Questions tagged [united-states]

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

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figuring out the cost basis of a primary home converted to rental and then off rental

I bought an apartment in Washington DC in 1995 to live in. Subsequently I moved out of DC (and a few years ago, out of the country) but kept the apt and rented it out for many years. I paid the ...
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1 vote
2 answers
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German PhD Student doing a Paid internship in USA for 3 Months. How to handle the taxes?

I am doing my PhD in Germany and get paid by the university. This autumn I am going to the USA (Massachusetts) for an internship at a software company. For those 3 months my salary from the university ...
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0 votes
1 answer
58 views

When using land as a down payment for a construction loan, how much money can I borrow?

I am looking to purchase some land in cash (in the USA) and build a house on the land. I intend to use the land as equity (as part of the down payment) for a construction loan. I'm looking to ...
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2 votes
1 answer
270 views

Found expired check issued by title company to settle balance from 6 years ago

I purchased a home 6 years ago and the title company sent me a large packet of documents related to closing with a small check buried deep inside it. I did not notice the check until now. It's only $...
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1 vote
1 answer
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wash sale with leveraged ETF

If a person sales regular ETF ( suppose QQQ) at a loss and buys a leveraged ETF on similar Index e.g TQQQ within 30 days, will the loss on QQQ be treated as wash sale ?
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  • 588
2 votes
1 answer
44 views

Wash Sale - Selling RSU Shares Before Another RSU Vest

I currently have RSUs that vested three months ago where the the current market price is lower than the value of the stock when I acquired it. I'd like to sell these RSUs (at a loss of about -$5,000) ...
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0 votes
1 answer
128 views

Received a Letter from SSN Administration and Very Confused

I received a Form SSA-L5114 and it says "Based on information provided to us from Internal Revenue Service, we are reducing the amount of your self-employment income on your Social Security ...
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  • 573
1 vote
2 answers
46 views

How to calculate interest on amount due with an amended return?

With my original TY2020 return I got a refund of about $5000. It turns out though that I missed some information and once I've amended it I owe about $1000 back (so the refund should have been $4000). ...
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1 answer
82 views

Tax filing requirement for Teens 16 to 21 years

in 2021 a kid( approx age 16) had some income (less than 1.5K) for working part time and needed to file tax return. in 2022 if that kid does not earn any money, will he still need to file tax return ...
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0 votes
2 answers
124 views

Is There Such a Thing as a ‘Safety Net Trust’?

A married couple living in the United States has accumulated some wealth that they would like to use to start a trust - for the purpose of creating a ‘safety net’ for their children, grandchildren, ‘...
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  • 103
1 vote
1 answer
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Does sale need to come before purchase to be considered a like-kind exchange

Does sale need to come before purchase in order to be considered a like-kind exchange and avoid capital gains tax? When selling your home (primary residence) and purchasing a new one does the sale of ...
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  • 115
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0 answers
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Protesting/Disputing Appraisal Increase on Unimproved Land

I live in Texas and own about 13 acres of (farm) land. The appraisal for the land went from ~$165K last year to ~$270K this year, an increase of about ~63%. There is nothing distinctive, either pro ...
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  • 203
0 votes
1 answer
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What parts of W8Ben to my overseas artists need to fill out?

I run a small online gaming company (sole proprietor LLC) and I frequently commission artists from both the US (whom I issue 1099s to, and will start to collect W9s from), but ALSO contract some work ...
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0 votes
3 answers
72 views

Changing Investing Strategy Near Retirement

Currently, I am 40 years old and I am investing in Traditional IRA (T Row Price actively managed funds) and also Index Funds (Vanguard). At what age, I should move to money conservation phase? ...
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  • 573
18 votes
2 answers
4k views

What's the point of the wash rule?

I don't understand the 30-day wash-rule. Someone please set me straight. So let's say I purchase 100 shares of Hot Stock X, for $100 apiece. So $10,000. Let's say that the stock goes down 50% on a ...
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  • 281
0 votes
2 answers
63 views

Can I treat a SEP contribution made in 2021 as partly for 2020 and partly for 2021?

I recently discovered I miscalculated my max contribution to my SEP for 2019 and 2020 so I MAY have excess contributions in 2019 and 2020. See What is the contribution limit for self-employed person ...
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2 votes
1 answer
77 views

To whom do I pay capital gains tax on sale of property while residing abroad?

I am a U.S. citizen, residing in Spain, who sold a property last summer in Washington DC. Where do I pay the capital gains tax? In the U.S. or in Spain? Or both (with a credit for tax paid to the ...
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5 votes
1 answer
1k views

Does one's tax transcript indicate whether taxes were paid?

I looked at my tax transcript in the US, I could see the amount I was supposed to pay, but I couldn't see the amount I actually paid: or do these lines also represent the amount I actually paid?
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11 votes
3 answers
3k views

Can you just cancel a health insurance plan and buy a new one at any time?

So I need to buy insurance for myself. I picked one of those plans where you pay a huge premium monthly and also get to pay for all the healthcare too. My question is, can I just cancel my plan and ...
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1 vote
0 answers
55 views

Tax on ISOs exercised as resident and sold as non-resident

I am a foreign national without a green card and until mid 2021 I have worked in USA for a private US startup, accruing ISOs in the process. In mid 2021, I have left the company for a job abroad (no ...
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0 votes
1 answer
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Roth IRA recharacterizations, 1099-R, and Form 8606

I've accidentally landed myself in a super confusing situation with Roth IRA recharacterizations and would appreciate any pointers. One simplifying factor is that there are only 2 accounts total ...
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-1 votes
1 answer
50 views

How do I determine the division of cost basis for multiple NFTs minted in a single transaction?

I understand (I think) how to assign cost basis (for income tax) to ordinary minted NFTs: Convert the minting price (including gas, fees, etc.) in cryptocurrency to dollars using the market rate at ...
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  • 499
0 votes
1 answer
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As a limited partner in an LLC, can my role be considered active?

I want to stay as a passive investor in an LLC for short term rental of Real Estate Is there anything in the schedule k-1 that might make me an active member instead ? What kind of income is ok for ...
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  • 101
1 vote
1 answer
73 views

How much tax return can I expect from a mortgage compared to standard deductible

I am only looking for a rough ballpark estimate. For a single Californian with 190k/yr income: Scenario 1 - all else being equal, I go with standard deductible. Scenario 2 - all else being equal, I ...
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1 vote
0 answers
103 views

Is there any compensation or financial aid for essential workers who died from COVID-19?

My mom was an essential worker (production plant) and contracted COVID-19 in July 2020 and died from it in August 2020. Her work required symptomatic people with no PTO to report to work or be ...
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1 vote
0 answers
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Should I exercise my stock options (NSO's) before or after moving from Canada to U.S.?

I'm planning on changing my residency in a coming year from Canada to U.S. (Canadian citizen). I have NSO's of a private US corporation and have the option to exercise my vested options. I'm going to ...
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1 vote
1 answer
42 views

What is the contribution limit for self-employed person to their SEP-IRA?

For a few years I've been contributing to a SEP-IRA for myself as the sole employee/employer. Until this year, I have been calculating my max contribution as 25% of my total SE income. I realize that ...
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0 votes
0 answers
70 views

What to do with small brokerage deposits?

I setup my brokerage account a while ago, and haven't really been adding additional deposits into it aside from a hiring bonus I got a few years ago. Currently I'm sitting at around $20K invested, ...
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1 vote
0 answers
112 views

Is it possible for a non US resident to have a bank account in the US? [closed]

Even though I am not an US citizen and I don't live in the US, I was able (a few years ago) to open a bank account in Wells Fargo without having any proof of US residency. They recently started ...
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0 votes
1 answer
94 views

Weighing consequences of selling assets to get down payment for buying house

My partner and I want to buy our first house. We're thinking about the cash that we'll be required to have on-hand for the down payment and closing costs. We have no debt. We have money saved in ...
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0 votes
2 answers
196 views

Best practices for protecting retirement savings?

Let's say my nest egg is in ETFs in a taxable account and an IRA with the same brokerage. SIPC insurance may cover me "if the firm fails financially", and only up to $500,000. That is per ...
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1 vote
1 answer
91 views

What does a negative plan discount mean on a medical insurance claim in the United States?

I saw the following medical insurance (Aetna) claim in the United States: What does the negative plan discount mean?
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0 votes
1 answer
117 views

If Stocks are given as a gift, is the cost basis preserved?

When selling a gifted stock, is the entire value considered taxable income, or is the original cost basis used to calculate the difference? Thank you
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0 votes
0 answers
22 views

In what case(s) is the end of the offering period (when one purchases the shares) considered the grant date?

I read on https://fairmark.com/compensation-stock-options/employee-stock-purchase-plans/dispositions-of-espp-stock/ in the context of employee stock purchase plans (ESPP) in the United States: For ...
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1 vote
0 answers
49 views

The Social Security Special Earnings Limit Rule---How Long is the Cap on Hours Worked in One's Own Business Truly in Effect?

I am under the impression that retirees who are collecting Social Security benefits and start a business are capped in the number of hours they can work between 15 and 45 hours per month if they have ...
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1 vote
1 answer
58 views

AMS points as taxable income when living and paying taxes in EU

I have been invited by Mathematical Reviews to perform reviews of articles. As compensation, I received some AMS points, which are redeemable as credit toward future purchases of books, etc, from the ...
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0 votes
1 answer
71 views

New reporting requirements in 2022 for proceeds over $600

I am serving as a conduit for a friend by receiving money from PayPal and sending it to her through CashApp (her PayPal account is currently limited). The transactions I am getting in PayPal are ...
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0 votes
0 answers
49 views

Can house expenses be part of downpayment if buyer pays them?

Don't know exact numbers, so I'll just make up some that seem plausible. Purchase price of house $200,000. Work house needs might cost $10,000 Person able to do that work wants to buy house. If "...
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1 vote
0 answers
55 views

Is Home Sale Legal Protection worth buying?

I'm selling my home and curious if "Home Sale Legal Protection" plans are worth purchasing. They are self described as covering the cost of lawyers for legal disputes about the information ...
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  • 61
1 vote
1 answer
64 views

What methods exist to verify if my tax return was received by the IRS?

I finished my taxes on February 15th. However, TurboTax had a bug that prevented e-filing. I waited until the 22nd, and when it still wasn't fixed I just mailed a paper copy of my taxes. I started ...
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  • 2,667
2 votes
1 answer
131 views

USPS taking too long to deliver tax returns [US Taxes]

I used USPS First-Class Mail with tracking to send my State and Federal Tax returns. It's been 10 days and the tracking site has a In Transit, Arriving Late status. What happens if USPS fails to ...
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  • 21
1 vote
1 answer
65 views

Should my wife claim our child as a dependent when filing her NY state income taxes if we both live in CT and I claim the kid on our CT and US taxes?

My wife and I are Connecticut residents. I work in Connecticut, but my wife just accepted a new job in New York State. We're planning to file our tax return jointly as we have done in previous years....
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2 votes
1 answer
180 views

Should we sell our current primary residence to payoff a rental we also own in favor of no mortgages? [closed]

Townhouse: About 10 years ago we bought a nice townhouse for about 300K. Single family: About 4 years ago we decided to buy a single family house for about 400K and we kept the townhouse and it is a ...
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2 votes
1 answer
339 views

If I sell a stock and buy another in an IRA do I have to do anything when filing taxes?

In an IRA, if I buy a stock and sell it a year or two later but then buy something else without withdrawing any money, is there any paperwork I would need to do when filing taxes during the year when ...
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8 votes
2 answers
4k views

Can I put my rental in a trust and have the trust sell it?

I probably am not the first to think of this and the IRS most likely has this covered but if one wanted to put their rental into a trust and then have the trust sell it, would they save on taxes since ...
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  • 291
3 votes
0 answers
29 views

Cost Basis of Foreign Property That Becomes Subject to US Taxation [duplicate]

Let's say a non-US person moves to the US and then becomes US person for tax purposes of that year. At the time of arriving to the US, the person has been holding onto some property (i.e. stocks and ...
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24 votes
8 answers
8k views

Dental insurance isn't really a type of insurance?

The central tenet of insurance is to pay slightly more on average while getting protected from paying very large amounts of money should disaster strike. In essence it's paying a premium to lower risk....
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0 votes
0 answers
55 views

How to withdraw contributions from Fidelity Roth IRA? Fidelity-specific

From my understanding (correct me if I'm wrong), contributions can be withdrawn from a Roth IRA at any time without any penalty. I opened a Roth IRA with Fidelity two weeks ago and contributed $3,000 ...
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-2 votes
2 answers
271 views

How can I write a check with no exact amount but with an upper bound in the United States?

I live in the United States. I'd like to write a check to someone. I don't know the exact amount yet but I do know the upper bound. How can I write a check with no exact amount but with an upper ...
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0 votes
3 answers
203 views

How much credit can one get with a low-paying job?

My late brother owed me a fair amount of money, mostly a mortgage currently valued over $400K. He said (in writing) that I would be paid by his widow out of his $500K life insurance. His widow is the ...
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