Questions tagged [united-states]

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

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0answers
23 views

Is there any real downside to recasting my US mortgage?

I have been paying additional principal every month on my 30 year fixed mortgage. As a result, I have paid more principal than expected, and can recast my mortgage to lower the monthly payments (and ...
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1answer
59 views

Which lots have to be sold in a wash sale?

Here's the scenario: I have multiple wash sales with the same company. Let's use Apple as an example where I'm day-trading in and out of Apple. The price continues dropping and I keep buying back at ...
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1answer
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How can I buy options for an American Depositary Receipt (ADR) that trades over-the-counter (OTC)?

I looked up various data sources, but I was unable to find the option chain for a sponsored American Depositary Receipt (ADR) that happens to be traded over-the-counter (OTC). For example, I could not ...
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2answers
297 views

Is it possible to have a one-cent-per-year salary in the United States?

I'm aware of several people (mirror) earning in a one-dollar salary, and I'm not aware of anyone earning in a one-cent salary. Is it possible to have a one-cent-per-year salary in the United States? I ...
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1answer
138 views

Can the U.S print infinite money? [closed]

I know that a country can't simply print money to pay debt, since it would only lower the value of the money, i. e. cause inflation. But what about the U.S? Since their new printed money is very ...
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1answer
80 views

CARES Act 401k withdrawal requirements - Is this a hardship?

From my understanding, financial hardships related to COVID-19 can qualify an individual to withdraw money from their 401k, with literally no penalty so long as it is repayed to a similar retirement ...
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1answer
93 views

Can US private companies issue publicly-traded bonds?

In the United States, can private companies issue publicly-traded bonds? If so, are these bonds usually available to retail investors, or are they restricted to accredited investors? Where do these ...
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2answers
279 views

Has anyone ever lost money over the FDIC limit?

Has anyone lost money because a bank failed and they had more than $250k in deposits? As in, has this ever happened?
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1answer
58 views

QQQ vs. VOO in the long term. Which one is better ceteris paribus?

Look at the charts of QQQ and VOO. Obviously QQQ beats VOO. Expense ratio: VOO is 0.03% and QQQ is 0.2% Assuming QQQ will keep beating VOO within the next 30 years, does it make sense to pay 0.2% to ...
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1answer
65 views

Do non-resident aliens pay taxes on stock market gains?

I am a student in the US with a F1 visa and live in the US too, but considered non-resident alien for tax purposes. If I invest my savings in the stock market, should I pay taxes on the gains? It is ...
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U.S. Expat living in Poland working remotely for a U.S. Institution: How to classify myself for taxes?

Briefly, I am a U.S. citizen living in Poland. Recently, I was offered a paid remote position at a research group with a U.S. university. Due to the nature of the work, I can either be considered an ...
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Tax deductions for US citizens and corporations on US donations to Canadian charities with reciprocal 510(c)(3) status

I have tried reading other answers and past commentary as well as legal analysis, but... still don't feel I have a confident answer. Let's say Joe and Company A both are based in the US and receive ...
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2answers
226 views

I believe I have paid too much for my home, what are my options? [duplicate]

Pretty self-explanatory here. I have owned the home for just about a year; I still believe in the neighborhood's long term potential, but there is a bit of buyer's market due to COVID and it is ...
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1answer
30 views

H4 visa spouse: resident alien or non-resident alien

I am a resident alien for tax purposes (H1B visa). My wife is on H4 dependent visa in the USA. She has been in USA for 189 days in 2019. 0 days in 2018 and 2017. She cannot apply for an SSN. She doesn'...
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2answers
55 views

What are the tax implications when working remotely and changing states every 3 months?

I'm currently a perm resident of Washington (past 3 years). I work full-time for a big software company. I would like to work remotely in Florida, California, and Puerto Rico, and Texas, each for ...
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3answers
154 views

Why is it uncommon to sell houses without an agent in the US?

On the surface, real estate transactions are quite mundane. You find a property you like, you get a lawyer to do a background check on the ownership documents and draft up the contract, after which ...
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168 views

With the Presidential “Payroll Tax Holiday” being imposed, should I invest the money in ROTH IRA or Regular Brokerage?

We've had a Presidential order creating a "payroll tax holiday", and the best information I can find about this can be read at Forbes and summarized as follows: No/Reduced federal tax from ...
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1answer
41 views

What is a “regular way” contract?

I was reading a stock brokerage firm's article on Regulation NMS and Rule 611, which says: The Order Protection Rule requires trading centers to establish and enforce procedures designed to prevent &...
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2answers
43 views

Short- vs. Long-term gains - buy/sell w/in 1 year

For mutual fund shares - An individual investor has bought shares of a fund over time, including in previous years and within the last year. If selling, can they use specific-ID cost basis to sell the ...
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1answer
62 views

What are the tax implications of paying back taxable relocation?

In a situation where you start a job: $30k taxable relocation benefits $18k tax grossup (FICA/federal/state income tax) Relocation owed back decreases 1/24 monthly until 2 years pass Relocation all ...
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0answers
18 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 ...
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2answers
91 views

Tax liability of living in a property that is owned by the company you work for

If the CEO of company A lives not-permenantly (1yr) in a property that is currently owned (mortgaged) by company A which they are an employee of, will there be a tax liability implied for said CEO ? ...
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1answer
35 views

F1 OPT, marriage to Canadian citizen, FICA taxes and tax filing status

This year is a complicated one for me for tax purposes. I've been in the US since mid 2015, with F1 status. I currently still have F1 status, with OPT. If I've understood everything correctly, I ...
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1answer
21 views

What is the deadline for a US bank and the IRS to sign French Form 5000 a.k.a. CERFA 5000?

What is the deadline for a US bank and the IRS to sign French Form 5000 (mirror 1, mirror 2) a.k.a. CERFA 5000? According to the Form 5000 instructions (mirror): Unless otherwise stipulated in the ...
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0answers
12 views

Should a retail financial advisor firm give me foreign tax credit information?

I invested in an Irish ‘offshore’ fund through this firm. The fund invest in assets all over the world but 50% is US equities. I am not an US person. I read offshore funds gets tax withholdings for ...
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5answers
8k views

My company is suspending its 401K match; what is the best thing to do with my money?

I am a 25 y/o US citizen working in the US for a US company. Given these days' hard times, my company has elected to suspend its 401k match. I make too much money to contribute to a Roth IRA. What is ...
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1answer
71 views

What is the difference between investing in index fund on their website over your existing bank?

I want to start investing in index fund S&P500, specifically VFIAX from Vanguard. I went to their website and started creating an account, and then it occurred to me....maybe my bank, Chase ...
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1answer
135 views

After a Divorce, may I use my HSA to Pay Spouse's Medical Bill that Occurred Prior to Divorce

I am recently divorced (in Iowa). My spouse got a large bill in the mail covered by insurance for an emergency room visit. She still owes money even after insurance paid a portion of the bill. I'm not ...
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0answers
25 views

Two year rule for excluding long term capital gains from the sale of my primary residence

I have two homes I live in equally. I travel between the two weekly. I spend 3 nights in one and 4 nights in the other and then flip that. Sometimes I stay a week to ten days in either of them at a ...
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26 views

Freeriding when trading in a cash account

I am trying to understand "freeriding" in a cash account. I have already read these SEC publications: Freeriding and Updated Investor Bulletin: Trading in Cash Accounts. The purpose of this ...
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0answers
41 views

When sending orders to exchanges, is there any sort of personal identifier that is associated with the order?

If I place an order to buy or sell a stock or futures contract through a regular retail brokerage, is there any sort of personal identifier that goes to the exchange along with my order? I don't ...
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1answer
55 views

Which of the following satisfy the pattern day trading rule?

I have confusion about the day trading rules. From below scenario, which is pattern day trading? I bought 1 Apple share in pre-market and sell it in the after-market hours (within same day). I bought ...
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52 views

Do the French tax authorities make exceptions regarding the deadline to complete Form 5000 in case of force majeure (e.g., closed IRS center)?

The IRS currently doesn't give any US Residency Certification Program (a.k.a. Form 6166, which can be obtained by filing Form 8802), according to https://www.irs.gov/forms-pubs/about-form-8802 (mirror)...
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52 views

Can I still get unemployment benefits from the day of departure even if I'm payroll for a month after getting fired?

My company is keeping me payroll for a month instead of keeping me on giving me one-time severance. Can I still get unemployment benefits from the day of departure?
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1answer
57 views

Can off-exchange trades take place at prices outside the bid-ask spread?

Suppose the national best bid for an illiquid stock is $10, and the national best ask is $12. Alice wants to buy 100,000 shares, but the daily volume of the stock is lower than the amount she wants to ...
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4answers
178 views

What am I not considering in my current Financial Plan?

Standard Caveat: I understand the opinions expressed on this forum do not represent financial or legal advice. With that said, I have a long term goal to preserve and build wealth (in that order) and ...
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1answer
81 views

is estate responsible for debt co-signed by decedent for car loan if car repo'ed AFTER the death?

My mother co-signed car loan for her grandson. Car was repo'ed 7/11/20. As executor of her estate ( she passed in 5/20), I received notice that the car would be sold on 7/29/20. I did not receive that ...
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47 views

Alernative investments to cash with house purchase on the horizon [duplicate]

My wife and I have been expecting to buy a house for the past two years (currently living in a condo worth around 400K with no mortgage). Because of this, we have pretty much all our investments in ...
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1answer
73 views

Why do the points on a refinance depend on my current mortgage?

Looking at refinancing, a salesman is suggesting a double-refinance. The context is that we are looking at a cash-out (to repay a HELOC at a lower rate), and the points are higher for that. The ...
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15 views

opportunity zone vs 1031 exchange

From what I read opportunity zones are more flexible. For example, if you have 1M property with 600K loan and you want to replace it with thru 1031, you cannot just go for a 400K property ( which is ...
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41 views

Can one be a California tax resident while not being a US tax resident?

I read on Page 4 of FTB Pub. 1031 2019 (mirror) (I italicized the important passages): [Section E:] Who Are Residents and Nonresidents A resident is any individual who meets any of the following: ...
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0answers
14 views

Puerto Rico Tax on Pension Income

I am considering purchasing a permanent residence in PR. I am retired. Based on my 3 sources of income below, what would be taxable in PR? Primary - pension from NYS government not subject to NYS ...
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1answer
38 views

1031 exchange and cash boot

My question is about 1031 exchange and whether I can get rid of the mortgages from my life once and for all, by investing only with the equity I got? Looks like this great idea is not possible. The ...
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1answer
159 views

Do I have to put 20% down on a condo so that I don't have to live in it for 1 year before renting it out to tenants?

I really want to purchase a condo and rent it out to tenants for some extra cash flow here in Queens, NY. I contacted a mortgage loan officer and he told me that I HAVE to put 20% down if I decide not ...
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1answer
53 views

How can I get the government to withhold less money via the new W4 in 2020?

I have a bit of an issue I can't figure out. I am single, and my annualized salary would be about $140,000 as I make about $70 an hour. The issue is that I'm realistically only going to make about $...
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1answer
70 views

For buying a home, what kind of loans can I seek with a large cash collateral but no credit history?

Story: I'm just after going to my local bank and attempting to get 'prequalified' for a home loan, since the first realtor I called instructed me to do so before we got started. On trying, I was ...
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1answer
99 views

Setting up a church to house all personal funds

There are a few examples displaying how easy it is to set up a church (John Oliver) that is exempt from taxation. Would it be beneficial and/or possible to set up one's own church to deposit all one's ...
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0answers
28 views

How do unemployment benefits work when you move to a new state for the same employer?

I have questions about CA unemployment benefits eligibility that I’m not able to figure out from the website. In preparation of moving to East Cost location of my office, I had moved my address to ...
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0answers
8 views

What business qualify under SBA PPP program?

If an Small Business lost money as a result of regulations to social distance, but still has assets to pay wages, does it qualify to borrow money from banks and receive loan forgiveness to fund the ...
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2answers
64 views

Benefits of being paid as corporation - USA

I see a lot of articles describing how many corporations (notably Amazon) pay minimal/zero tax. What prevents me from having my employer pay my salary to a corporation I set up and having the corp use ...

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