Questions tagged [united-states]

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

0
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1answer
68 views

Sending money ($80k) from USA to India, any issues with IRS?

I would like to send money around $80k USD to INR to family in India, to purchase a property. This is the money from my savings and loan. I read somewhere that If I send more than $14k to a person, ...
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1answer
28 views

Roth IRA tax question

I just opened a Roth IRA and will be investing money earned through my job which I have already paid taxes on. Do I have to pay taxes up front on that money again when I invest it in my Roth?
30
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7answers
15k views

How hard is it to sell a home which is currently mortgaged?

I'm looking to buy a house for the first time. I've done some homework, and from what I can tell... Buying a house via mortgage in Kentucky is somewhat cheaper than renting an apartment. I need to ...
3
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5answers
388 views

Does COBRA make sense anymore with the ACA?

I recently changed jobs. Job 1 ended in March, and Job 2 started immediately after the end of Job 1. The health insurance provided by Job 1 continued to the end of March. The health insurance coverage ...
1
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0answers
27 views

Expenses prior to selling a rental property

I have a rental property that needs a new HVAC system. If I have this done just prior to selling, my understanding is I would add the cost of that improvement to the basis. But what about ongoing ...
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0answers
31 views

Wash Sale on stocks sold for average gain [duplicate]

Day 1: I purchased 100 stocks of ABC for 100$. The stock went down and I purchased additional 100 shares for say 80$. Now, my average is 200 shares for 90$. Day 2: The stock went up and I sold all ...
0
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1answer
15 views

Interests in USA for NRE account profits

I'm a recent college grad so I am not that knowledgeable about money. So, please bear with me! If I make a NRE account, I can get a 6% interest rate and I like that much more than the 1.5-2% ...
3
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1answer
454 views

Put my student loan in parents’ second mortgage - help?

I fear I did something stupid. I graduated in 2017 with a bunch of student debt that my parents held on my behalf (~$130k). One misunderstanding led to another and somehow we ended up refinancing ...
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0answers
40 views

How best to comply with Regulation D of the Securities Act?

I am under the impression that there are some restrictions on raising money from outside investors for an investment fund. In particular Regulation D of the Securities Act of 1933 provides a few “...
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2answers
70 views

Consolidating Unsecured Debt with Secured Loan

So long story short, I've got about $20,000 in unsecured debt between a personal loan of $15,000($14,000 remaining principle) with the rest spread between three credit cards. I initially got the ...
3
votes
2answers
465 views

Is Paypal registered as a real bank? Is it FDIC insured?

It works kindof like a bank, in that you can send, receive, and store money in it as a secure account for as long as you'd like. So is it FDIC insured? And is it registered as a bank, or merely a ...
2
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1answer
48 views
+50

FBAR: How to determine aggregage maximum account value?

Suppose you have two foreign accounts: A and B. Is the formula for determining "aggregate maximum value" for foreign accounts as defined by Fincen max(A) + max(B) or max(A + B)? This would obviously ...
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1answer
62 views

Inappropriate credit report hard inquries

I'm an international student in the US. Three weeks ago I decided to buy a used car. I found a great option at an official manufacturer dealership. I wanted to buy it fully for cash. After a little ...
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3answers
73 views

Is it possible to roll a Roth IRA into a traditional IRA?

I no longer meet the requirements to deposit into my Roth IRA. There's not a huge amount of money in it. Rather than have this relatively small account laying around, requiring periodic monitoring ...
3
votes
0answers
112 views

Cashier checks purchased in the 80's at a bank that is now closed - the State Treasury Dept can't find them

My dad who is deceased purchased cashier checks in the 80's and the bank has since closed. I reached out to the States unclaimed property; they found several checks but there are a few left that they ...
1
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1answer
42 views

457(b) - funding options

I'd like to put some money we saved towards my wife's Roth 475b. Is it possible to just write a check from a personal account as a contribution or must is come out of her paycheck?
1
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1answer
85 views

Placing Tax withholding into a savings account instead of haivng it deducted from my paycheck [duplicate]

Typically one has a percentage (based on a W-4) of their pay withheld to cover one's taxes at the end of the year, it occurs to me that this is effectively like storing that money in an account with ...
1
vote
1answer
47 views

How do I fill out IRS form 1310, as a successor trustee? Reissue a check from the IRS?

I am the successor trustee for an individual who had a living trust. Thus there was no court, no probate. A refund was due the individual, but the IRS chose to issue a check rather than direct ...
27
votes
4answers
11k views

Going to get married soon, should I do it on Dec 31 or Jan 1?

I know that there is a tax advantage to having a child on December 31st at 11:59 as opposed to January 1st at 12:01. Does the same hold true for marriage? If it matters I make ~$130,000/yr and have a ...
5
votes
2answers
260 views

I trade labor for lot rent on my live-in R.V. Can I claim any income to apply for EITC? Do I owe taxes? There is no money exchanged

I work as a farm laborer in exchange for lot rent for my own Recreational Vehicle, electricity, and water on a friend's farm. There is no cash exchange. I am the one and only "lot renter". Will ...
46
votes
9answers
9k views

What do I need to do, tax-wise, for a sudden windfall?

I had stock options in a company which was recently sold to a private investment firm. As a result, my options were converted into a single large sum ( > $100,000) and delivered via wire transfer into ...
1
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1answer
165 views

Can I sell my half of a jointly owned mobile home to someone else?

My ex-girlfriend and I bought a mobile together, but I made all the payments and purchased the appliances and other necessities needed to be move-in ready. I now do not live in it with her. The mobile ...
4
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1answer
121 views

Do I need to file tax returns in US if my only income was from capital gains and I am a non-resident who was not in the USA for the tax year?

So I came to the US on F1 Student visa on September 2012 and studied for 2 years. I then worked for 3 years in California on F1 OPT. My F1 visa (along with the OPT) got expired in July 2017 after ...
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3answers
883 views

Can a victim of a gift card scam dispute Credit Card transaction?

One of my colleagues got scammed for $14,000 by one of the Apple Gift Card scams. He paid $4,000 in Cash for Gift Cards and bought the other $10,000 worth by maxing out a credit card. He's gone ...
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2answers
53 views

Understanding capital gains and taxes on employer stock purchase plan

My company offers employee stock purchase plan at a 15% discount. What I am wondering is how does capital gains come into effect if I only sell my original investment? As an example, using even ...
3
votes
1answer
81 views

Does IRS require 30% tax from foreigners with w8-ben?

A company I collaborate with as an independent contractor, asks me to fill w8-Ben and they do not want to withhold taxes, they say what I do with the taxes is my problem. I am not US Citizen and my ...
1
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0answers
40 views

Collecting payments and fees for a direct sales company

I'm a complete accounting novice, so please go easy on me if there is an obvious answer to this question. There is a direct sales company that provides a 50/50 split on all sales. Transactions are ...
4
votes
0answers
54 views

Does Internal Revenue Code section 1031 enable perpetual depreciation to offset income?

I've recently come across Internal Revenue Code section 1031, which as I understand it allows me to postpone paying taxes on income from the sale of an investment property, so long as I purchase a ...
1
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0answers
30 views

RMD after annuitizing an annuity in a traditional IRA

I live in the United States and I have an annuity that hasn't been annuitized in a traditional IRA account (IRA A). I need to take a required minimum distribution (RMD) of $8K this year for IRA A. I ...
1
vote
0answers
61 views

Why would my pre-approval auto loan be denied, but chance of actual loan approved?

I have an income of roughly ~70k, a little over $50k after taxes. My only debts are housing expenses (rent and utilities) which total around $800 out of >$4000 a month net income. Recently, I was ...
3
votes
1answer
94 views

Medicare and living in Mexico

If a US citizen moves to Mexico, can he/she live in a town near the border, maintain his/her coverage of Medicare and come to the US for medical care? He/she would want his medical care to be paid for ...
0
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1answer
36 views

Relation between par value, offering price and trading range

I recently saw a public offering of securities stating the following: We are offering 2,000,000,000 shares of our common stock, par value $0.00001 ("Common Stock"), at an offering price of $0.001 ...
9
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1answer
2k views

Can I deduct a whole-blood donation as a charitable contribution on my taxes?

I've noticed that there are several new companies advertising that they collect blood donations. I asked a friend who is an ER doctor why, and his response was that blood donations are quite valuable, ...
4
votes
3answers
386 views

Really Old Stock Valuation

A long time ago, my mother employer's offered discounted stock as part of its compensation plan. Her brother gave her a small sum of money so that she could buy some stock for him. She did this, the ...
2
votes
1answer
63 views

Are charitable donations different when running a side business(self employed)

I have a regular job, but I also earn 20-30k on the side through side projects(1099 work). Given that I am running a business is there any difference in how I can deduct charitable donations versus ...
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0answers
11 views

Can the repayment of the Advance Premium Tax Credit be deducted in the year paid?

IRA withdrawals kicked me out out of ACA. I had to repay over $14,000 Advance Premium Tax Credits with my 2018 tax return. The answers I am seeing seem to say I can take it as a 2018 medical expense ...
1
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1answer
125 views

Are discount brokers freely permitted to deny client orders for any exchange-listed stock or ETF?

If a "no advice" discount broker is a member of a major stock exchange, does that typically obligate the broker to accept client orders for all stocks, ETFs, etc. listed on the exchange? Or, is a ...
2
votes
1answer
44 views

Working as an independent consultant for a US company

I recently resigned from a US company and moved back to India on 5/31/2019 (I was on my H1b). I submitted my resignation letter already. I will be going back to school for a Ph.D. in the fall and my ...
46
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25answers
19k views

My parents claim they cannot pay for my college education; what are my options?

I have divorced parents, one makes a lot more money than the other, but that one (who makes more money) claims due to court rulings he pays a lot of money to the other parent and that they are wasting ...
3
votes
1answer
293 views

401(k) non resident alien -early withdrawal penalty 10%

I have a 401(k) with over 100 k in it . My question is if my former employer's 401(k) plan does not withhold the 10 % early withdrawal penalty, will I need to pay this with a US tax return ? ...
6
votes
3answers
468 views

Why do banks have daily deposit limits for check deposits with app?

I have a bunch of accounts at Fidelity and use their app to deposit checks on my phone. Each account has a daily deposit limit that is based on a number of factors, but the most important appears to ...
10
votes
5answers
1k views

Is it possible to get a mortgage with a custom duration in the US?

I live in the US and it seems that mortgages rates here are always quoted for either 15 or 30 years. Is it possible to get a mortgage in the US that is for a different duration? Say I have 23 years ...
0
votes
1answer
76 views

Wash Sale Rule on Overall gain

Day 1: I purchased 100 stocks of ABC for 100$. The stock went down and I purchased additional 100 shares for say 80$. Now, my average is 200 shares for 90$. Day 2: The stock went up and I sold all ...
0
votes
3answers
143 views

As authorized user why is the credit utilization of the primary card showing in my report

My wife added me as an authorized user on her credit card account and I received a card with my name. The credit limit is still the same and is shared. I have recently started seeing it in my ...
2
votes
2answers
133 views

Insurance company demands extra payment for marketplace healthcare

My brother went to the marketplace to get insurance. He picked a plan and has paid on time every month. Today he was told by his insurance that he owed an additional 1300 dollars. The marketplace had ...
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0answers
147 views

What recourse do I have if I was auto-enrolled into an employer's 401k plan despite opting out?

I started my new job on April 1, 2019 and at the first meeting with my manager I asked my new manager how I could dis-enroll or un-enroll from the 401K plan rather than be auto-enrolled @ 4%. He didn'...
4
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3answers
663 views

Am I investing properly for my future?

What should my next step be? I apologize in advance for the length of the post. I consider myself to be in a good standing, but I'm always looking for ways to improve. Student loans: I graduated ...
2
votes
1answer
214 views

Can a person who has Medicaid buy a discounted dental insurance plan?

We live in Arkansas. My dad has Medicaid. However, it turns out most dentists do not accept Medicaid, and those that do, provide a limited number of services . So, I tried to purchase a dental plan ...
6
votes
1answer
203 views

Should I pay taxes on additional money I received due to exchange rate?

Let's take the below example - I send $1000 to India NRE account when exchange rate is $1 = Rs. 70 Money in NRE account = $1000 x 70 = Rs. 70000 I keep that money in NRE account at 7% interest Rs. ...
1
vote
1answer
65 views

Weighing unvested RSU's against stock options in a job offer

I currently have unvested restricted stock units with my employer. It's a very stable publicly-traded company. I received a job offer from a private company hoping to IPO in the next few years and ...