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

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1answer
13 views

Tax implications of transferring money to New Zealand from USA?

I want to transfer over $USD10K to New Zealand from the USA and am wondering if there is any tax implication? The money would be going from myself to myself.
2
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1answer
34 views

What is the best way to pay my American rent from Canada?

I need to pay rent to my landlord on or before the day I arrive in America. Right now I live in Canada, and I have the money to pay (in USD), I just do not know what the most efficient payment method ...
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5answers
232 views

Can I back out of a house purchase after the inspection if the offer stipulates “as is”?

I need your help more than ever. I made an offer on a house (state of Arkansas), and got a counter offer, and now I am about to accept it EXCEPT there is one thing that bugs me: the counter offer ...
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1answer
38 views

Is there any instrument with real-estate-like returns?

I want to shift part of my portfolio away from stocks into real estate. I've found that if I bought real estate directly I could expect about 10% in yearly returns. The problem with buying physical ...
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2answers
34 views

estimated taxes and late penalties on highly “bursty” side income

I have a full time job where I get a W-2. In addition I occasionally freelance on the side as a contractor and receive a 1099-MISC. The freelance work is very irregular and hard to predict. It's ...
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0answers
39 views

What taxes do new subcontractors pay?

I started a job a few weeks ago and I was wondering how do I know how much to pay on my taxes if I'm a subcontractor. The contractor who got me on he said that I would get a 1099, but I just want to ...
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1answer
26 views

Day trading in USA from Australia

I am an Indian citizen living in the USA for the past 4 years on work visa. I do trading occasionally (not day trading though), and as should be clear, I do have a SSN and Bank Account. However, I ...
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1answer
248 views

How to recover an inherited dormant account without paying a significant commission?

I settled my parents' estate in 2012. Now I am receiving records of a dormant account from Legal Claimant Services (Keane). They claim to have found $68,000 in a dormant account. I live in ...
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5answers
2k views

Can I preemptively pay my credit card bill before a charge is posted?

Today, I paid a $1000 bill with a credit card that has a $1500 credit limit. (Note, I have changed the numbers slightly here, but the ratios are roughly correct.) The bill has not yet been posted to ...
4
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1answer
70 views

Capital gains when selling in the US and buying in another country

I have owned my home for over 10 years. I would like to sell it and buy a new house, and I understand that if I do so, I can avoid paying capital gains. My question is, if I'm buying the new house ...
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0answers
29 views

Why are checks preferred to wire transfers in the US? [duplicate]

When moving to the US from Switzerland, I have been surprised by the difference in banking systems. One point that interests me particularly is the use of checks vs wire transfers. In Switzerland, ...
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0answers
37 views

Inheriting funds from a U.S. trust where you are not the trustee

I am a U.S. citizen trustee and executor of my mom's trust. My brother is a Canadian citizen and lives in Canada and not a trustee. I will be dividing the trust funds or investments between the two ...
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1answer
48 views

Owned house for less than 2 years - 1031 exchange?

My wife and I bought our first house about 8 months ago. It turns out it's not the right fit for us (for many reasons). Because of this, we want to sell it and move to the suburbs on the other side of ...
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2answers
28 views

Can I write off time spent learning my trade - Two-Man S-Corp

I am a full-time freelance copywriter for an ad agency, who is my sole source of income. I am in the process of forming an S Corp, wherein I will pay myself a salary and take the rest as a ...
1
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1answer
81 views

401k contributions explanation

I have a basic question on 401k investment. Below is what my company is matching: XYZCompany will match your contributions, up to 4% of your eligible compensation, to a maximum of $10,600. Now ...
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4answers
160 views

How to buy a house without being over-exposed to real estate

Buying a house can all-of-a-sudden make 90%+ of a person's portfolio be invested in real estate, actually one very specific piece of real estate! Which is against all the advice we're given to ...
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0answers
34 views

How does a tuition insurance payment affect 529 withdrawals?

Qualified college tuition and expenses were paid from a 529 plan in 2014. The school sent a 1098-T and the 529 plan sent a 1099-Q and everything was fine on my 2014 taxes. In 2015 my child has left ...
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2answers
56 views

Can I enroll in an FSA if my employer doesn't offer it?

I'm really REALLY interested in opening an FSA. I've asked my employer and they say they don't offer it. We have insurance through them with BCBSGA. It isn't a HSA qualified plan. So is there a way to ...
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1answer
101 views

Can large long-term capital gains be offset by not being employed?

If I understand correctly, you pay 0% long-term capital gains tax if you are in the 10% or 15% income tax brackets (i.e. if you make $37,450 or less). If I knew I had to sell my stock that had, ...
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1answer
41 views

Setting up a LLC for two partners in different states, what should we look into?

My friend and I are looking into starting our own design agency. The LLC would be based out of Texas, but the other employee would be based out of North Carolina. We would both be full time employees ...
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3answers
73 views

Can a custodian refuse prior-year IRA/HSA deposit postmarked April 15?

When switching from a bank to a credit union for an HSA. The old bank had the following text on the DEPOSIT SLIP, which was provided in the envelope together with their VISA debit card: Prior ...
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2answers
50 views

Can I deduct retirement plan contributions from my self-employment income?

I'm self-employed. I pay self-employment tax on ( income - business deductions ) * 92.35%. Can I make contributions to a retirement account that counts as a business deduction? More details: I'm ...
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0answers
37 views

Undo IRA conversion to an existing Roth IRA?

I have two retirement accounts at the same brokerage. One is a traditional IRA that was rolled over from a past company 401k plan, the second is a Roth IRA that I contribute to with taxable income. I ...
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2answers
40 views

How do I correct an HSA distribution when I was refunded by a health provider?

At work I'm covered by an HDHP with an HSA. My dentist has the policy of estimating the amount that my insurance will cover and asking for the remainder at the time of service. On my most recent ...
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1answer
46 views

Can my contribution to 529 plan vary monthly?

I want to start 529 plan for my son. I am not sure if monthly contribution has to fixed or I can increase/reduce my contribution as per my financial situation. Eg if I loose my job I may decide to ...
4
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3answers
188 views

Advantage of Traditional 401k over Roth

I am trying to understand the differences and benefits of putting money in Traditional 401k over Roth 401k. If I have to still pay tax while withdrawing money from my Traditional (pre tax) 401K after ...
2
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2answers
34 views

Do I need to calculate my cost basis for S corporation stock and distributions I've received to determine tax owed on K-1?

I'll be using hypothetical numbers to make this easier to visualize. I purchased 2000 shares from an S-corporation for $4000 in December of 2014. I received $1000 in distributions for the shares (box ...
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2answers
759 views

Should I seek loan forgiveness, or paying off my loan quicker?

A little background: I am a public worker who recently learned about a loan forgiveness program. I have already been paying off this loan (since before the program began) and was not aware of the ...
2
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0answers
19 views

If I forfeited my entire dependent care FSA, can I claim dependent care credit?

I missed the deadline to claim my dependent care FSA for a previous year. Since the entire FSA amount was forfeited, can I claim dependent care credit instead for that year ?
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1answer
21 views

Tax implication of loan from Korea to US

I'm trying to borrow a large amount of money to buy a home from a friend overseas, is there any tax implication in this case? And is there any limit on the amount?
3
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2answers
66 views

Is it possible to use a 529 plan solely for myself, without any educational expenses?

I was setting up an Illinois 529 plan recently. Contributions to the plan are state income tax deductible up to $10,000 per tax payer per year. It got me thinking: What is to stop someone with no ...
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2answers
29 views

Questions regarding taxation for Indians living in U.S.( citizens of U.S.)

Greetings of the season. I have some clarifications and questions regarding taxation for Indian's living in U.S. What is the maximum cash gift a person can receive from Indian parents? Beyond what ...
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2answers
204 views

Why are Rausch Coleman houses so cheap? Is it because they don't have gas?

I have been looking for a new house for 5 months now. An average price per square foot in my area is $100. However, Rausch Coleman Homes is offering very nice and SUPER CHEAP houses for $75 per square ...
6
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2answers
406 views

Can my mortgage company force me to buy condo hazard insurance?

I live in the United States and have a mortgage for my condominium. After 10 years under my current policy, I suddenly received a letter from the lender, saying "A review of our records indicates we ...
4
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2answers
65 views

What payment options are there besides checks and direct deposit?

My employer is planning to require all employees to be paid by direct deposit. A number of our employees are unbanked, and opening an account is not practical. I understand the employer's concern to ...
6
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3answers
194 views

Why would a bank refuse to open a bank account?

About 4 years ago, I try to open a bank account for my wife and they refused to open an account after they ran her passport. I asked the manager lady why, but she wouldn't tell me why or she refused ...
0
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1answer
138 views

How May Cash be Spent Approaching Bankruptcy?

During the bankruptcy filing process, after declaration of intent and prior to actual filing, how may money from the sale of assets be spent? I understand there is a limit to what can be repaid to ...
2
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0answers
54 views

Laid off what happens to FSA money? [duplicate]

My husband was laid off from his job and he had an FSA healthcare account. The account shows there is over $600 available. What happens to that money now that he's laid off and no longer worker for ...
3
votes
1answer
120 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 ...
3
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3answers
212 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
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1answer
135 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
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2answers
132 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
78 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
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1answer
179 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
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1answer
62 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: ...
2
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1answer
104 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. ...
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1answer
71 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 ...
2
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0answers
22 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
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1answer
74 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
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1answer
68 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 ...