new

666
00:38:59.320 --> 00:39:03.400
<v Speaker 8>W four, it was the new one and I checked off.

667
00:39:03.480 --> 00:39:07.679
<v Speaker 8>You know, spouse is working. We've been married for almost

668
00:39:07.719 --> 00:39:13.440
<v Speaker 8>ten years. She's still filing, She's still being taxed single.

669
00:39:13.559 --> 00:39:16.239
<v Speaker 8>She has not updated it even after we got married.

670
00:39:16.280 --> 00:39:19.840
<v Speaker 8>And so my question is is there a significant change

671
00:39:21.440 --> 00:39:24.559
<v Speaker 8>in terms of tax and filing if she were to

672
00:39:24.719 --> 00:39:29.159
<v Speaker 8>update her W four to be taxed as married, or

673
00:39:29.360 --> 00:39:33.480
<v Speaker 8>is it more advantageous to leave her alone, you know,

674
00:39:33.599 --> 00:39:38.800
<v Speaker 8>being being taxed, We've being taxed single, we married, we

675
00:39:38.840 --> 00:39:42.760
<v Speaker 8>file married jointly. But in terms of her h paid

676
00:39:42.800 --> 00:39:46.679
<v Speaker 8>payroll deductions, is there any advantage to moving her over

677
00:39:46.760 --> 00:39:50.840
<v Speaker 8>to being taxed married, you know, with spouse working.

678
00:39:52.119 --> 00:39:56.599
<v Speaker 4>I go back to an old adage of advice, an

679
00:39:56.599 --> 00:39:59.400
<v Speaker 4>old sorrow advice I was given. You'll never be wrong,

680
00:39:59.480 --> 00:40:02.360
<v Speaker 4>you never suit. If you say it depends in taxes,

681
00:40:03.559 --> 00:40:06.519
<v Speaker 4>it depends do you owe money with your tax filing

682
00:40:06.559 --> 00:40:09.599
<v Speaker 4>on the withholdings that are being done or are you

683
00:40:09.880 --> 00:40:13.599
<v Speaker 4>at break even or in refund status when you file

684
00:40:13.639 --> 00:40:18.159
<v Speaker 4>your taxes with these withholdings. Well, if she changes from

685
00:40:18.440 --> 00:40:23.559
<v Speaker 4>single to married but both working, the likelihood is they

686
00:40:23.599 --> 00:40:27.360
<v Speaker 4>will increase the tax withholding. Single she has a higher

687
00:40:27.400 --> 00:40:30.679
<v Speaker 4>tax withholding, but when both work on a married it

688
00:40:30.760 --> 00:40:35.079
<v Speaker 4>tends to increase the withholdings. You may probably come closer

689
00:40:35.199 --> 00:40:39.679
<v Speaker 4>to your regular your overall tax liability. If she changes

690
00:40:39.719 --> 00:40:44.199
<v Speaker 4>the married but says that both of you are working, gentlemen.

691
00:40:44.320 --> 00:40:46.440
<v Speaker 2>I hate to do this. Okay, we're gonna leave that

692
00:40:46.559 --> 00:40:53.519
<v Speaker 2>question hanging. We're perilously close to eleven o'clock. Dan, Yeah, yeah,

693
00:40:53.639 --> 00:40:55.199
<v Speaker 2>I wish thank you much.

694
00:40:55.440 --> 00:40:55.719
<v Speaker 3>Mark.

695
00:40:56.079 --> 00:40:59.079
<v Speaker 2>I gotta let you, let you thank you. Dan appreciate it. Mark,

696
00:40:59.199 --> 00:41:04.000
<v Speaker 2>thank you, thank you, Thank you for thorough answers. Best

697
00:41:04.079 --> 00:41:06.519
<v Speaker 2>of luck for the balance of the tax season. If

698
00:41:06.559 --> 00:41:10.119
<v Speaker 2>people do want to get in touch with you, you know,

699
00:41:10.320 --> 00:41:15.119
<v Speaker 2>and they feel they'd like to and his Cherry Burkert

700
00:41:15.480 --> 00:41:20.559
<v Speaker 2>Advisory c In Becker excuse me Advisory LLC on South

701
00:41:20.599 --> 00:41:23.639
<v Speaker 2>Street in Waltham seven eight one four five three eighty

702
00:41:23.679 --> 00:41:26.559
<v Speaker 2>seven hundred, Mark, I will talk to you next week

703
00:41:26.559 --> 00:41:28.440
<v Speaker 2>to say thank you, but on behalf of everyone, thank

704
00:41:28.480 --> 00:41:30.320
<v Speaker 2>you so much for your time tonight, two hours.

705
00:41:31.000 --> 00:41:32.440
<v Speaker 4>You're more than welcome.

706
00:41:33.679 --> 00:41:34.000
<v Speaker 3>Forever.

707
00:41:34.119 --> 00:41:37.320
<v Speaker 4>Thanks good night everybody.

708
00:41:37.400 --> 00:41:39.039
<v Speaker 3>And I cannot say good night.

709
00:41:39.039 --> 00:41:40.559
<v Speaker 2>I have to tell you here comes to eleven o'clock

710
00:41:40.639 --> 00:41:42.679
<v Speaker 2>News and be back right after the eleven with the

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00:41:42.760 --> 00:41:43.840
<v Speaker 2>twentieth hour of the week.