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

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1answer
24 views

Renting out rooms in my home, what's the proper way to deal with utilities for tax purposes?

I rent out two rooms in my home. Currently we split the utility bill between 3 people, i.e. the utility bill is in my name, and I pay the utilities and then get reimbursed for the other two thirds by ...
2
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2answers
31 views

Selling mutual fund and buying equivalent ETF: Can I 1031 exchange?

I have a taxable investment account consisting of Vanguard mutual funds that I have held for less than a year. I recently learned that ETFs are more tax efficient in nature because the managers don't ...
0
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1answer
85 views

What is the psychology behind the Dead Cat Bounce Pattern?

With the turmoil that hit most markets in the last two weeks followed by a small recovery late last week, are we seeing a classical Dead Cat Bounce appear infront of our eyes? Looking at the charts ...
2
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1answer
179 views

30-year-old saved $30,000: what should I do with it?

I'm a 30-year-old living in NYC with a decent job, not married / no kids. I've now saved $30K and it's just sitting in a savings account, earning next to nothing. I have never invested in the stock ...
3
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1answer
32 views

Administrator vs Broker vs Custodian for a Solo 401(k)?

I'm planning to open a Solo 401(k) with Schwab. There are some provisions that are decided by the Plan Administrator, which I assumed would be me (my business, technically). However, doing research, ...
7
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1answer
862 views

Pay for my parent's PLUS loan - tax implications?

I recently payed off my college loans and now want to pay for the PLUS loans that my parents took out to pay for my education. Does the gift tax apply if I pay the loan provider directly? I'm not ...
3
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0answers
18 views

Did not file W-8BEN but received dividend income from US stocks and zero withholding tax

I am an Indian citizen who worked in US for some time and returned in 2002 to India. I last filed a 1040NR return in 2002 and after that did not file 1040NR. I just realised that I have been receiving ...
2
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1answer
37 views

HSA contribution cap on a new HDHP plan?

What is the HSA contribution cap for single enrollment in a HDHP partway into the year? Assume that the participant was not previously enrolled in any other health plan has not made any HSA ...
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1answer
59 views

How does one transfer funds between a French bank account and a US bank account?

Say Person 1 has a French bank account, and Person 2 has a U.S. bank account. Person 1 wants to send funds to Person 2. Person 1 can add a new person to their list of beneficiaries, but the French ...
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1answer
31 views

Split Roth 401k Rollover between Traditional IRA and Roth IRA

Does the guidance in IRS Notice #2014-54 apply to Roth 401k rollovers? Specifically, is it possible to do a out-of-service rollover on a Roth 401k such that: The earnings are put in the Traditional ...
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1answer
42 views

Taxable income computed by date earned or pay date?

Is taxable income for a given year computed by the days where the income was actually earned or the pay period in which the pay is issued? For example, suppose the pay period for an employee spans ...
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0answers
40 views

Why would most US companies allow Direct Stock Purchase Plan (DSPP) for US residents only?

All companies I would be interested in to contract a Direct Stock Purchase Plan (DSPP) links to computershare.com which requires the buyer to reside in the US (with a valid security number). Is there ...
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1answer
47 views

Do I have to file a tax return on a federal work study job?

I recently obtained a federal Work study job at my college. I filled out paper forms that were a bit obtuse to me. A I-9 form and a w-4 I think. I obtain $1200 maximum from this job. So do I have to ...
2
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1answer
24 views

Does Form 8938 have to be signed?

Unless I'm blind, I don't see any place on Form 8938 for a signature. As it's submitted with the normal tax return, presumably the signature on the 1040 covers this - correct?
4
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2answers
136 views

Seller is eager to offer a nice-looking house on a rent-to-own scheme: could this be some kind of scam?

A couple of years ago I was looking to move from the townhouse I was renting. After checking the rental adverts at craigslist I made an appointment to see an townhouse that looked quite nice and clean ...
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6answers
2k views

Does my net paycheck decrease as the year goes on due to tax brackets filling up?

I am trying to budget my money for the next few months to save up money to move out. In a month, my taxable wages for the year will have crossed the bracket from 15% - sub $37450, into the 25% ...
3
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2answers
59 views

How to get individual long-term disability insurance when you already have a group LTD plan with your employer?

I am a tech worker. My employer offers group LTD that covers 60% of my salary? I went out in the market to get an individual policy but my agent cannot find a company who will underwrite a policy with ...
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1answer
31 views

Is IRS Form 8938 asking me to double-count foreign assets?

FBAR and Form 8938 require the reporting of the maximum balance/value of a foreign account during a tax year. If, say, I sell $100,000 worth of stock from my (foreign) securities account and desposit ...
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1answer
34 views

Can S-Corp loss offset gain?

I made 2 investments via my S-Corp. The first, in apartment buildings which is being sold for a gain, and the second in a hi-tech startup which failed and closed. Can the loss from the startup offset ...
2
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1answer
56 views

How to interpret the interest rate of treasury notes?

I am new to investing in the US and money terms in English, so forgive me if this is a stupid question. From this table, I can see, for example, that the most recent 2-year treasury note sale had an ...
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0answers
79 views

Employer Won't Release 401k [closed]

A client of mine came today with a scenario that I had never seen. She had worked for a company for three years, held about $60K in a 401K, but after four months from being laid off, she hasn't been ...
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0answers
62 views

Condo in HOA building that has been disbanded

I found a listing for a property that is in a high rise building where the HOA has been disbanded. This is the note from the listing: HOA is disbanded and HOA has past taxes. What pitfalls ...
3
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1answer
29 views

Date of sale in real estate - is it date of Close or date of Signing

I'm in the process of selling my home and am getting very close to the time limit on the gains exemptions (2 months from now). The IRS says that the date that matters is the 'date of sale' - is that ...
3
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1answer
32 views

HSA and FSA Concurrently

Our family's health insurance is through my wife's job and it is a high deductible plan. She opened and started contributing to an HSA in 2014. I started contributing to an FSA through my job in 2015 ...
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2answers
226 views

When do I need to transfer money to the owner when buying a used car? Used car transaction paperwork and details

Dear financial experts ! I have never bought a used car before. I bought my first car brand new from a dealership, so I was not worried about the paperwork. Now I am looking to buy a used car from ...
2
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1answer
40 views

Will an HSA save me money on chiropractic or dental?

I live in NJ and have a full time Job. I am mid 35's and my friend is on mid 45's. We both have our Health Insurance. However, it doesn't support Chiropractors or Dental. Will having an HSA Account ...
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2answers
44 views

Any downsides of using 3rd party remittance services?

Are there any downsides of using 3rd party remittance services to send money from US to India ? Like for example I use transferwise to send $x to my dad's account in India, would it show my name as ...
6
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1answer
120 views

My credit score has been erased. What happened?

In 2006, I bought my first car with a loan. In 2008, facing a number of emergencies, I took out a credit card and maxed it out. I worked hard not to miss a single payment on either and to pay off the ...
3
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1answer
559 views

Is this 401k statement odd or is it normal?

I'm trying to help someone compare benefits for two different companies. However, we have both interpreted the 401k match statement in the benefits summary differently for one of the companies. ...
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1answer
26 views

Is US salary taxable in India and is there any provision to save tax?

I have this question about the tax filing that I am planning to do in India for year 2013-14. I worked in India for an Indian company for almost 7 months and I also worked 4 months in the US (as a US ...
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1answer
48 views

New business owner - How do taxes work for the business vs individual?

I have a business that is in it's 2nd year and has now made $400ish. I have the money just sitting in the business bank account. I do have a business partner. A couple of questions? If we leave ...
2
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1answer
49 views

What needs to be done to transfer IRA accounts when someone dies?

My mother has died, and she had a number of IRA accounts in her name for which I am a 50% beneficiary. One was a Roth IRA. The Financial Advisor she was using wants to charge me exorbitant fees just ...
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1answer
64 views

Are there any US banks that allow you to make an international wire transfer online?

I am an expat and right now I have to get someone to physically go to the bank to make the transfer for me each time. It seems a bit ridiculous in this day and age of high tech and is a royal pain. ...
2
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1answer
48 views

FATCA - Streamlined Foreign Offshore Procedures

I’m German and my wife is American with US passport + SSN; she has lived in Germany nearly 30 years and after the kids left the house started work again with a part-time job 5 years ago. Our joint ...
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2answers
43 views

Clarification on 529 fund

I am more than 30's, having a full time job. I am looking for Part Time Master's Graduation Program which will enhance my career. Can i deposit around 5000 for this year in a 529 fund. Whether this ...
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1answer
44 views

Need some advice on how to manage multiple income sources

I need some advice on how to manage multiple income sources. I am a programmer/entrepreneur that has started a couple of side businesses online and just need some help. Here are all my income ...
2
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1answer
26 views

How to find out IRS notices on a topic?

Is there a way to find out IRS notices on a topic? I had a question about HSA and found my answer in this notice but since its more than 10 years old, I wonder if the information therein is current or ...
1
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3answers
323 views

Is there any drawback in putting all my 401K into a money market fund?

As you may know, the stock market drops like crazy, I did sense that a couple weeks ago and transferred some of my fund to money market - well, at least to keep it as dollar value... However, I am ...
1
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1answer
35 views

Is it possible to add money to an existing rolled over IRA when I have a 401(k) from work?

I contribute about 12% of my income to 401(k) which comes to about 15000 a year or so. My employer doesn't match anything due to nature of the contract. I have been investing in 401(k) since 2012. ...
1
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1answer
57 views

If/When the Fed raises the interest rate, how much will this affect my ARM?

I have a home equity line of credit with an adjustable rate. Currently (as it has been for quite some time), it's sitting at 3.5%. I understand that we're not sure how much interest rates will rise, ...
1
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2answers
40 views

Closing a home loan and credit card use

I'll be closing on a home loan in the next month. I'm aware of the risks of running up credit during this period. Right now I have a very low credit utilization ratio (~5% or less). I'd like to make a ...
1
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1answer
113 views

Buy house as soon as possible or wait

I was planning to buy a house next year with around 5% - 10% down, but I decided to step back a little, and instead of buying a house next year, I plan to wait paying all my outstanding debts (around ...
8
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1answer
125 views

What if an employer sets up and contributes to an HSA for an ineligible employee - can he withdraw the excess contributions with no penalty?

My son is 21 years old and starting his first job. He is covered under my health insurance, which is a non-HDHP PPO, until he turns 26. (Because I have other children, I wouldn't save any money by ...
0
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1answer
32 views

getting paid for work in Canada to a U.S bank account?

So I'll be temporarily transferred to one of our company's offices in Canada for about a year. Can I be paid to my U.S bank account just so I won't have to transfer the money back to the U.S when I ...
2
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0answers
85 views

Downsides to refinancing with only one spouse?

My wife and I are talking with a lender about refinancing our home loan. Currently, our loan is in both of our names, as is the title. (This is a Lien Theory state, if relevant.) The house was ...
6
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1answer
104 views

Capital gains tax when I sell my home if I use a portion of it for an AirBnB

We live in Virginia. We own a nice-sized home and now that the kids are gone we are living on one floor, except for the laundry room. We are considering renting out the downstairs as an AirBnB space. ...
1
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1answer
33 views

Tax Allocation - Business Asset Transfer

I'm selling my sole proprietorship. It is a technology company with few / no tangible assets or customer base, mostly just software. This is being done as an "Asset Transfer" to new owners in another ...
3
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3answers
191 views

What are my options if my previous employer does not transfer my 401(k)?

I recently (1yr ago) changed jobs and my previous employer has not transferred my 401(k) contributions. I have sent them several emails regarding this. Their typical response is that they are working ...
3
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1answer
115 views

Anyone have experience with Brink's 5% savings account?

If you get a Brinks prepaid MasterCard (no initial fees, and you can even get a $20 signup bonus) and go through some other gyrations, you can presumably get access to a 5% FDIC-insured savings ...
10
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1answer
2k views

What does “sits on all four property lines” mean in Real Estate?

I recently read a listing that said, "The nearly 10,000-square-foot property sits on all four property lines, a rarity in Chicago," Apparently this is a good thing, relating to land and property ...