Questions tagged [united-states]

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

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Can condo management force owners to insure the outside of the building?

Can condo management force owners to insure the outside of the building? I thought owners were responsible to insure from sheet rock, in. And management is responsible to insure from sheet rock out! I ...
Bruce Whaley's user avatar
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1 answer
34 views

Is an accumulation of 100 deferred monthly pension payments, all paid together in one check, eligible for tax-free rollover to an IRA?

A relative born in 1951 asked me to figure out if an unusual one-time payment from a pension plan is eligible for a tax-free rollover to her IRA. It’s not a typical “lump sum” payment, but an ...
MTA's user avatar
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5 votes
3 answers
2k views

Cashing in personal retirement for real estate

I’m currently a 40 yr old military officer approaching 20 years of service, after which I will retire. My retirement income from my service will provide ~$60k per year for the rest of my life, plus ...
Jake's user avatar
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1 vote
1 answer
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What is a stock block, and when are multiple 7203 forms required

The IRS form 7203 instructions state that: When a shareholder has a different basis in different blocks of stock, pass-through items are generally allocated pro rata to all shares, regardless of ...
Sudo Bash's user avatar
  • 305
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1 answer
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Is it a Wash Sale from a Capital Gains Perspective if I was to sell Nasdaq ETF and buy Nasdaq 100 ETF?

If I was to sell 100 units of ONEQ and use the proceeds to buy NDX, would I have any tax liability on the capital gains from a first sale or would it be considered a wash?
mathemagician's user avatar
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3 answers
172 views

If i'm a cosigner on my dad's bank accounts but my sister isn't, how do I ensure my sister can get 50% of the money without owing taxes?

I'm a cosigner on my father's bank accounts. More specifically, the bank account is a multi party account with right of survivorship and I'm told that means I'll still have access to the money in it ...
neubert's user avatar
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1 answer
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Can I apply estimated tax payments in my name and SS number for the year to spouse who will file separately this year?

Wife and I always filed a joint return. My name and SS number have been used for quarterly installment payments. This was not an issue when filing jointly. Because of her excessive medical expenses ...
Ken Kirsner's user avatar
1 vote
1 answer
33 views

Qualified business income in the US

While filing tax returns, I was asked, "Is this business effectively connected with the conduct of trade or business within the United States?" then I got a little confused. I'm a US citizen ...
dolph's user avatar
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0 answers
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How should I allocate expenses for rental property with mixed personal use where the expenses are only for business use?

I have a house in California, USA, that I offer as a short term rental. In 2022 it was 95% business use. In 2023 it was 20% business use. In 2024 I expect it to be 95% business use again. I have ...
Matthew's user avatar
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3 votes
3 answers
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Federal income tax as nonresident alien working outside of USA remotely for US employer

As a non-US citizen, I have been working for a US employer remotely from outside the USA since July 2022 (previously in USA with H1B visa for 5.5 years, and waiting for green card processing since H1B ...
Jay's user avatar
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Medi-Cal eligibility for parent

If I claim my mother as a dependent will that affect her eligibility for Medi-Cal? She lives with me and I pay all of the expenses.
Liza Beth's user avatar
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32 views

What are the US tax filing requirements for a non resident alien with a K1?

For 2023 I am a non resident alien, actually a resident of the UK. I held USO or United Staes Oil fund in my brokerage account between February 2022 and March 2023 not knowing that is not an ETF but a ...
ggy's user avatar
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2 votes
1 answer
42 views

Are there overall limits to de minimis safe harbor expenses?

I have a short term rental property in California, USA. In 2023 I made multiple independent updates such as new appliances, entertainment equipment, furniture. Each of these are individually invoiced ...
Matthew's user avatar
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0 votes
2 answers
71 views

What should someone do when a partial fax is sent to IRS due to connection problem?

My question is mainly about what should happen and how to deal with partially sent fax form? As a foreign owned US LLC should send 1120 + 5472 by fax to 855-887-7737 I did this for years no issue but ...
user3509046's user avatar
2 votes
1 answer
84 views

Reimbursed for moving expenses -- how does that work on taxes?

I moved from AL to CA and my employer reimbursed me up to a certain amount and I paid taxes on the reimbursement amount as well from my paycheck. So wanted to know if that's something I can claim ...
Tan's user avatar
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1 answer
47 views

Should I wait to file 2023 if I am amended 2020

Last summer, the IRS sent me a notice saying that I didn’t file part of my W-2s in the year 2020 and that I owe an amount of $2900. I am currently on a payment plan department while I get the ...
Deanna Horton's user avatar
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1 answer
111 views

Moved from CA to WA, will CA refund me all the withheld payroll taxes?

Moved to WA on Mar-end, and my last paycheck from CA was received on mid-Mar. As a result, I've received 2 x W2s. One for CA income, and the other for WA income. As far as I understand, given I spent ...
Yugal Jindle's user avatar
1 vote
0 answers
41 views

Pay As You Earn loan filling jointly

My wife(US) has a debt in Germany for a master, she's paying on a pay as you earn, and since now we are married we filed the taxes jointly, and my income made the 1040 be the triple of the 1040 she ...
Matteo's user avatar
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3 votes
0 answers
76 views

My husband became a custodian on our son's 529 plan when my mother-in-law passed . Does the 15 year clock start all over again on IRA Conversion?

My mother-in-law opened an account for our son when he was very young. She died 10 years ago, and the change in custodian resulted in a new account registration. So, although the account looks like it ...
Rebecca Cuff's user avatar
1 vote
1 answer
68 views

DCFSA - I was ineligible; can I somehow use that money?

My spouse does not work, and I contributed into DCFSA (under the IRS limit) without knowing the rules. We have child-care expenses in the year, but I don't believe we can use it according to the rules,...
user101998's user avatar
4 votes
2 answers
184 views

Why would an employer not allow state reciprocity?

I let my not-for-profit employer in Virginia know I was moving to Pennsylvania, and not until AFTER I moved did they tell me it was not an approved state for reciprocity. Why would they not allow an ...
dianne anthony's user avatar
0 votes
1 answer
82 views

Does paying for some travel-related service (e.g., Airbnb) via installment payments (e.g., Klarna) count as travel with Rewards World Mastercard Card?

Assume a Bank of America's Rewards World Mastercard Card is configured so that it has a 3% cash back in the travel category. Does paying for some travel-related service such as Airbnb via installment ...
Franck Dernoncourt's user avatar
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1 answer
56 views

Can I get Lifetime Learning Credit as a nonresident alien if I am a resident alien for tax purposes?

I have been in the US for 8 years as an F1 student and I am a nonresident alien, but I am a resident alien for tax purposes. Can I claim LLC?
Ellie's user avatar
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1 vote
1 answer
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Question about claiming help with mortgage payment as income

I recently bought a house and moved in with my girlfriend. I am 25 year old male in a relationship for less than 3 years. I purchased the house by myself. My girlfriend is not on the loan or the title....
Zach's user avatar
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0 votes
2 answers
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How to fill out a W-4 for a job when you're also self-employed, if your self-employed income puts you in a different tax bracket?

I've been self-employed for a while, and am now starting a second job with an employer. I'm a bit confused as to how I should complete the W-4 - I just want to make sure I'm paying the correct amount ...
iamtea's user avatar
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1 answer
30 views

Estmating Sales Tax & Deduction (specifcally U.S. Texas)

I am a bit confused regarding the calculation of a sales tax deduction, in this case in Texas, U.S. where there is no income tax. I am using TurboTax and it is estimating a sales tax deduction of ...
AA040371's user avatar
  • 321
2 votes
0 answers
68 views

Wash sale and excess replacement shares

Let's say I had 10 shares of XYZ. On Dec 1 I sold 10 shares for XYZ for a loss ($1 per share, total $10). On Dec 2 I bought 20 shares of XYZ (single lot). So previous sale (On Dec 1) was a wash sale. ...
Andrey's user avatar
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2 votes
1 answer
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Do charitable deductions apply to long term capital gains, or only ordinary income?

Let's say I have an income of $100k and long term capital gains of $500k. If I make a charitable donation of $200k cash, will that first reduce my ordinary income by $100k and then my LTCG by $100k, ...
Flanko's user avatar
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1 vote
1 answer
48 views

Costs deductible for vacation home built remotely with a builder

I built a vacation home with a builder and sold it two years after completion. My main home is in Texas, the second home was built in Arizona. Costs for construction of the home and costs for ...
Billy Crash's user avatar
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0 answers
37 views

Assuming a bullish stock, any advantage in using LT RSUs to fund exercise cost of ISOs?

Example Present Information: Example Dummy Stock: GGG | Stock Price @ $10 Super bullish and so assume the value of the stock price will go up. ISOs: 10,000 with SP @ $5.00 (All vested, just not ...
ssurendr's user avatar
  • 101
3 votes
2 answers
499 views

Is there a 0% capital gains bracket?

Currently I'm on the upper end of the 0% capital gains tax bracket. In 2023 I made $3K from interest, $3K from dividends, and $37K from long-term capital gains (no other income). When I calculate my ...
Zachary Vance's user avatar
3 votes
2 answers
82 views

IRA in a margin account

I understand that an IRA can't be held in a margin account, or at least margin can't be used. What I didn't know until recently is that the IRS can declare the entire account distributed if it's in a ...
Carey Gregory's user avatar
-1 votes
1 answer
69 views

Wash Sale Rule on a new repurchase and sale of the same stock

A newbie here! I have PayPal stock for over two years and my total return/losses is over -$2000 now. I bought and sold $700 of new stock a few days ago, for tiny profit, and I just found out about the ...
joe w's user avatar
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1 vote
1 answer
54 views

Estate tax exemption amount question

The Congress passed the Tax Jobs and Cuts Act during Trump's tenure as the president. One of the facets of this law was the doubling of the Estate Tax exemption from around 5 million to 11 million. ...
ronald christenkkson's user avatar
0 votes
2 answers
279 views

Sister bought me out of house. What taxes do I owe?

My mom signed over her house five years ago for a dollar each. It was already paid off. My sister lived in it for the past five years. We agreed to sell it or she would buy me out at the five year ...
Callinbull's user avatar
3 votes
1 answer
168 views

How private is my tax return in practice?

My tax return contains quite a bit of sensitive and personal information, as I'm sure is the case for many other taxpayers. The IRS Website states they will only ever share the return involuntarily ...
Derek Fulton's user avatar
21 votes
3 answers
7k views

Doctor won't let me self-pay because I've "already presented" them my insurance card?

My doctor's cash price is lower than the insurance price. Since I likely won't hit my deductible this year I asked to switch to self-pay. They told me they are "not allowed" since I have &...
Derek Fulton's user avatar
0 votes
1 answer
257 views

My friend is in prison but he was able to get a stimulus check. How to cash it?

My friend is in prison, however he was able to get a stimulus check from the IRS when they were allowed to. I tried to deposit his check into my account after he signed it, but my bank rejected the ...
Carolee James's user avatar
0 votes
1 answer
69 views

How to calculate depreciation to get to the adjusted cost basis?

I am trying to get to my adjusted cost basis on an apartment. I already looked at this page but it would help if someone could help me with this. Do I need to factor in depreciation, or can I just ...
simpleperson's user avatar
5 votes
1 answer
681 views

is tax basis for inherited stocks & bonds the death date of the decedent or the date the brokerage firm unfreezes his account?

I inherited stocks and bonds from a relative.Normally the cost basis is the date of the decedent's death.The brokerage firm locked the accounts until they received letters of testamentary from the ...
peter's user avatar
  • 51
14 votes
4 answers
8k views

What could account for me owing exactly $6000 in taxes?

In preparing my taxes, my on-line tax software says I owe exactly $6000. My wife and I make a combined income of around $140,000. We work for the same employer. On her W4, we didn't adjust taxes for ...
Village's user avatar
  • 2,797
0 votes
0 answers
59 views

Is there a need to formally register activities performed under an LLC?

I am considering establishing an LLC. The forms that I have seen for North Carolina just have contact information but no actual description of the LLCs activities. Is there a need to describe the ...
pixelearth's user avatar
-1 votes
1 answer
96 views

Can I buy my personal residence with a 1031

So this is not the typical "can I a home with a 1031 to live in". I know those rules. My question is a bit different. I have lived in my primary residence for more than 2 years. I would ...
Cade's user avatar
  • 19
2 votes
1 answer
149 views

Can I use losses to raise my tax basis?

Let us say I made a poor investment and lost 10K. Let us also say that I have not realized any profits in that tax year and don't need to draw on my investments. For the sake of argument let us also ...
kaan_a's user avatar
  • 123
0 votes
0 answers
38 views

Wise cash balance interest program and NY state residents

Why is it that the cash balance program (and consequent FDIC insurance) that Wise offers its customers is not available to residents of New York State? Is there any way around this?
Tim Cowlishaw's user avatar
4 votes
1 answer
329 views

Is this a medical billing spear phishing attempt?

Background info: I recently had a nasal swab sent off during a doctor's appointment, and I've already paid the small Labcorp bill. My medical insurance is not Blue Shield. I got this text message last ...
perigon's user avatar
  • 141
2 votes
1 answer
39 views

I filled out W-9 in 2 different states for online buisness

Can I have W-9 forms one in Texas and one in Puerto Rico at the same time
Jesus Christ is the Word of Go's user avatar
-1 votes
0 answers
27 views

1095-A when out of the US for some of the year

I am covered for the full year by a plan outside of my former job. My spouse was only covered under the plan provided by my job. I left my job halfway through 2023, so my spouse will not be covered ...
Ken - Enough about Monica's user avatar
2 votes
1 answer
118 views

If property is a rental, does *only* landlord insurance cover me?

Sort of unsure if this should be in law stack or here... I have seen online that landlord insurance is decidedly different from standard home owners insurance. If my property is a tenant-occupied ...
Runeaway3's user avatar
  • 2,898
6 votes
1 answer
291 views

Can I claim a tax loss for Crypto blockchain shutdown?

Short version is that I bought crypto by way of trading BTC/ETH into the coin of discussion and the blockchain of that coin was shutdown. I can't access the balance in my wallet (and never will). Can ...
Jeremy's user avatar
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