Questions tagged [ohio]

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

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2 answers
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Sister bought me out of house. What taxes do I owe?

My mom signed over her house five years ago for a dollar each. It was already paid off. My sister lived in it for the past five years. We agreed to sell it or she would buy me out at the five year ...
Callinbull's user avatar
1 vote
1 answer
654 views

Bought a lemon and the bill of sale has an incorrect price

I paid $2100 for a vehicle but on the bill of sale he put $839.75. I paid with card through cash app so I have proof of what I actually paid. The vehicle got less than a quarter mile down the road and ...
megan bullard's user avatar
0 votes
0 answers
42 views

How to calculate tax for Precious Metal Sales in Ohio

So recently Ohio did away with tax on precious metal sales. I've been wanting to produce precious metal items for a while and decided I want to open an online store. I'm trying to understand how to ...
DotNetRussell's user avatar
0 votes
2 answers
400 views

What should I do with a UTMA to help protect eligibility for financial aid?

I have been investing $50 a month into a UTMA for my best-friends son. He is not a blood relative of mine. There is about $10k in the account now. I explicitly chose a UTMA instead of a 529 because of ...
Freiheit's user avatar
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1 vote
1 answer
113 views

Buying real estate with an LLC

I am planning to buy a real estate property (rental) as a investment. There was a listing with the following comment: Property was purchased 17 years ago on a stock purchase - suggest Buyer do the ...
Alfred Wallace's user avatar
3 votes
1 answer
329 views

Company Received Unemployment Claim - I Still Work There

Company received unemployment claim in my name (with slight mispelling of my first name) I still work for the company. I have no filed anything. The paperwork has my SSN. What are my next steps and ...
JohnTest's user avatar
10 votes
3 answers
4k views

Is paying off mortgage public information?

I noticed that after I bought a house, I started getting junk mail with my specific mortgage amount on it pretty quickly, presumably sourced from public information. Will it also be public ...
Learning2Save's user avatar
2 votes
2 answers
107 views

How to pay tax on IRA to Roth rollover

I recently changed employers, and merged my old retirement account with a Roth account I have with an independent company. A little less than half the contributions were pre-tax, and I understand I ...
Aaron's user avatar
  • 151
-1 votes
3 answers
335 views

Can I give away part of my land in hopes of getting lower property tax?

I found a house that I really like. It's relatively cheap with 3,4 acres of land. The reason why is cheaper is probably because it has high property tax. I was wondering if it's possible to give away ...
Grasper's user avatar
  • 1,209
0 votes
1 answer
460 views

Can seller backout of their counter offer after buyer accepts

Situation my son is in. He made an offer, then the seller countered. He countered again, they countered back. He accepted their counter. Now they don't want to do it, and may have sold the house to ...
Annette Quinn's user avatar
1 vote
1 answer
202 views

How can I insure a driver who doesn’t live with me but is borrowing my car long term?

My cousin is borrowing one of my cars to get to school and work. He’s 17. He lives less than an hour from me, but in another state. He is insured as a driver on his family’s policy, and the car is ...
bvy's user avatar
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12 votes
1 answer
1k views

Is there a reason to exercise a stock option as soon as it vests?

Background: I am currently employed by a start-up that, so far, is doing really well. As part of my contract, I have stock options that will come available on a typical vesting schedule. A quarter of ...
Kallmanation's user avatar
0 votes
1 answer
135 views

Do I need to file taxes in the city I work?

I live and work in Ohio. However, I moved in 2016 to a village without city income tax. However, I work in a city with income taxes. I started with this organization in 2017. My employer has been ...
Gary's user avatar
  • 295
2 votes
1 answer
2k views

Foreign grandparents and 529 college saving

I'm an ex-pat living in Ohio with a child that we have set up a 529 college savings account for. My parents from the UK want to contribute to my daughter's future and I'm not sure what the most ...
Matt Burland's user avatar
3 votes
1 answer
175 views

Handling federal and state tax witholdings as a household employee

A friend has recently started a job as a nanny in Ohio and received their first paycheck. The employer family also provided a spreadsheet that records the gross pay, various withholdings, and net pay. ...
terbubbs's user avatar
  • 133
1 vote
2 answers
653 views

New vending route business, not sure how to determine taxes

I have started a new LLC business in Ohio for which I have acquired multiple amusement vending machines (these are prize redemption machines e.g. claw machines) with the plan to lease space and start ...
user avatar
2 votes
1 answer
9k views

Why don't my state and local wages match on my W-2?

I moved midyear from one state to another. I need to pay local income tax in my new city/state, something I did not need to do before. My W-2 shows my state income broken up between the two states ...
Learning2Save's user avatar
1 vote
0 answers
98 views

What affects tax due for the Ohio vehicle tax penalty?

I bought a motorcycle for $3,000 and stupidly put $0 on title. I got a letter asking the sale price and paid $210 in taxes in response to the letter. Now I just got another letter that says I owe ...
heyitsmyusername's user avatar
1 vote
1 answer
56 views

What is the best option I have to close out a State Tax Lien record?

I am an Indian national and was working in the USA for few years in the past. I returned back to India in 2013. I paid both federal and state taxes up till 2013. Now, I see a 'State Tax Lien' ...
Janaaaa's user avatar
  • 113
1 vote
1 answer
104 views

Car under the dealer's warranty

I just bought a car from a dealer and according to the law, they have provided a 3-month warranty to pay half a price for the repairs in case the car breaks. The car broke down and I need to have it ...
Grasper's user avatar
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0 votes
0 answers
621 views

Vehicle Title Requirements for selling a junk car

I'm planning to sell my old car to a company that will scrap it. I'd like to know what do I need to do with the title? They are planning to come and pick the car up and tow it to the junk yard. I ...
Grasper's user avatar
  • 1,209
1 vote
0 answers
303 views

w-2 form shows two different localities and values for wages and local income tax withheld

I live in Akron but work at Lakemore, Ohio. I do understand taxes not being withheld for Akron. But on box 18 it shows that I made an extra 700.00 when that wasn't the case. So to recap: Box 18-20 - ...
dawn's user avatar
  • 11
5 votes
4 answers
2k views

Will the ex-homeowner still owe money after a foreclosure?

I'd like to know whether a person owes any money to a bank if his house was foreclosed. From what I found, it says yes and the borrower owes the difference that the bank sold the property for. If ...
Grasper's user avatar
  • 1,209
2 votes
1 answer
293 views

Use a 529 plan to escape taxes of investment property sale

So I have been attempting to devise a way to go back to school in a cost effective manner. I enjoy what I do but I really want to continue learning. Unfortunately, like many on here I am cheap money ...
DotNetRussell's user avatar
5 votes
2 answers
7k views

Car lease payment went up after moving to new state

Recently, I moved to Kentucky from Ohio and my monthly auto lease payment with Chase Bank went up by about 8%. How is this possible if the tax difference between each state is only 0.5%? According to ...
daleyjem's user avatar
  • 153
5 votes
1 answer
109 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
4 votes
1 answer
234 views

I am the sole contributor to my long-term disability insurance. Will I owe income taxes on the amount I receive?

If I pay my own long term insurance, out of my check each week at my work, I read that I do not have to pay taxes on that income, that I would only owe taxes if my work paid for all or part of it is ...
rick caivano's user avatar
2 votes
2 answers
418 views

Can my local municipality charge taxes on rental income I make out of state?

EDIT Sorry for the unclear question - been staring at tax forms all night. I meant to say that I live in a municipality in Ohio that charges local income taxes. It looks like my local municipality ...
Jacob's user avatar
  • 633
8 votes
3 answers
474 views

What is the best approach to save money for College for three kids?

I have three kids ages 4, 3 and 0 and I am concerned about the cost of college education for my daughters. A lot of the "public" schools (not community colleges) cost between $20,000 to $24,000 a year ...
Viriato's user avatar
  • 223
1 vote
1 answer
384 views

Does anyone know if P2P lending will be made available in Ohio?

I have been trying to find information as to if there are any efforts in process to make P2P lending services like LendingClub.com and Prosper.com available for use in Ohio, and haven't had much luck. ...
user avatar
5 votes
1 answer
5k views

What P2P lending services are available to Ohio residents to use, as a lender?

I live in Ohio, and Lending Club and Prosper are unavailable for me to utilise as a lender. Are other P2P services available for Ohio residents? Are there alternative but similar lending strategies ...
gunit888's user avatar
  • 153