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Questions tagged [michigan]

Use this tag for questions related to rules and experiences specific to the State of Michigan in the United States.

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7 votes
1 answer
119 views

May a church pay for AED/CPR training for congregants?

I'm Treasurer of my church in Michigan, USA. We are purchasing an AED. We'd like to have more people from our congregation be CPR/AED certified. Can the church pay the ~$60 per interested person? I ...
Matt Thomas's user avatar
0 votes
2 answers
69 views

MESP Tax forms for years with only contributions

I started two 529 funds for my children in the 2023 calendar year and want to claim the contributions from my Michigan State Income tax. But I was looking on the MESP site and can't find any tax ...
sedavidw's user avatar
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3 votes
2 answers
1k views

Why did I get MI-1040ES - Michigan Estimated Income Tax for Individuals form in the mail?

I recently got something from the Michigan Department of Treasury in the mail that looks like 4 sort of coupons where I tear a section out and write down payment amount (not sure how much to write ...
JonH's user avatar
  • 1,395
11 votes
2 answers
7k views

Can a homeowners insurance demand that I perform specific maintenance at my home?

Our insurance company sent someone out to take photos of our home. They then sent us a letter stating we must fix cracked windows and remove any foliage that is near or hangs over house and out-...
Michael's user avatar
  • 111
2 votes
1 answer
59 views

Can you deduct state income with a non-sponsored 529?

I live in MI and it has a state sponsored 529 program called MESP. However I do most of my money management in Fidelity and would like to keep 529 there as well. I can open a 529 there but it doesn't ...
sedavidw's user avatar
  • 249
2 votes
0 answers
58 views

How strict are MESP 529 spending guidelines

I have consulted the IRS tax literature, MESP guidelines, and spoke with representatives for the MESP, individuals from my school's financial aid department, and have not been able to come up with a ...
avocado811's user avatar
0 votes
1 answer
333 views

Should I file state tax return for a rental property in another state?

I lived full-time in Massachusetts in 2021. I have a rental property in another state (Michigan) and in 2021 I had rental income. This is reported on my federal tax return for 2021. Do I still need to ...
fhcat's user avatar
  • 357
2 votes
0 answers
160 views

Can an owner who rents rooms write-off an unoccupied, unfinished basement that is open to all residents as a common area?

If a rental situation is owner-occupied and areas shared by lodgers and the owner are prorated for tax purposes, can an unfinished basement, treated as a common area to all equally, also be written-...
Ryan Mortensen's user avatar
5 votes
3 answers
507 views

Auto Insurance in Michigan: What is the need for liability covereage?

I live in Michigan. Recently, state law changed such that we have "no-fault" auto insurance. We still must hold liability of $50,000 per person, $100,000 per accident. Since we are in a &...
Astor Florida's user avatar
4 votes
1 answer
156 views

Can a property that owes taxes be donated to a church?

I pastor a church (we are a street mission) that is seeking a stable location to both be a rectory and a place to worship. There was an offer by a parishioner to donate his home. He is a minister ...
Rev. Guinevere Haworth's user avatar
2 votes
3 answers
138 views

Is it a common practice for bi-weekly mortgage setups not to have points available to pay down?

I'm refinancing my mortgage and I wanted to set it up as bi-weekly, since it effectively applies the extra payment every year. However, as we're going through the process, my mortgage consultant said ...
nikodaemus's user avatar
13 votes
2 answers
4k views

How many years do I need to own a house until I don't have to pay capital gains taxes?

I've owned my home for 1.5 years and it has been my primary residence. I decided to move, and want to sell, however, I'm unsure if I have to pay capital gains. When searching the internet I find ...
Gary Holiday's user avatar
2 votes
0 answers
52 views

529 withdrawal tax implications

I have a 529 account in Michigan for my children. It is tax free on withdrawals for higher education cost. I recently moved into another state, so I am still debating whether I should keep the ...
fhcat's user avatar
  • 357
3 votes
2 answers
123 views

Tax implications of working from another state due to coronavirus

I work for a company in California which is recommending all employees work from home because of the coronavirus pandemic. I am thinking about working from Michigan instead as an opportunity to visit ...
carpediem's user avatar
3 votes
1 answer
128 views

Insurance company pays our mothers children to take full care of her as she is bedridden and paralyzed on one side. Do we pay taxes on this money?

Car crash insurance company pays us(children) to take total care of my paralyzed mother as the result of a car accident. Do we have to pay claim or pay taxes on this money?
Alan Wehrli's user avatar
1 vote
4 answers
578 views

Is it still hawala if the money is transferred via bank at the destination?

My family needs to send me approximately $3000-5000 for my expenses here in Michigan and they found a relative coming to US in coming days. They would give him cash in my country and he would carry it ...
Salik's user avatar
  • 113
4 votes
1 answer
440 views

Capital gains on vacant land

My husband inherited vacant land when his mother died in 1990. His parents bought this property in 1946 if that makes any difference. We are selling it and am wondering what we will end up with after ...
Ann Noble's user avatar
1 vote
0 answers
133 views

How do I use MI-1040D for capital gains/losses in other states?

Say we have a full-year nonresident of Michigan, who has wages of W, attributable to Michigan, and a capital gain of G from selling stocks. Since they are a nonresident, the capital gain should not ...
Rufflewind's user avatar
2 votes
1 answer
4k views

Is a "Warranty Deed" the same as a "Bill of Sale"?

Context: I sold a rental property last year, and foolishly neglected to cancel the homeowner's insurance policy on it. (I thought the title company would handle this as part of the closing, at the ...
mweiss's user avatar
  • 245
6 votes
2 answers
273 views

How can I reasonably estimate what percentage of my income should be saved for taxes during my first year of work

I am a minor in Michigan, and I'm currently in my first financial year. I work for a nonprofit, which doesn't take any money out of my pay. The per-hour salary that I say I make is how much I actually ...
Julian Lachniet's user avatar
4 votes
1 answer
92 views

Educational Savings Program vs. Individual Investment Plan

I am trying to figure out what is the best investment option for my daughter's college tuition when she turns 18. We currently have Michigan's education savings program (MESP 529) and we deposit $100 ...
fhcat's user avatar
  • 357
2 votes
1 answer
139 views

My company mistakenly filed W2s in two states. How do I recoup the money withheld?

I'm fully employed in California with the same company since 2015. In the first year, I put my parents' house in Michigan as my home address because I was moving frequently and traveling a lot in ...
alvion's user avatar
  • 123
3 votes
1 answer
252 views

Does Tennessee have anything like a principal residence exemption?

I just moved from Tennessee to Michigan. We are leasing the place in TN to a friend and purchased a new primary residence in Michigan. In Michigan, we have a principal residence exemption which means ...
Palu Macil's user avatar
3 votes
2 answers
316 views

Apartment Year Lease Increase Statement

I'm looking to sign a lease and I notice there is a statement that the landlord can increase rent with 30 days notice. Is this normal for a lease agreement? Should I be concerned? The exact wording ...
Jonathan's user avatar
25 votes
3 answers
6k views

Better to rent condo to daughter or put her on title?

We're contemplating purchasing a small condo in MI for our daughter to live in while she goes to law school. This would be an all cash purchase, so no mortgage. If daughter is listed as a co-owner, ...
Barbara's user avatar
  • 259
2 votes
1 answer
684 views

To sell or to rent the house?

My wife and I currently have a mortgage on one house with a little over $4k left on the loan with 6 or 7 payments left. We are buying a new house (with a mortgage, 80% LTV financed at 2.875%, 15 year ...
casey's user avatar
  • 123
2 votes
1 answer
86 views

How to Handle State Taxes Between MI and FL?

Two scenarios: Let's say I earn 50k... Primary residence is Michigan (8 months) / Secondary residence is Florida (4 months). I work remotely for a company in Texas which doesn't take out state taxes....
2Houses's user avatar
  • 21
3 votes
1 answer
569 views

How to claim income from sale of house given by quitclaim deed prior to death

We are in Michigan, USA. A couple years before my mother-in-law passed away she signed her house over to my wife and her sister via a quitclaim deed. Only the mother-in-law and father-in-law (both ...
mitnworb's user avatar
5 votes
1 answer
113 views

Residency for Out of State Student Getting Married

I am a graduate student in Michigan but still consider my permanent residence to be in Ohio, as I plan to return there after graduation. I am able to just file income taxes with Ohio, as the two ...
mich_ohio_residency's user avatar
2 votes
2 answers
2k views

Sales taxes on Groupons or LivingSocial coupons?

Say I buy a $10 Groupon that lets me buy $20 worth of food at a restaurant. I go to the restaurant and order items that add up precisely to $20 (based on the menu price). If the state sales tax is 6% (...
user avatar
2 votes
1 answer
204 views

Elect corporation S status for my LLC

I'm the sole proprietor of an LLC in the state of Michigan. I'm not looking to do anything fraudulent or alike. I simply want to know if I elect to have my LLC to be treated as an S type corporation, ...
iDomo's user avatar
  • 31
2 votes
2 answers
721 views

Can I afford this condo?

I just found a condo I really like and I am debating with myself whether it would be a good idea to pursue it from a financial perspective. I'd like to get some educated, objective opinions on my ...
user14650's user avatar