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Questions tagged [united-states]

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

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How old a car needs to be for one to request diminish value claim

I am based in NC. My car was hit by another vehicle. The person who hit us, his insurance company paid for repairs. My car is from 2015. When I made request for a diminished value claim, I was told “...
OpenStack's user avatar
  • 137
2 votes
3 answers
1k views

How to estimate "estimated" taxes?

I am trying to figure out how to estimate quarterly tax payments. After some wonderful help on this forum, it seems I'll need to do this for my state, but not for the federal government. From what I ...
user2561523's user avatar
0 votes
1 answer
61 views

How to best forecast tax liability for the purposes of estimated tax payments?

How can you "expect" to know if you need to pay quarterly taxes? I am on a university fellowship where there is no withholding. I am married, filing jointly. To file quarterly, my ...
user2561523's user avatar
1 vote
1 answer
51 views

Do I need to make quarterly estimated tax payments for a post-doc fellowship?

I am a postdoc in the US, paid on a fellowship from my university for which there are no withholdings. Do I need to pay quarterly taxes, both federally and to my state? I expect that I will owe a ...
user2561523's user avatar
-1 votes
1 answer
101 views

When you sell a business. Is it a long-term or short-term capital gains tax?

Let's say I start my own small business selling hot dog stands on Jan 01, 2023, and sell it three months later for $50,000. Would my $50,000 be subject to long-term or short-term capital gains tax? ...
AlanSTACK's user avatar
  • 1,060
0 votes
1 answer
97 views

For the US, how to calculate the Social Security benefits if I stop working at 60 or 62 but claim benefits at 70?

As related to this question and the calculator at ssa.gov, they tend to say: stop working at 62 and start claiming benefits at 62, or stop working at 70 and start claiming benefits at 70. However, ...
Stefanie Gauss's user avatar
0 votes
1 answer
49 views

Roth Conversion using up foreign tax credits before and after expatriation

I'd like to sense-check the following scenario, to make sure I don't do something phenomenally stupid and irreversible. I'm hoping that I've correctly understood what I've read on this site & ...
ckp's user avatar
  • 1
2 votes
2 answers
242 views

Can I hold gold as much as I like at home in the US?

Is it legal to store physical gold at home in the US? If so, what taxes may be applied on the gold held at home, in form of both jewelry or raw gold?
best_of_man's user avatar
2 votes
1 answer
55 views

Move out of and back into New York State in the same calendar year

On January 1, 2023 I was a resident of New York State. In the middle of the year I moved out of New York State to work for my employer physically in a different state. I abandoned my New York State ...
nys-in-n-out's user avatar
0 votes
2 answers
49 views

Standard deduction when moving to US throughout the year

Consider the following context: Person A is moving to the US in July of 2022, formerly not tax-liable in the US (non-reisdent alien). They start a regular employment in the US for the remainder of the ...
dennlinger's user avatar
1 vote
1 answer
58 views

Late filing with overwithholding, coupled with unexpected income in more recent years

TL;DR-ish Can I use any part of my situation to carry forward any amount of refund to next years? It seems so silly to have so much locked up in refunds and then owe penalties when they've had excess ...
Nolan Robidoux's user avatar
2 votes
1 answer
2k views

My girlfriend helped me buy a car - Who is responsible if she takes it back?

My original car was totaled, and I couldn't get a car on my own due to bad credit. The dealership approved me at a high rate with money down. When I get my trust fund, I can buy one. My girlfriend ...
Mike's user avatar
  • 21
1 vote
2 answers
144 views

Can I deduct defaulted Treasury bonds from my taxes owed

I purchase a U.S. Treasury bond. If the government doesn't repay it, may I deduct the face value of the bond from my income tax payment?
Clint Eastwood's user avatar
6 votes
2 answers
788 views

tax filing obligations for class action settlement income of under 10$ (non-resident alien)

I am a non-resident alien having lived in the USA 2017-2019. I received today by postal mail a check for less then $10 due to some class action settlement I had no idea about (apparently my bank ...
Marcus Junius Brutus's user avatar
2 votes
1 answer
44 views

Does stock based compensation (SBC) result in double counting (double deduction) in calculating EPS on a diluted share basis?

As a simplified example, where SBC is issued as RSU's and all RSU's vest in the same year. Assumptions: Shares Outstanding before RSUs: 10,000; SBC= 1000 RSU's at Fair Value per Share: $2 = 20,000; ...
Nelus's user avatar
  • 21
0 votes
0 answers
26 views

Why do we see huge span in stock value in pre or post market on Yahoo! finance? [duplicate]

Looking at various stock (TSLA in the picture below on May 19, 2023) pre and post market trading graphs, I can nearly every day see some huge variations, way over market fluctuations, which I think do ...
Alexis Wilke's user avatar
0 votes
0 answers
88 views

What kind of financing options are there for large personal projects?

I'm doing pretty decently on my personal finance goals. I've acquired a personal home with more than 50% equity, a second home for income with about 30% equity, and have several other investments and ...
user26460's user avatar
  • 1,471
-1 votes
1 answer
200 views

What are the long term consequences to an investor of these US bank cash outflow?

I saw two news $910 billion in deposit flight from banks in one year and one week 98 billion out from bank My main question is how long term investor protects from any harm that may be building up, ...
puzzled's user avatar
  • 1,012
1 vote
1 answer
39 views

Margin interest deduction carryover when claiming standard deduction

Margin interest is a deductible investment expense on a US 1040 Schedule A as an itemized deduction Margin interest can be carried over year over year until it is fully deducted If the standard ...
arcyqwerty's user avatar
  • 1,231
1 vote
1 answer
114 views

inheriting (and selling) a house via a trust vs being named on the title

Apologies if this is a silly question. I am quite naive when it comes to taxes. I am a dual US/UK citizen. My wife is a UK citizen. We reside in the UK. My mother is a US citizen residing in the US ...
anonymous's user avatar
3 votes
1 answer
543 views

Can applying for a new loan affect my existing mortgage? (US)

I live in the US and I am a somewhat mature full-time graduate student. I have gone back to grad school after having spent some years working and I have children and a mortgage. My school has a policy ...
Time4Tea's user avatar
  • 665
-1 votes
0 answers
36 views

risk on Security Lending a leveraged ETF

There is a 102% Collateral on Security lending. I assume the extra 2% is for normal ( non leveraged ETF/ stocks). The mark to market (plus2%) happens every day. The problem that I see is with Lending ...
puzzled's user avatar
  • 1,012
1 vote
1 answer
65 views

How split LLC income between spouses in tax form?

My spouse and i formed an LLC in a community property state. We file taxes as MFJ . I have $200k earned income from LLC and my spouse has $0. In an LLC operating agreement, we have a 50/50 split. ...
illuminato's user avatar
3 votes
1 answer
410 views

Income tax on selling stock bought at various times

Say I have 24 shares of stock X, and I got these shares by buying 1 share every month for 2 years. If I now want to sell 1 share of X, how will I know if it is a share I bought 2 years ago, 12 months ...
graphtheory123's user avatar
12 votes
3 answers
3k views

As a non-1031 house seller, why do I care if the buyer wants to do a 1031 exchange

I currently have my house listed for sale. A potential buyer came by today, liked the property and, as he was leaving, asked if I would sell as part of a 1031 exchange. I understand why he would want ...
Dave D's user avatar
  • 223
0 votes
0 answers
59 views

Can a 501(c)(7) social club receive donations from a political organization?

We are a 501(c)(7) social club. We are doing a fundraising event and a political organization would like to donate to our program. Is this permitted?
Howard F.'s user avatar
7 votes
2 answers
3k views

Short term health insurance between jobs

My wife is changing jobs- her and the kids are currently on her employer's group health plan. She is changing employers unexpectedly- she has only been at this employer for about four months. She has ...
David's user avatar
  • 355
6 votes
2 answers
2k views

Can I buy my own C-Corp through a Roth SDIRA?

Say I have a C-Corp that is holding my investments. I want to eventually cash out of my positions in the C-Corp and put the money into my Roth SDIRA LLC. Here is the plan my buddy and I have come up ...
Billybob643's user avatar
1 vote
1 answer
57 views

How to correct excess contribution to Roth IRA?

IRS has income limits for Roth IRA as given on https://www.irs.gov/retirement-plans/amount-of-roth-ira-contributions-that-you-can-make-for-2023. It is hard for me to guess what would be my modified ...
ewr3243's user avatar
  • 181
1 vote
1 answer
152 views

Gift tax implication If one would pay large and voluntary child support to girlfriend (have common child)?

If I understand correctly, if one transfers more than $17,000 to his girlfriend (not married) with whom he has a child then that would need to be reported on his gift tax return; And would consume his ...
user389238's user avatar
0 votes
2 answers
136 views

Can I make a trip tax deductible if it is for personal development?

I'm a part-time software engineer, and I want to go to the Bay Area to meet people I've only met online, do networking, meet my employer and former employer in-person, etc. However, it's a trip I'm ...
ian101's user avatar
  • 11
15 votes
2 answers
4k views

Is it possible to get one loan for four different (but closely related) purchases?

I'm a pilot. I'm considering maybe possibly building my own airplane from a kit. The problem is that the airframe, engine, propeller, and avionics all come from different suppliers. I don't want to ...
HiddenWindshield's user avatar
2 votes
1 answer
159 views

Break even point for HDHP plan vs being uninsured?

I just learnt about nearby hospital's "uninsured patient discount" policy document that states: The Uninsured Patient Discount will not apply to any item or service provided to a patient ...
user389238's user avatar
10 votes
9 answers
14k views

What's the cheapest way to buy out a sibling's share of our parents house if I have no cash and want to pay less than the appraised value?

My mother passed away, leaving 75% of her house to me and 25% to my sister, setting this up as a trust. The house was appraised at $944K, based on the time of my mother's death (November 2022). I want ...
user1186050's user avatar
1 vote
1 answer
34 views

How to understand "if contributions were made to a SEP IRA, they could potentially reduce the amount you can contribute to your Roth IRA" message?

I received the following message from Fidelity (with whom I have both Roth and SEP IRA accounts): NOTE: SECURE 2.0 Act was signed into law on December 29, 2022. For 2023, if contributions were made ...
NeutronStar's user avatar
  • 1,322
0 votes
1 answer
253 views

How can I decide how much I should charge for dog sitting in a month?

The title asks for itself. Google gives a good number of resources (https://pawsathomecare.com/blog/pet-sitter-rates/) but I have never done this, and I haven't found articles for hobby dog sitters ...
Elly's user avatar
  • 159
2 votes
2 answers
614 views

Do retirees need to pay social security and medicare after retirement?

Once you have retired, assuming you are only living off a government pension and 401k, 457 and IRA savings do you still have to pay social security taxes and medicare taxes? I usually see these taxes ...
Sidharth Ghoshal's user avatar
0 votes
2 answers
243 views

Is a wash sale that bad?

Using the following as an example, for any equity (stock): 1/15 BUY 10 @ $100 6/15 BUY 5 @ $50 6/20 SELL 10 @ $30 6/22 BUY 99 @ $20 Are 5 shares a wash sale, or 10 shares, 15 shares, or 99 ...
Chris's user avatar
  • 1
0 votes
1 answer
117 views

How common is it for appraisals to come in at exactly the offer price?

I recently put in an offer at a house at 5% above asking price. When I got the assessment back, it appraised at exactly the offer price. I was surprised by this because expected it to assess below ...
EJoshuaS - Stand with Ukraine's user avatar
7 votes
2 answers
3k views

I would like to donate my IRA to a certain charity. Will that charity be able to withdraw the money from the IRA tax free?

I don't want to withdraw and pay taxes on the cash in the IRA for obvious reasons. Hopefully the face value of the IRA will be the amount I can count as a charitable gift, but I'm more concerned with ...
Dahere's user avatar
  • 71
0 votes
1 answer
27 views

Is carryforward / NOL derived from operating income (EBIT) or taxable income (EBT)?

From Strategic CFO A net operating loss occurs when a company’s operating expenses and allowable tax deductions exceed its operating income for an accounting period. From Investopedia A net ...
Mario Ishac's user avatar
0 votes
1 answer
85 views

IRS Setting up a payment plan

A friend of mine has filed his/her taxes using a paper return with money due. The IRS has yet to process the return. Can my friend setup a payment plan with the IRS now? Should my friend wait for the ...
Bob's user avatar
  • 1,378
0 votes
0 answers
47 views

J1 visa two year exemption rule

I have been granted a fellowship for a postdoctoral position at a university in the USA starting from September 2023 and with two years duration. The fellowship is from a non-profit European ...
user122753's user avatar
8 votes
4 answers
3k views

Are miles driven for business deductible expenses if the travel expenses are reimbursed?

I completed some work for an organization. I was paid as an independent contractor and expect to be issued a 1099. For one part of the work, I was required to travel a significant distance (by car). ...
nuggethead's user avatar
  • 1,687
2 votes
1 answer
112 views

If you make a certain amount of money, is inflation less of a factor when seeking a raise

My background: I'm 32 Live in California (US) I make $25/hr I'm married (spouse brings in income as well) At my current job I have usually received good raises percentage wise (~8-10% each time), ...
Josh Drentlaw's user avatar
-1 votes
1 answer
158 views

Tenants seeking early termination because of safety reasons? [closed]

Tenants are looking for early termination of lease. Lease expressly states this is not allowed unless we agree on terms. Their reason is that they are fearful of the neighborhood (despite having been ...
Runeaway3's user avatar
  • 2,844
2 votes
2 answers
242 views

What does R1AVH zoning mean in real estate?

There are zoning class that are listed as R1AVH, what does that mean? E.g. https://www.zillow.com/homedetails/90-S-12th-St-Pittsburgh-PA-15203/2086062520_zpid/ I've tried googling for the term but I ...
alvas's user avatar
  • 123
16 votes
3 answers
4k views

Sending a check from US to Canada - whose problem is the exchange rate?

I need to pay someone in Canada for services rendered. We have agreed on an amount and to pay by check, and the contract specifies it will be paid in US Dollars. Is the transaction as simple (for me)...
nuggethead's user avatar
  • 1,687
2 votes
1 answer
319 views

Can employers know employee age given a W-9 form?

The W9 doesn't specifically ask for age info, but given the other things like name, address, and TIN, would it possible (and legally viable) for the employer to perform some more research on you? This ...
One Curious Person's user avatar
17 votes
3 answers
5k views

What are the repercussions of letting your relatives live in your second house for free?

I already have a house which is my primary residence. State of Arkansas. I want to buy a second house as an investment and let my brother, his wife and kids live there as long as they need rent free. ...
sojffvjbv's user avatar
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