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

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1
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1answer
6 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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1answer
31 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 ...
0
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2answers
133 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. ...
0
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1answer
48 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 ...
0
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0answers
20 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
votes
1answer
64 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 ...
9
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7answers
5k 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 ...
4
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2answers
89 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 ...
0
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0answers
71 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?
0
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0answers
91 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 ...
1
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0answers
31 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 ...
1
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1answer
51 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 ...
-2
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1answer
56 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 ...
6
votes
2answers
247 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 ...
4
votes
2answers
141 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
votes
1answer
22 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
votes
1answer
67 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
115 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 ...
41
votes
9answers
8k 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
votes
3answers
334 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 ...
13
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4answers
591 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
votes
1answer
415 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 ...
0
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0answers
18 views

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

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
460 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
votes
1answer
62 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
votes
1answer
13 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
25 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?
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0answers
60 views

what happens if the person living in india steels the money from USA credit cards [closed]

what happens if the person living in india who does not have USA visa and steels the money from USA credit cards.
4
votes
1answer
68 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 ...
1
vote
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
votes
2answers
87 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
votes
2answers
301 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 ...
0
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0answers
20 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 ...
1
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0answers
45 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 ...
0
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0answers
64 views

I'm owed the title of my vehicle [closed]

I paid the final payment with a personal check that said final payment. The dealer cashed the check, but now says I owe more money. What can I do about getting the title to my car?
4
votes
1answer
84 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
votes
1answer
112 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
votes
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. ...
1
vote
2answers
95 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
votes
1answer
110 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
votes
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 ...
1
vote
1answer
29 views

ETL Liquidation and Price of the Security

If an ETL debates liquidating its fund, meaning its board says yes but the shareholders must still vote, and the ETF's price reflects the underlying value of the securities that it holds, what would ...
1
vote
1answer
23 views

LLC in states with customers with and without employees in the state

I work out of my home office, I do not have a business office setup. I did register an LLC in the state of Oklahoma where I live. My question is, two fold: If I hire someone in Utah to do sales ...
4
votes
1answer
78 views

Am I eligible to contribute to Roth IRA in 2015

I had a question with regards to the ability to contribute to Roth IRA. My current scenario is I had a 401K with my previous employer ( in 2014. no contributions made since. I have not rolled it ...
1
vote
1answer
24 views

How to calculate and pay tax for Jan to March abroad income for resident indian

I moved to US in October 2014 end which makes me resident Indian form Indian taxation perspective. I paid my US tax for the income of October, November and December 2014. Now while filing India tax, i ...
2
votes
2answers
101 views

Advice for a college student interested in investment opportunities.

I'm 20 years old and currently attending university for a double major in engineering and science fields. My college expenses are being covered. In addition to that i have worked for the past few ...
3
votes
1answer
45 views

Is it ok to stop witholding if this year's witholding is greater than last year's tax owed, which was nothing?

My understanding of the underpayment penalties is that generally you are exempt from penalties as long you pay either 90% of this year's tax owed through witholding, or 100% of last year's tax owed, ...
3
votes
3answers
263 views

What to do with dividends and capital gains from Roth IRA. Reinvest or Transfer to market settlement fund?

I am 22 and just opened a Roth IRA from Vanguard. I am putting 5.5K a year but I was wondering if someone can give me pros and cons for what to do with my dividends and capital gains? The two options ...
7
votes
1answer
463 views

Can anybody cash my check by using an ATM? Does the machine check the name of the check and debit card?

I lost my paycheck. If somebody finds it will they be able to cash it?
2
votes
1answer
71 views

How far can a credit card balance go into the negative?

Hypothetically, if kept overpaying a credit card such that the negative balance kept increasing to absurd amounts, what would happen? For example, say I have a credit card with a line of $500. ...