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

learn more… | top users | synonyms (2)

0
votes
0answers
26 views

Should I pay for lousy tax preparation service?

My tax accountant this year did lousy job - Form 8942 was not filled according to IRS instructions. Also, I had to figure out myself why ESPP, NQSO and RSUs cost basis this year was incorrect on my ...
1
vote
1answer
35 views

Strategies for paying off my Student loans

For some background info on myself, I just graduated college a bit over a year ago with a Comp Sci degree. I've saved up just enough to pay off my student loans in its entirety, however, I have ...
0
votes
1answer
46 views

Tax implications of dad paying cash for my home, and me paying him back?

My father found a better loan than us, so we are thinking about him giving us the money for the house, we pay cash for the house so we get it under our name, and then we pay to him every month for the ...
1
vote
2answers
95 views

Get a loan, and then repay that loan with the loan itself

Due to some unfortunate circumstances, my credit score dropped 300 points in less than a year. I had a procedure done at the local hospital, which ended up costing around $800. I gave them my ...
4
votes
1answer
61 views

Can I put IRA $10K withdrawal back into account within 120 days?

If I take $10K out of IRA for first time home purchase, use it and then come up with extra $10K within the next 4 months, can I put that $10K back into the IRA within the 120 day period (i.e,. ...
3
votes
1answer
165 views

How to correctly deduct purchase of a laptop dedicated to my consulting work?

I was thinking about buying a laptop to use dedicated for consulting. Currently I've been using the same laptop that I do my personal stuff on for my consulting work but I'd like to have a separate ...
2
votes
1answer
53 views

Maternity payments taxable income?

Paid maternity leave in my country of residence is paid by the government as a social security insurance benefit, rather than by the employer. Is it treated as taxable income on my US return? Edit: ...
1
vote
1answer
85 views

How much should I charge a U.S. company for IT work I'll do remotely from Canada?

I'm currently living in Canada. I have very nice job and I'm happy with it. My previous company in the U.S. contacted me and they want to hire me as a 1099 (independent contractor) working remotely. ...
1
vote
0answers
36 views

Are Target Funds Unsafe - Post Q.E.?

It appears that Target Funds are becoming more common for employer sponsored plans, and these are billed as a safe way to prepare for retirement. For people who plan to retire over the five to ...
1
vote
0answers
15 views

Receiving $10,000 grant from U.S company as a UK citizen using W-8BEN form, how much is taxed before and after using a tax treaty?

I'm going to be travelling to America to take part in a fellowship/scholarship/training program ran by an American company. I am a UK citizen. I am receiving a $10,000 grant from the U.S company and ...
2
votes
1answer
64 views

Does the IRS penalize for overpaying and underpaying state income tax?

I used TurboTax for filing my taxes this year (for 2014) and came across an oddity that either means TurboTax is buggy or the IRS penalizes for overpaying state income tax. When using turbotax (and ...
3
votes
1answer
64 views

Why do mutual fund trading limitations exist? e.g. 90 day transfer limits?

I recently moved money from one mutual fund to another fund in my 401(k), and was warned that I'd be prohibited from transferring out money from said fund for a period of 90 days. I know such ...
1
vote
1answer
41 views

How to report Canadian T4 slip items (e.g. CPP, EI) on a U.S. tax return?

I am a U.S. citizen resident in Canada. Does anyone know how to report the various items on a Canadian T4 (a rough equivalent of a W-2) on a U.S. tax return? I am not sure about the following items: ...
0
votes
1answer
46 views

How can a Canadian establish US credit score

I don't have a SSN or US address. I would like to start establishing a credit score in US. What are my options? What is the fastest way?
2
votes
2answers
75 views

Soft Inquiry vs Hard Inquiry

For the following scenarios, I was informed that there'll be a soft inquiry involved Opening a Checking account at a credit union Requesting a Credit limit increase on a Credit card Signing up for ...
0
votes
1answer
10 views

When filing a US 1065 as a General Partnership, do we combine our expenditures for a home office?

I am in a General Partnership with 1 other person. We both work out of our respective homes. When filing expenses on a 1065, do we line item each of our home office expenses? For example, if I use my ...
1
vote
1answer
52 views

Loan Repayment and Salary Decisions

I have an LLC in CA with my brother acting as the primary member of the company. In an effort to get the company started and to get us through some growing pains I loaned the company money, around ...
1
vote
1answer
18 views

Can subsidized and unsubsidized Stafford loans be repaid independently of each other?

For an undergraduate student in the U.S., Stafford loans are offered to students and may contain a portion that is subsidized and another portion that is not, both in a single year. Can the ...
1
vote
3answers
96 views

Wouldn't it be better if reinvested dividends were simply treatable as capital gains for tax purposes?

Suppose I own 100 shares in XYZ corp purchased for 25c in year 2000. If XYZ corp pays me 5c in dividends in year 2001, I will owe tax on the 5c dividends, hopefully as qualified dividends(?). If on ...
10
votes
2answers
2k views

Do I owe a finders fee to my tenant's broker if they didn't bring me the referral?

I am currently using a broker to help me find new tenants for my rental home. Currently, she has only advertised the home on Craig's list. However, at an open house that she was hosting for another ...
4
votes
2answers
1k views

Buying a condo to attend schools in another district [on hold]

I live in a area with bad school district. I pay a lot in property tax and I'd like to avoid paying private school for my children when they start in 2 years. The option would be to move to a better ...
0
votes
0answers
37 views

401K or Indian CD

I am debating on contributing to 401k(which is being invested fully) va putting a sum (say $10k) in Indian CD. I am assuming investment in stocks would return about 6-8% where as Indian CD would ...
1
vote
1answer
81 views

Is it illegal to sublet apartment to someone not on lease? Penalties?

I have a 2 BR apartment which I have been using to sublet to tenants for several years. I don't put them on my lease. Is this illegal, and if so, what are the penalties?
1
vote
0answers
23 views

Taxes for a UK citizen interning in the US for 3 months

I am a student and UK citizen. This summer I will be interning in the US for 3 months on a J-1 visa. The internship is paid and my salary will be paid into a US checking account. I understand that ...
0
votes
1answer
61 views

What do US banks look for while processing a check

I recently had two issues with banks & checks I deposited a check payable to my spouse & me in our joint account at the bank ATM. It was accepted, then rejected - missing endorsement. Turns ...
1
vote
1answer
90 views

Can I remove additions from a forclosed home? [on hold]

I would like to buy a porch off a foreclosed home however removing the porch will leave a huge hole in the side of the home is it legal for this guy to sell me the addition he added on? to add the ...
0
votes
1answer
22 views

General Partnership, 1065 an K1

I've just formed a general partnership in the US and I'm completely unclear about the tax requirements. Do we file only once a year, or are we required to file quarterly? When am I required to fill ...
6
votes
3answers
166 views
+50

Why do US retirement funds typically have way more US assets than international assets?

I have noticed that US retirement funds generally seem to allocate far more space to US stock than international (non-US) stock. Of course, there is not really any such thing as a prototypical ...
0
votes
0answers
38 views

Best way to refi home and investment property

I have a mortgage on my primary residence and a mortgage on a rental house. Both have interest rates of around 4.5%, and the rental has FHA MIP that I would like to get rid of. Both loans are around ...
2
votes
0answers
29 views

Received check and 1099-MISC in different years

When reporting on a cash basis for Schedule C: what if a check arrives late in a year, but the matching 1099-MISC was issued for the prior year? In other words, what if a client issues the 1099-MISC ...
2
votes
1answer
25 views

How to correctly adjust cost basis 8949 for Employer stock starting from 2014

Since 2014 brokers don't include "compensation element" in cost basis on the 1099-B form for RSUs, ESPP and NQSO stock. This means that I have to adjust cost basis myself to avoid being double taxed. ...
0
votes
1answer
51 views

Deal with stock PSEC

I bought PSEC 3000 shares one month ago. Recently I found some rumor about it. Today's the deadline - if you owned PSEC as of 11:59 yesterday then you have to send the IRS 10% of the value of ...
12
votes
8answers
3k views

Mortgage or not?

I am 57, spouse 53. I lost my 30+ year business in 2009, decelared personal bankruptcy and now have only $4K in retirement accounts. The positive news is that I am employed; my income is 110K, hers is ...
2
votes
1answer
76 views

How should I be taxed on my returns on investment in capital?

If I paid a business owner $10000 for the purchase of capital and in return and am being paid $150 per week for the next two years in return, how do I file these returns? Using a 1099-MISC? Edit: ...
4
votes
1answer
60 views

Treatment of web domain ownership & reselling for tax purposes: Capital asset, or not?

I run a web publishing business. I buy a large number of domains — and occasionally sell one, although not frequently. Some domains are developed into websites, which bring in advertising ...
0
votes
1answer
27 views

merging transactions in 8949

This year I received NQ Stock Options, RSUs and ESPP shares from my employer (I work as a full-time engineer in a tech company). In my 1099-B form all of them show up as separate transactions ...
1
vote
2answers
52 views

Which IRS address to choose for federal tax return?

Do you choose the IRS address for submitting your federal taxes based on where you currently live (the return address on the envelope) or where your current resident was in that tax year?
0
votes
2answers
52 views

What is the minimum information someone would need to know about me to wire money out of my brokerage account?

I'm doing my taxes and preparing my own statement in lieu of a 8949. My broker has provided me with a statement that has a lot of information on it. My first thought was just to mail the statement to ...
1
vote
3answers
41 views

Average cost basis based on total shares held or specific shares sold?

Let's say I bought 1 share in a Vanguard mutual fund each year for 10 years. Its price started at $1 and went up by exactly $1 each year, so the price of the latest share bought is $10. The average ...
2
votes
0answers
18 views

How to list child care for taxes when not married and splitting the costs?

My girlfriend and I have one child and it is my understanding that only one of us can list our child as a dependent on our taxes since we are not married. She lists him as a dependent, I do not. We ...
0
votes
1answer
28 views

College job: local credit union or existing Navy Federal?

I'm in college, and I have recently gotten my first paycheck from my first job here. They do not do direct deposit and only give checks. In the past, I have banked at Navy Federal, but my college ...
4
votes
1answer
46 views

Which state gets taxes on money paid for previous year's work?

I moved from PA to IL at the very end of 2013. Because of this I thought my taxes were going to be easy, but I received a final check in January 2014, which included unused vacation time, etc., and ...
5
votes
2answers
184 views

Deferring mortgage interest expense to next year when filing taxes?

I paid around $25,000 in mortgage interest payment last year, however, I had no income. I was wondering if I could defer this expense to next year and omit it this year. Since it will not benefit me ...
6
votes
3answers
545 views

Can capital expenses for volunteer purposes be deducted from income?

My wife volunteers for a charitable organization and her role involves a lot of printing and copying. I want to buy her a new laser printer as she wastes a lot of time fighting with our crappy ...
1
vote
2answers
45 views

Is it possible for state and federal taxes to already have been removed on a 1099-MISC?

I am a PhD student and receive a stipend from the university. I get a 1099-MISC for that money. On the 1099-MISC this year, there's an amount listed in box 4 and box 16 for federal and state, ...
1
vote
0answers
37 views

Can return fees be reimbursed from an HSA?

Suppose I buy some prescription eyeglasses from an online site. Then suppose after I get them I decide I don't like them, and I return them. In such a case, the seller may charge me some fee (e.g., ...
0
votes
0answers
29 views

IRS (USA) Form 843 - How much time you have to file?

While I was on F1 Visa, my employer witheld social security and medicare taxes for me in error, and has declined to process a refund. IRS has a form 843, which allows you to petition IRS for a refund ...
0
votes
1answer
37 views

Can I deduct state and local taxes on a 1040A form?

I just finished filing my 1040A tax form when I read that I may be able to deduct state and local taxes from my federal filing. I can't tell though if there is a way to deduct this on a 1040A form or ...
0
votes
1answer
53 views

What portion of my salary will be taxed during my internship in Washington state?

If my salary is $6500 a month, and I intern for three months, how much can I expect to lose to taxes?
3
votes
1answer
76 views

How can someone claim themselves as a dependent?

I'm filing my taxes on a 1040A form and I noticed this line No one is claiming me as a dependent, so does that mean I should count myself as an exemption? What would that even mean?