Questions tagged [united-states]

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

2
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0answers
132 views

Is it fine to use Savings account to pay salaries? what is the downside?

It is taking us time to get checking/current account for the business. We want to know, if it is OK to pay through Business Owner's personal savings account and still have it as a record of business. ...
1
vote
0answers
20 views

Can I deduct DC Unemployment Insurance on D-20?

Where would,if possible, a D.C.-based for-profit corporation (S-Corp at federal level) be able to deduct Unemployment Insurance on the D-20 for? I've looked at the 2018 D-20 District of Columbia ...
2
votes
3answers
212 views

Taxes on selling stocks

I want to confirm that I'm right to avoid surprises. If I buy a stock (or group of stocks) at 70 and I sell it (them) when its value is 60... I should not pay any kind of taxes, no? Since I did not ...
4
votes
3answers
319 views

Should I list all assets on my mortgage application?

I was applying for mortgage, and I understand that I need to list all my liabilities/assets. But I do not want to list all my assets, only giving sufficient information to show down payment and ...
1
vote
0answers
22 views

Is it possible to change the second (or residual) beneficiary of a CRUT?

A CRUT is a Charitable Remainder Unitrust, which usually has as its first beneficiary the person who set up the CRUT (the settlor), and which may (but is not obliged to) have as a second beneficiary a ...
4
votes
2answers
405 views

When did banks stop allowing minors to open their own bank accounts?

While reading Mother abusing my finances (and others like it in the past) I always remember when I opened my own checking and savings accounts as a 13 year old. No adult involvement at all, except ...
3
votes
2answers
178 views

Borrowing against 401k for first home - things to watch

There is a general advice that borrowing against 401k is to be avoided. When I was looking at related questions here in SE I found a few discussions where some experts challenged the generality. For ...
1
vote
1answer
41 views

SEC institutional pre-IPO disclosure

All funds/managers with assets above 100M need to file their holdings with the SEC in the form of a 13F. like this one for example : https://sec.report/Document/0001567619-19-011051 There is a column ...
1
vote
1answer
50 views

Tax rules for investment LLC's

I have a question about how investments managed by an LLC are taxed. For example, say I invest my own money and buy a stock and I sell it for a positive return. If it is sold in less than a year of ...
1
vote
1answer
41 views

Is there a different tax rate for non-U.S. resident foreigners on capital gains in the U.S., depending on period of investment?

I'm an Indian citizen, living in the U.A.E. The U.A.E. does not have a tax treaty with the U.S., so, tax treaties don't affect the equation, which makes things simple. I've read that there is a ...
1
vote
1answer
63 views

Tax rate on miscellaneous income

Where would I find US tax rates on miscellaneous income that does not have an associated W2 or 1099? For example, let's say I start mowing lawns for my neighbors and a make a few thousand dollars for ...
-1
votes
2answers
172 views

Approximate cost of making a shell company

Hi. I was thinking about making a company to hide a plane I am thinking of buying. A helpful person suggested to make a shell company since planes can be registered to companies and FAA site doesn't ...
6
votes
3answers
100 views

Is it worth fixing a wrong address on my credit report?

I pulled my credit report today and noticed that one of the former addresses doesn't belong to me. It belongs to my aunt and uncle. I've never lived with them or had mail sent to their house, so aside ...
6
votes
2answers
174 views

How to monitor for identity theft of minor child

It's important to monitor your own credit for signs of identity theft and for errors, because recovery can be time consuming and expensive. What steps should parents take to monitor their minor ...
1
vote
0answers
29 views

Do I need to file taxes or can I file taxes educational credit refund purpose with 1098T?

I did not work at all but I received a 1098T for my online school. The 1098T has $12,070.04 on box 1 and $2,529.53 on box 5. I will like to know if I should file taxes with the 1098T only to get ...
45
votes
8answers
12k views

Employer asking for online access to bank account - Is this a scam?

I just recently got a freelance job as a virtual assistant. The employer I have looks like a reputable person with his own agency and everything. I'm new to it, so he asked for my bank account number, ...
4
votes
1answer
180 views

Vehicle has been broken into. Missing registration, insurance cards

My parents are currently out of town and they have left their vehicle parked on my block. We just discovered that the vehicle has been broken into. Aside from a few personal items, thieves have also ...
2
votes
1answer
106 views

Got an internship offer while working a student job. How do I fill my w4 for the internship?

Long story short: I am a non immigrant with a permit to work in campus, already filled a w4 with the university and I earn less than 10k a year. I got an internship for 90 days and I got another w4 ...
3
votes
5answers
390 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 ...
0
votes
0answers
135 views

New mortgage co reversing claim decision by old mortgage co

I had a claim in March of last year due to hail/storm damage. The claim was paid by insurance to me and mortgage co. Then the mortgage co sent all the payments due, out to me in my name and the ...
4
votes
0answers
55 views

Canadian parent gifting adult child in the US [duplicate]

My wife was born in Canada but now has her US citizenship and resides with me in the US. She still has Canadian Citizenship but, as you know, the US does not recognize dual citizenship. One of her ...
3
votes
2answers
130 views

Is it possible to deposit stock into a Solo 401k?

Towards the Solo 401k limit, is it possible to deposit stock held in an investment account, and have that count towards the limit? For example, if my 401k contribution limit is $20,000 annually, can ...
5
votes
0answers
109 views

Donating winning lottery ticket to 501(c)3 Private Foundation: cost-basis deduction + full tax free redemption for foundation?

US 501(c)3 Private Foundations are typically controlled by the primary donator, so that is a nice perk, but in exchange for that perk I realize the tax deductions for donating are significantly ...
-2
votes
2answers
162 views

How can I force a reconciliation between VantageScore 3 and FICO® Score 8?

My wife's credit score via VantageScore 3.0 (via CreditKarma, which is based on TransUnion data) is 790. In contrast, My wife's credit score via FICO® Score 8 is 670 (also based on TransUnion data)....
0
votes
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 ...
0
votes
3answers
85 views

How do I fill out a W9?

On a W9 which line denotes whom the check is payable to, line 1 or 2? If a company is an individual/sole proprietor, and line 1 and 2 is filled in which line do I use for the remit to?
1
vote
1answer
177 views

How can I understand historical changes in my credit score?

In October 2018, my wife's transunion credit score blipped down from a consistent 780 to a consistent 680. When I called to complain, Transunion noted that one of her credit cards seems to lag behind ...
1
vote
3answers
153 views

Do employers withhold the correct amount for higher tax brackets?

I'm for the first time making a pretty large sum of money that puts some of my income in the 24% federal tax bracket (though my effective tax rate- fica/fed/state is around 30%) I just got my first ...
4
votes
1answer
307 views

How to rent a home that I own outright for maximum benefits?

Suppose, I have a home that I want to rent, and it is paid off and valued at about $350K. I am currently living in this home. Should I sell this home to a LLC ( This LLC to be formed and owned by me),...
3
votes
1answer
69 views

401k / Foreign Tax Credit

I am resident in the UK. My Wife is also resident in the UK, but is a US citizen. I'm 40 years old. We file a joint US tax return each year, and we file 1116 against all of my UK earnings. I have ...
0
votes
1answer
51 views

What are the downsides (impacting returns) of a short-term purchase & sale to cut the loss (other than wash sales rule)?

In the US, IRS wash sales rules indicate that a loss in security exchange cannot be claimed tax deductible in the same year income tax filing, if the transaction of purchases & sales takes place ...
5
votes
1answer
79 views

Can I defer starting Medicare if 65 and on COBRA after a lay-off? (HSA, COBRA, and Medicare)

I turned 65 in February, am still working full-time, and have medical insurance through my company that qualifies me to defer signing up for Medicare. I've been contributing the maximum to my HSA ...
2
votes
0answers
43 views

Tax on inherited property [duplicate]

I am USA citizen and I want to sell my inherited property in India. If I bring that money to USA, do I need to pay taxes in USA?
5
votes
1answer
352 views

pros and cons of HSA in Investment account

I have my HSA that is currently in savings or checking account. The Insurance company provides option to keep the money in Investment account. What are the pros and cons of parking HSA fund in ...
1
vote
4answers
130 views

Do my stock earnings from selling stock get double taxed from short term gains and then from my 1040 tax filing?

I'm curious to how my taxes work when I am trading with my own personal stock account at E*trade. Suppose I buy XYZ stock at $100 and it goes to $1,100. My profit is $1,000. I read that the $1,000 ...
0
votes
4answers
189 views

What do we know about elementary financial education at highly ranked schools at the pre-college and early college levels in the US?

Several answers and comments have postulated ignorance of the most basic financial features, for example, a total misapprehension of "marginal tax rate". See, for example, the comments under the ...
23
votes
5answers
9k views

How can I get a refund from a seller who only accepts Zelle?

I am wanting to purchase an item and the seller only accepts Zelle. If I send a payment and do not get my item, is there a way to get my money back?
1
vote
1answer
153 views

Should I rent out a home I own outright or one with a mortgage?

If I have two homes of equal value ($300K each) and one is paid off and other has a mortgage balance of $235K. I'd like to rent one of those out. Which one should give me the most advantages with ...
0
votes
1answer
64 views

Does installment loan amount affect credit score?

I am looking to finance a new car purchase. The total cost of the car comes out to $18k, and I am able to put up to $10k down. Assuming that my goal is to maximize my credit score in the long run, ...
12
votes
3answers
3k views

Is it wise to pay off mortgage with 401k?

I've been considering paying off my mortgage with my 401k balance. Some particulars, I'm in WA state in the US, and I'll turn 60 in about a week. I have enough in my 401k with my current employer to ...
1
vote
0answers
61 views

HUD section 8 benefits — community service exemptions

Regarding the HUD (Housing and Urban Development) policy for Area Housing Assistance (general page, specific definitions, and exempt status mainly what the question is about, definition for "work ...
14
votes
7answers
5k views

What's is the easiest way to purchase a stock and hold it [closed]

I'd like to invest some cash (just few thousands) that is currently sitting on my bank account. There are few companies I believe will significantly increase their value in the next years (let's say ...
0
votes
0answers
17 views

Opportunity Zone 180 Day Reinvestment Rule With S-Corp Sale

I sold stock in a S-Corp on Jan. 1 2018. I was reading up on the latest guidance from the IRS regarding the 180 days reinvesting cut-off. The regulations say that you have 180 days from the date of ...
1
vote
0answers
64 views

IRS federal refund paper check [duplicate]

I worked in the US this summer and I received a paper check from tax returns on my address in the US. But I live in Europe now, and I don't have an American debit card. Can a friend of mine who has ...
2
votes
1answer
44 views

How would I calculate my taxes for a post-Chapter-11 distribution?

Situation: I held N shares of a company "JUNK", average cost basis $C/share. Cost basis for the shares was $C * N. Some time later, company "JUNK" filed for Chapter 11 bankruptcy. At this point, the ...
2
votes
1answer
55 views

ISO exercise limit before triggering AMT

With recent 2018 changes to AMT, I wanted to understand how much ISO options can I exercise without making a material difference in AMT Scenario Current income 200k Claiming standard deduction for ...
2
votes
1answer
84 views

Remote state taxes

I live in Florida and I work remotely to a New York office and I am being paid thru their payroll not 1099. The employer has been deducting NY state tax and I know Florida does not have state tax. I ...
6
votes
2answers
2k views

Will there be more tax deductions if I put the house completely under my name, versus doing a joint ownership?

I currently live with my mother, and the house is under her name. However, I pay for the property tax (house paid off). In regards to property tax reductions. If I will be continuously paying the ...
3
votes
1answer
88 views

What are the limitations on rollovers to an IRA?

My friend wants to consolidate his various retirement account accumulated over the past 20-30 years to make it easier to manage/track his retirement savings. He doesn't recall immediately all the ...
36
votes
6answers
17k views

Holding rent money for my friend which amounts to over $10k?

My close friend has just moved into an apartment with me and due to some circumstances he would like to pay me the rent money for a year upfront. The total amount will be about $11k total, and we as ...