For questions that relate to the laws, practices, and products of the United States.

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4
votes
1answer
204 views

Wash Sales and Day Trading

Let's say a Day Trader buys and sells a stock on the same day and makes a loss of $1,000. Then she buys and sells the same stock the next day and makes a profit of $500. On the third day she files her ...
2
votes
2answers
44 views

Working for recruiter on W-2 vs. working for client on 1099?

My husband has been offered a job at a large company on the other side of the country. He told them he would commit to a long-term contract of up to two years, but that we did not want to move ...
2
votes
1answer
43 views

About to start being an Independent Contractor - Any advice on estimating taxes?

I am a grad student that is about to pick up 10-15 hours of independent contracting work per week. I work and live in Syracuse. I make $19,000 per year (pre-tax) as a grad student, and will make ...
6
votes
8answers
668 views

Roth vs Traditional Investing assuming same tax bracket in retirement

I've done a little (simplified) math to determine the difference in investing in a Roth account and a Traditional retirement account. I'm assuming that I will be in the same tax bracket in retirement ...
4
votes
1answer
58 views

Additional credit card with different limit on same account?

Does anyone know of a way to get another credit card for an authorized user but with a much lower credit limit? I'd like to use my existing credit card account but I don't really see a way to do ...
4
votes
2answers
90 views

Am I supposed to pay taxes when living outside of the states?

I am a greencard holder and beyond going there for 2 months every 6 months ( up until last year when I applied for an I-131 form ) so far I have never worked in the states nor have I made any money ...
5
votes
1answer
73 views

Roth 401k rollover into Roth IRA: How are earnings handled?

I have a Roth 401k from a prior employer and I want to roll it into a Roth IRA. For simplicity, let's assume there are no pre-tax employer match funds in the 401k, only my after tax contributions and ...
0
votes
0answers
40 views

183 day rule in conjunction with expatriate

I am a US citizen but have lived and worked n Germany for 4 years. From Jan. 2013 - March 2014, I was working on a Project in the US as an expatriate. I have taken some Business trips back to the US ...
0
votes
2answers
39 views

Can I use a loan from a Roth 401K as a return option?

For the sake of this question presume that my Roth 401K is invested in low-risk bonds paying prime rate. Can I take a loan, put the money into a similarly low-risk investment paying the prime rate, ...
2
votes
2answers
100 views

When borrowing from a 401k, is the 401k the source of the funds, or the collateral?

I understand that borrowing from a 401K is not a good idea. But I still want to be familiar with some of the mechanics. If someone takes out a $5,000 401K loan, is the money taken from the 401K ...
0
votes
2answers
77 views

Need a loan to buy property in India. What are my options?

I have seen a property in India, and I am planning to buy it. The total cost is $105k, out of which I have $30k of my own. The remaining $75k needs to be financed somehow. I can get a loan in India, ...
4
votes
4answers
215 views

Home owners association for houses, pro/cons

(there is a question about home owners associations for condo communities here, so this is a) not a duplicate and b) fit for this website) In most contexts where I hear about a home owners ...
2
votes
4answers
222 views

Why isn't money spent on necessities deductible from your taxes?

I'm semi-recently graduated from college. In my job(s) I've had a flex account that lets me pay for medical expenses tax free. Similarly for my commute I'm able to pay for my ticket with pre-tax ...
0
votes
2answers
58 views

401k Rollover into IRA (First Time Home Buyer)?

WALL OF TEXT AHEAD. Ok so I don't even know if this is even "possible" but I figured I'd ask. My 401k plan I have is honestly pretty crap, zero matching, really poor rate of return (1-2% on average ...
3
votes
1answer
67 views

Cash a US Government check without bank account

A US citizen, long-term permanent resident in Canada, with no financial presence of any type in the US. He holds a valid US passport, and is up-to-date with all IRS and FBAR reporting. He has a $400 ...
1
vote
5answers
100 views

Investing in 401k and a Roth IRA

I am a senior in college and I have $3,000 dollars from my summer internship that I want to invest. I was thinking of investing it in a Roth IRA in an index mutual fund. However I am questioning my ...
0
votes
1answer
46 views

Get money from USA to India

I am a freelancer and need to get payment from a client living in USA. I am in India. I am using paypal and they charge a lot of fees and I hate to use them. What are the alternative to get ...
1
vote
2answers
34 views

How would IRS treat reimbursement in a later year of moving expenses?

In the U.S., if one claims a moving expense using Form 3903 in one year because one is unsure whether a startup business will be able to even reimburse you for those expenses, but in a subsequent ...
11
votes
2answers
2k views

If I sell my house, will I have to pay taxes on the profit?

I am in the United States, in Colorado. I purchased a house in July of 2013. It was in poor condition, so I spent the first two months repairing things before moving in. Now, 11 months after moving ...
4
votes
2answers
86 views

I started some small businesses but need help figuring out taxes. Should I hire a CPA?

I've got a couple of small businesses I run. I started them in the last couple of months. I feel lost when it comes to my taxes. I know I should be paying something, but I'm not real sure where to ...
9
votes
0answers
61 views

How are retirement needs calculated for a couple with disparate ages?

Given typical assumptions about changes in expenditures in retirement versus earning years, retirement advice and calculators do not appear to adequately address retirement planning for couples with ...
6
votes
1answer
127 views

Issues with unfiled tax returns

My husband and I have 2010-2013 taxes to file. He refuses to give me his income information because he believes the federal govt taxing us is unconstitutional. So I just had 4 years of taxes filed ...
1
vote
4answers
145 views

Why invest in IRA while a low-cost index fund is much simpler?

I'm currently investing in a low-cost index fund and wonder what's the point of opening an IRA (either Roth or traditional). The big con of IRA is that you can't withdraw before retirement age ...
1
vote
1answer
26 views

Do I have to pay taxes on PPF in USA?

I am going to work on H-1B in US for next 3 years. I am sure that I will return to India after 3 years and do not want to permanently settle in US. In order to invest money in India I am planning to ...
1
vote
2answers
50 views

How much tax should I pay in US on interest earned on my NRE a/c in India?

I am a person on H-1B who passes Substantial Presence Test. I have transferred money which I saved from my salary to my own NRE account in India. I think that I can transfer any amount without paying ...
5
votes
4answers
1k views

Senior in College, need advice on my investing plan

I am a rising senior in college and saved up $3,000 dollars from my summer internship. I have done a lot of research online about investment options for my age and I decided that opening a Roth IRA ...
2
votes
1answer
46 views

Can FHA mortgage insurance premiums go up after a loan is issued?

Is the FHA monthly mortgage insurance payment determined at the time the loan is written? I have a friend who streamlined her FHA loan in about 2012 (original FHA loan 2007). Her MI annual payment ...
2
votes
0answers
29 views

Single member LLC capital contributions and IRS reporting

I have a single member LLC which is a disregarded entity for IRS purposes. I have a new attorney who told me that when ever I make a capital contribution to the LLC out of my own pocket or transfer by ...
3
votes
1answer
45 views

What will be the capital gains tax after we sell a rental home?

I'm in desperate need of some help. I've been asking different tax consultants about this situation, and I keep receiving different answers. My parents purchase a Tudor style home about 30 years ago ...
1
vote
0answers
44 views

How common is “pass-through” health insurance?

I am doing research about how health insurance works in the United States. I plan to post my findings on my personal web site. I have heard it said that some companies that provide health insurance ...
4
votes
2answers
97 views

Should my credit report be empty

It seems my credit report is empty. When going to annualcreditreport.com, Experian and Equifax both give me generic errors saying my request can't be completed, and TransUnion gives me a report that ...
3
votes
1answer
65 views

Self Employed 401k: contributions vs more available deductions

I'm in a unique situation this year where I worked self-employed 1099 for a few months and am full time W-2 for the rest. My full time job does not offer a 401k, but I can open a self-employed 401k ...
4
votes
2answers
146 views

How does Wells Fargo use my phone number to find my Bank of America account?

I'm extremely confused about how Wells Fargo's SurePay transfers money to Bank of America. I've set up my Bank of America account to use my mobile phone number to receive payments. Now someone sent ...
0
votes
0answers
19 views

UK resident seeking to invest in US mutual fund company

I have a B1 visa, owns a rental property and file US income tax return annually. Can I invest in mutual funds in the US? I was advised by a mutual fund company that I am not eligible because I am not ...
1
vote
0answers
17 views

IRS-4506T, Request for Tax Transcripts reporting delay

sometimes lending institutions ask for a request of tax transcript for the past two years. This is done by filing a IRS-4506T, and then the IRS sends the transcripts to the designated person. This ...
1
vote
2answers
102 views

buying a duplex: do i have to pay taxes quarterly?

I was thinking about getting a home loan, buying a duplex, leasing one side out and living in the other side myself. My question is... would I have to pay income tax on a quarterly basis for the side ...
8
votes
6answers
912 views

Pros/Cons of Buying Discounted Company Stock

For my company (large international software firm) I am allowed to buy company stock at a discounted price. To me all I see are pros such as: Being able to sell the stock right as I buy it, ...
3
votes
1answer
72 views

What is the denominator in the expense ratio?

So I recently looked at Vanguard Total market Index fund, which has an expense ratio of 0.05%. How is this number calculated? The numerator is various operating expenses of the fund, but no source ...
10
votes
3answers
2k views

Should I pay rent electronically?

I'm renting an apartment from an individual. The landlord and I discussed the possibility of paying rent electronically. My bank (BofA) has some kind of electronic payment option where I'd enter the ...
0
votes
1answer
78 views

US: personal income tax calculations and other costs

If an individual has an annual salary of US$150K in Silicon Valley as a software engineer from his/her job, how much would this individual take home (cash)? If said individual has to also take into ...
2
votes
2answers
258 views

We're taking a sabbatical in less than two years. Ideas for investing money until then?

My wife and I are planning on taking a sabbatical year off in 2016. We are following a path of 6 years of working very hard, 1 year rest and reflection, repeat. I realize this is not suited to all, ...
8
votes
10answers
2k views

Ideal investments for a recent college grad with very high risk tolerance?

I recently graduated college and got a steady job making decent money as a software engineer/programmer. I make more than enough money to sustain myself and save up money, while still having money ...
0
votes
0answers
32 views

Receiving money from overseas for a business

My friend is sending me a large sum of money from Germany to open a business in USA. Am I supposed to pay taxes for on that money? Should I open the business account first?
1
vote
2answers
258 views

What options exist to make money in the US on a work-restricted visa?

So someone I know started selling on eBay, we live in the US. Her visa does not allow her to work, so instead, she decided to try making money online. She has made about $1000 in 3 months. With A ...
2
votes
1answer
59 views

Paying for Long Term Care Insurance for relative

My mother-in-law (in her 60s) has no assets, and a pension (state and Social Security combined) of less than $700 month when she retires. Currently, I'm paying for LTCI ($150/day, 90-day elimination, ...
16
votes
5answers
4k views

Dad paying for my new home in cash. How can I buy the house from him?

We found a home we would like to purchase (U.S.). It was the 2nd day on the market and there were already two other offers for it, so we decided to make a cash offer ($230K) as my dad agreed to pay ...
0
votes
1answer
65 views

How many allowances on my W4?

According to the IRS's online calculator, I should write "EXEMPT". According to the W4 worksheet, I should write in 11. I want to pay the least taxes without owing at the end of the year. Here is my ...
5
votes
4answers
242 views

Sudden Wealth Management

My father passed away last week. I am not yet sure how much his life insurance is, it will be anywhere between 100k and 250k, which I know is a big range. Either way, I am having a bit of anxiety as ...
3
votes
2answers
122 views

Chipping away at large loan, or get rid of smaller ones? Student debt

I am currently $50k in debt from school. I have $9,500 in saving specifically saved for paying off student loans. I am wondering if I could get some quick advice as to what/why I should be paying off. ...
0
votes
0answers
31 views

Which online brokers offer free or cheap IRA conversions and transfers?

I am considering to a backdoor conversion between a traditional IRA and a Roth IRA. The problem is my current broker's FAQ states that they don't support IRA conversions at this time. Does anyone ...