Questions tagged [united-states]

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

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0answers
20 views

What assets can I count towards accredited investor status?

I have had the fortune and blessings of working with a company that recently went public. So, not only do I make a fair amount of salary but I now have stocks worth quite a bit. I have vested options ...
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Can a LLC company with citizen(s)/resident(s) of the US and non-citizen/non-resident board members be filed for tax as a S-Corp?

If there is a startup consists of citizen/resident and international(non-citizen/non-resident) students in the US who they want to create a company and get funding from investors, can they using S-...
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What are the advantages of LLC over S-Corp?

I saw a video that mentioned that if you don't want to withdraw all your company's net profit and want to invest it again on the company, it's better to have a LLC over the S-corp. Is that true? May ...
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1answer
39 views

Social Security vs SSI: cash gifts, free rent, etc. (USA)

I understand the social security administration may reduce SSI benefits if the recipient receives cash gifts, free rent, etc. What about normal social security benefits or retirement benefits? Are ...
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1answer
48 views

Which one is better for credit score: use and charge the card a lot or keep money on them and don't spend much?

If we have a credit card with 1000, 2000, 5000 of dollars, is it a good idea to use it daily like spend 30%-50% of the money per day and recharging the card at the same day just to increase the credit ...
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1answer
16 views

IRS form for Advance Child Tax Credit (CTC) Opt-Out

Aside from the User-Portal on IRS Web Site, what other methods are available to opt-out of the 2021 Advance Child Tax Credit? I'm specifically thinking of an IRS Paper Form akin to all their other ...
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1answer
40 views

Washington Resident Purchasing Home in California

I was formerly a resident of California (before 2019). I still have family there. Now I was considering purchasing a home in California, that my mother would live in. My mother is almost 70 and ...
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1answer
40 views

Capital Gains tax for Rental House

I have a rental house in Seattle that has been rented for 12 years and is values about $485K. We bought a house in North Carolina last September and didn't know about being able to roll the proceeds ...
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2answers
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Will the credit score fall when we don't use our credit cards for a while?

If someone gets a credit card and builds his credit up to above 800, then he doesn't use his credit card for a while like one month, one year, etc., will his credit score remain at his previous score ...
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1answer
63 views

In the US, how to interpret the capital gains tax brackets

This is a question about the United States tax code, and in particular about the demarcation between brackets for long term capital gains. I recognize that the specific cutoffs and tax rates are ...
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Rule 144a and Publicly Traded Companies

Suppose you exercise an employee stock option and receive 100 Class A shares. Class A shares are publicly traded on the NASDAQ. Do you have to follow Rule 144?
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2answers
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What options are available if the IRS denies appeals for waiving missing form fee?

This question is a follow-up to What happens if IRS does not receive 1120-S for an S-Corp? In June 2019, IRS sends Mr. X a letter with a fine of $7,200 for the missing 3 forms (each form cost maximum $...
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2answers
4k views

Do I have to pay a medical bill when the ER never submitted it for an insurance claim?

My husband went into cardiac failure while we were traveling. He was taken by ambulance to the nearest hospital ER. I gave his insurance information at the time of service. About a month later, I ...
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1answer
54 views

Child tax credit: should I file as a non-filer?

I have not filed taxes the past 2 years due to no income, but my daughter and I have been claimed by the person who is supporting us. I haven't received any stimulus money for me or my child and he ...
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1answer
20 views

LLC Partnership Foreign Partner

My wife and I run an LLC in CA. I am a citizen and my wife is French with a permanent resident card. We are equal members of our LLC Partnership. I filed with TurboTax for our business and when asked ...
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1answer
38 views

Can we apply for Individual Tax Payer Identification(ITIN) for the first time in the out of tax season?

I am new to the US and just arrived here on May 31, but what I need is having ITIN to get credit card, etc. But someone told me you must at least wait until the next year's tax season that will start ...
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2answers
56 views

How many accounts do I need to trade Stocks. Future contracts, Cryptocurrencies, Forex, Etc.?

I am a new comer in the US and I want to start my investment here. But the first question is how many brokerage accounts do I need if I want to do and manage the investment on all of the markets? In ...
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1answer
28 views

Tax for two fulltime jobs in the US and Germany for a non-US non-European citizen

I am a non-US + non-European citizen who is doing a postdoc in the US (under the J1 visa), in parallel, I have a full-time job (remote) in Germany. What will happen to my tax, shall I pay any extra ...
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1answer
67 views

Questions about an estate inheritance in Florida

My father passed away last month in Florida and left his estate to me and my older sister. The estate is simple - his house (paid off 20 years ago), some household possessions, and a couple of bank ...
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3answers
2k views

Will closing a checking/saving account have a bad effect on my credit report?

I opened a saving and a checking account in Chase bank. But I decided to close them. I want to know will this has a bad effect on my credit, etc? I also like to know should I pay money to close my ...
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0answers
12 views

US nonresident alien tax when selling master limited partnership that has no Effectively Connected Income

A US nonresident alien wants to sell a few shares of a publicly-traded master limited partnership (MLP). The MLP happens to generate no Effectively Connected Income (ECI), and has never generated any ...
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1answer
57 views

Advice contacting the IRS? Refund still pending from 2019

My girlfriend filed electronically in March 2020 for her federal taxes for 2019. The IRS "where's my refund" page showed "your taxes are being processed" for 8 months, then in ...
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1answer
43 views

2021 tax credits - How does child tax credit affect other tax credits?

Let's say my tax liability for 2021 will be $8,000 I have 2 eligible dependents resulting in $6,000 in child tax credits I'm eligible for $4,000 in other tax credits that are non-refundable My ...
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1answer
87 views

How soon can I use 529 for paying college

I enrolled into college. I'm thinking to enroll into 529 plan to pay my college fees for the coming semester. This is with an intent that I will be able to save tax on the money used for tuition. Is ...
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1answer
60 views

Can we add a person with no SSN/ITIN to our credit card?

If there is someone with F-1 student visa in the US and has a SSN and a credit card, can he/she add his/her spouse who has no SSN/ITIN to his/her credit card?
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0answers
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SEC Form D - Are Founders Investors?

Main Question: Are Founders considered "investors" for purposed of filing the SEC's Form D? Context: I am starting a corporation with 2 others. We have set up Restricted Stock Purchase ...
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1answer
58 views

Which is better to build credit score? Becoming an authorized user of another credit card or get a personal secured credit card?

I am new to the US with a F-2(student dependent) visa, I want to have credit history and build credit score in the US. I think I have three options but don't know which is better to do or maybe better ...
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0answers
34 views

does the seller to a cash buyer in a real estate transaction need a Closing Protection Letter?

A Closing Protection Letter is apparently an insurance product costing between $25 and $100 which is supposed to protect the lender, buyer, and selling against mistakes and illegal actions such as ...
6
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0answers
88 views

If my parents are both non-US citizens living abroad, with no tax files, am I still classified as dependent for financial aid?

I am a US citizen. My parents are both non-US citizens living abroad, with no tax files. They are not green-card holders. I am 18 and do not have any household income to report because my household is ...
26
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4answers
10k views
+100

How do I report a gain in bitcoin that I received as reimbursement for buying a waffle iron?

In 2016 I was visiting a friend in another country and he asked me to bring him a waffle maker (~$35). He paid me back for the waffle maker in Bitcoin. I sold that Bitcoin in 2020 for ~$740. I believe ...
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1answer
127 views

How to buy United States 10-Year Bond and what is the code?

To trade a the Amazon stock, the code is AMZN. Is there a code for United States 10-Year Bond? Investment.com shows US10YT but there is no such code in the Interactive Trader platform.
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6answers
4k views

Is it possible to send money to my friend in the US using a wire transfer?

Me and my friend are both Europeans and used to sending money to other people by just asking for their bank account number. We were sitting around recently and were wondering - is it possible to send ...
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2answers
58 views

Where to find a list of US stocks with monthly expiration options only? [closed]

Does anybody know where to find a list of US stocks with monthly expiration options only (no weeklies plz) ?
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1answer
63 views

If I defer the 2021 child tax credit can I base it on my 2021 income?

The 2021 child tax credit includes payments that the IRS will send from July to December of 2021. The payment is based on the 2020 filing. However I get the impression that it is really based on the ...
3
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2answers
563 views

Gift tax on receiver's side?

Due to a family thing, I want to give some money to one of my family members. I don't have cash. I have some stocks, either I can sell my stock and give money or gift my stock worth the same amount. ...
6
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1answer
75 views

Does a qualifying life event require changing retroactively to the date of the event?

My employer offers several insurance plans, including both a low-deductible plan and a high-deductible HSA plan. Suppose my family was planning to have a baby in the middle of next year. Would it be ...
0
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1answer
53 views

Are gains/losses on selling 12 months+ puts short- or long-term capital gains/losses?

If I sell a put and only close the transaction after 12+ months of holding that position, is it a long- or short-term capital gain/loss? Some more context: For part of my portfolio, I sell some long-...
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3answers
4k views

Why do escrow services use wire transfer?

Escrow services seem to typically require earnest money funds to be deposited via wire transfer. These days the wire transfer instructions will be surrounded by 50-point bold red text warning you that ...
0
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1answer
23 views

Taxes when exercising an option (not ISO)

Nearly all of the information that I can find online on option exercise and taxes are related to employee stock options, where you do get taxed on the gain (even if on paper) between the strike price ...
3
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1answer
58 views

Where to mail an IRS CP11 notice response?

I received a CP11 notice regarding my Year 2020 tax return and would like to submit a response expressing my disagreement with the assessment. Despite the notice stating I should call to review my ...
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4answers
131 views

Considering investing money intended for charitable donations in buying a rental property. Can I realistically make the rental a non profit?

So I currently have a large amount of money 'allocated' to charitable donations. It will include two inheritance and probably be around $200,000. In fact it's more then my annual income (around $145,...
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2answers
78 views

How to record converting privately used appliances to business use for tax purpose?

I have an investment property in California that needs a new washer and dryer. I file the revenue on my personal tax return (for better or worse). I would like to get a new set for me, personally, and ...
0
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1answer
42 views

Does the amount converted over from traditional to roth-ira count towards the contribution limits for that year?

IRS has contribution limit of $6000 ($7000 for 50+ individuals) for any given year for contribution to IRA account. Say in a given year, a person decides to convert $3000 from his/her traditional IRA ...
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1answer
108 views

How much of my 401(k) should I roll over to a Roth IRA to pay the least taxes?

I am 61 yrs old want and I want to start rolling over my 401K to a Roth-IRA account. How can I figure out how much money I should roll over in order to pay the least taxes? Through a google search, I ...
0
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2answers
54 views

Is there an upper limit to amount of money a person can contribute to a traditional IRA if he is okay making a non tax deductible contribution?

Consider a person who wants to contribute $50,000 to his traditional IRA account per year. Now I know there is a limit of $6000 for tax deductible amount you can contribute to an IRA every year. But ...
0
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1answer
24 views

Is partial amount allowed to be converted/rolled over from traditional to roth-IRA?

Say a person has $50,000 in his/her traditional IRA account. Now due to Now he wants to transfer part of it say $10,000 into a roth-IRA account. Is such a partial roll over to roth-IRA possible? Also ...
0
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1answer
27 views

Will a traditional IRA account's capital gains incur annual taxes, if a person's income is above the limit for tax deductible IRA contributions?

Say a person's income is above the limit of making a tax deductible contribution to a traditional IRA account. If he/she still decides to make a contribution of say $6000 per year to a traditional IRA ...
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2answers
56 views

Third economic impact payment did not include new child

Check was sent for $2800? What are the steps to obtain additional $1400 for child? I was perusing below to no avail: IRS 3rd payment here
0
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1answer
56 views

Are there any penalties or tax consequences if an person decides to take money out of a Roth IRA account prematurely?

Say a person has a Roth IRA account. Now the money in the Roth IRA account is already post-tax contributions. However, say the person has made a significant capital gains on their Roth IRA investments....
2
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2answers
312 views

Possible scam using another person's email, but we don't see how it is working

I have a friend who has been getting quite a lot of traffic to his personal email account that is not his activity. This would include someone in California requesting auto insurance quotes. This ...

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