Questions tagged [united-states]

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

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30 views

Understanding diminishing returns for write-offs

Do write-offs become "useless" at a certain point? I assume that if a person's taxable income is at $0 for the year then there's no benefit to keep searching for write offs. Is this the case?...
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48 views

How to avoid taxes when a stock you own is taken over in a cash deal?

I own shares of company A in a personal, non-tax advantaged account. Company A is being acquired by company B at a premium in an all cash deal, but I'd like to avoid the taxes associated with selling ...
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1answer
16 views

Separate bank account / finances from Schedule C sole-proprietorship for single member "disregarded entity" LLC

If having a Schedule C business and then starting a single member LLC (i.e. which the IRS views as a disregarded entity for tax purposes), should a separate bank account / expense tracking need to be ...
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1answer
27 views

Claiming Educational expenses for my spouse - married filing jointly

My spouse is preparing for the CPA and I am wondering if I can claim her course related expenses while filing 2021 taxes? Q1. In 2021, there were only exam related and books related expenses. Are ...
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1answer
44 views

Paying cash for home and gifting a percentage to brother

Background: I live in Washington state, but was purchasing a home in California; for my mother to live in (rent-free). I was tentatively planning to gift my brother and his wife $30,000 in equity of ...
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1answer
65 views

Inflation vs Mortgage - Updated for Inflation

I don't see an exact match to this question although I previously asked when things were calmer. The press is quoting a real YoY inflation rate of 7%. Let's assume there is a mortgage at 4% and a ...
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2answers
75 views

When a stock held in an IRA takes a downturn, is that a good time to move that asset to a Roth IRA?

I have some traditional IRA funds invested in QuantumScape, and it's down quite a bit since the initial purchase. I want to continue to have some holdings in the company. Would this be a good time to ...
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1answer
61 views

Can home office deduction be taken for a portion of the area

Self employed, provide services for clients in an area of my home in the United States of America. Most of that area is not exclusively used, but there are storage areas as well as closets that are ...
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105 views

Self Directed IRA take over current mortgage?

My family and I currently live in a townhome. We are interested in buying a single family home which will be our primary residence. We would like to keep this home and rent it out as an investment ...
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2answers
124 views

Do I pay tax on money I send myself in another country?

I live and work in the US. I am a resident in the US for tax purposes, but am not a permanent legal resident (H1-B visa). I am originally from the UK and have some financial responsibilities there ...
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2answers
141 views

How to choose between Roth IRA and Traditional IRA

I have been contributing to Roth IRA for several years now. At this point my income have jumped up so I cannot contribute to Roth IRA anymore, unless I use the backdoor. Currently, my tax rate is 24%. ...
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I´m not a USA citizen, I use to had permit to work in USA, can i request to SS money back? [duplicate]

I´m not a USA citizen, I use to have a permit to work in the USA, I paid $10,605 in Social Security, and $2,682 in Medicare taxes, can I request this money back?
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2answers
57 views

Wash sale question about repeated buying and selling at a loss

I got into investing last year and there is a repeated trade on a stock I made that is bothering me. I'm not sure I fully understand the wash sales rule. Most of the examples online discuss selling a ...
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1k views

Is it correct for employer to not take out federal taxes with 2 dependents?

My wife and I each make $50k in the USA at the same employer. I noticed on her pay stubs the line for federal taxes said "$0", while mine is closer to $70, so we contacted her employer. They ...
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2answers
116 views

Is it better to have non-employer-related pet insurance if you anticipate leaving the company?

Logically, pet insurance coverage/premiums are more expensive the older the pet is when it is enrolled (higher risk factors associated with age, no preexisting conditions, etc...). I currently have my ...
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1k views

Roth vs. investing a taxable account [duplicate]

What is the benefit of Roth IRA in comparison to putting the money in a taxable account (stocks or MFs)?
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1answer
106 views

Must all US public companies have an investor relations website?

Are all US public companies required to maintain a website where they publish press releases and financial statements? If so, do such requirements only apply to exchange-listed companies, or are OTC ...
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1answer
68 views

High Expense Ratio and High Return vs Low expense ratio and low return

I am currently investing in a Traditional IRA account using T Rowe Price. The two funds I am investing are as follows: Global Technology Fund (PRGTX) Gross expense ratio - 0.86% Average Annual Total ...
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2answers
115 views

What year AGI applies to Roth IRA contribution limits?

I would like to make my Roth contribution for 2022 as early in the year as possible. There are contribution limits based on Adjusted Gross Income. None of the sources I've read made it clear if it's ...
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1answer
727 views

Can I deduct driving expenses when I am driving for Uber?

A person is driving for Uber. He gets in his car and turns on the Uber app. After some time, he gets a rider. He then drives to pick up the rider. After that, he gets another rider. He repeats this ...
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2answers
59 views

Down payment of owner-occupied multi-family after buying owner-occupied single family

This question is about US mortgages. I was talking to a realtor who told me that buying a single-family home now as owner-occupied would prevent me from applying for an owner-occupied mortgage for a ...
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2answers
87 views

Taking temporary loan from my relative to invest in an LLC in USA

This question is in context of USA. Background: My brother and I plan to invest money in an LLC that will invest in a startup. I will take a temporary loan at 0% interest from my brother to invest in ...
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36 views

Voluntarily stopping SSDI and still receive Medicare?

I'm helping a friend on SSDI navigate returning to work (as a freelancer) full time, while retaining some healthcare-she currently has Medicare because of SSDI (more specifically, Parts A and B and-...
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1answer
107 views

How can I find the FMV of my property 10 years ago, the year my husband passed away?

How can I find out the FMV of my property 10 years ago, the year my husband passed away. Related to if the $500K tax exclusion is applicable still if I sell my house this year.
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Pros/Cons of Foreign Ordinary Shares vs International Markets

As a US investor I have several options to invest in foreign equities: Direct investing in a foreign market (ASX, TSX, TSXV, etc.) ADRs (Y-class shares on OTC, not always a 1:1 ratio) Foreign ...
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134 views

Does it ever make sense for a non-US investor to buy US stocks for the dividend?

Given there's a 30% dividend withholding tax, could it still make sense to buy US stocks for the dividend? Given US dividend-paying companies usually have a longer track record of dividend payments ...
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1answer
217 views

Refinancing a mortgage: Can you buy points with cash out?

Looking over different mortgage refinance rates, I have found some that are favorable in the 0.5-1.5 point range, but the upfront cost exceeds what I'm comfortable paying out of pocket. Is possible to ...
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2answers
46 views

Refinancing a mortgage: Can I use an appraisal ordered by a previous lender with a new one?

My wife and I are currently in the process of refinancing our home. However, due to factors outside of our control, our rate lock with the lender we are currently working with has expired and the new ...
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2answers
115 views

Asset allocation and tax efficiency

Common advice for asset allocation to increase tax efficiency is to: Put bonds in tax-advantaged accounts (401k, Roth IRA, etc) Put stocks (e.g., S&P 500 ETF) in regular brokerage accounts The ...
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2answers
166 views

Will local visit to IRS keep me out of ID.ME system?

I would like IRS 6-digit pin. I do not accept the terms & conditions of ID.ME. If I visit IRS branch, and obtain IRS 6-digit pin, they will not enter me into ID.ME system, correct?
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2answers
175 views

Reduce salary in exchange for higher employer 401k contribution?

Would it be in my interest (assuming my employer agrees) to reduce my salary by x amount in exchange for an increase in employer 401k contribution for x amount? For example if I make $150,000/yr and ...
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1answer
57 views

IRA rollover to meet minimum income for ACA subsidy

Can I use a rollover from a traditional to Roth IRA to meet the minimum income necessary to qualify for ACA subsidies in 2022? I do not qualify for Medicaid, and am buying insurance for a family of ...
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1answer
93 views

When do I report managed rental income?

In October 2021 I acquired a short-term-rental investment property in California for which I use a management company. They handle all booking management and collection, take a commission, then they ...
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53 views

Cryptocurrency exchange for US citizen living abroad

I am a US citizen born and living in Germany. I have never lived in the states. My father had been living in the state of New York before he moved to Germany (this seems to be important for ...
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1answer
52 views

How should I schedule pulling money from investments for home purchasing?

I'm getting married this year, after some delays for reasons you can probably guess. Afterwards -- so in six months or so -- we are hoping to buy a home. Of my money, roughly a third of it is in cash ...
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1answer
61 views

IRS 10% penalty on gains from an annuity

I consider myself a reasonably proficient investor but annuities are new to me. For my short-term cash needs, I've been CD laddering. As I look to invest for 2026 maturity (5 year), CDs are returning ...
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2answers
52 views

How does wash sale rule affect protective puts?

TLDR: Do sales of long puts at a loss and purchase of underlying stock within 30 days qualify as wash sale rule? Let's say I am a long term investor on SPY, and I buy $1,000 of SPY every month on the ...
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79 views

Can I have someone else cash the stimulus check in my account?

I have received my stimulus , but I'm living abroad. So it's been very hard to cash the check. A friend of mine is visiting, would it be possible for that person to take the check and deposit at a ...
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1answer
31 views

Should I increase my regular 457(b) contributions or start a Roth 457(b)?

I am 28 years old and fortunately in a position where I am able to max out my Roth IRA contributions each year. I am also now contributing a similar amount (~$6,000/year) to my employer-sponsored 457(...
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1answer
46 views

How can I invest or save savings bonds as they mature over 17 years?

I have a relatively large number of Series EE and Series I savings bonds that were given to me as gifts as a child to help pay for college. Fortunately, I did not need to use them and so now they are ...
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2answers
5k views

Why is my bank unable to track a direct transfer I made to another (fraudulent) account?

I was the victim of a scam. The scammer posed as a person I wanted to do business with, and I was tricked into sending money from my bank account to another bank account using an account number and ...
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2answers
57 views

Can the employer correct a W-2 withholding amount after December 31st?

Suppose an employer overpaid and withheld the correct amount for all items with respect to that (overpaid) amount for this year. If the adjustment occurs after December 31st and a few days into next ...
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1answer
73 views

I'm working for parents for money for Roth IRA. What docs might be needed to support it as earned income?

I'm 58 years old, and living at home with my parents. I do some things to help them out, but they are being a bit generous to let me stay in an addition that my grandmother built on to their house. ...
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1answer
42 views

Federal Perkins Loan is showing up unsubsidized despite not taking any unsubsidized loans

I've been repaying student debt and my university recently sent a loan that I didn't know I had to a collection agency. The loan is listed as a "federal Perkins direct Stafford" loan that is ...
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1answer
109 views

Re-characterization of Roth IRA to Traditional IRA Form 8606

I just successfully completed my re-characterization of Roth IRA to traditional IRA. I contributed $6000 to Roth IRA. The re-characterization took those $6000 + gains and put them in Traditional IRA. ...
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175 views

How much do I have to pay tax for selling stock?

Say for example I am Bill Gates and I have $10 Billion in my bank account. Then I decide to buy Tesla stock, at a current price of $1,000 per share. Then, after 2 or more years, the share price is ...
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1answer
68 views

How can I get credited for stock losses I took in 2018?

I was employed by a company from February 2011 - September 2013. When my employment terminated in September of 2013, I purchased stock of the company for $1100 In 2018 the company was liquidated and ...
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50 views

How much you have to pay taxes for selling gold in USA? [duplicate]

Imagine you don't trust the stock market nor the banks so you keep the money in your house. Then you want to protect yourself from inflation and you buy gold. Then one day you want to sell a ...
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2answers
1k views

Does the wash sale rule apply in reverse?

What if I sold an asset that will result in a profit, instead of a loss, but then buy it back within 30 days. Will this profit be taxable?
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71 views

W2 form box 16 (state income) meaning

I work for a company based in NY, who pay my salary into a US bank account. I live in Japan, and all my work is done remotely from Japan. The address in my company HR records is a PO Box in New Jersey....

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