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About Mjolnir100

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  1. Thank you very much for your prompt reply.
  2. I forgot to mention, the land sale occurred in Mississippi, and I live in Texas. Thanks.
  3. In and for the tax year 2018, I received $7500.00 as my share of raw land (no improvements/buildings) from the sell of a lot that was willed to myself and 3 other siblings. I will have gross income of $29,000 ( not including this $7500) and will file as a single taxpayer. Can any one tell me if this is a long term gain or short term? The land was never actually titled in my siblings' and my name, rather when another relative wanted to purchase it, we all had to agree and sign the papers. We acquired it when one of our parents passed away over 20 years ago. Also, could any one tell me what the tax rate should be and what IRS form I should use? I found one source that says if it's long term cap gains, the tax is zero for single taxpayers, up to $38,000 per year of income. The same site says if it's short term gain, it's taxed at my same ordinary income rate. I would appreciate the correct answers if any one could help me with this . Thank you.
  4. Thanks to pg1067 and adjusterjack for your replies.
  5. I was in an auto accident in which I was the plaintiff and the attorneys that represented me and the auto insurer's company lawyers reached a final settlement. I received a copy of the settlement towards the end of 2018. I received a MRI, and saw two additional doctors referred to me by my attorneys. I signed the payment arrangement in which the MRI company and doctors defer receiving their payment until, and if a settlement is reached. When I received the final settlement documents I called and left a phone message and also emailed my attorneys asking for copies of my doctors' charges and the MRI charges, and stated I needed to know if the settlement amount was suffice to cover the charges after the attorney charges are deducted. I have never received a reply from my attorneys. So that's where everything presently sits. The amount of the settlement is only $4500. I did not like the doctors my attorneys send me to. The MRI revealed I have bulging discs in my neck. One pain doctor my attorneys sent me to wanted me to have some type of injections (perhaps steroids) in my discs. I declined at the time as the pain was slight and I always prefer if possible to let my body heal itself. So as you can imagine, by the time of the deposition, I wasn't exactly my attorneys' favorite client. I thought perhaps with the beginning of the new year, if not but any other reason for year end closing out business statements, etc., I would hear from my attorneys. Meanwhile, the other reason I have been waiting to sign the settlement was to see how my neck's discs were. I now have more pain in my neck. I fear to sign this settlement would be a mistake as I may be now having significant medical issues in the future with the discs. One reason in the beginning that I went to my attorneys' doctors was I had no health insurance. In a couple of months I will have Medicare and the supplement including Part B and can see the doctors I prefer. What should I do? If I don't sign and obtain other attorneys what happens to my original attorneys and their charges? I don't want to sign away my rights as this neck pain increases and I may be having a great deal of trouble with it in the future. I would appreciate any advice. Thank you.
  6. Recently, a insurance agent urged me to take the highest liability limits possible on my auto insurance policy because he said if I had very low limits, say a state minimum of 30,000 per person/60,000 per occurrence, and I was involved in an accident that from the beginning I was clearly at fault, and the harm to the other person(s) was substantial, say resulting in a death and/or lifetime disability, thus the judgement would be hundreds of thousands of dollars over my low liabilty limit.... my insurance carrier could and probrably would "just write a check for the limit of your low (compared to the probable judgement) coverage and walk away, (saving them the cost of continuing legal fees to defend me) leaving you to hire your own lawyers to continue your defense when the plaintiff's lawyers come after you and your assets" I know the duty to defend clause requires insurers to pay (in addition to the insured's purchased limit of liabilty) all their insured's legal costs incurred while defending them until a judgement or settlement is reached. But 1) can and do insurance carriers do this in these circumstances to "cut their losses" and avoid further legal costs? 2) If they can, is the insured still subject to being sued for more money over the settlement paid by their insurance carrier to the plaintiff? 3) Is this reasoning by the agent correct? I thought when a settlement is reached, the plaintiff must agree to accept the payment from the carrier as payment in full and agrees to indemnify the insured from any further legal action. So,if the plaintiff does not agree.....and why would they in the aforementioned circumstances.....how can an insured's carrier "write a check and walk away"?
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