Section: Investments
Q:
Dear Sir,
in 1998 I bought shares in the Walt Disney Co. for $ 3500, as a savings oportunity. In 2006 I cashed them in and received a check for $38??.00. I declared the dividends every year on my taxreturn as income. Now I received a letter from the IRS, that I filed my 2006 taxreturn wrong, not declaring the amount of $38??.00 as income and I owe them $ 1,036 by June 17th.
How can that be? It's like I take money out of my savingsaccount (principal)and having to pay taxes on it!
I returned the letter stating that I do not agree with them. Please tell me if the IRS is correct and I have to pay or what I can do, it just does not seem right.
A:
As a Registered Investment Advisor representative I am not allowed or qualified to give tax advice. I do appreciate your position with IRS. Let me suggest that you discuss this with your CPA, and if you don't have an accountant I would be happy to recommend one.
Thanks for writing.
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Section: Investments
Q:
I have a TSP account. Lost 25,000 last month. We have govement securities, fix income common stock, small capitalization stock and internation stock index.
I have mine 25% first 3 listed then 10 then 15%. Of course I want to change. Where should I put my money.
2nd question. I put 10% in I want to change to 5% but I want to be able to see that 5% in my pay check. How can I check to see how much money I would actually be getting if I only take out 5%.
A:
I would very much like to answer your question. However, I need some additional information about you in order to help. Please let me know your age, how long before retirement and if you qualify for full retirement. A pay grade or income would be helpful.
I assume the TSP you mentioned is the Government Thrift Plan. You look as if you are well diversified in the TSP as you don't have many choices.
There are alternatives and we can talk about them.
As for the 5% coming out of your pay and how it will effct it, you need to get payroll or your CPA to calculate that for you
It maybe better if we could visit. Please don't hesitate to contact our office for an appointment.
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Section: Investments
Q:
There's a lot of hype in the news right now about the slump in our economy, fall of stock values, and overall recession. Is there reason for real concern? Or is it just hype?
A:
I listen to the news just as you do. I do believe this is just concern for the state of our economy. Having said that if you are a long term investor the best time to buy is when the market is down. If you’re a trader good luck. I don't know nor have I heard anyone that has the absolute correct answer. We just have to look one day at a time.
Len
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Section: Investments
Q:
At what age should you start to invest your money. Im 21 and would like to have money saved for my future. I only have a small savings account right now
A:
I don't think it is ever to early to get started saving and accumulating money. You need to set some priorities and goals and work toward accomplishing them. That is what we help people do. By the way let me commend you for wanting to start at your age.
Len
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Section: Investments
Q:
Len, if I've invested in a REIT what would you suggest I do with that account? I'm scared if I leave my investment alone I'm going to lose everything I've put into it! Help!!!
A:
Let me be frank. If I were as worried as you seem to express about having your money in a Real Estate Investment Trust I would certainly move to something less risky and more secure.
Len
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(4) people have found this answer helpful.
