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

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1answer
151 views

Transferring proceeds to USA from real estate sale in India

First off, I am an US Citizen currently living in the US. I bought a property in India in 2000, when I was not a US citizen but was still living in the US. Over time it has appreciated and now has ...
0
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1answer
16 views

Do I Need to Start a Company to Get Tax Writeoffs For Expenses?

If my friend owns a company that I invest money into, can I list my expenses on my taxes as business expenses thus tax writeoffs or do I need my own company to do that? For example, if I invest $1k/...
0
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1answer
56 views

Being a consultant in the USA

I'm an Italian consultant in the IT field, and I'd like to know what are the differences between being a consultant or an employee in the USA in respect to the same differences in Italy. I've already ...
0
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0answers
40 views

Difference between Vanguard sp500 UCITS and Vanguard sp500

I cannot understand the difference between these two: Ticker: VOO, name: Vanguard 500 Index Fund ETF Class (USD) and Ticker: VUSD, name: Vanguard S&P 500 UCITS ETF (USD) Buying them ...
3
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1answer
113 views

Do i need to pay taxes if i stayed more than 183 days in financial year?

Date of entry - 17 Nov 2013 No. of days in India - 231 No. of days in USA - 134 For duration of US stay, I got regular pay with all tax deduction. I did file US tax returns for 2013. By Indian tax ...
2
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1answer
927 views

Can I submit a hospital bill for reimbursement from my FSA if I am on a 12mo payment plan?

I have roughly $1500 in hospital bills. I called them and said that is too much for me to pay right now and they offered to split the payments over 12 months. Can I immediately submit the bill to my ...
0
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1answer
69 views

Consumer Loans vs Mortgages

Could someone please tell me what are considered "consumer loans" and what that means regarding other types of loans. As of right now I understand that vehicle loans and home equity loans/lines are ...
2
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3answers
2k views

When a real-estate counter offer is made, and ignored, can the seller still accept the original offer?

Buyer makes an offer. Counter offer is made. Buyer has meantime seen another house they prefer, so choose to ignore the counter offer. Is the Seller then permitted to accept the original offer? Does ...
4
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2answers
111 views

Form 1040 - where to place my stipend?

I'm hoping for a second opinion because this is the first year that I will be filing a Form 1040 with my new travel job. I am a traveling occupational therapist with an income of $70,000 per year. Of ...
1
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3answers
161 views

20 and need guidance with finances

I just turned 20. I'm in the Army, I came back from over overseas 6 months ago. in January 2016 I invested 5500 in a Roth IRA and 9500 in stocks with Edward jones. altogether as of now I've gain about ...
8
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3answers
684 views

What is a reasonable salary for the owner and sole member of a small S-Corp?

I am the owner and sole member of a small s-corp. I am a litte confused regarding the reasonable salary the IRS requires. The S-Corp is fairly small and requires very little work to maintain. Would ...
1
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2answers
88 views

Transferring money through ACH, SWIFT or Wire?

What are the differences among these three ways of transferring money? Which one should I choose for transferring small amounts of money from the US to other countries, from an individual to another? ...
2
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2answers
10k views

How do I get my name removed from a co-signed car loan?

I am the primary signer for a car loan consigned and being paid now by my son. Is there any way I can get my name removed from this loan?
5
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4answers
33k views

If someone lives in one state and purchases a winning lottery ticket in another, where should they file their winnings?

If you've been paying attention (at least in the US) for the past couple days, you are aware of the Mega-Millions lottery drawing that is coming up which is conservatively estimated at $500m $640m! At ...
2
votes
1answer
24 views

Do I have to send in form 1040ES for estimated tax if paying online?

I'm a self employed freelancer who is paying quarterly taxes. The IRS shows that I can direct pay online, on their website. Do I have to send in form 1040ES, or do I just pay the amount I calculate? I'...
4
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1answer
152 views

Social Security contribution of a J1 visa holder leaving U.S. permanently?

I was a J1 visa holder (post-doc) in the US for 18 months and contributed to Social Security. Since I am not going back to the U.S. again, am I eligible to get the money back? Thanks and regards JMV
4
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3answers
15k views

I am not a U.S. citizen. What happens to my 401K if I have to go back to India?

I am not a U.S. citizen. What happens to my 401K if I have to go back to India? Can I distribute (withdraw) my money at that time without paying the penalty?
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0answers
21 views

Secondary medical insurance for aliens

I am an alien in the US and recently I had a change of employer. The medical insurance provided by my current employer is not so great. I want to cover off the expenses and the deductibles not ...
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1answer
68 views

Winning the lottery and moving to save on taxes

If I win the lottery, can I move to another state or Puerto Rico to save on taxes?
1
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1answer
45 views

US - How much money can I send abroad, and how?

I am a Brazilian citizen and I am in the US with an L-1 (intra-company transfer employee) visa. My wife is British and a permanent resident of Brazil. I have remainings of a mortgage in Brazil. I ...
0
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2answers
142 views

Does a Roth IRA conversion make some income completely *tax-free*?

Let's assume there are exactly $5500 in my Traditional IRA at the beginning of the year. Early during the tax year, I convert these $5500 to a Roth IRA. I will now owe taxes on these $5500. Later in ...
0
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1answer
28 views

Living overseas and selling house question?

Couple of questions regarding selling my house. I live overseas and have done for 10 years now. I am looking to sell my property in Louisiana which has been a rental property. As I have not lived in ...
1
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1answer
40 views

Questions Regarding Part II form W-9S

I am on F-1 Visa and my school told me that I can get 1098 T for tuition waiver if I submit form W-9S. I have a question regarding Part II of form W-9S My Question : Since I haven't taken any ...
4
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2answers
162 views

What is the procedure, and limit of medical expenses in order to claim for tax returns in US?

Since last year I have spent sufficient amount of money on medical bills (greater than $1500) as a result of 20% that I am supposed to cover under my insurance. My questions are: What is the ...
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0answers
30 views

When do fractional shares trigger a wash sale?

I have been reading the tax regulations regarding wash sales in IRS publication 550 and am wondering how fractional shares might trigger a wash sale. I have been told that the rules can be different ...
1
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0answers
44 views

When is a subtenant entitled to have their security deposit returned?

Halfway through last year, I subleased my apartment unit and moved to a new location. I received a security deposit equal to the monthly rate paid by my subtenant. My rental company has informed me ...
2
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3answers
112 views

Do I need to write the date on the back of a received check when depositing it?

When I deposit a received check, I need to sign my name on the back of the check at the designated position. Usually there are two lines in the designated position. I put my name on the first line. ...
3
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0answers
38 views

How is my trading activity taxed if I lived and worked in four different states

I have a rotational job which requires me to frequently move to different states. a different state every 4 months. Additionally, my driver's license and parents live in Oregon, so I consider Oregon ...
0
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1answer
37 views

Best way to refi to consolodate second mortgage on dilapidated house? Personal loans?

My mother is 82 and has some cognitive impairment that justify some level of concern on my part. Her house and other assets are in a living trust of which I am co-trustee, if that makes any difference....
2
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1answer
41 views

Contribution limit to 401k after changing job and rollover old 401k to traditional IRA

Let's say I contributed $8,000 to my 401(k) while working at company X in 2016. Later I quitted company X. I am now working at company Y. I'm thinking of rolling over the 401(k) at company X to ...
4
votes
1answer
37 views

Selling vacation home - does capital gains basis include selling fees?

I have just sold a vacation home. I see the 1099-S reporting the sale gives the gross price, but of course that was not the amount I actually received as there were deductions for a) my closing ...
44
votes
9answers
14k views

Why are 30-year mortgages seen as unwise, if you can pay off the loan in a shorter period of time anyway?

I'm slowly working towards buying my first home (yay!), and have been playing around with the numbers. As far as I can tell, there's literally zero advantage for getting a 10 or 15-year mortgage since ...
1
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1answer
26 views

Computing federal withholding based on W4

My wife is starting a new job and I am trying to figure out how to file her W4 and if I need to adjust mine. For some reason I can't seem to get correct/accurate results from the IRS Withholding ...
2
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8answers
3k 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 ...
9
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2answers
2k views

Are you allowed to withdraw from 401k for no reason if leaving the company?

I've searched the internets extensively but I am finding it surprisingly difficult to find a straightforward answer to a very simple question. Assuming I leave the company, can I just withdraw all ...
2
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0answers
32 views

If PF is withdrawn by an NRI staying in USA does it become taxable as per US laws?

I have been service in an Indian company for 10 years and now getting transferred to US. I want to keep the PF and not withdraw as I don't need money and it will earn good 8.5% interest for next 3 ...
0
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1answer
139 views

When to register for a bank account for a C-Corp with no official money

In Feb this year, I registered a C-Corp for administrative purposes only (for things that require a DUNS number, e.g., to get an Apple Enterprise Dev account, etc) and have thus far not passed any ...
1
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1answer
148 views

College funds - is it too late to open a 529?

We are immigrated parents and our daughter will be going to college in 3 years. What's the best option if we want to start saving for her college education? I would like to have an account with high ...
6
votes
5answers
6k views

Why I cannot find a “Pure Cash” option in 401k investments?

I am of an opinion that I should decide where my money should get invested and if it should get invested at all or not. When I looked at the investment options I have with my 401k money, I figured ...
0
votes
2answers
31 views

Increase W4 Exemption + Increase Retirement Contribution

I'm currently maxing my 401(k) contributions ($18k) and funding my and my wife's Roth accounts ($5500 each). She's currently only contributing $200USD/mo to her 403(b). Due to us owing an extra $...
1
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2answers
32 views

Excess Social Security Witholdings

After a generous hour meeting with a CPA gratis, we ran out of time, but I still had a few questions. I have a full time job and have been doing some contracting work nights and weekends. Full-time ...
2
votes
1answer
47 views

Definition of day trading

Recently I got into trading thanks to the Robinhood app, for which there's no cost to trade. My question is regarding what constitutes "day trading". Example 1: You sell 20 stocks with ticker symbol "...
8
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3answers
6k views

Defaulting on credit cards before leaving the country

I have a colleague who is going back to his country after staying for a couple of years in US. He has 3-4 credit cards plus a personal loan. His total debt would come to around $10,000. Some days ago, ...
28
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5answers
5k views

Short term parking of a large inheritance?

What are the options available for safe, short-term parking of funds? Today I received an inheritance check for $250,000 (I am in the U.S) and I don't know what to do with it – at least in the short ...
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1answer
101 views

can I back out after signing a mortgage loan disclosure?

Can I change to another lender after signing a mortgage loan disclosure? I'm a first-time home buyer, not refinance. Thanks.
1
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1answer
682 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 ...
1
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3answers
84 views

How much to withhold from paycheck (form W-4, page 1, item 6) when you have variable income?

My wife got a job as an English teacher. She will be paid on an hourly basis depending on the number of students, classes, etc. When it was time to fill in her W-4 we weren't sure about what to write ...
6
votes
2answers
144 views

US Filing Status when married to non-resident foreigner in the US

I am US citizen living in the US getting married to a non US citizen who is studying here on a non-immigrant J visa. While she is the in the US, she has and will have no income. In a year or two, we ...
6
votes
1answer
151 views

Income tax on money transferred in one year, but received in the next year

I am a citizen of Israel, where I currently reside, work and pay taxes. I am about to terminate my employment in Israel in December 2015 and move to the US to work for a US-based company, starting ...
3
votes
1answer
72 views

US - My dependent (wife) started working. What should I do about our income tax?

My wife has been my dependent up until now since she hasn't worked this year. We are filing taxes jointly. She is an English teacher and got a few part-time jobs (on average 5 hours a week each job, ...