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100 uncirculated Morgan Silver Dollars should be worth quite a bit.
Mike, I'll never understand the fascination with people wanting to cash in good items for paper federal reserve notes. Or worse, put into accounts rendering digital money which will never be worth any where near the value of precious metals you can hold in your hand. Just my opinion.
2013 Mustang GT, 2001 GMC Yukon Denali
"100 uncirculated Morgan Silver Dollars should be worth quite a bit."
If they are worth big bucks, I'll put them back into a safe deposit box closer to home and pass them on to my kids and grand kids. You are right - to sell them now would be unwise. I did some research on line and in the rolls, unopened, they could be worth over $2000 per roll. It has the mint stamp on each roll.
So, if they are worth that much now, can you imagine what they will be worth in 20-30 years from now?
Yes, I decided after your comment to keep them - but want to get an appraisal.
2024 Genesis G90 Super-Charger
As some of you may remember, my brother-in-law has stage 4 cancer. We're into the 5th month now and things are going down hill pretty fast. We're leaving in the morning to stay with him and my sister until the end. I have to help my sister close the medical practice by the 23rd. We got it sold to a new doctor. We're sending personal cards to their 8,000 patients---half done as of today. I have arranged for a charity to pick up some of the medical equipment and office furniture. My wife will stay with my BIL during the day while my sister and I close out things. We'll come home for a day or two at the end of the month to check on the house. Our loyal housekeeper and gardener will be taking care of things. I'll post again when I can. Everyone take care and stay safe.
Best,
Richard
best wishes Richard to all of you. such a tough thing to go through (and more so for those left behind usually).
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
Richard, you are in our thoughts and prayers as you go through this difficult time. Make the best of it and post when you can.
We will be here when you get back.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Really? My wife's grandmother passed away a couple of months ago and my wife has a 25% interest in her town home. We are in the process of selling it and her share should be in the low to mid 5 figures.
We won't owe any tax on that?
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Sorry to hear about your trouble but as tough as it is now, you'll have no regrets once he passes. You and your wife are really good people.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
I think robr2 was referring to the one time capital gains exemption for the actual owner/resident of the home.
If your wife's share is an inheritance I think the tax is calculated on value as of the owner's death. If it went up in value in the meantime she would owe tax on that gain. One of the accountants here probably know for sure.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
I join all forum members in sending our prayers and best wishes.
"As some of you may remember, my brother-in-law has stage 4 cancer."
My prayers are with you and your family as you embark on a very sad journey. Stay well and keep us updated when time permits.
2024 Genesis G90 Super-Charger
Our thoughts are with you. It must be comforting for your brother-in-law to know he has good, caring people around him. Hope it goes as well as possible. We will miss you here, but we understand.
2017 MB E400 , 2015 MB GLK350, 2014 MB C250
We'll have to hear from a real accountant but I think oldfarmer's take on this will be correct. Usually there is a capital gain exemption on your one and only residence, other property is treated as a gain - and will be taxed if sold at a profit. Hope that helps until Snake or someone gets here.
2017 MB E400 , 2015 MB GLK350, 2014 MB C250
As noted, it is for your primary residence so in this case, it doesn't qualify unless your wife lived there for 2 of the last 5 years. In any case, consult a tax accountant.
BTW - it's not a one time exclusion. Before 1997, the exclusion was only for people over 55 to allow them to cash out of their home at retirement. Now one can take the exclusion as many times as they want as long as they meet the own and live tests.
Richard....first and foremost, thoughts and prayers go out for your BIL and all of you, his family.
Just one clarification, my fiancé has a Master's Degree in Speech Pathology (in addition to having a teaching degree). But, her job is as a 2nd grade teacher.
I was just talking to my accountant earlier this week. He has to get back to me, but it was my understanding you pay tax on the entire home sales price, not just the delta between what it was bought for and what it was sold for.
If that were the case, my fiancé's house proceeds could go straight into the bank. I think there was a one time tax liability forgiveness that can be used once in a lifetime. Not sure about that, though.
I know her retirement, after either 25 or 30 years (she knows more about it than I do) nets her full benefits for the rest of her life (and mine, too) and 80% of her salary. She did mention she could "buy" some years to get to that 80% number quicker. But, it's not pocket change...I thought it was somewhere in that $8,000 per year for every year she wants to lop off until she can retire at full benefits.
This is all new to me. My retirement by comparison is simple. Save a lot. The more you save, the more you'll have for retirement...period....end of story.
Just a rant....man, oh man....is jewelry ever a rip off. I'm in the tech industry. Our margins are in the low single digits after burdened costs are deducted.
Jewelry? Geez-louise.....400%, 500%, 800% markup. I'm in way the wrong business.
RB....you sound just like my cousin. He's a Judge up in Monroe, MI. He said he's much happier now that he no longer has to deal with the business part of being a lawyer. He makes less money, but is happier.
He said the one downside, he hates politicking every election year. But, that's how he keeps his job.
He came to visit over Easter. As we were discussing our kids' futures (his are thinking of law school), he said if he were just passing the bar today, he'd go directly into immigration law. I guess that part of the law is booming, vs doing contract work, personal injury, or criminal law.
Rob2 is correct. You may exclude up to $250,000 of the gain. For example, if a home with a basis of $300,000 is sold for $410,000, the gain is $110,000. That entire $110,000 gain is excluded from taxation.
Assume further that same property was sold for $610,000. In that case, the gain is $310,000 but only $60,000 (i.e. $310,000 - $250,000) is taxable. Obviously, you must meet the residency and ownership test.
...and don't forget that any improvements made is added to the basis cost. If I were to sell my house today, my wife and I would be close to the $500K capital gains threshold. But I spent a huge amount on an addition that is taken into account.
You and your family remain in my thoughts and prayers, Richard.
Mine: 1995 318ti Club Sport-2020 C43-1996 Speed Triple Challenge Cup Replica
Wife's: 2021 Sahara 4xe
Son's: 2018 330i xDrive
Yes, private practice has a lot of pitfalls; some malpractice carriers tell you not to sue a client for a fee, because it will result in a malpractice claim.
As for campaigning, we did it year-round- at chili suppers, parades. festivals... Again, I was blessed. I lost my first election(against an incumbent), but won in 1986 and 200, which were my only contested elections. Another problem is the cost- even in my rural/suburban county spending $100,000 for a general election campaign is not uncommon.
Mine: 1995 318ti Club Sport-2020 C43-1996 Speed Triple Challenge Cup Replica
Wife's: 2021 Sahara 4xe
Son's: 2018 330i xDrive
Richard,
I'll join the others with my thoughts and prayers during this difficult time.
Here in MA, judges are appointed and it is for life. Some people say that doesn't make sense but IMHO, having judges run for election doesn't make sense.
I agree. I have never understood why judges are elected. With machine politics, talk about conflict of interest.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
My thoughts are with you and your family, too, Richard.
GG, when I got engaged/married 23 years ago, I quickly learned of the scam of jewelry... Is two months salary too much to pay for an engagement ring? Why, yes. Yes it is. Especially when that kind of $ was better put to the down payment on our home!
'21 Dark Blue/Black Audi A7 PHEV (mine); '22 White/Beige BMW X3 (hers); '20 Estoril Blue/Oyster BMW M240xi 'Vert (Ours, read: hers in 'vert weather; mine during Nor'easters...)
Yeah, that ring nonsense is just like the bridal magazine my daughter was reading - "be ready to spend $20,00 for a wedding." I told her if you really want to you can get married for $100. Don't believe what those in the business try to sell you. You CAN spend two months salary on a ring. It doesn't mean you have to.
Richard - Hope your brother-in-law is at least not in pain. You and your wife are doing the right thing. It's good for you that you have people to watch over the house and lift that burden off of you. I want to be like Ephraim Zimbalist, Jr. - play golf three times a week at 95 and then just drop while watering the lawn. His obit was a wonder to behold. What an accomplished man. Far more than an actor.
Richard, having you and your wife there will mean so much to them. Not only for emotional support but for every day practical concerns as well. In times like this it is very helpful to have someone who is thinking clearly to help with those important decisions that must be made. Hopefully he is under hospice care. Those folks can be very helpful in making the final arrangements, etc. You all will be in our prayers.
Dan
2013 LX 570 2016 LS 460
conflict of interest.
Kentucky judicial elections are non-partisan, which I think strikes an appropriate balance. I was appointed to fill a newly created judgeship in 1986 and believe me, judicial appointments are every bit as political as an election- if not more so. At least with an election the people can make their own choice.
Mine: 1995 318ti Club Sport-2020 C43-1996 Speed Triple Challenge Cup Replica
Wife's: 2021 Sahara 4xe
Son's: 2018 330i xDrive
2024 Genesis G90 Super-Charger
"Mike, I'll never understand the fascination with people wanting to cash in good items for paper federal reserve notes."
After taking them to a rare coin dealer I've used before, he told 2 things:
*Have the coins insured for $25,000
*Send the coins to AFCS (or some title like that) and have each of them graded "individually".
He said there are probably many of them that are in mint state 70 condition which are perfect.
So, I had him send the coins in to them. Each will be graded and placed in plastic casings. He issued me an insurance policy for $25,000 and took individual pictures of each coin. He used cloth gloves when handling them. He also said the "70" rated coins could be worth over $1000 each.
So I'll know in a few weeks or so how much they are worth.
I'm going to put them into a safe deposit box in our local bank and then decide, based on their total value, what we will do with them.
2024 Genesis G90 Super-Charger
Them as has, gets.
"Them as has, gets."
These coins, unbeknownst to me, were given by my grandfather to my mother almost 70 years ago. I had no knowledge of their existence until I came upon several paid bills that my father had filed.
If I hadn't taken them out of that vault, the State would have gotten them eventually due to dormancy. They are still my Dad's property, not mine at this time.
2024 Genesis G90 Super-Charger
No, I think you pay tax only on the gain. It it cost you $100k and sell it for $150k you pay tax on the $50k gain.
Why not take a trip to NYC's diamond district and buy wholesale?
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
"Why not take a trip to NYC's diamond district and buy wholesale?"
That's exactly what I suggested last week to GG! That way you pay wholesale prices and the diamond is graphically appraised for color and clarity. I even suggested that he take his fiancée so she could pick out a setting.
That's how I got my wife's ring and I saved a bundle. And we made a 4-day vacation in NY possible.
Good idea!
2024 Genesis G90 Super-Charger
Great minds think alike.
Can't remember what our rings cost. Probably $200 for the engagement ring, another $150 for the wedding bands. Maybe 15 years later my wedding ring was worn almost through so my wife convinced me to get new ones. Maybe $300. Thank goodness she was never a jewelry person. Never wanted it even when I offered.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
"Can't remember what our rings cost. "
We shopped in Chicago for an engagement ring she would like and wedding bands. For what she liked, the diamond alone would have been $4500 without the setting. So we flew to NY and shopped down in the Diamond District. A larger stone, higher quality including the setting was $3900 and also included the gold wedding bands - matching of course.
The mark-up on diamonds and jewelry is humongous. Buying directly from the brokers saved at least 40%.
We bought our Sterling silver service the same way. I was friends with the VP of the International Silver Co. Located on Meridan Conn. at the time. For a complete service for 8 including all the serving pieces (88 pieces in all) we paid $350.00 - it retailed for $1500 at the time. Unbelievable mark- ups.
2024 Genesis G90 Super-Charger
@sterlingdog
Richard - your family is in my thoughts and prayers.
2001 Prelude Type SH, 2022 Highlander XLE AWD, 2025 Camry SE AWD
Where is everybody -- out car shopping or going over their recall notices. I haven't seen my car on any recall list but I believe my wife's 2008 Malibu is.
I'm still waiting for my local Chevrolet dealer to contact me when the parts are in for my '06 ION, as well as to determine if I'm going to be reimbursed for the repairs I paid for in having my ignition cylinder replaced a couple of years ago.
On a separate note, I got a phone call from the Mazda dealer where we bought our CX-7 - it seems they really want it back in trade and are willing to offer an extra $1000 if we buy or lease a new CX-9. Plus $500 loyalty on top of that.
Told the nice lady who called that, if anything, our next car would be smaller than the -7, not larger. Our car just crossed the 50K threshold a week or two ago and it's running great. We're taking it on a road trip to Santa Fe the week after next.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
I am truly amazed at the number of recalls GM has undertaken in the past few months. According to the newspaper, it now covers almost 13 million vehicles. Wow! GM is quoted as saying that it is living up to its commitment to ensure that every vehicle that is manufactured by GM and is currently on the road, should be free from defects. To ensure that, they are going to continue recalling vehicles until everything is "ship-shape". Interesting.
2024 Genesis G90 Super-Charger
Just recall them all. And only bring a model in once for all the fixes.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
And every other manufacturer will now do the same as well as nobody wants the finger pointed at them for inaction.
looks like Gm is in trouble again:
With the Goverments clean up of Gm's balance sheets with our money I think its time to pull the curtain on this company if they fall again. I like how Gm never said a word about the latest recall problems which Gm new for a couple of years now.
The latest recalls:
• 2,440,591 cars for a tail-lamp malfunction that also can disable the cruise control, traction control, electronic-stability control and panic-braking assist features. Another 194,314 are in Canada, and 68,819 were exported. Affected models are the 2004-2012 Chevrolet Malibu, 2004-2007 Chevrolet Malibu Maxx, 2005-2010 Pontiac G6 and 2007-2010 Saturn Aura.
It's also brought a shake-up in the ranks, with two top engineers leaving the company, two more suspended with pay and Boyer being appointed to oversee safety.
GM shares fell to $34.00 today
23 Telluride SX-P X-Line, 23 Camry XSE
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This is just the beginning, as the electronics in cars today are extraordinarily complex. I am not sure how many computer or computer-like devices are used in modern cars today but there should be a dedicated computer for each critical group of related functions.
Meanwhile, GM was fined $35 million for its delay in the handling of the recall of 2.59 million small cars over faulty ignition switches. Who gets this money? Consider it a down payment on the $10.5 billion taxpayer loss on the GM bailout.
"I am not sure how many computer or computer-like devices are used in modern cars today but there should be a dedicated computer for each critical group of related functions."
I can't speak for all vehicles and all makes, but most new vehicles today use several digital computers for specific systems. Engine operation uses several computers; brakes use others; systems that use radar yet another, and so on.
Most mini-computers are connected to other higher capacity computers. So, there is not just one computer in the sophisticated cars of today, but many.
The brake light problem seems to affect many sub functions in the GM vehicles most recently recalled. But I believe your point was to increase the isolation of these systems so they are not conjoined under one processor but rather isolated processors.
As we expect more from our cars, these systems require more sophisticated processing of input and feedback data.
Obviously the brake lights operate in the same processor as the cruise control and others. Sounds like an engineering problem to me, yet again.
2024 Genesis G90 Super-Charger
I have a new policy these days. I have developed it because I notice some people and/or companies get away with what they can, and just don't care.
My neighbor who cut down 6 30 foot trees to build a pool and not care about his neighbors views
Air Canada who's motto is, "We're not happy unless we can make you unhappy". They try to do things to aggravate their customers,
My BMW dealer who low balled me on the trade-in
Son-in-law who bought my company but doesn't like to pay me or suppliers unless he is made to pay
Bell Canada is another company that tries to aggravate their customers
now, GM, no scruples or ethics. Do what you have to in order to try to keep afloat, the public are just dupes who put their trust in you to make safe cars.
Unfortunately, sometimes I have to use the services of these companies. But, if I don't have to I won't. My new saying is, "When the trust is gone, so am I". And, now, the trust is gone as far as GM is concerned. It will take a long time for them to rebuild any trust I could find acceptable. Saying they are trustworthy is one thing, I will have to see a lot of proof before they regain my confidence.
2017 MB E400 , 2015 MB GLK350, 2014 MB C250
"And, now, the trust is gone as far as GM is concerned. It will take a long time for them to rebuild any trust I could find acceptable. Saying they are trustworthy is one thing, I will have to see a lot of proof before they regain my confidence."
Driver - I sense a touch of bitterness in your post about Air Canada, Bell Canada and your son-in-law, not to mention GM. I truly believe that when one has no control or recourse to right a wrong (i.e. son-in-law, Air Canada, Bell Canada, GM, etc.), frustration and anger ensues.
Think about the poor guy who bought a GM car and has 4 recalls on it to worry about. He is at the mercy of GM, and no one wants to be at the mercy of anyone or anything.
I agree, it's going to take a long time before people, in general, are going to trust GM enough to buy a car from them. I had given some thought about a Cadillac XTS - but not now. I have a serious trust problem with GM right now.
I have to believe that this may be the beginning of another disaster for GM. Let's see how they handle this over the next few months - their sheer existence in the future is at stake.
I still have a trust issue with BMW and Audi because of horrible experiences with those two companies.
2024 Genesis G90 Super-Charger
It's obvious that GM knew by the early 2000s that the end was near so the people in charge just painted over problems figuring that the company would be out of business by the time it all caught up to them.
Like Chrysler there is nothing GM makes these days that excites me. Well maybe a Cadillac ATS or a Corvette but I'd have to inherit some serious money to go there.
Now Ford is a different story. If that new Mustang has a sticker any where near the current one I will sell some blood to make the payments.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
"Now Ford is a different story. If that new Mustang has a sticker any where near the current one I will sell some blood to make the payments."
I saw one at the Ft. Lauderdale International Auto Show a few months ago. Great looking car. I would think the MSRP on the GT nicely decked out would be in the mid 30's to 40K for the coupe. For a car with that much power a great looks, it's not a bad price at all.
2024 Genesis G90 Super-Charger
I came from a Ford family and my first new car was a 1973 Maverick. That year my brother bought a Pinto
I lost my trust in Ford when The Pintos exploded, and didn't buy another one, but they have earned my trust again because they do build good cars these days. I would say the trust is at about the 90% level and that is enough to buy one if there was one that suited me.
Mike has had bad experiences with BMW and Audi, so far I don't have a problem with those makes so I would certainly buy another one if I liked one of their cars. I haven't had a problem with my Jeeps and I don't think Chrysler has had any trust issues, so I would consider a Jeep or Chrysler if one appealed to me. Our 99 and 2003 Mercedes were problem free, I have no reservations about MB.
If I bought one of these cars and a comparable GM was $10 or $15K less I wouldn't be interested. I'd rather pay the extra $10 or $15K than jeopardize $30 or $40 or $50K..
2017 MB E400 , 2015 MB GLK350, 2014 MB C250
I am puzzled why you think Ford is any different. Anecdotal for sure, but my brother owns two Ford products bought new, a 2006 and 2007, and both are horrendously poor quality. I would suggest both should be recalled. But Ford denies any responsibility.
GM has come clean. Others have not - at least, not yet.
2017 Cadillac ATS Performance Premium 3.6
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I think it will take longer than a few months to see if there really is a change at GM. Like I say, I bought a 73 Maverick, but when the 73 Pintos started exploding I had no interest in buying a Ford for a long time. Maybe I hold a grudge longer than most people. Trust is very important to me......I am loyal to a product or brand if I like it. All I ask is to be treated fairly, and I like to know I can buy again with confidence.
Like I say, Ford has basically been clean now for a long time, so I would consider a Ford product if one suited me. But, earning back my trust will take many years of having a good track record with few problems, and "NO" safety issues.
BTW.......what is going to happen to GM in the used car market? Who knows if their used cars have been recalled or if recalls or problems will be addressed? I think there is a limited amount of time that they have to fix problems too.......and I believe GM has used that card to avoid fixing problems too. I don't think GM is on my new car list, but, for sure they won't be on my used car list.
2017 MB E400 , 2015 MB GLK350, 2014 MB C250