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

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1answer
27 views

Employer Loans to Employees

I would like to ask my employer for a loan. I know IRS guidelines expect it to run at the APR with regards to interest. However, before I ask I would like to be as educated as possible as to what ...
1
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1answer
77 views

Contemplating using MetaTrader to trade on Forex

(Apologies if this is off-topic. I checked through meta and it seems that this should be on-topic.) I have been thinking about using MetaTrader4 programmable trading platform to trade on the Forex. ...
27
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6answers
3k views

How does 'upgrading' from one house to another work?

Consider this scenario. For a given neighborhood, a small house is $100K. A big house is $150K. For simplicity, assume that you purchase the small house with all cash. 5 years later, it is now worth ...
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0answers
12 views

Do I have a time limit on my finical aid if Im only using Pell Grants

I am enrolled in an Associates of Applied Science degree at community college. My grants have been enough to pay for the credit hours, so I have not taken out direct loans. Conversation wise, people ...
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3answers
3k views

Can I buy a Walmart gift card using a Walmart egift card?

I received a $25 walmart egift card, but I needed a physical card for purchase in store (I have no smartphone or printer to bring the egift card to the store). So I used the $25 Walmart egift card to ...
2
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1answer
167 views

Living and Working in different states than resident states

My husband and I are in a quandary. We were TX residents with drivers licenses and vehicles registered in that state (but no real property). We purchased a 5th Wheel that we live in full time. We ...
-2
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1answer
63 views

What are the Personal Investment Implications of Foreseeable Inflation (US Deficit)

Will a rising national debt/GDP ratio (specifically in the US) cause inflation and poor returns on market investments. My understanding is that the national debt/GDP ratio is continually increasing ...
2
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1answer
31 views

RSU Tax Implications of 83(b) Election

I am granted a certain amount of RSU's every year, this year being the first. They vest at 25% after one year, and then 1/16th of grant every one month period after that. My question is to tax ...
2
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1answer
530 views
+50

Why would I choose a 40-Year depreciation instead of the standard 27.5-Year?

I converted my primary residence into a rental property last year. For depreciation purposes, I must choose between GDS ("General Depreciation System") or ADS ("Alternative Depreciation System"). ...
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0answers
96 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
31 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 ...
6
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1answer
451 views

Any US tax implications — transferring UK ISA balance to USA

My wife has an e-ISA in the UK, from her time living there. It is a savings ISA, not a shares ISA. It is earning very low interest. For ease, I'd like to transfer the money to our USA accounts so ...
33
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8answers
7k views

Cash in retirement accounts to buy a house?

My husband and I are looking to buy our first home. He is 39 and I am 37. We live in a major city and house prices are terrible. We are probably looking at a 500K-600K home. We were late bloomers, ...
0
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1answer
20 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 ...
0
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0answers
23 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 ...
3
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0answers
57 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, ...
3
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3answers
3k views

Is paid time off (PTO) considered taxable income?

I am a salaried full-time employee at my company in California, USA. I noticed on both my final 2014 paystub and on my W-2 form that the paid time off (PTO) I took for vacation last year was listed ...
2
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2answers
49 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 ...
10
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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 ...
35
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8answers
10k 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 ...
1
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1answer
136 views

Tax return status for changing from F1-OPT to H1B

I came to US in 2014 on F1 and started F1-OPT in July, 2015. 3 months later, I started my H1B in October and I'm still single. It's pretty complicated and according to my research, I have these two ...
1
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1answer
33 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 ...
3
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1answer
96 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 ...
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 ...
0
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1answer
21 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 ...
3
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0answers
26 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 / ...
0
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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 ...
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 ...
4
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0answers
63 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 ...
1
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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
votes
3answers
435 views

Multiple hard inquiry for a single loan from car dealer?

I'm new to the US and trying to build a good credit history from the beginning. I've just purchased a new car (an hour ago) from an Toyota dealer with a loan from them. I received an alert now from ...
8
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2answers
375 views

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

I am looking to buy a used car from an owner in Arkansas, and I am very nervous. How does this transaction happen step by step? I met with the car owner, tested the car, took it to a mechanic, ordered ...
7
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1answer
176 views

US Taxes: How does the foreign earned income exclusion affect Roth IRA contribution limits?

We are US citizens. We live overseas and make our income from a business here. We pay taxes here on the income and thus don't pay US taxes on it. Let's say we make $50,000 and all of it is excluded on ...
1
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2answers
85 views

Choosing between an HSA and PPO

I need to choose between a PPO and HSA plan offered by my employer and it seems like the "obvious" choice is the HSA plan but I fear that I am missing something that will come back to bit me later. ...
0
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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 ...
5
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2answers
1k views

Can I invest C-corp or S-corp profits by purchasing stock, bonds or property to reduce tax liability?

If I own a C-corp or an S-corp in the US ( say for example Delaware ), and I take profits from revenue after expenses for the corporation and purchase stock in the US stock markets, bonds or other ...
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 ...
0
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3answers
138 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 ...
3
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2answers
113 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 ...
6
votes
3answers
374 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 ...
0
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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 ...
1
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1answer
105 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 ...
19
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3answers
5k views

Robocall claiming to be IRS saying they are about to sue - Is it legit?

We got a recorded call with a message claiming to be from the IRS. It said they were giving final notice and preparing to file a lawsuit against us. In our case, the message went to voicemail so the ...
49
votes
10answers
13k views

Pay off car loan entirely or leave $1 until the end of the loan period?

Background information: I have a car loan that doesn't require payments if I'm ahead on the loan (but accrues the interest, of course, on the balance remaining). I still have a year and a half on my ...
3
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5answers
367 views

Under what circumstance will the IRS charge you a late-payment penalty for taxes?

IRS Topic 301 states You will owe interest on any past-due tax and you may be subject to a late-payment penalty if the payment of tax is not made by the original due date of your return. The ...
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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 ...
2
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1answer
54 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 ...
3
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2answers
77 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 ...
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2answers
183 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 ...
4
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1answer
87 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 ...