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

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If a citizen of UK is sending money from a US bank to an Indian what is the amount that citizen of UK and India has to pay to the government/bank?

The banks of both the countries i.e., India and US took some amount from us and still the bank in India has demanded for more money to complete the money transferring process.How much amount is the ...
3
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2answers
64 views

Are tax-free investments still tax free when taking distributions?

If you read the 'Power of Zero', he talks about putting tax free investments into your traditional IRA. That way, you won't incur any taxes when you take distributions. Maybe I misunderstood what he ...
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3answers
597 views

Missing opportunity cost of mortgage prepayment

What other opportunity costs of paying off a mortgage early might I be missing? I am in year 2 of a 15 year mortgage at 2.875% with no other consumer debt. I have a 8 month emergency fund, maxing out ...
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1answer
62 views

Transfer money from U.S.-based NRI friend to my savings account in India?

My NRI friend wants to wire transfer money from his U.S. account to my savings account in India. Could someone please throw light on the procedure to be followed and also the tax implications?
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4answers
500 views

Why doesn't the U.S. government pay interest on tax withholding returned via a refund?

When the US government pays you your tax refund, it doesn't include any sort of interest payment for what is essentially a loan to the government. Why doesn't the government pay interest?
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4answers
5k views

Ways to establish credit history for international student

I am a student on a F1 Visa in the US. Being a non US Citizen and on a student Visa, I am unauthorized to work off campus, and so I am restricted to work upto 20 hours a week on a hourly wage and ...
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1answer
81 views

How does Pell Grant work for students with a foreign Bachelor's?

I have an MD degree from a foreign institution. But because I got that foreign MD from an unaccredited medical school 30 years ago, I can't find a job in the U.S. Therefore, I decided to get at least ...
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7answers
6k 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 ...
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2answers
4k views

Is there something on a check (cheque) that determines what currency it is?

We're a US company. We got a check from a Canadian company and usually the check will say "USD" on it. Otherwise when we deposit it, the check will clear as CAD. This check has no indicators on ...
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3answers
738 views

Are debit cards and “open loop” gift cards accepted everywhere that credit cards are?

In U.S., a debit card or an "open loop" gift card will normally have a Visa or MasterCard logo on it, and the card can be used in "credit" mode. Does that mean that such a debit card or gift card can ...
2
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1answer
148 views

My dad wants to transfer money from India to US as a family maintanance

What is the tax implication if my dad is sending money to me here in US as a family maintenance? Do I have to pay tax on that money and how much will that be?
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1answer
71 views

Understanding Gift taxes for mortgage downpayment

We have finally decided to purchase our first home and we plan to borrow interest free money from friends and family to pay off 20% downpayment and get cheaper interest/escape PMI. IRS says .. "The ...
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0answers
43 views

Change in health care deductible with newborn

My wife has health coverage (different from mine) through her employer. Her deductible is $1300. In May my daughter was born. Until then my wife incurred a lot of expenses and met the deductible. ...
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10answers
13k 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 ...
2
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2answers
242 views

Controlling parents: how to get back my money

When I was around 15 my dad and I opened up a savings account at Regions bank. Ever since then I've been working and only putting my money in this account. The situation at my house is causing me to ...
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2answers
81 views

Visiting vacation rental with immediate family

My family of 5 live in California, have a ton of equity in our home, are heavily invested in the stock market through IRAs and other investments and are considering purchasing a rental property in ...
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0answers
63 views

How should I respond to an IL 2012 “Notice of Proposed Tax Due”?

I received today a "Notice of Proposed Tax Due" for Illinois, alleging: Tax Due: $738.00 Penalty Due: $111.00 Interest Due: $34.00 This seems suspicious to me; I have been meticulous with taxes and ...
3
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1answer
37 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 ...
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2answers
183 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. ...
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1answer
69 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 ...
4
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1answer
51 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 ...
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2answers
96 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 ...
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1answer
100 views

I landed in the US on 16th Aug 2014 & my wife/kid joined me on 26th Sept 2014. What is my residency status for filing my tax returns for 2014?

I landed in the US on 16th Aug 2014 & my wife/kid joined me on 26th Sept 2014. Could you please let me know my residency status to file my returns for the income earned in the year 2014. Also are ...
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1answer
60 views

Income tax laibility in India for Stock traded in USA as a resident Indian

I lived in US for more than 9 yrs on H1B visa and was maintaining US stock portfolio and was filing taxes in US as 1099 for stocks plus my salary as 1040. Now I am planning to return to India but ...
4
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1answer
87 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 ...
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0answers
81 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?
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0answers
99 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 ...
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1answer
72 views

Are there special tax implications when paying for services in the next year? In another country

So I'm planning a destination wedding over a year in advanced. We've begun putting deposits down on things happening next year. I know I still have to pay VAT in the other country (Its ridiculous). ...
4
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1answer
86 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 ...
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0answers
25 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 ...
3
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1answer
126 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 ...
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0answers
32 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 ...
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1answer
58 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 ...
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2answers
260 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 ...
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1answer
65 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 ...
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1answer
27 views

Tax implication In India

My husband arrived in USA (California) in Oct 2014 for the first time . For Year 2014 we were considered as non resident alien (for tax purpose I guess). We have filed for the income tax in USA and ...
2
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1answer
73 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 ...
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1answer
32 views

Disclosure (13D, insiders) and equity swaps/options

What is the current SEC ruling on equity swaps and options? For example, 13D requires that When a person or group of persons acquires beneficial ownership of more than 5% of a voting class of a ...
4
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2answers
148 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
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1answer
25 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 ...
7
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3answers
379 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 ...
14
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4answers
655 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 ...
0
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1answer
41 views

At what point in a refinance application should I be able to get a rate lock?

I've submitted my URLA, credit is checked and appraisal is scheduled. The broker has sent a disclosure pack that he wants me to sign and return with all documentation in order to start underwriting. ...
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1answer
306 views

Roth IRA withdrawal taxes for nonresident aliens after age 59 1/2?

I am a non-resident alien living in the US now, and I need to ask if I have to pay any IRS any taxes after the age of 59 1/2 on any gains or earnings from a Roth IRA withdrawals? I know that US ...
0
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1answer
26 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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2answers
471 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 ...
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1answer
535 views

How do you report S-corporation Shareholder loans / capital contributions?

How do you handle S-corporation Shareholder loans / capital contributions? Question- I loaned funds into my s-corp. in 2006, 2007, 2008, 2010 and 2011 formally documenting each payment into the ...
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1answer
77 views

How can I invest in USA mutual funds from Australia?

HI I wish to invest in top USA mutual funds (Vanguard, T-Rowe). I was told by the fund that as a foreign national I could not do so directly. Do you know how I could without excessive fees? I am an ...
2
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1answer
155 views

Total Yearly Expenditures for a Single Person in the USA

I recently calculated every single penny I spent in 2014 (literally everything). Let's round up and say the total came to $21,000. I would like to know where I stand in terms of spending. I was trying ...
3
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2answers
307 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 ...