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persfin-digest        Tuesday, January 26 1999        Volume 05 : Number 083



In this issue of the Personal Finance Digest:

       S&P Depository Receipts
       taxe deduction for renovations
       Re: time shares
       Re: time shares
       Free long distance
       Free long distance
       Roth IRA Conversion
       Schedule D
       Re: Education IRAs
       Quotesmith
       How will the IRS treat me??

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----------------------------------------------------------------------

Date: Sun, 24 Jan 1999 08:35:27 PST
From: "Richard Fay" <[e-mail]>
Subject: S&P Depository Receipts

I am interested holding some S&P Depository Receipts (SPDRS) to avoid
the possible issue of an Index Fund Manager faced with net redemptions
and having conduct a "fire sale" of portfolio shares and thus generating
huge capital gain distributions.

With that said, I am trying to better understand the mechanics of
pricing SPDRs.  They seem similar to closed-end funds but they don't
trade with the expected premium or discount.  That suggests they are not
priced on supply/demand but rather directly valued to the underlying
asset.  They are exchange traded which suggests supply/demand pricing.
What am I missing?

The prospectus has left me in the dark and maybe someone here can spell
this out for me.  Thanks in advance.

Best Regards,
[e-mail]


______________________________________________________
Get Your Private, Free Email at http://www.hotmail.com

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------------------------------

Date: 25 Jan 1999 09:42:12 -0700
From: David Bryan <[e-mail]>
Subject: taxe deduction for renovations

I live in NC and would like to hear from anyone who is knowledgable on
the following situation. Is money spent for home renovations [$65K] tax
deductible? The renovations were performed in 1997 and 1998. If
deductible, is it 100% deductible and in what year? The check for
payment was written in 1998. Or, is a deduction only good when the
property is sold? Thanks for any help. David



- -

------------------------------

Date: Mon, 25 Jan 1999 09:17:42 -0500
From: "Martin S. Turnauer" <[e-mail]>
Subject: Re: time shares

My wife & I have been approached by the Marriott Corp about Ford's Colony
in Williamsburg, VA about a time share. I know the problems with them, but
they have a deal now by not using you time share you can convert to
upgraded resorts and free airfare throughout the world.

Is anyone familiar with this new approach to time share?
Marty
__________________________

Martin S. Turnauer, Professor
Physical & Health Education
Box 6957
Radford University
Radford, VA 24142

[phone] phone
[phone] fax



- -

------------------------------

Date: Mon, 25 Jan 1999 09:17:42 -0500
From: "Martin S. Turnauer" <[e-mail]>
Subject: Re: time shares

My wife & I have been approached by the Marriott Corp about Ford's Colony
in Williamsburg, VA about a time share. I know the problems with them, but
they have a deal now by not using you time share you can convert to
upgraded resorts and free airfare throughout the world.

Is anyone familiar with this new approach to time share?
Marty
__________________________

Martin S. Turnauer, Professor
Physical & Health Education
Box 6957
Radford University
Radford, VA 24142

[phone] phone
[phone] fax



- -

------------------------------

Date: Mon, 25 Jan 1999 09:12:51 -0600
From: <[e-mail]>
Subject: Free long distance

I had heard of this company (www.broadpoint.com) which was offering 2
minutes of free long distance for every commercial that you had listened
to. You dial up this 1-800 number and the number you want to call and
listent to these commercials.  There was no limit on the number of
commercials you had listened to. So, if you listened to 20 of these
commercials, you would get 40 minutes free of long distance. Apparently, it
has been written up in some of the papers. My question is, what's the
catch? It sounds too good to be true. Has anybody used this service? I'd be
curious to hear about anybody's experience with this.  Thanks!
- ----------------------------------------------------------------
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- -

------------------------------

Date: Mon, 25 Jan 1999 09:12:51 -0600
From: <[e-mail]>
Subject: Free long distance

I had heard of this company (www.broadpoint.com) which was offering 2
minutes of free long distance for every commercial that you had listened
to. You dial up this 1-800 number and the number you want to call and
listent to these commercials.  There was no limit on the number of
commercials you had listened to. So, if you listened to 20 of these
commercials, you would get 40 minutes free of long distance. Apparently, it
has been written up in some of the papers. My question is, what's the
catch? It sounds too good to be true. Has anybody used this service? I'd be
curious to hear about anybody's experience with this.  Thanks!
- ----------------------------------------------------------------
The information transmitted is intended only for the person or entity to
which it is addressed and may contain confidential and/or privileged
material.  Any review, retransmission, dissemination or other use of, or
taking of any action in reliance upon, this information by persons or
entities other than the intended recipient is prohibited.   If you received
this in error, please contact the sender and delete the material from any
computer.





- -

------------------------------

Date: Mon, 25 Jan 1999 20:29:15 -0500
From: "Peter & Karen Diamond" <[e-mail]>
Subject: Roth IRA Conversion

Hello,
I have been looking at Form 8606 for calculation of taxes on conversion to a
Roth IRA.
I have a Simple IRA and I had a traditional IRA funded entirely by post-tax
dollars that I converted to a Roth IRA.
When I am done with the form, it leaves me with a basis for my traditional
IRA, but I don't understand what this is the basis of, since I no longer
have any traditional IRAs.  Is it the basis for the Simple IRA?  The whole
thing seems strange since I have to count my Simple as a traditional IRA
when the form never asked me to do that before.
Any information on this would be appreciated.
Thanks.

Peter Diamond



- -

------------------------------

Date: Mon, 25 Jan 1999 20:30:52 -0500
From: "Peter & Karen Diamond" <[e-mail]>
Subject: Schedule D

Hello,
What is the purpose of the additional calculations on page 2 of Schedule D?
They seem to reduce your tax a few dollars compared to the tax table, but
what is it actually calculating?
Thanks.

Peter Diamond


- -

------------------------------

Date: Tue, 26 Jan 1999 09:19:15 -0500
From: Bob Hartwig <[e-mail]>
Subject: Re: Education IRAs

They're a great idea.  You should take one out ASAP after a child is born.
I opened one for each of my young kids in 1998 and made my 1999 deposits as
well.

The $500 limit is a downer, but maybe they'll adjust it upward some day.

Bob Hartwig

New York

- -

------------------------------

Date: Tue, 26 Jan 1999 09:54:14 -0500
From: Scott Barnett <[e-mail]>
Subject: Quotesmith

Hello,

I just completed a very lengthy and frustrating process with Quotesmith.com
trying to get new life insurance.  I currently have a 10 year term $500,000
policy for $385/yr.  On Quotesmith.com, they quoted a 20 year term $500,000
policy for $354/yr, with the same company that I have my current policy.
After nearly 5 months going around with them, they finally "approved" my
policy.  However, it is for $447.70/yr, not the $354 they originally quoted.

Has anyone had a positive experience with them?  I'm pretty frustrated with
my experience, and I'm leaning towards calling their site a scam.  I went
there after reading good reviews of their site in SmartMoney and a technical
trade magazine, but it certainly seems like classic bait and switch selling.

I'm also interested in lodging a formal complaint, but I'm not sure exactly
how to do it.  I know they're physically located in Illinois - do I go through
their state govt?  Is there an "Internet fraud" group that I can contact?
I'm very interested in peoples opinions and experience in this area.

- --
Scott Barnett
[e-mail]


- -

------------------------------

Date: Tue, 26 Jan 1999 15:59:51 -0600
From: "Your Name" <[e-mail]>
Subject: How will the IRS treat me??

Hello - I've been living in my house for about 35 years and I'm 66 years
old. I bought the house for $35,000.

About 15 years ago I personally built a two apartment addition on to the
back of the house for $32,000, and I have been renting them ever since.

I will most probably sell my triplex for about $165,000. Generally how will
I be treated as far as taxes are concerned if I don't buy another house? I
am reluctant to sell it because of taxes. Cajun Joe


- -

------------------------------

End of persfin-digest V5 #83
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