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

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2
votes
0answers
19 views

Do I need to file reports when transferring money to US?

I have saving account in the country of my citizenship. After moving to US and get permanent residency, I want to transfer money (> 10,000, after-taxed, not business or gift) from my saving account to ...
4
votes
1answer
37 views

How does the U.S. wash sale replacement stock rule work?

I am trying to understand how the replacement stock is selected when applying the wash sale rule. This is in the USA. I have scoured the IRS publications that seem relevant and am still unenlightened. ...
2
votes
1answer
77 views

If a check was made out to my name instead of my business name, is there some way I can still deposit it into my business account?

I am working as an independent contractor, and my first check was made out to my personal name instead of my business/corporate name, can I sign the check over and consider it as income for the ...
8
votes
2answers
2k views

Can my US company buy my foreign company for $1 USD?

I'm a non-US resident and I'm the owner of a Delaware C-corp Inc. I also own a company (equivalent to LLC) in the EU. Although I could "sell" or transfer ownership of my EU company to my US company ...
8
votes
2answers
2k views

Are there any credit cards with a statement period longer than 1 month?

I'm surprised that all of the credit cards I've looked at have a statement period of 1 month and almost always have the period run from the 1st to the 31st, though they differ in their payment due ...
2
votes
1answer
50 views

What factors to consider for deciding between forming an LLC vs taking insurance on rental properties

My friend and I (both living in California) want to buy a couple of rental properties (one in Texas and other in Florida). Looking through the various websites and forums on the internet, we could ...
2
votes
1answer
41 views

Are there special endorsement requirements for US Government checks to two parties?

At a bank where I have a checking account in my name only, I regularly cash a dividend check made out to my wife AND me. My wife endorses the check at home and then I stroll down to the bank and add ...
3
votes
1answer
96 views

Depositing the same check after it's returned

So I wrote a check to myself to transfer some money from one of my account at Wells Fargo to Bank of America. The problem is, I used wrong account to withdraw the money (checking instead of saving), ...
2
votes
0answers
22 views

Foreigner wishes to open a US bank account

My mother-in-law has had bank accounts in the US for many years. She has a social security number but she is too frail to travel here. My wife has Power of Atty. giving her specific powers to open a ...
2
votes
0answers
6 views

Definition of “business” for the purposes of the IRS Foreign Earned Income Exclusion (2555)

Line 14 of the IRS Foreign Earned Income Exclusion form (2555) asks that one lists the days one was present in the US during the tax year. It then asks how many of those days were "on business", and ...
1
vote
2answers
20 views

Transfer money in my US account to brother's Non Resident External (NRE) Account in India

I'm a student in US on F1. I want to send 2k$ in my US account to my brother's State Bank of India NRE(Non Resident External) in India. There is NO rush in sending this money.. as in the money need ...
-3
votes
0answers
34 views

Quick and economical way to transfer 1cr from india

I need to get 1cr (~$160K) from India to US, what economic and quick ways with minimal taxes are available?
0
votes
0answers
24 views

real estate property that spans across multiple jurisdictions

Hopefully this isn't off topic, it's about real estate and this is the best SE site I can find. I'm looking at starting a business on a fairly large parcel of land. Once I looked at the assessor's ...
2
votes
1answer
25 views

Pros and cons of different methods to transfer money from India to the U.S.?

I live in India, and I'd like to transfer money to a friend in the U.S., to settle a debt. Which of the following options work well: Give a rupee-denominated cheque. This would be denominated in ...
8
votes
2answers
309 views

Roth IRA: Vanguard vs Free Advisor's Mutual Fund

Background: I recently turned 25 and became applicable to invest into my employer's 401K. Due to no matching, I have 3% allocated in as a supplemental retirement fund. Currently single, rent (no ...
0
votes
0answers
40 views
+50

Inherited deferred comp by minors - tax advantageous approach

If minors who are not currently earning income were listed as beneficiaries on a deferred comp plan and owner of that plan passed away at age 63, what's the right approach to minimize taxes. From ...
5
votes
1answer
158 views

Should I convert from IRA to a Roth IRA based on an online calculator?

Several online conversion calculators pretty much give me the same or similar results if before and after retirement tax brackets are the same i.e. 25%. If my tax bracket drops to 15% after retirement ...
1
vote
1answer
19 views

Does 83(b) cause a tax liability when exchanging startup stock for public stock?

I sold a startup to a public company. I filed an 83b at startup inception (nominal value). The terms of the sale were such that I must vest the sale proceeds over 4 years and will be realized as ...
5
votes
1answer
107 views

How to change state residence for tax purposes as a “digital nomad”

I am currently paying taxes as a Kansas resident because this is where I last had a steady "home." But the last 2 years I've been a so-called "digital nomad", and have spent less than 10% of the year ...
1
vote
1answer
59 views

LLC: Where should the funds for initial startup costs come from?

I recently created an LLC (with myself as the only member) and I have some initial costs (website, P.O. Box, etc.) that I need to finance. Can I pay for those out of my personal bank account or do I ...
1
vote
0answers
47 views

What Capital Gains are owed for a Non-resident owning stock in US C corporation when it is acquired?

Would a non-resident alien (no connection to the US apart from the company) owning founder/CEO stock (not stock options) of a private US corporation have to pay capital gains tax in the event that the ...
1
vote
1answer
141 views

Can I get charged with theft for taking my car if my boyfriend signs the title?

I am about to end my relationship and am curious to how this would work. I had my boyfriend register my car under his name because I couldn't afford it at the time. I have definitely made up for the ...
1
vote
3answers
187 views

New 401(k) account, barely funded: can I withdraw penalty-free?

I established a new 401(k) account with my previous employer. I made a total of $600 in contributions ($100 x 6). I don't want to keep this 401(k). First, 401(k) is not my preferred investment ...
3
votes
2answers
709 views

Why shouldn't I consider a 401k loan to myself within my bond allocation?

I have seen broad advice against 401k loans. I question this. Why shouldn't I consider a 401k loan to myself within my bond allocation? Assuming I have trust in my employment cash flow and taxable ...
2
votes
1answer
78 views

Is my wife eligible for an HSA?

I had an HSA with a previous job but I no longer work there and am no longer contributing to it. I still have the account and there is still money in it. My wife recently got a new job as well and ...
0
votes
1answer
34 views

Does an online business selling across the USA would need to file for foreign qualification in each state?

I have been looking at the rules for an all online transactional company. If I make sales in all US states, do I need to file for foreign qualification if I have a Nevada LLC?
2
votes
3answers
207 views

Can I cash out my 401k every year (company match > withdrawal penalty)? [duplicate]

My company offers a 401k 50% match up to 6% of salary, but I'm restricted to picking one of a set of investment portfolios. My thinking is, could I max out the 6% every year, get the full 50% match, ...
3
votes
2answers
154 views

Is there a way to claim a car purchase in the tax return?

I purchased a car for $19K; $6K was paid upfront, and the rest is financed over 3 years. Is there a way I can deduct the car purchase in certain circumstances? This vehicle is primarily used for work. ...
6
votes
2answers
932 views

Is the Amazon credit card reported to the credit agencies?

Is the Amazon Store credit card reported to the credit agencies? I'd like to know if a good payment history with this card will affect credit score or not.
1
vote
7answers
370 views

My company handed me a letter today telling me I owe them money because they overpaid me. What can I do about it? [on hold]

I work an hourly job. I got a letter today telling me that they overpaid me and I owe them money. My job pays minimum wage and I'm not sure how they "overpaid" me, their computers pay me per second ...
13
votes
1answer
905 views

Is the Social Security retirement benefit calculation based on the last 40 quarters, or overall?

Are Social Security payouts based on the last 40 quarters, or overall earnings? That is: If the last 40 quarters of my working career are lower than these past 40 quarters worth, how does this affect ...
3
votes
1answer
112 views

Is tuition reimbursement considered taxable, earned income?

I am a student paying tuition to attend a University. I worked in a lab, so I received a "reimbursement" on my tuition (that is how the University denoted the compensation). Does this "reimbursement" ...
2
votes
1answer
57 views

Wire transfer from India to US

I would like send/lend money from US account to My brother-in-law's Indian account(international wire transfer) for 30 lakhs. This will be no interest loan to him. My brother-in-law needs this money ...
1
vote
1answer
36 views

Can I use FSA funds to pay for expenses outside of insurance start period?

I started a new job on February 2, 2015. But my plan year starts on October 1, 2014 and goes until September 30, 2015. I had a doctors visit that I will have to pay completely for because I was not ...
4
votes
1answer
54 views
+50

What does “separate accounts” mean when rolling over into a 457(b)?

I have a SEP-IRA from an old, part-time job that I had in college with about $120.00 in it. I just opened a 457(b) with my state job. I'd like to roll that $120.00 over into the 457(b). According to ...
1
vote
1answer
94 views

What is the meaning of “advice confirms” in a bank statement?

I got some money transferred from a company in the USA to my UK bank (HSBC) account and I found that it is listed as "advice confirms" in the bank statement record online. What does this mean?
0
votes
1answer
33 views

Are year-end balances all that matter when it comes to Roth IRA conversions?

My wife is in the process of transferring a retirement account from her previous job into a Traditional IRA. Once it is transferred, I know any Roth IRA conversions would also take into account the ...
1
vote
1answer
33 views

Is there a limit to how often you can convert a Traditional IRA to a Roth IRA within a given time period?

Is there a limit to the number of times you can convert a Traditional IRA to a Roth IRA within a given time period? For example, if I convert my existing Traditional IRA to a Roth IRA now, and then ...
2
votes
1answer
38 views

How to deal with IRA excess contribution without withdrawal, penalties, and fees?

I made my traditional IRA contribution for the 2013 tax year in April of 2014. I made my contribution for the 2014 tax year in April of 2015 and shortly thereafter received a notice from Principal ...
2
votes
1answer
37 views

Do I need to do anything after receiving a Form 5498?

I just received a Form 5498 for the 2014 tax year. It shows that I contributed to a Roth IRA but not to an IRA, SEP, or SIMPLE account, and that I did not take any distributions from any retirement ...
20
votes
6answers
4k views

How do I permanently opt out of having a credit history?

In the past, I activated a credit block (freeze) on all major credit bureaus and from reading information, this should prevent anyone from being able to report on my credit or gain access to it. ...
0
votes
1answer
23 views

Another 1040NR question - how to interpret “number of months claimed in prior tax years”?

Does anyone know how someone with NEC income (with a treaty rate of 0%) should fill in the "number of months claimed in prior tax years" line of schedule OI on form 1040NR? (Instructions are here) It ...
2
votes
1answer
34 views

What are the tax consequences of ISO exercising with an 83B election after the stocks FMV has gone up?

I came across a lot of posts that talk about 83B and ISO vesting but still could not answer questions specific to my situation. I am trying to understand tax implications with exercising in the ...
4
votes
1answer
73 views

W-4 Allowances/Exemptions, how many am I entitled to?

I recently decided to correct my W-4 to minimize my tax refund. I reviewed my paycheck, publication 15, and state withholding instructions to understand the formula used to calculate the tax withheld. ...
1
vote
1answer
43 views

Income tax paid in India as well as in U.S. Anyways to claim double taxation?

I had been on Short Time Assignment for 92 days (1-Jan-2014 to 1-Apr-2014) in U.S. During this period income tax on my salary (for duration of my stay in U.S) has been deducted in India. I also ...
26
votes
5answers
7k views

Dry cleaners lost $160 pants, what should I do?

My local dry cleaner lost a pair of pants that go with my suit. It's only $160 but I feel like they should compensate me for the loss. So far, they have completely refused. Some of the possible ...
1
vote
2answers
46 views

1040NR question - 0% treaty rate NEC income

Does anyone have much experience with the 1040NR and Not Effectively Connected income? I have NEC Income that has a treaty rate of 0% Now should this be reported on: a) Schedule NEC (page 4) ...
3
votes
3answers
121 views

Is interest on a personal loan tax deductible?

My father loaned me money to invest in a company and the company pays me quarterly profits. I have to pay back the loan to my father plus interest. What I would like to know is whether or not the ...
2
votes
0answers
60 views

My dad wants to transfer money from India to US as a family maintanance

What is the tax implication if my dad is sending money to me here in US as a family maintenance? Do I have to pay tax on that money and how much will that be?
5
votes
1answer
52 views

What should I use as the cost basis for stock that was purchased before becoming a US resident?

I held some stock in Australia for 14 years and 4 months that has enjoyed some healthy long term capital gains in that time. Recently I became a US Resident for Tax Purposes under the Substantial ...