Questions tagged [maryland]
Use this tag for questions related to rules and experiences specific to the State of Maryland in the United States.
33
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How to disburse capital gains between two people with minimal taxes?
My daughter and I bought a house together in 2022. I contributed money for the down payment. We have paid equally all of the mortgage and expenses.
We are selling it now, it is on the market. I am ...
- 21
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2
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41
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Does income from another state contribute to Maryland minimum filing requirement?
Am I required to pay taxes/file a tax return in Maryland if my Maryland income tax is below the federal standard deduction, but my total income tax for the year is above that level? For example, let's ...
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Can I sell my business car to myself (personal)?
I am seeking to change the ownership of my vehicle from my business to myself? In other words, the vehicle will no longer be used for business purposes - just for personal.
Now, my accountant ...
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2
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Where can I enter my contribution for Maryland College Investment Plan in TurboTax Online?
I'm a Maryland resident who contributed $2500 to each of my two daughters' Maryland College Savings Plans.
That should entitle me to a $5000 Maryland state tax deduction.
Now I'm trying to do my taxes ...
- 275
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3
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Cost of retaining right-of-way lawyer [closed]
I am currently discussing to purchase a lot at Prince George's County, MD. The original deed refers to a right-of-way deed with the state of Maryland for a small piece of that lot. I have a copy of ...
- 151
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Right of way (per deed)
Following image is from the plat of a lot I am interested to buy.
What does it mean buy 30' right of way (per deed)? Does it mean that I will not be able to do anything with that part of lot although ...
- 151
4
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2
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193
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What is a good vehicle to do ad-hoc savings for kids' college?
My kids are 11 and 14. I've neglected to save any money for college for them, but I want to start now. I live in Maryland.
I understand that 529 college savings plans are usually the best way to go. ...
- 275
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41
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Filing state taxes as a part-year resident, and full-year federal resident
This question is similar to this one, and slightly related to this one, but with some differences.
I have been living in USA for many years, and my spouse is an expat who moved to USA in the middle ...
- 156
14
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3
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What should I prepare for tax-wise when moving from one state to another?
In about 2 months, my wife and I will be moving to another state and I will be starting a new job - this move will be from the Capital Region of New York State to the St. Mary's County region of ...
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Break-even for itemized deductions in Maryland
The federal standard deduction for married filing jointly in 2019 is $24,400.
The Maryland state standard deduction is only $4,550 and you cannot itemize on your state return unless you itemize on ...
- 648
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116
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How to collect a judgement in Maryland?
I have a $30,000 judgement against an individual in the State of Maryland. The case was adjudicated in Small Claims Court in Maryland. I'd like to collect the judgement but the individual is not ...
- 384
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Should I choose Itemized or Standard deduction?
I see I am saving more when I choose Itemized deduction, even though its less than standard deduction. Is that normal? And in this case should I choose itemized and disregard recommendation of Turbo ...
- 561
3
votes
1
answer
153
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1099-S Provided 4 Years Late, and Amount was Paid to the Mortgage Lender Instead of Home Owner
The State bought a portion of our land for highway widening, and paid the proceeds directly to our mortgage lender. Four years later, the State has sent us a 1099 for the amount paid to our mortgage ...
- 31
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1k
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Rebuilding my life at 30, broke and supportless
Okay, so try to ignore the "drama" in this and I'll try to keep this short.
I'm unemployed (on my 3rd disability appeal) but in college
I max out my loans but it's about $500 a month left after my ...
- 101
2
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1
answer
97
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What - if any - tax obligations would there be for lost and reclaimed money?
Many years back I invested a few thousand dollars in a stock fund. My intention was to "buy and hold" and occasionally add a little here and there. However, life changes meant that I didn't have extra ...
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Is Maryland's Wynne Tax Refund taxable on my federal return?
In 2015, the Supreme Court found a local taxation detail in Maryland unconstitutional as double taxation (Comptroller of the Treasury of Maryland v. Wynne). Residents who doubly paid could then fill ...
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275
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Am I better off with NY's 529 plan? (Maryland resident)
Maryland resident here.
We'll be opening some 529 plans for our kids (ages 4.5, 2.5, and 1), and I'm wondering how to determine if we're better off with the in-state plan or another state's plan.
We'...
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Mortgages for soon-to-be married person
My niece, in Maryland, is soon to be married to a twice-divorced man who owns his own home and is still paying a mortgage.
My niece, who has been divorced once, has two children and lives in a home ...
- 11
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1
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2k
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Is a federal annuity taxable in Maryland?
My husband retired from Federal employment, and they didn't take out any Maryland state tax which I didn't notice. Now I'm worried about 2015 taxes which I haven't completed yet. Could this be that it'...
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91
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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 ...
8
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I live in Maryland and work in Virginia. Do I need to file multiple state tax returns?
I live in Maryland and commute everyday to Virginia for my job. I do not have any rental property in Virginia. Do I need to file multiple state taxes?
- 561
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Apartment Security Deposit refunds in Maryland
I paid $158.00 security deposit in April 1972. How much should I get back?
I moved out on June 30, 2015 with no deductions for damages. I lived in Maryland.
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435
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How does per-annum depreciation for taxes work after the first year of depreciation?
My state requires me to report personal property that I use for my design business. Here is the specific form in question: http://www.dat.state.md.us/sdatweb/pp1inst_2015.pdf. The form says that ...
- 165
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Potential to live in one of two states: Which is better for optimizing income?
I have accepted a new job on the Eastern Shore of Maryland that I will start this summer, but I will have the option to live in either Maryland or Delaware (about the same commute either way). I'll be ...
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Calculating underpayment penalty for Maryland state taxes
I am trying to determine if I am going to owe an underpayment penalty on my Maryland state taxes for tax year 2014.
Form 4502UP (http://forms.marylandtaxes.com/current_forms/502up.pdf) states that the ...
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7
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278
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How to deal with insurance when renting a car from an individual?
I need an extra car for 2 months, and all car rentals were $800/month and up. A friend offered to rent me his extra car for $450/month. He said it costs him $160/month for insurance, which sounds like ...
- 173
3
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1
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190
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Should rented software be included on my LLC's balance sheet?
I am an incorporated freelance user experience (UX) designer with an LLC, and my state requires a personal property return with a balance sheet every year. I'm using cash accounting for my business ...
- 165
2
votes
1
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1k
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Gift Tax owed on the transfer of a Home Equity Loan
I'm in a bit of a conundrum here:
My sister owns an investment property outright (no loan on it...)
She lives with me in my primary residence.
Now, my family and I are moving to another house, with ...
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1
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Help with calculation of interest on a security deposit on a rented house?
I know you answered a similar question on another post but I am in dire need of help. I was wondering if you could help me out with my security deposit calculations? We paid $1795 for our deposit in ...
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Tax considerations for selling a property below appraised value to family?
I own a property that recently appraised for $350,000 in the state of Maryland that I purchased for $300,000 7 years ago. I wish to sell this property for a value of $240,000. Here are my questions:
...
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8
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2
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6k
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Does money received from the estate of a deceased parent count as income?
My father passed away last year and my uncle was listed as executor of the estate. He liquidated the entire estate and it was released from probate last month. All of the children received an equal ...
- 81
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1
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49
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Transferring a Property (with a loan) to a relative in Maryland
We have a property in Maryland, currently in my name, on a loan with a bank. Other than selling the property and having my relative buy it, is there a more cost-effective manner, in which the property ...
- 1,023
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P2P lending in Maryland?
I'm interested in investment through Prosper or Lending Club, but both are not available in Maryland where I live.
Is there any other alternative that I can invest quite safely?
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