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Why I hate the IRS...


_pete_
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I owe a bunch this year. I got an inheritance when my dad died and it was from pre-tax IRA money so guess who has to pay the taxes now?

 

To cover it I have to let some guitars go. It sucks but I can still keep my LP Axcess and my PRS so I'm ok with it.

 

These 3 will go to Ebay tomorrow. Anyone in a Rush tribute looking for a guitar or 2?

 

Edwards LP w/piezo, Epi Sheraton II, and the Epi doubleneck.

 

http://i66.photobucket.com/albums/h247/pete2112/My%20Guitars/3-EdwardsLesPaul.jpg

http://i66.photobucket.com/albums/h247/pete2112/My%20Guitars/4-EpiSheratonII.jpg

http://i66.photobucket.com/albums/h247/pete2112/My%20Guitars/6-EpiG1275.jpg

Edited by _pete_
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QUOTE (1-0-0-1-0-0-1 @ Feb 1 2010, 04:11 PM)
Ouch. It must hurt to let the two Epi's go, since they're specialized and customized.

It sucks but my bass player just told me he may buy the Sheraton (and I could still use it for gigs) he just needs to see if he can swing it.

 

I can do the rest of our show with the Axcess, the PRS, and my 2 acoustics so I'm in good shape there.

 

If things turn around I'll replace whatever I have to sell sometime down the road.

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QUOTE (_pete_ @ Feb 1 2010, 04:01 PM)
I owe a bunch this year. I got an inheritance when my dad died and it was from pre-tax IRA money so guess who has to pay the taxes now?

To cover it I have to let some guitars go. It sucks but I can still keep my LP Axcess and my PRS so I'm ok with it.

These 3 will go to Ebay tomorrow. Anyone in a Rush tribute looking for a guitar or 2?

Edwards LP w/piezo, Epi Sheraton II, and the Epi doubleneck.

http://i66.photobucket.com/albums/h247/pete2112/My%20Guitars/3-EdwardsLesPaul.jpg
http://i66.photobucket.com/albums/h247/pete2112/My%20Guitars/4-EpiSheratonII.jpg
http://i66.photobucket.com/albums/h247/pete2112/My%20Guitars/6-EpiG1275.jpg

Didn't they do an estate return and take the taxes out to cover it...that is customary.

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QUOTE (owlswing @ Feb 1 2010, 05:51 PM)
Didn't they do an estate return and take the taxes out to cover it...that is customary.

There was 10% withheld but apparently it wasn't enough.

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I am totally going through what you are right now, except we are in the planning stages. My Dad's inheritence passed on to my mother and we are trying to find ways of reducing uncle sam's impact. We are biting nails on the inheritence threshold and if the Bush tax cuts are going to be extended, compromised, or ended. Good luck on the guitars. It is cool that your bandmate may buy one of them. Maybe he will sell it back when uncle sam stops harrassing you.
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QUOTE (jdouglas @ Feb 2 2010, 12:32 AM)
This is an ok page with other options listed...complicated stuff unfortunately.

http://personal.fidelity.com/products/reti...ntorother.shtml

From that link, here is my situation.

 

" Take a Cash Distribution for the Full Inherited IRA Amount

In order to take a cash distribution, the assets must first be transferred to you via an Inherited IRA.

Your distribution is includable in gross income and will be subject to ordinary state and federal income taxes.

An Inherited IRA account is not eligible for rollover into another IRA or employer sponsored retirement plan."

 

 

The money has helped since I've been out of work for a while. It's almost gone now.

Oh well.

Edited by _pete_
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QUOTE (_pete_ @ Feb 2 2010, 01:22 PM)
QUOTE (Tarkus407 @ Feb 2 2010, 01:19 PM)
How much for the doubleneck? drool1.gif

As soon as I find a box that the case will fit into, I'll be listing it on Ebay for $550.

I assume that'll be the starting bid, and not the Buy It Now price? wink.gif

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QUOTE (1-0-0-1-0-0-1 @ Feb 2 2010, 01:38 PM)
QUOTE (_pete_ @ Feb 2 2010, 01:22 PM)
QUOTE (Tarkus407 @ Feb 2 2010, 01:19 PM)
How much for the doubleneck? drool1.gif

As soon as I find a box that the case will fit into, I'll be listing it on Ebay for $550.

I assume that'll be the starting bid, and not the Buy It Now price? wink.gif

Oh to be a college student yearning for a double neck and having it JUST out of reach laugh.gif

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QUOTE (1-0-0-1-0-0-1 @ Feb 2 2010, 10:38 AM)
QUOTE (_pete_ @ Feb 2 2010, 01:22 PM)
QUOTE (Tarkus407 @ Feb 2 2010, 01:19 PM)
How much for the doubleneck? drool1.gif

As soon as I find a box that the case will fit into, I'll be listing it on Ebay for $550.

I assume that'll be the starting bid, and not the Buy It Now price? wink.gif

Man I wish I could scoop that up.

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QUOTE (1-0-0-1-0-0-1 @ Feb 2 2010, 01:38 PM)
QUOTE (_pete_ @ Feb 2 2010, 01:22 PM)
QUOTE (Tarkus407 @ Feb 2 2010, 01:19 PM)
How much for the doubleneck? drool1.gif

As soon as I find a box that the case will fit into, I'll be listing it on Ebay for $550.

I assume that'll be the starting bid, and not the Buy It Now price? wink.gif

Actually that will be the BIN.

 

The guitar plays great and sounds great but it has some cosmetic issues.

When I was driving from Ohio to Tennessee a few years ago (in the dead of winter), the guitar got pretty cold in the back of the van.

The cold caused the finish to crack along the back. The wood is fine but there is a very long paint crack across the back. It never bothered me and didn't affect the guitar sound wise or playing wise but some folks may not like it. It's not pristine but it looks damn good from the front. Consider it "relic'd". smile.gif

 

 

A new one without a case is $800 and I don't know if they are making them in white at the moment. This one has all new gold hardware, upgraded pots and switches and great pickups (Epi Elitist, Duncan Seth Lover, and Tonerider Alnico IV).

I think $550 is a fair price.

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QUOTE (_pete_ @ Feb 3 2010, 12:17 AM)
QUOTE (1-0-0-1-0-0-1 @ Feb 2 2010, 01:38 PM)
QUOTE (_pete_ @ Feb 2 2010, 01:22 PM)
QUOTE (Tarkus407 @ Feb 2 2010, 01:19 PM)
How much for the doubleneck? drool1.gif

As soon as I find a box that the case will fit into, I'll be listing it on Ebay for $550.

I assume that'll be the starting bid, and not the Buy It Now price? wink.gif

Actually that will be the BIN.

 

The guitar plays great and sounds great but it has some cosmetic issues.

When I was driving from Ohio to Tennessee a few years ago (in the dead of winter), the guitar got pretty cold in the back of the van.

The cold caused the finish to crack along the back. The wood is fine but there is a very long paint crack across the back. It never bothered me and didn't affect the guitar sound wise or playing wise but some folks may not like it. It's not pristine but it looks damn good from the front. Consider it "relic'd". smile.gif

 

 

A new one without a case is $800 and I don't know if they are making them in white at the moment. This one has all new gold hardware, upgraded pots and switches and great pickups (Epi Elitist, Duncan Seth Lover, and Tonerider Alnico IV).

I think $550 is a fair price.

I didn't realize they were priced that low. $800 is a bargain for that guitar, even for a non-Gibson.

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QUOTE (launchpad67a @ Feb 3 2010, 08:35 PM)
Post the link to your Ebay and I'll send it out to my guys.

I'll send the link out as well.

 

Star Trek Hardcover novels - lot of 14? Pete's a trekie?

 

Someone bid on your Edwards 4x already...he must really want it. laugh.gif

They are sweet guitars.

 

gl JC

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QUOTE (jdouglas @ Feb 3 2010, 11:09 PM)
QUOTE (launchpad67a @ Feb 3 2010, 08:35 PM)
Post the link to your Ebay and I'll send it out to my guys.

I'll send the link out as well.

 

Star Trek Hardcover novels - lot of 14? Pete's a trekie?

 

Someone bid on your Edwards 4x already...he must really want it. laugh.gif

They are sweet guitars.

 

gl JC

Trekkie? Used to be. I graduated to Rush Nerd!

 

I forgot I had those books. I scoured the attic for things to sell. I got a bunch of paperbacks too. I want to see if these sell before I bother listing the others.

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Have you ever considered buying some "player" guitars online and doing your refin magic on them to flip?

 

Seems like if you buy some beat up fenders and paint them in sea foam green or vintage orange and they might eat it up.

 

As long as you get a great deal on the original purchase to limit the downside, you obviously have the skills to bring back the unwanted to life.

 

just a thought..

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QUOTE (jdouglas @ Feb 4 2010, 01:44 AM)
Have you ever considered buying some "player" guitars online and doing your refin magic on them to flip?

Seems like if you buy some beat up fenders and paint them in sea foam green or vintage orange and they might eat it up.

As long as you get a great deal on the original purchase to limit the downside, you obviously have the skills to bring back the unwanted to life.

just a thought..

I may try that in the future. Right now I don't have the free cash to start that up.

 

Good idea though.

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