Questions tagged [united-states]

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

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IRS Form 8283 when donation is to a split-interest trust

We established a CRUT and donated $100,000 of privately-held securities, with the value determined by a qualified appraiser. Because the CRUT is a split-interest trust, I calculated the applicable tax ...
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Does transferring assets from regular brokerage to revocable trust generate a taxable event?

I was considering creating a living trust. One of the step after creating is to fund the trust. It seems simple enough to call brokerage and ask them to change the title of the brokerage account to ...
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2answers
901 views

Do I lose any rights, or run into any disadvantages, by consolidating my student loans?

My employer has offered to pay off my student loans. The problem is, they are only able to deposit the money in a single loan account. It is split across different companies. My employer can't pay ...
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2answers
799 views

How to know if a debt collector is holding onto a debt?

Some time ago, I was contacted by a debt collector. A prior landlord had claimed I had owed them 6 months of rent. The landlord sold the debt to a debt collector, who then silently held onto the debt ...
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Does a delayed refund suggest that an audit is likely?

My US federal tax refund is taking an unusually long time to be issued this year. I e-filed my return 3.5 months ago and the IRS Refund Status page just says it is "still being processed". ...
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2answers
7k views

Taking college classes to avoid student loan payments indefinitely

My sister-in-law has decided she wants to take part time college classes so she doesn't have to make payments on her private student loan and her plan is to do this until she dies. She graduated from ...
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1answer
104 views

Can IRS call center employees access a person's record without authorization?

Let's say I called the IRS two months ago because I had a question. I give the IRS call center employee my SS# and other information to identify myself. I assume he/she then accesses my IRS record, I ...
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24 views

US stock market: are odd lot market-on-close (MOC) orders guaranteed to fill at the closing price?

Suppose I place an odd lot market-on-close (MOC) order for a listed stock. If the order is filled, is the fill price guaranteed to be the closing price of the trading day? Or is the broker allowed to ...
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1answer
46 views

Partial 1031 exchange from home sale

My uncle and I are looking at selling a home we own in a trust. He would like to withdraw his portion of the net proceeds via a K1 and I would like to do a 1031 exchange with my portion. Is this ...
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1answer
117 views

Unexplained FICO drop of 140 points [duplicate]

My FICO score dropped from 815 to 675 (a drop of 20%) as reported by two credit cards two months ago. I ordered three credit reports, including one from Lexis Nexis. I do not see any oddities. No late ...
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3answers
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Is money from the sale of an asset considered income?

Is money from the sale of an asset, like a pickup truck, considered income? For example, let's say I am a carpenter and I buy a new pickup truck for $40,000. I deduct $18,000 in depreciation for the ...
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2answers
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Can I contribute to my Roth IRA in December and then again in January?

I haven't started my Roth IRA yet, have been procrastinating. So hypothetical question, say I get around to doing it in December, can I make the maximum contribution all at once in that month, and ...
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How do I find the 401(k) administrator of a long gone company?

I was recently informed by the Social Security Administration that I "may" be entitled to some retirement benefits from a company I worked for in ... 1996. The company (which was publicly ...
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2answers
171 views

I own Total Produce PLC company shares, which owns Dole, and Dole is going public in USA. What happens with my shares?

I own Total Produce PLC company shares, which owns Dole, and Dole is going public in the USA. What happens with my shares? Total Produce won't be in the London market anymore and it's going only in ...
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0answers
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Strategies for Asset Allocation Considering Different Kinds of Tax Advantaged Accounts

What are some strategies for asset allocation across taxable and tax-advantaged accounts? I have: A Defined Benefit Pension Plan (not really relevant to this question) A pre-tax supplemental ...
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1answer
142 views

Breaking lease early

I went to my leasing office to see if I can put my 30 days notice in. They told me that I had to pay 2 months rent in order to move out and break my lease. They then stated that it's in my lease. When ...
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1answer
73 views

529 withdrawal: Does it matter who makes the purchase?

Building on this question where it is made clear that it is better to have the distribution paid to the beneficiary, rather than the parent/guardian... does it matter who makes the original purchase? ...
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11answers
5k views

What is so good about IRAs?

I still don't get what is good about IRAs. For example, in a traditional IRA when you deposit you won't have to pay tax but when you withdraw you still have to pay taxes. So you only benefit if you ...
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249 views

I live in Taiwan. A major US bank wants to close my checking account, what should I do? [closed]

Both my wife and I are US citizens. We opened a joint checking account with Wells Fargo bank in US in 1991. We moved back to our home town (Taipei, Taiwan) after I retired in 2009. During the past 12 ...
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1answer
570 views

Strange number on Massachusetts Form 1-NR/PY

I see the following: Referring to line 3, I understand I have to divide the total days as Massachusetts resident with 365 and carry the division to four decimal places. This is explained nicely in ...
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1answer
21 views

2nd Job on W2 eligible for SEP-iRA?

I have a second job working on W2 as a contractor, am I eligible to invest in a sep-iRA? Both my first and second employer offer 401K's. How does this all effect my options for investing in a sep-iRA? ...
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1answer
115 views

I am an IL resident and will move to MA next month. I need to buy a new car in IL for the moving. How do I pay lower sales tax?

I am current living in Illinois and will move to Massachusetts next month. I already have a valid lease with MA address but my driver license is still the IL one. My IL sales tax is 8.25% and MA sales ...
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6answers
4k views

Liquidate assets to buy house or mortgage?

My SO and I are planning on buy a house for about $900k. We have $200k in cash, and I'm considering selling several of my mutual funds (non-retirement) to finance the difference. These are funds that ...
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1answer
39 views

US inheritance tax for Spanish tax resident

If a US citizen (but Spanish resident) gets an inheritance from a deceased US citizen with US assets how is it taxed in Spain? I understand that in the US it is the estate of the deceased that pays ...
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2answers
7k views

How do I avoid paying tax on a cryptocurrency gain that I have already lost?

I'm not sure if this question belongs here, but I'm super confused about how cryptocurrencies get taxed. I invested $10,000 at the end of 2020. I made about 30 or so short-term trades in 2021 and sold ...
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0answers
47 views

A 501c3 Church sharing a venue with a 501c7

Can a 501c3 Church that owns or leases a venue it only uses one day or two days a week allow a 501c7 social club to use the rest of the week? The Church strongly supports the Arts and the 501c7 will ...
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1answer
64 views

Which mailing address to use for disputing a California Franchise Tax Board 5818 Notice?

I just got an FTB 5818 Notice saying that I don't have Health Insurance. I am planning to dispute it by sending in my 1095-B. Question: Which mailing address should I be using: Franchise Tax Board PO ...
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Which box do i check on the U.S Indicia if i am working on STEM OPT on an f1 visa

I am currently working for a company while on STEM OPT and am on an F-1 visa (I have been in the US for less than 3 years). Which of the boxes on the US Indicia: Reasonable explanation form do I need ...
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1answer
58 views

List of all option contracts [closed]

I am looking for a downloadable list of all option contracts for US equities, as opposed to resorting to scraping. A list of commodity options would be a bonus. I am looking for an official source ...
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3answers
411 views

If you have a different interest rate applicable to a part of your credit card balance, how does this apply in monthly payments? [duplicate]

Here's a scenario. My credit card's balance transfer option allows the money to be deposited to my bank account. Let's say I owe $10k at 12% and borrow an additional $10k at 0. If I pay back $10k the ...
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1answer
80 views

Is it a wash trade if I sell an ADR while buying its underlying in a foreign stock market?

Is it considered a wash trade if I sell my shares in BP plc ADR (New York Stock Exchange: BP) and simultaneously buy shares in BP plc (London Stock Exchange: BP)? From my understanding, it is ...
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1answer
73 views

How can I get a copy of a letter / notice from the IRS from 2004?

How can I get a copy of a letter / notice from the IRS from 2004? Or is there a way for me to get a statement from the IRS that I've made a payment on that letter or notice?
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1answer
102 views

What is the typical (not chip-shortage-induced-supply-reduction) depreciation curve of a passenger vehicle? [duplicate]

I'd like to know how much of an out-of-the-ordinary increase in value I am getting for an offer on my car. To do so I'd like to know how much my car has depreciated in the timeframe since I bought it (...
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1answer
150 views

About Credit Card Referral epidemics

I have recently come into an epidemic of credit card referrals. My friends are going berserk in referring to each other and having bits and pieces of commotions about 'fair shares'. In one incident, ...
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1answer
191 views

tuition paid by grandparents directly to college

My daughter (US citizen) will be going to college here (US) beginning this Fall. My parents (Indian citizens) want to pay her first year tuition expenses direct to the University. The University ...
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3answers
745 views

Do counties in Illinois collect individual income tax (IIT)?

I did a google search on this issue and I didn't find a firm answer to this question. I did find that in Illinois a county will charge property tax (which varies with county) and there is a flat state ...
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3answers
179 views

How to split up income for loans and savings

My partner is about to start Veterinary School, and as a result is going to be taking on a potentially very large amount of debt. I have a job currently paying me $55,000 on salary (factoring in the ...
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0answers
77 views

Do foreign debts require special treatment in a bankruptcy petition?

I have foreign debts, and I'm aware that while they cannot be discharged in the USA where I am filing, they still need to be declared. My question is simply if they should be included with the ...
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0answers
40 views

Can Bonus Depreciation offset my W2 income in the year I invest?

I am considering investing through a REIT/apartment syndication. The fund managers are saying that they are able to pass on the bonus depreciation to investors. I did a basic study on what this bonus ...
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1answer
2k views

Do x-year treasuries become y-year treasuries (x-y) years later?

My understanding is that treasuries can be bought and sold (which is what causes their changing interest rate because of their changing price). Since they aren't static/locked assets, does that mean ...
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2answers
118 views

Is it possible to force-update Equifax that a specific credit card balance has been paid off?

I called credit card issuer and they told me that they reported the latest $0 balance to credit bureaus. I logged in creditkarma.com and can see that at least Transunion report shows latest $0 balance ...
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0answers
60 views

Opting out of advanced child tax credit payments - benefits?

Is there any benefit to opting out of the advance payments on the child tax credit (2021)? As far as I can tell, worst case, is you end up with a bigger tax bill next year and maybe an underpayment ...
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1answer
106 views

Mortgage Company did not discharge lien when loan was refinanced - New Jersey Mercer County

I am in desperate need of some help having exhausted my options I had refinanced my home loan in 2012 through Amerisave mortgage company and as part of the refinance Amerisave paid off CitiMortgage - ...
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26 views

Filling w8Ben as an independent contractor India

> 10. Special rates and conditions (if applicable—see instructions): The beneficial owner is claiming the provisions of Article and > paragraph ______________ of the treaty identified on ...
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1answer
71 views

Does it often make sense to sell an equity while it still is a short-term loss?

Let's imagine Juanita. Juanita pays taxes in the USA. Juanita bought equity XYZ on January 1 and sold it for a profit of $100 a month later. Thus, it was short-term gain. Juanita also bought equity ...
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1answer
95 views

How is it possible for the shares of a privatized company to still be traded on the US OTC stock market?

At one point, Noble Group was among the largest commodity trading firms in the world. During 2015-2019, the company was accused of accounting fraud, reported huge losses, and was facing insolvency and ...
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3answers
340 views

After paying off your home, could you sell it to a confidant for $1, then buy it back for $1 in order to get lower property taxes in CA?

In California, property taxes are based upon the price that you paid for your home. Would it be legal, or even feasible, that when you finally pay off your mortgage, that you sell your home to a ...
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2answers
40 views

What options, if any, exist for a penalty-free transfer/rollover of a TIAA 403(b)?

My previous employer was a university with a TIAA 403b. Now that it's been over a year since I left, I am interested in transferring some or all of those funds to Vanguard, with whom I've had a Roth ...
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3answers
351 views

Can a 20% down payment actually hurt you?

Goal: avoid overpaying for a house. Scenario: $200k house 800+ credit score Conventional 30 year loan at market rate Conventional loan requires 5% down minimum I can comfortably afford 20% down Loan ...
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1answer
118 views

Are U.S government bonds completely liquid?

In the event of a market downturn like 2008, could I liquidate them whenever I wanted to at good price on a retail stock broker?

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