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Jul
7
comment Paid cash for a car, but dealer wants to change price
@JoeTaxpayer I think my comment was a bit unclear, and I meant it in the way Taemyr suggested. If the transaction is complete, I agree that there is nothing to be done. What I suggested was meant to be a fallback in case the dealer starts being aggressive and the son just wants it to go away.
Jul
7
comment Paid cash for a car, but dealer wants to change price
I would also add, don't be emotionally attached to the car. Your son's position should be if they don't accept the deal as negotiated, he returns the car and they return the check, at no cost to him. The dealer needs the sale a lot more than your son needs this particular car.
May
4
awarded  Caucus
Apr
17
answered Wouldn't it be better if reinvested dividends were simply treatable as capital gains for tax purposes?
Mar
7
awarded  Popular Question
Mar
6
comment Do you pay taxes on stock gains that are just returning to their original purchase price?
Just to clarify, the profit or loss if the sale price minus the purchase price. Any change in the stock price in between purchase and sale is irrelevant.
Feb
6
awarded  Nice Answer
Jan
10
comment How do taxes work when your only income is from capital gains?
One way to answer questions like these if you use tax prep software (TurboTax etc), is to create a new return and put in your hypothetical numbers. That should take into account all of the factors, and let you see exactly how different scenarios affect the total tax bill.
Dec
26
comment Would there be issues with giving someone a gift out of a joint account if the total is over the annual limit per person?
Would the IRS see it as a gift-tax avoidance scheme if each person wrote a check to themselves from the joint account, them turned around and wrote a check to the relative from their own account. Logically this seems equivalent to two checks from the joint account, but tax laws (and IRS interpretations) seem to have their own logic.
Dec
26
answered How do you enter details of spending in a department store?
Dec
16
comment What to bear in mind when considering a rental home as an investment?
Another thing to keep in mind is the mortgage interest rate on an investment property will be higher than your home mortgage, and require a larger down payment (20%-25%), and are generally harder to qualify for.
Oct
9
awarded  Popular Question
Oct
6
comment Why are bank transactions not instant?
I don't have time to relisten and make this into an answer, but NPR's planet money did an episode about this just about a year ago: Episode 489
Aug
12
awarded  Yearling
May
21
awarded  Nice Answer
Apr
9
revised Should I really pay off my entire credit card balance each month or should I maintain some balance?
fixed typo (rate->limit)
Apr
1
awarded  Caucus
Apr
1
awarded  Constituent
Aug
12
awarded  Yearling
Jul
27
awarded  Citizen Patrol