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

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6 views

What would trigger a “due on transfer” clause when transferring property ownership to an LLC?

I plan on co-owning a rental property. Soon after closing, the plan is to transfer the title to an LLC for some liability protection and our lender has assured us that the due on transfer clause won't ...
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0answers
11 views

Purchase lottery / scratch off ticket in WA , Live in non gambling state

What if I buy a scratch off ticket or a powerball in WA and win some money, but I live in Utah, where gambling is not legal. Can I mail in my scratch off and use my Utah address for them to mail me ...
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1answer
12 views

Number of years to file US expat taxes using Streamlined Procedure

I live outside of the US and will be using Streamlined Foreign Offshore Procedures to file taxes, which requires filing for the most recent 3 years for which the deadline has passed. Since the ...
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0answers
19 views

OptionsXpress broker [on hold]

I want to open a broker account and I'm quite confused since I'm not from U.S nor U.S citizen and a lot of popular brokers (TradeKing,Scottrade,Etrade...) won't accept my application. I was looking ...
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0answers
50 views

Should rideshare drivers log mileage of individual trips, or is a daily entry acceptable?

A rideshare driver (Uber, Lyft) can deduct vehicle expenses for business use of the vehicle. Should the driver log each trip individually, or is a daily entry of beginning odometer, ending odometer, ...
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2answers
43 views

New 1099 employee with Cobra insurance

I've just started my new job as a 1099 employee having worked as a full time employee for 4 months. For health insurance I'd like to do Cobra since my family has already met their deductibles for the ...
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1answer
30 views

When to change my address on W2

I am employed (W2) by a company based out of AZ and I live in CO. I am purchasing a house in OR as my primary and moving there. I will acquire the house in 30 days, however I won't move in for 90 days ...
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3answers
1k views

Why are the banks and their customers in the United States still using checks? [duplicate]

Some years ago, a friend of mine visited a US city, and went to a supermarket. Upon trying to pay with his credit card, the transaction failed, and the cashier asked if he could write out a check ...
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0answers
25 views

As a UK based tax resident company - employing USA citizens for work in the USA, do I have to register with the IRS and pay USA tax

We are a UK based VAT registered company doing some business in the USA. We employ / Sub-Contract USA citizens for film production work on short term production contracts. We pay sub-contractors / ...
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1answer
12 views

Are there disadvantages or caveats to be aware of when applying for an ITIN for a non-resident/non-citizen spouse?

As an American residing outside the US with a spouse who is not a US citizen I have always chosen Married Filing Separately for my filing status. The intent was to shield any income and assets she has ...
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1answer
20 views

Maryland Part-Year Return

My DC tax return was "re-routed" to MD this year shortly after I received a notice stating that I owed over 5K in taxes. I contacted the Maryland Comptroller's Office who advised that according to ...
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8answers
8k views

Insurance company sent me huge check instead of pharmacy. Now what?

I received a $20,000 check from my insurance company that was supposed to go to my specialty pharmacy. It's made out to me. Since it was obviously a mistake, I called the pharmacy, and they said to ...
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0answers
59 views

got some money on topcoder, possible tax rate calculation?

I competed in topcoder and got some money around ~500 $ and may get more If I'm really lucky in not yet reviewed submissions. But I found out that 30% of that money will be withheld as tax. I didn't ...
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0answers
44 views

Closing business bank account. What records should I download from my bank for record keeping?

We are about to close our small business bank account. I need advice on what information I should download from online-banking before I actually close the old account. I imagine that getting these ...
3
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1answer
40 views

How do I go about getting Non Owners Auto Insurance in NJ

I'm currently in the US as a non immigrant worker and a resident of Jersey City, NJ. I've recently got a NJ drivers license, I don't own a vehicle and been renting cars over the weekends to see ...
3
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1answer
92 views

Can my teenage son claim “exempt” on his W4?

Can my teenage son (soon to turn 17) claim "exempt" on his W4? When looking at the FAQ from the IRS, it seems like the answer to this question is a fairly straightforward "yes" (he didn't work last ...
2
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1answer
43 views

Taxable Amount of Non-Deducted Traditional IRA that was Converted

If I contribute $5500 to a traditional IRA, do not deduct the funds on my tax return, file form 8606, and then convert the contributions plus earnings in the IRA, say $6000 ($500 in earnings), to a ...
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3answers
130 views

How do day traders profit with such high tax rates?

I know for holding stocks on the long term, more than a year, there is a lower tax rate. How do day traders profit with tax rates around 30% or higher? Are the profits still worth it with such high ...
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0answers
19 views

Recover money from court and/or treasury [duplicate]

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 ...
0
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0answers
39 views

Does the IRS report Loan Repayments to the credit bureaus?

Having lived abroad for 15 years, I've returned to the US almost 1 year ago and am preparing to buy a house via a mortgage. Naturally, I'd like to get favorable rates. I face a couple of challenges ...
3
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2answers
106 views

What to ask Warren Buffet at the Berkshire Hathaway shareholder meeting?

I'm 16 years old, and I'm waking up at 4am tomorrow to hopefully be one of the first people in line to get into the Berkshire Hathaway meeting. If I get the chance to ask Warren a question, what ...
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3answers
372 views

Using a non-fee only financial planner

I have a substantial (at least to me) amount of money from the sale of a second home. The money is momentarily in a savings account at a big branch bank in the US. The amount is such that I have ...
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4answers
77 views

Should market based health insurance premiums be factored into 6 months emergency fund savings?

I know it's advised to save between 4 to 7 months of regular expenses for an emergency fund. What I'm not sure about is if health insurance premiums should be factored into those expenses? I'd be ...
0
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0answers
9 views

Should I get tax credits/refunds from a RRSP sale NR4 from Canada or from the US?

Canadian living and working in US. I sold my Canadian RRSP and had a bunch of money withheld. My income in Canada is 0 except the RRSP withdraw. Should I file my NR4 somewhere in the Canadian return ...
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2answers
182 views

Any creative options for purchasing a used vehicle with cash

Ok so we are planning on purchasing a used vehicle for no more then 16k. We have the cash in hand and so it got me thinking. What options are there to fully take advantage of this situation? My ...
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1answer
23 views

FBAR exchange rate question

I have a small, yet important question about FBAR, the policy regarding the reporting of foreign bank account. The rule says that I only have to report when the aggregate amount exceeds 10,000 US ...
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1answer
27 views

Moving money into Fifth Third checking account through Access 360 card

My account was one of those compromised a bit back, and as a result Fifth Third cancelled my card and gave me a prepaid Access 360 card. Due to some mail complications I never received my new card, ...
4
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1answer
86 views

Should I sell stock in my US bank account before abandoning US tax resident status?

I am citizen from one of the EU countries who has been living in the US on H1B visa for few years. Now I am considering to move back to my home country in EU. I have some shares in my US bank account ...
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1answer
26 views

US citizen paying capital gain taxes in Canada on sale of property in US

My son, who is a US citizen living and working Canada. Just sold a piece of property which he inherited in the US. The capital gains was $160,000 and US Federal and State capital gains taxes came to ...
3
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0answers
34 views

Income tax on children's social security income

How do you declare in the tax return the social security benefits of minor children? In our case, the social security administration deposits the checks every month in a bank account that is on my ...
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1answer
42 views

401K loan repayment Default

I have a 29,000.00 loan from my 401K That I am paying 800.00 per month on. My wife has been ill for 2.5 years and unable to work. Currently trying to get disability. However this has created a big ...
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2answers
91 views

Is keeping a credit card with a fee open worth the positive impact on credit score? (due to age of account)

I have recently paid off my credit cards and would like to close most of them. I have six cards total, three of which are no-brainers to close. The newest card (less then one month old) has quite a ...
0
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1answer
63 views

Cancel road hazard tire insurance after purchase

I got some tires for my vehicle yesterday. I signed the work order and dropped off the vehicle; my spouse picked up the vehicle and paid the bill. On the bill was an $80 charge for road hazard ...
3
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1answer
108 views

Personal loan to a friend procedure

I see a few questions on this topic, but I am more concerned with the procedure and best practices. If I give this person the money first (~$10,000), can I still have them sign a promissory ...
3
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1answer
47 views

Freemium Model In-App Purchases Sales Tax

Sales tax for paid apps is somewhat well defined depending on state tax code, things like downloadable or boxed software seem to be covered, and most states will require a sales tax for sold / ...
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9answers
2k views

If I plan to stay with a carrier, is there any reason not to upgrade vs. buy unlocked phones?

If I upgrade my phone with my carrier, I have to stay with them for 2 years. But if I have no plan to change carrier anyway, does this make upgrading the obviously better choice than buying an ...
0
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0answers
27 views

Amended return lost

IRS does not show receiving my amended return though it was mailed back in March over a month ago. Do I have to resend it? Will they charge me a late penalty even though I mailed it before April 18th? ...
3
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2answers
64 views

Should I prioritize retirement savings inside of my HSA?

This year I switched my family from a traditional PPO plan to a high deductible plan with an HSA. This is a great move for our family. I have been reading about using an HSA as an investment vehicle ...
4
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2answers
145 views

At what point is the contents of a trust considered to be the property of the beneficiary?

My grandmother passed away several years ago, and left a generous trust fund to her 5 grand children. We can access our share of the money when either of the following two conditions are met: We ...
0
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0answers
53 views

Can my parents lend me an intra-family loan for college?

Can I take out an intra-family loan from my parents for college without it being labeled as a gift? I have googled it quite a bit now(my favorite link is ...
4
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1answer
181 views

How far does the IRS usually go when they uncover unreported income?

I have had a Google AdSense account for a while. In 2013, Google started requiring to fill out tax information. I was an idiot and decided to claim that I lived in another country and that I had no ...
4
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4answers
123 views

Unmarried couple, should we open a joint investment account or separate accounts?

My partner and I are unmarried and will be remaining that way. We want to finally start an investment portfolio and taking advantage of things like IRAs etc. I will be managing the portfolio(s) for ...
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0answers
19 views

withholdings from employee pay check can an employer do [duplicate]

how many different types of withholdings from employee pay check can an employer do.Will the employee know about the withholdings
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0answers
62 views

how many different types of withholdings from employee pay check can an employer do [closed]

How many kinds of withholdings can an employer take from pay check of the employee
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1answer
1k views

How do payroll-deducted taxes get sent to the IRS?

What do employers do with the money they've withheld from you before they get sent in? Where do they deposit it?
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2answers
22 views

can S-corp deduct my medical insurance premium

Can I deduct my health insurance premium, for myself and family, from my S-corp (IRS form 1120S) before transfer of shareholder distribution (K-1) to me personally? And, must I pay myself a payroll, ...
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1answer
28 views

Rebates and FSA's

We signed up for an FSA this year, but usually pay cash for D's prescription and get the rebate. It's a significant amount of money. It takes the copay from $160 to $25. I'm just so used to submitting ...
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0answers
12 views

Will I have to pay tax in India for the money I earned in the us?

What is the rate of income tax in the united states? For example- I am a resident alien. I earn around $50k(33 lakh)per annum. As I am a citizen of India. Which government should I pay my income tax ...
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0answers
60 views

Canadian's Brokerage Account Forced To Close In USA

Scottrade letter says an account is being closed to due "business and regulatory considerations" What regulations is the letter from Scottrade referring to?
2
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1answer
96 views

Home buying vs Investing

Note: I've read a few similar questions around the site but many are investment focused only and don't factor in housing questions. Right now, my husband and I are pulling in about $50k/year. My ...