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

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0answers
6 views

CitiBank or HSBC account in India but use funds in America

I have some money in India that I plan to transfer to an international bank such as Citi or HSBC. Once the money is in the account, can I use those funds in America? Are there any tax liabilities in ...
2
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1answer
19 views

Wash sales and year end tax implications

Say I buy stock X on Monday, sell it on Tuesday for a $200 profit, buy it back on Wednesday, then sell it on Thursday for a $100 loss. The next week, I buy it again on Monday and sell it for another ...
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0answers
17 views

If a citizen of UK is sending money from a US bank to an Indian what is the amount that citizen of UK and India has to pay to the government/bank? [on hold]

The banks of both the countries i.e., India and US took some amount from us and still the bank in India has demanded for more money to complete the money transferring process.How much amount is the ...
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2answers
76 views

Are tax-free investments still tax free when taking distributions?

If you read the 'Power of Zero', he talks about putting tax free investments into your traditional IRA. That way, you won't incur any taxes when you take distributions. Maybe I misunderstood what he ...
7
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3answers
767 views

Missing opportunity cost of mortgage prepayment

What other opportunity costs of paying off a mortgage early might I be missing? I am in year 2 of a 15 year mortgage at 2.875% with no other consumer debt. I have a 8 month emergency fund, maxing out ...
3
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3answers
739 views

Are debit cards and “open loop” gift cards accepted everywhere that credit cards are?

In U.S., a debit card or an "open loop" gift card will normally have a Visa or MasterCard logo on it, and the card can be used in "credit" mode. Does that mean that such a debit card or gift card can ...
2
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0answers
43 views

Change in health care deductible with newborn

My wife has health coverage (different from mine) through her employer. Her deductible is $1300. In May my daughter was born. Until then my wife incurred a lot of expenses and met the deductible. ...
3
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1answer
71 views

Understanding Gift taxes for mortgage downpayment

We have finally decided to purchase our first home and we plan to borrow interest free money from friends and family to pay off 20% downpayment and get cheaper interest/escape PMI. IRS says .. "The ...
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2answers
243 views

Controlling parents: how to get back my money

When I was around 15 my dad and I opened up a savings account at Regions bank. Ever since then I've been working and only putting my money in this account. The situation at my house is causing me to ...
2
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2answers
82 views

Visiting vacation rental with immediate family

My family of 5 live in California, have a ton of equity in our home, are heavily invested in the stock market through IRAs and other investments and are considering purchasing a rental property in ...
3
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1answer
39 views

Long Term capital gain tax for selling land abroad

My husband and I are currently in the US and pass the substantial presence test for residence (31 days in 2015 and 183 days on the whole) We want to sell a self acquired property purchased in the ...
3
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0answers
65 views

How should I respond to an IL 2012 “Notice of Proposed Tax Due”?

I received today a "Notice of Proposed Tax Due" for Illinois, alleging: Tax Due: $738.00 Penalty Due: $111.00 Interest Due: $34.00 This seems suspicious to me; I have been meticulous with taxes and ...
4
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1answer
52 views

Clarification on 2015 IRA Rollover Limits

I've run into an issue in my personal finance journey that many people now struggle with: having a collection of 401k and 403b accounts left over from previous employers, some of which have been ...
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2answers
183 views

How could I find someone to find a room for me to live in? (For a fee, of course.)

I am a young adult looking for a room near the college I'll be attending. I am not experienced or good at looking for housing, and I don't really have the time to shop around because I work full time. ...
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1answer
69 views

Avoiding tax complexities of REITs

I would like to invest in REITs for their high yield, but would like to avoid their tax complexities. If I buy exposure to REITs through an ETF or mutual fund, will that abstract away the need to do ...
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0answers
25 views

Does GAAP have rules for skipping a scheduled payment to avoid penalty on future payment [on hold]

The purchase contract on a business has a set schedule of payments and if a payment is not paid timely, a late fee penalty is required, and if not paid within a set time period, interest is to be ...
4
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1answer
87 views

What happens to HSA money when you die?

Say I had $10,000 USD in a Health Savings Account. What would happen to that money when I died? Would my heirs get it? Would it go into an HSA account for them, or could they just get the raw cash ...
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7answers
6k views

Paying $1000 a month to keep a car in New York City

I am 25 working in New York city making ~117k a year. After tax and various pre-tax deductions, (mta fare etc) my take home is just shy of 6k a month. I pay $1875 in rent a month for a nice ...
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2answers
99 views

Could capital gains from a stock sale impact my IRA eligibility?

If my annual income plus profits from the sale of a stock is greater than the annual ceiling for being able to contribute to an IRA, am I ineligible to contribute to an IRA? In other words, are ...
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0answers
81 views

Can I use a U.S. only credit card outside of the US

Can I use a US only prepaid credit card to purchase from an online service from another country like Brasil?
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0answers
99 views

Long term investment for money

I have some money I would like to put into very long term savings. At least 40+ years. What's the best way to save the money? I would like to accrue as much interest as possible and get a headstart ...
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0answers
32 views

Can a business operate in one state ie. NY and have an office in another?

My prospective business is going to operate in NYC but due to unforeseen consequences my "office" or base of operation will be in another state. What sort of consequences or altercations can I ...
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1answer
59 views

Bank account in Seatle, Washington state

My brother used to have a bank account more than 30 years ago in Seattle where he used to live. Being disable due to a car accident, he is unable to follow up the matter. He lives now in a nursing ...
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1answer
66 views

Gifted money invested without tax?

If I gift $10k to my parents (parents are indian citizens, so am I) in India, and they use it to invest. Will that investment be taxed in USA? Taxed in india if kept long term? Is this a tax loop-hole ...
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2answers
261 views

Can a self-employed person have a Health Savings Account?

Who can establish a Health Savings Account? I am self-employed with an IRA and SEP accounts. My health insurance is provided through my Husband's employer. My husband has a HSA through his ...
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2answers
149 views

How do disputed debts work on credit reports?

There is a company that believes I owe them money. I disagree, and they've hired a debt collector. I know how about my rights per the Fair Debt Collection Practices Act, and in particular that I ...
2
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1answer
30 views

FBAR needed if I wire transfer in installments?

Lets say I want to send $24000 to my parents account in India from USA. I will first transfer in NRE account. Then move money from NRE into my parents account. If I send $8000 to NRE, move it into ...
2
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1answer
73 views

Selling my earned dollars to someone in US for rupees in India

I am working in US as a resident alien. I have few dollars in my bank account in US. If I give some dollars to a friend in need in US and he deposits equivalent amount in Rupees in my Indian bank ...
3
votes
1answer
126 views

Do you need to pay taxes on cash poker games?

My father is a poker player and only plays cash games, that is poker games where you only play with you own money (vs tournament where you pay a fixed fee and can win up to millions). We currently ...
54
votes
10answers
13k views

Apartment I never lived in is collecting against me. Recourse?

I was looking at apartments a year ago, and found the "perfect" apartment online. However, I couldn't go look at it until the following weekend. Unfortunately, the apartment had already been listed ...
7
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3answers
393 views

Risks associated with investing in dividend paying stocks for short term income. Alternatives?

I will be leaving my place of employment in the near future to run and grow my small business full-time. After assessing my expenses I'm expecting to be in the red $300-$400 a month for the next 1-2 ...
14
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4answers
658 views

how to deposit found money

About $25,000 was found in my home ceiling which I believe was put there years ago by my parents and forgotten. I want to know if I deposit it all in the bank at one time will that cause any problems ...
5
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1answer
428 views

Income tax withholding for single person vs. married person?

Page No: 45 of this IRS publication http://www.irs.gov/pub/irs-pdf/p15.pdf gives the Percentage Method Tables for Income Tax Withholding. I am married, but my spouse works as well. In my case, will ...
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0answers
20 views

Help required in filling up of form W8 BEN-E [closed]

We are an India based Pvt Ltd company and have been asked by our client to fill up this form for payment. Please help with the answers to the following questions. Is 9a/10 in Part I compulsory or ...
2
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2answers
471 views

Best starting options to invest for retirement without a 401k

I'm trying to avoid asking a duplicate question, but I feel my situation is more specific than general beginner's saving or investing. I am a university student with a part time job that does not ...
5
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1answer
65 views

Can assets be transferred from an existing employer 401k to an Individual 401k?

I've been considering opening an Individual 401k account with Vanguard. I chose this, opposed to a SEP IRA, because of the higher contribution limits and the dual contribution options (as employee and ...
2
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1answer
18 views

Indian working in the US Tax filing as Resident in both countries

I moved to the US last October from India, I had spent more than 180 days in India during the Financial Year 2014-2015. I am also eligible to be treated as a Resident for tax purpose in the US as I ...
0
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1answer
26 views

If an Indian resident earns any income in the USA is he liable for double taxation?

I plan to work in the USA for 2-3 months then come back to India. In this case is there tax liability both in the USA and India?
4
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1answer
69 views

Can Professional Certifications be written off in taxes?

I am currently enrolled in courses outside of school that are for IT certifications. Question: Can the tuition and the certification vouchers be written off? If so, what is the best way to go about ...
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1answer
16 views

Tax in US or India

I am Indian citizen and living in US on H1B and have been paying taxes regularly in US. Now I want to start investing in Indian Stocks. If I make profits in Indian stocks where should I pay the taxes, ...
2
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2answers
91 views

What is this option offering me on my loan repayment?

I was just updating my auto-repayment for my student loan, when I was given the following option: I am not sure what the difference is here between these two options - why would allowing interest ...
3
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2answers
307 views

Understanding taxes when buying goods at a store

I am a bit confused about retail sales taxes. Today I bought $4 worth of goods (PowerAde and pudding) and the tax was $0.01, even though my state (Maryland) has a sales tax of 6%. Why do some goods ...
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0answers
21 views

What special considerations need to be made for a US citizen who wishes to purchase a house in Canada?

According to an answer on a previous question, buying a house in Canada if you are a US citizen is pretty straightforward. But it doesn't address tax concerns in both countries - how are they ...
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0answers
46 views

Where do I have to pay taxes?

I'm a Canadian citizen doing a rotational program with an international company based in UK. I'm paid by the American holdings office, and I was living and working in California between September '14 ...
4
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1answer
87 views

Working remotely from Canada for a US company. How to get paid?

I am a Canadian who just landed a (short-term contract) job working remotely for a US company. Since this happened through a (US) recruiter, my employer would pay the recruiting firm, who would pay ...
2
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1answer
114 views

Direct deposit downside

After working at a job for four years as a salaried employee, my employer has offered direct deposit. He says he has to hold a weeks pay in arrears to give time to adjust deposits for those who leave ...
2
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1answer
31 views

EIN for personal LLC: Is this an S-Corp?

I'm currently a software developer, and it looks as though I'll be transitioning to doing 1099 work much more often than W-2 work. As such, I've decided to open a personal LLC in the State of Florida. ...
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2answers
96 views

If I have a home loan preapproval letter for x, can the seller know this without me explicitely telling them?

So, where I live there is in a major seller's market. Houses are sold within days of listing, which makes things like getting loan approval for houses a bit of an issue. I know I can get a blank ...
4
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1answer
115 views

Will moving my debt from one credit card to another affect my credit score?

I have a card that is 50% used with 7% interest. The max credit limit on the card is $10,000, and I used $5000. I have another card that is $14,000 and I have $2900 used, but the interest is 14.9%. I ...
12
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3answers
6k views

Want to retire at 55, but 401k starts paying at 59.5 years old

Right now, I am on my late 20's, and I have this plan on retiring at 55 years old, instead of the usual retirement age of 62. For this, I plan to save money enough to cover my expenses from the day of ...