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1

This is called imputed income, which is generally not taxed in the US.


2

The basis of the home is the cost of land and material. That's it. Your time isn't added to basis. No different than if you spend 1000 hours in a soup kitchen. You deduct miles for your car and expenses you can document but you can't deduct your time.


5

IRS Pub 554 states (click to read full IRS doc): "Do not file a federal income tax return if you do not meet the filing requirements and are not due a refund. ... If you are a U.S. citizen or resident alien, you must file a return if your gross income for the year was at least the amount shown on the appropriate line in Table 1-1 below. " You may not ...


1

RE "what's the optimal credit limit": I think that depends a lot on your personality, money management habits, and self control. If you are ever tempted to run up debts that will be difficult for you to repay, you are better off having a limit that will impose an artificial restraint on you. Some people get big credit limits and go on foolish shopping ...


0

The advice given at this site is to get approved for a loan from your bank or credit union before visiting the dealer. That way you have one data point in hand. You know that your bank will loan w dollars at x rate for y months with a monthly payment of Z. You know what level you have to negotiate to in order to get a better deal from the dealer. The ...


5

Traditional IRA - you have $10,000 pretax. It grows to $100,000 and on withdrawal, you lose 25% to tax, $75,000 net. Traditional IRA (no deduction) - you have $7200, same 10X return $72,000. On withdrawal, $64,800 is taxed at 25%, $16,200 tax. Net $55,800. Roth IRA - you have $7200, same 10X return $72,000 net. Post tax (regular broker account) - you ...


5

The dealership is getting a kickback for having you use a particular bank to finance through. The bank assumes you will take the full term of the loan to pay back, and will hopefully be a repeat customer. This tactic isn't new, and although it maybe doesn't make sense to you, the consumer, in the long run it benefits the bank and the dealership. (They ...


0

Yes, the net effect is zero. If you own zero shares by Nov 30, for example, and don't buy any more shares by 12/31, the year is done, and nothing left to account for.


4

putting tax free investments into your traditional IRA I'm not religious, but I know there's a special place in hell for anyone advising this. Your Roth is tax free regardless of what was held inside. Your traditional IRA if funded with pre-tax money, is 100% taxed on withdrawals regardless of what was invested in the account. I'll give the author ...


2

Zeros are, after all, bonds, so even though they don't make any actual interest payments, you pay taxes on "imputed interest" each year if you hold them in taxable accounts, as if they had paid interest and you had reinvested it. In a non-taxable account you don't do that. EDIT: as @DilipSarwate pointed out, in a non-taxable account the gains on zeros, like ...


3

I agree with Joe that you seem to have your stuff together. However I can't disagree more otherwise. You are getting a loan at such a cheap rate that it would be almost impossible to not substantially beat that rate over the next 15-20 years. You paying off your home early might give you warm fuzzy feeling but would make me queezy. This is a MONEY ...


8

One other consideration is that by paying off your mortgage early versus, for example, investing that capital in a mutual fund is that you are reducing your net liquidity to some degree. That is, if you find yourself needing an emergency infusion of cash it is easier to sell a stock/fund than to sell your house or get a equity loan. I suppose if you were ...


10

You seem to really have your financial act together. Your combination of assets, and ongoing savings makes you the ideal candidate for paying it off. One way to look at it is that your mortgage offers you a place to 'invest' at a fixed 2-7/8% rate. "I'd really like to not have a house payment" is all I need to hear. The flip side is the lecture that ...


-2

Consider the tax withheld payment on your estimated income for the year. Your employer estimates what you would probably make and over estimates the amount to withhold from your check. At the end of the year if the amount that was withheld is higher after all deduction and credits, you get a refund for over payment.


-3

There's an excellent new service called SelfScore that offers US credit cards to international students. They work with students without a credit history and even without an SSN by using other qualifying factors such as major, financial resources in their home country, and employability upon graduation. Worth clarifying: it's neither a secured credit card ...


0

As the funds are Gift received from your parents, and your tax residency is US, as per US gift tax, there is no tax due from you for these funds.


4

In addition to what has been said, gift cards with a credit card logo (which is what I am assuming you mean here) do not have an address associated with them. That means that if you try to use one at a merchant that users address verification (common in online purchases), the transaction will fail. In my experience with an American Express branded gift ...


5

Definitely not with gift cards and to a lesser degree not even with debit cards. For most transactions they work the same but you'll run into problems when dealing with situations where a hold is placed that's higher than the transaction amount. This is the norm with gas purchases--at the time you run the card you don't know how much gas you're going to ...


2

If the cards are tied to a specific vendor, they will work only at that vendor. If they're generic cards just charged with a specific amount of money, they should work at any vendor who accepts that card network... though there may be specific exceptions.


2

STEP #1. Get a copy of whatever you have signed, this is the most important step. STEP #2. Find a reference to the landlord/tenant laws for you city, county and or state if there are any. STEP #3. Google for a tenants union in your city, state or county. ie, Washington State Tenants Union STEP #4. Try get a free consultation, or an affordable consultation ...


5

You are using interchangeably borrow/loan and gift. They are very different. For the mortgage company, they would prefer that the money from friends and family be a gift. If it is a loan, then you have an obligation to pay it back. If they see money added to your bank accounts in the months just before getting the loan, they will ask for the source of the ...


5

I would not concede your money to your dad IF he is really wronging you - and we need much more detail to tell. This is the first lesson in life that actually following up on "wrong" things will save you thousands of dollars throughout your adulthood. It is really easy to turn the other way and be out a few thousand dollars. Then the hospital overbills ...


2

If the account is really only in your father's name and not even "in trust" for you, then you can't touch it, I'm afraid. And taking your family to small-claims court is something of a nuclear option. Hiitting sympathetic family members for a loan may be the best course here;. Anything you do to try to force cooperation is likely to be a "nuclear option" as ...


2

Rephrasing Jay's answer into a more practical form: It would be possible for the government to do this, though not easy. If you really think it's a good idea, lobby your congresscritter to propose the appropriate law. But be careful what you wish for. To pay new interest, the government needs to get that money somewhere -- increased taxes, increased fees, ...


2

No, you cannot deduct it. There's no business substance in such a trip, it is your vacation, and as such cannot be claimed as an expense against the rental income. You may be able to deduct the coffee you buy for the meeting with the property manager while there, but there's no way you can justify a 7-10 days vacation with your whole family as an expense to ...


1

Yes, you will. Not sure about the rate, since it depends on your AGI and may be anywhere between 0% and ~24%.


1

If you and your wife are owners, your tickets might be a business expense against the rental income. 'Might' as in the IRS will be happy to audit you, seeing the kids went as well and prorating the expense as say 25% was really business, the rest, family vacation. If this $4000 write off is the make or break for this deal, don't do it.


1

There are services, usually associated with real estate agents, that provide apartment search services for relocating professionals. I was very underimpressed when I was offered the use of such a service and did better on my own, but I did have the company paying for a hotel room while I searched so I had time to investigate alternative channels -- and in ...


2

Try a car share program. My daughter uses on in Denver and got rid of her car and loves the money she saves. Here is one in NYC: http://www.zipcar.com/nyc/find-cars


-2

Because they're the government and they make the rules. Maybe whoever wrote the tax laws had some philosophical or economic reason. Or maybe not. It doesn't make much difference. You could ask this sort of question about all sorts of government policies. The reasons that the lawmakers had may or may not sound valid to you. But you still have to obey the ...


6

From your first link: IRS.gov: IRA One-Rollover-Per-Year-Rule IRA One-Rollover-Per-Year Rule Beginning in 2015, you can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own (Announcement 2014-15 and Announcement 2014-32). The limit will apply by aggregating all of an ...


-5

Just pay it, its not alot and it will clear up your credit report.


2

Yes, a REIT mutual fund (such as Vanguard's) alleviates the need to do these return-of-basis calculations yourself, since the fund computes them for you. As keshlam mentioned, one of the drawbacks is that you usually don't get your 1099 for the fund until about a month after you receive all your other 1099s. Another drawback is that all the fancy ...


-3

If you want to be really "financially smart," buy a used good condition Corolla with cash (if you want to talk about a car that holds re-sale value), quit renting and buy a detached house close to the city a for about $4,000/month (to build equity. It's NYC the house will appreciate in value). Last but not the least, DO NOT get married. Retire at 50, sell ...


4

Definition If I understand correctly you describe putting a hold on an appartment as such: A sum of money that you give to the owner of the appartment to let them hold it for you because you are probably going to rent. In case you back out of the deal, this money can mitigate the expected loss from turning down other candidates. Situation After asking ...


0

Personally, I would: a) consider selling the car and replacing it with a 'cheaper' one. If you only drive it once a month, you are probably not getting much 'value' from owning a nice car. b) move the car (either current or replacement) out to your parent's place. The cost of a plane ticket is about the same as the cost of the garage, and your parents ...


4

Many colleges have offices that can help students find off campus housing. They will have information about rooms being let by families, and about houses being shared by groups of students. The biggest issue is that many of the best places were filled months ago. With only a month to go before classes start time is tight. You can also look for electronic ...


0

Not sure how well it suits your case, but did you consider 'car sharing' yet? If you find someone reliable in your neighbourhood, who only needs the car within the week, it might be possible to divide your park and insurance costs by 2. Another option might be private car rentals (for example from relayrides.com). The prices seem considerably lower than ...


6

Back when I was 25 and living near Kansas City, I would put 500-700 miles on my car almost every weekend traveling to other places like Omaha, St. Louis, Iowa City, occasionally Minneapolis, once to Fargo, and one longer trip all the way to Virginia... There's a whole lot of nothing out there so road trips are quite naturally long. They're also quite ...


0

I'm no lawyer and no expert, so take my remarks as entertainment only. Also see this question. If you have a U.S. SSN which is eligible for work, they may be able to pay you on 1099 basis with your SSN as a sole proprietor, unless they have some personal reason for avoiding that. So perhaps try asking about that specifically. HR policies can be weird and ...


4

The debt collection agency needs to see a copy of the notice from the bank that the $300 charge is a disputed and fraudulent charge. Also require them to provide proof. To reduce your stress, you should contact a lawyer to handle the debt collection agency. Disputing the information on your credit report is exactly the way to "fix" that issue. All they need ...


2

You can designate one or more beneficiaries for your HSA account who will get the money when you die. Some states require consent from your spouse (if you're married) if they are not the beneficiary. The funds maybe taxable to the beneficiary. If you don't designate any beneficiaries, by default the money will go into your estate and be handled the same as ...


18

The car has value, but it is still a depreciating asset. You're paying far more to rent a space to park the car than you are to own and drive it if you look beyond the initial term of your loan. You could buy a space to keep the car, but at $225,000 for a permanent spot, renting is a much better deal. Would you travel home as frequently if you didn't have ...


4

Yes, eligibility for contributing to a Roth IRA is determined by your Modified Adjusted Gross Income (MAGI) which is based on your Adjusted Gross Income (AGI). Now, AGI includes the net capital gains from your transactions and MAGI adds back in things that were subtracted off (e.g. tuition deductions, foreign earned income exclusion) in arriving at the AGI. ...


1

Yes. Look at form 1040 AGI is line 37, and it comes well after you report your schedule D cap gains. I read this question as meaning you wish to contribute to a traditional IRA pretax. There is no income limit to contribute to an IRA and not take the deduction.


11

First of all, whatever you do, DON'T PAY! Credit reporting agencies operate on aged records, and paying it now will most certainly not improve your score. For example, let's say that you had an unpaid debt that was reported as a "charge-off" to the credit bureaus. After, say, six months, the negative effect on your score is reduced. It is reduced even ...


10

I purchased a used (2011, low miles) sedan in early 2014 for ~28k, 9 months before moving to the city. I put 12k down including trade in and currently own 9k on the car (1.9% APR). It's a luxury sedan (not a 3 series, hah!) and will hold it's value better than other cars for quite a while (currently worth ~23k in private sale). 1.9% APR yet it ...


8

Ben Miller offers you sounds advice. However, if it comes down to it I would reach out to a lawyer to negotiate this for you. If what you are presenting is true then you could easily sue them for the damages incurred. I have been in a similar situation and unfortunately using the lawyers is what was required to get the solution resolved. Based on my previous ...


1

If your dad would have won money on the slot machines(And the amount was high), the casino would have given him a W2G to fill out right there and taxes would have been deducted. However, table games including Poker does not have any such rule. You will have to account for your winnings(And losses) at the end of the year. So, it is ok if you sign that paper, ...


4

Search the State of Washington website for unclaimed property. They will tell you everything you need to prove ownership. Also there is never a charge for this. The third party sites you see want to to pay for a service the state already provides. Q. Do I have to pay a finder's fee? An asset locator, fee finder, or heir finder is a person or ...



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