The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  https://boards.fool.com/i-am-being-offered-a-lower-interest-rate-on-my-30240007.aspx

Subject:  Re: accountant or tax advisor Date:  9/2/2012  10:02 PM
Author:  TMFPMarti Number:  116567 of 129670

I am being offered a lower interest rate on my mortgage. I have my current mortgage is with citi and they are offering to lower it and tell me it is no cost.( i am reading the fine print). I have been researching this online and wanted to talk to someone and explain my situations and help make a decision.

I'd go to a lawyer for this.

2 nd is I have a custodial account that i started 13 yrs ago for my now 17 yr old and it has not done well ( lost money). i want to close it and want to understand the tax implications if any.

Your son will have to file his own return since (I assume) there will be Scheule D transactions. While you're at the lawyer discussing the mortgage you can also talk about the legal restrictions on the money in this account, including sale proceeds.

3 rd I saw on Suzy orman that i can contribute to a regular IRA ( I won't take tax credit ) and can then convert it to a Roth IRA. i want to know if this is true

Maybe yes, maybe no. I suggest you first do some self-study in IRS Publication 590, chapters 1 and 2. We can clear up any remaining issues or do a sanity check of your situation here for free.

If you don't have the time or inclination to educate yourself, this one goes to a tax pro, either an accountant who does tax (not all do) or an enrolled agent ( www.naea.org ).

Phil
Rule Your Retirement Home Fool
Copyright 1996-2019 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us