JoeTaxpayer <joetaxpayer[at]comcast.net> wrote in news:ge20i8$r95$1
[at]registered.motzarella.org:

- quote -

Thanks, Joe!

--
Best regards
Han
email address is invalid

========================================= MODERATOR'S COMMENT:
no problem (Mod-Joe)

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In misc.taxes.moderated, Han wrote:

- quote -

Ask your broker if he will reduce the commission to make your net
proceeds zero. Many will do that.

I have a question. Suppose he sells the stock for $6 but pays a $10
commission. Would he put a $-4 onto the schedule D?

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Han wrote:

snipped FDIC dialog

- quote -

Yes, you are. The FDIC thread was for banks' deposits. Yours is a stock
loss. You take those losses against capital gains first, then up to
$3000 against ordinary income. You then carry forward whatever remains
until it's used up.
Joe

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Bob Sandler <bob_usenet[at]yahoo.com> wrote in
news:flp7g4lpr6fb84r249vvrtf167qef1pfpl[at]4ax.com:

- quote -

Am I correct to assume that that section does not apply to my recent
purchase of Lehman stock at $17 (now worth less than the selling
commission), when I thought things couldn't get any worse?


--
Best regards
Han
email address is invalid

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

- quote -

In the taxprofessionals group, Kelvin Smith recently posted
the following on this subject:

"The depositor has a choice: casualty loss, ordinary loss as
2% miscellaneous deduction, or non-business bad debt,
reported on Schedule D. There's a specific section for it in
Publication 17 (Chapter 25: Nonbusiness Casualty and Theft
Losses, section titled Loss on Deposits), as well as in the
instructions for Form 4684 (Special Treatment for Losses on
Deposits in Insolvent or Bankrupt Financial Institutions)."

Bob Sandler

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removeps-groups[at]yahoo.com wrote:
- quote -


As part of your deposits in IndyMac were insured, you can not
take an ordinary loss (misc. itemized deduction) for the ~$14000.

You have two choices:
1. Take a casualty loss in 2008 based on a reasonable estimate of
the loss.
2. Wait until you know the actual amount of the loss and deduct
it as a nonbusiness bad debt (Schedule D, Short Term Loss).

Casualty losses are subject to the following:
You first deduct $100 from each casualty incurred in the year.
Then all casualties are subject to a floor of 10% of AGI. In
other words, you only get to deduct the amount (after the $100
adjustment) that exceeds 10% of AGI.

See Pub 547 for more details on casualty losses. See Pub 550 for
mored details on nonbusiness bad debts.

--
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On Oct 24, 12:12 pm, Stuart Bronstein <spamt...[at]lexregia.com> wrote:

- quote -

Would it be a bad debt loss (short term on Schedule D, subject to
$3000 net capital loss per year, remaining carried over)?

--
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Mark Bole <makbo[at]pacbell.net> wrote:
- quote -

I suppose the next question will be, to the extent it's not covered by
insurance how much of it can be deducted?

Stu

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AndyS wrote:
- quote -


And the relevance to taxes is....???

-Mark Bole

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dpb wrote:
- quote -

mergers and assumption of CDs.

I do not have a direct answer to your question as to whether any
part of Title 12 or its regulations require notification. I've
had first hand experience on this issue and the assuming bank did
include a notification relating to FDIC insurance as part of its
communication to depositors.

--
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Alan wrote:
- quote -

assumes a depositor's CD (i.e., they continue to pay interest at
the contract rate for the term of the CD), then that CD is
separately insured. In other words, you don't lose the insurance
and the six month grace period is not relevant. The six month
period would be relevant for funds not in a CD.

--
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Alan wrote:
....
- quote -

Is there any rule that the new entity has to inform affected customers?
W/ the plethora of changes and the 'other things to worry about' I can
see where many could certainly never realize they have a potential
problem otherwise.

I hadn't heard a single peep on the national media about the $250k limit
being temporary. Hardly seems much purpose (as so much of what DC does,
unfortunately ).

--

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Arthur Kamlet wrote:
- quote -

six months.

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In article <0r2Mk.2889$_Y1.1665[at]bgtnsc05-news.ops.worldnet.att.net> ,
Gil Faver <rowdy'sboss[at]xxyz.com> wrote:
- quote -

Also be aware, at least in my part of the woods, that banks are being
bought up and merged into other banks.

So, for example, if you are careful to put an $80,000 CD into Sky Bank
and an identical $80,000 CD into Huntington bank, and next month
Huntington buys Sky and merges the two banks into one, I suppose
the old 100,000 limit is not longer good enough.

--


ArtKamlet at a o l dot c o m Columbus OH K2PZH

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"AndyS" <andysharpe[at]juno.com> wrote in message
news:babf1db5-695e-45a9-9d07-4f0eb055be34[at]u57g2000hsf.googlegroups.com...
- quote -

Alan has confirmed my understanding or suspicion. You must be aware that
you can hold money in different banks and obtain the benefit of multiple
FDIC limits. You are also probably aware that you and your spouse can hold
several accounts at a single bank, with different ownership, and obtain the
benefit of multiple FDIC limits. Be advised that if you hold money in a
living trust naming "qualified beneficiaries" (as I recall, children,
parents, and siblings), you might qualify for multiple FDIC limits. And,
unless you have a ton of qualifying beneficiaries, it doesn't matter what
their payout is to get the benefit (i.e. a $10 payout designation to a
qualified beneficiary gets you a full level of FDIC insurance). There are
rules about how the bank must know and document your payable on death
account and beneficiaries (I think these rules are more lenient for credit
unions).

Anyway, I just pass on for further study.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

AndyS wrote:
- quote -


October 3, 2008
All other deposit accounts at FDIC-insured institutions are
insured up to at least $250,000 per depositor until December 31,
2009. On January 1, 2010, FDIC deposit insurance for all deposit
accounts—except for certain retirement accounts—will return to at
least $100,000 per depositor. Insurance coverage for certain
retirement accounts, which include all IRA deposit accounts, will
remain at $250,000 per depositor.

That says it all. Come 1/1/10 unless Congress changes the law,
any interest bearing deposit other than a retirement account,
will revert back to $100,000 of insurance.

Therefore, before buying the 10 year CD, I would ask the bank
about how it intends to transition on 1/1/10. E.g., Today, if a
joint account has maximum coverage and one of the owners dies,
there is a six month period where the survivor would still have
coverage for joint owners. At the end of the six month period,
insurance would revert to the amount for a single owner. Banks
allow the survivor to make ownership changes and/or withdraw
uninsured amounts without any penalty during the six month
transition period.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Andy asks:

Recently, the FDIC has increased the insurace limits for individual
accounts to 250K, set to expire and return to the old value (100K)
in December 2009...

My question is this :

If a person , today, buys a 10 year CD for 250K, in two years, how
much of
it will be covered by FDIC insurance.???

It seems to me that if an instument is purchased under a set of
conditions,
those conditions should apply until the instrument matures. But I
don't
see enough detail in what I have read to know if this happens.

I would appreciate any informed guidance on this question.

Andy in Eureka, Texas

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >