Questions tagged [united-states]

For questions that relate to the laws, practices, and products of the United States.

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1answer
15 views

Is the way I'm calculating depreciation on my rental property correct?

I've recently purchased an out of state rental property. I'd like to be ahead of the game and fully grasp the concept of depreciation so that when tax season comes around, I won't be clueless. I've ...
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0answers
47 views

Compliance issue with casino winning check

I received a check from a on-line casino from Canada. I took it to my bank to cash and they sent it to collections. After about 2 1/2 weeks they sent it back saying compliance issue. What does that ...
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1answer
295 views

Does overpaying estimated taxes lead to loss of non-refundable tax credit?

Say: My total fed tax liability is 60K. I've made estimated payments of 65K. I'll expect a tax refund of 5K. I also installed solar panels and so expecting a non-refundable tax credit of 3K. How much ...
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0answers
24 views

Is it possible for a non-citizen nor GC holder do crowdfunding inside the US?

I am an international student in the US. I have an idea and like to launch a company on that. I know I don't have a work permission but also know I can register a company and invest in it. So can I ...
2
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1answer
50 views

Employer changing Healthcare provider during COBRA eligibility period -

I am currently on COBRA and my eligibility runs for several more months. My employer (who covers my COBRA) is changing healthcare providers. I assume they must let me continue under the new provider ...
3
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1answer
117 views

Cross-country mileage deduction?

My situation is not common... my lifestyle... not common. Recently the company I worked for was bought out and the two "divisions" were split into 2 companies. I assisted the 2nd division on ...
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1answer
47 views

Last stock trades in after hours sessions of a single share that causes huge movement in price

When I sometimes scan down after hours price changes, I notice tickers where there is a single last transaction that has a huge effect on the AH price. This is not an anomaly. I see it everyday on a ...
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0answers
13 views

What is the meaning of "to the extent attributable to contributions" in IRS Publication 519?

In IRS Publication 519 (Tax Guide for Aliens), in a section about Personal Service Income for pensions, is the following text (emphasis mine): Pensions. If you performed personal services in the ...
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2answers
358 views

Can I pay a previous quarter's estimated taxes with current quarter?

I've never done estimated taxes before and I found out today is the last day for the June 1 - August 31 period to pay estimated taxes. I went to the IRS site and saw how I can do it but there is ...
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1answer
47 views

Can a company with a non-citizen/not green card holder board member taxed as an S-Corp?

If a company has 2 or 3 board members that one of them isn't a US citizen nor green card holder, is it possible for this company to be considered as a S-Corp in the tax season? Or at least citizen/...
2
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1answer
113 views

Double taxation of US person receiving income from EU corporation

Between EU companies, money can be passed between parent and subsidiary without taxes. As a US citizen, if I own a European company and distribute earnings, I will be taxed on the earnings upon ...
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1answer
133 views

Tax loss-harvesting with Crypto

There are headlines floating around about enforcing wash sale rules for crypto capital gains and losses, this prompted me to look into tax loss-harvesting, and it turns out I don't understand it at ...
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0answers
50 views

HUD housing recertification removing someone from lease

B"H Hi I'm trying to move out of HUD housing, and the re-certification has passed and my father has signed the documents without my signature re-certifying, which is what I want because I want to ...
3
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1answer
222 views

Can I avoid gift tax by gifting only a portion of a home to a parent instead of the whole value?

I live in Washington state and my mother lives near my brother in California. I was considering purchasing a house with cash, for her to live in. The cost of the house would likely be around $600,...
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3answers
8k views

Is it ok throw away my unused checks for one of my bank accounts?

When I opened my Bank of America account years ago, I was given >50 checks. So far I've only made 2 checks. Therefore, I'd like to dispose of all my checks except for a few ones, to reduce the ...
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0answers
72 views

What are the tax consequences of the borrower defaulting in securities lending?

I recently agreed to lend out some of my shares to my brokerage. They deposit collateral in a bank account, and the balance is adjusted daily based on the changing value of the shares borrowed. My ...
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1answer
72 views

Do I pay taxes on BAT (basic attention token) when using brave wallet?

Basically the title. I'm using Brave Browser because I heard it pays you to view ads, and it does. I have 30USD worth of BAT right now. I just went through all the verification stuff in GEMINI, now it ...
2
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1answer
51 views

Paying Local Taxes in Pennsylvania when working remote for a company in a different state

I live in the state of Pennsylvania and work from home full time for a company in Virginia. I'm having my employer take out local Taxes based on where I live in Pennsylvania. Is this correct? Do I ...
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5answers
4k views

Why is net worth a recommended minimum for insurance coverage

My auto insurance recommends taking out a policy with a liability limit of at least my net worth. This doesn't seem intuitive to me in that the less money you have, the more a big bill is going to ...
18
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7answers
8k views

Can I take out a loan and pay it back immediately to avoid interest?

Ignoring why I would do so, I am wondering if it is possible to take out a personal loan (at, say, ~6% annual interest) and then pay back the principal + any interest back within a short time (within ...
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0answers
68 views

How can I open a US bank account without a US address, as a non-resident US citizen?

I am a non-resident US citizen who has received some money as a check. I do not have a US postal address and have never lived there, nor do I intend to visit the US in the near future. Is it possible ...
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0answers
34 views

Stepped-up Basis with a Revocable Living Trust

Scenario is this: son was trustee and invested extra savings in cryptocurrencies while father was alive and not able to make his own decisions. A few additional cryptocurrencies were purchased after ...
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1answer
74 views

Probate in Pennsylvania

My husband and I have named our daughter as beneficiary to all our financial accounts. After our death will she be able to get the money without probate? We live in Pennsylvania. Thanks.
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1answer
80 views

Why [qualified] dividends are taxed differently from current income?

I am wondering what was the motivation to decouple taxation (USA) of short-term gains/income from dividends in 2003. Before 2003, dividends were mostly taxed as current income, at a significantly ...
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0answers
42 views

Does one's online IRS account contain all the actionable notices from the IRS?

I read on https://www.irs.gov/payments/view-your-tax-account regarding one's online IRS account: Digital copies of select notices from the IRS Do these "select notices from the IRS" ...
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2answers
89 views

Mortgage refinancing - Deciding on points and no-cost

I'm refinancing a mortgage of ~$800k. This is our only/primary house and we do not haven any intent to move in the forceable future. There are multiple parameters/choices and they make my head hurt. ...
2
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0answers
75 views

How much risk is there in securities lending? [duplicate]

I worked for a startup for many years and as a result I have a lot of shares in a company that went public via a SPAC deal. I know it's risky but I'm choosing to sell them over a period of a few years ...
2
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0answers
34 views

1031 exchange to buy out another party?

Can a 1031 exchange be used to buy out another owner of a residential rental property? Say two people own one rental house 50/50. There is no assumed business name, LLC or partnership. The deed has ...
2
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2answers
72 views

Do state and city taxes get pulled out concurrently?

I'm trying to figure out if I should accept a job offer in NYC. Here's tax bracket information for NYC. Here's federal tax information. I'm trying to figure out how much of what I'm being paid I'll be ...
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0answers
54 views

When will the seller credit me the closing costs if agreed upon?

I've recently purchased (my first) an out of state rental property. While going through the process, the agent told me the seller will take care of closing costs. I've received the final closing ...
1
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1answer
184 views

Why not solely use IRA for investing taxed income

My understanding of IRA is that withdrawing up to amount contributed does not incur tax penalty. So I can basically withdraw any amount of taxed income I contribute. It just seems like too good to be ...
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1answer
81 views

What happens after SEC revokes the registration of a stock?

Looking at United Development FUnding Income Fund IV (which was a listed REIT on Nasdaq which subsequently traded OTC): This security had its registration revoked by SEC on 2020.08.13, according to ...
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4answers
770 views

Can I open a Roth IRA AND get to choose what companies my money is getting invested into?

In my experience with investing in IRAs, it seems like you just tell the people that you want to retire in (insert number of years), tell them how risky you're willing to be with your money and then ...
2
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2answers
86 views

Can you keep on COBRA for medical and elect only dental and vision coverage from new employer?

Long story short, I am changing jobs and my new employer offers medical, dental, and vision. However, I've had a rough year and have finished paying all of my medical insurance's deductible and am ...
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0answers
50 views

Can we shift Delaware LLC ownership percentages without exchanging money?

There are three people in a Delaware LLC, acting as a partnership. We have a formula that we use when we distribute money (based on hours worked, mostly), so our distributions generally don't line up ...
13
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4answers
4k views

Is it standard to not provide receipts or invoices for donations?

I recently made a donation to a non-profit organizations that performs humanitarian assistance in places of conflict. Afterwards I remembered that my employer matches my donation up to a particular ...
1
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1answer
65 views

Significant Capital Gain -- how to pay quarterly estimate taxes correctly?

My understanding is if you are expecting to owe more than 2k in taxes you are supposed to pay quarterly estimate taxes. If you don't you might pay a penalty interest rate on the taxes owed to the IRS (...
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0answers
37 views

Why did my CPA send me 1040-ES vouchers in August?

Scenario I had a blossoming small business years ago and was introduced to a CPA I liked. Now days things aren't nearly as interesting but I've kept the same CPA as we've keep a pretty good financial ...
1
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1answer
89 views

How to reconstruct a W2 for prior year when no access to payroll system

My accountant died in August last year, and his estate executor and I have no way to get into his payroll system. I know it's overdue, but is there any way to build a W2 for my one employee based on ...
11
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6answers
5k views

Is there a case against having an IRA?

I am in the United States and I earn an income in the range of $200k/year. I am single with no kids and generally keep my overhead expenses low (car is paid off, my housing cost is very reasonable, ...
3
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0answers
60 views

How is long-term vs short-term capital gains calculated for USA resident aliens?

Let's say I am a foreigner who bought $1,000,000 worth of Microsoft in 2010. I have just arrived in the USA on May/01/2021 and after 6 months pass the substantial presence test and qualify as a ...
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0answers
25 views

What is a "Broker's Broker Trade" in the US municipal bond market?

I was looking at the historical trades of a municipal bond using the Municipal Securities Rulemaking Board (MSRB) Electronic Municipal Market Access (EMMA) website: Notice that the first row in the ...
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1answer
71 views

Is there any upside in owning American depositary receipts (ADR) instead of owning the underlying stock directly, if that's possible?

American depositary receipts (ADRs) have some fees, their own risks and a few other downsides. Is there any upside in owning ADRs (e.g., AXAHY) instead of owning the underlying stock directly (e.g., ...
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1answer
62 views

Do I need to file a tax return if my only income was from dividends and I am a foreigner?

I am not a US person for tax purposes. I do however own stocks in the US and therefore am subject to a dividend tax rate of 30% (1). If the total amount of my dividends (my total taxable income) was ...
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2answers
104 views

Purchasing real estate within an IRA, then selling it back to oneself?

As I understand it, IRS rules allow the purchase of real estate within a self-directed IRA as long as it's for "investment purposes" and not for personal use; i.e., you can't purchase a ...
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1answer
49 views

Is the signature of a non-US branch of a US financial institution accepted by the French tax authorities for French Form 5000 a.k.a. CERFA 5000?

I am a US tax resident and I am currently outside the United States. I have to complete French Form 5000 (mirror 1, mirror 2) a.k.a. CERFA 5000, which requires to obtain the signature of a "US ...
3
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1answer
90 views

What are the tax implications for leftover financial aid and scholarship money?

Previous semester as an undergraduate student, I won a pretty big scholarship from my university. So, along with the Pell Grant and other state grants/scholarships, that amount was also applied to my ...
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0answers
17 views

Are the Depository Trust Company (DTC) fees paid on American depositary receipts (ADR) tax-deductible?

Are the Depository Trust Company (DTC) (mirror) fees paid on an American depositary receipts (ADR) tax-deductible (mirror)? I am a US tax resident owning some ADRs (e.g., AXAHY) via a US brokerage ...
8
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3answers
3k views

Why would a bank refund appear as a debit on my billing statement?

My bank in the US sent me a check accompanied by this letter: We're providing the attached check due to a refund on your account. This amount may appear as a debit on your billing statement. Why ...
2
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2answers
126 views

Does Parental Support For Child In College Become Gifts When Child Files Independently?

Suppose the Child in College pays 55% of her Support with her own funds. Then Child cannot be claimed as a dependent on Parents' return. So would the 45% of the her Support paid by Parents, less ...

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