Questions tagged [united-states]

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

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8
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3answers
2k views

Tax Consequences of a Gift

A family member intends on gifting us a sum of $70,000 towards the purchase of a new home. My question is - will that family member owe any gift tax on it? I have been reading sources that appear ...
2
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1answer
1k views

Gift Tax owed on the transfer of a Home Equity Loan

I'm in a bit of a conundrum here: My sister owns an investment property outright (no loan on it...) She lives with me in my primary residence. Now, my family and I are moving to another house, with ...
3
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2answers
140 views

Do dividend quotes for U.S. stocks include witheld taxes?

Consider, for example, the following dividend distribution table for SPY: http://finance.yahoo.com/q/hp?s=SPY&a=00&b=29&c=1993&d=08&e=19&f=2013&g=v When an entry in the ...
2
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2answers
606 views

How should I handle student loans when leaving University and trying to buy a house?

I am currently in my last year of university and I am trying to figure out when I should buy a house. A couple of quick points: Senior in univeristy (graduate May, 2014) Already accepted an offer ...
7
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2answers
535 views

What's the benefit of a credit card with an annual fee, vs. a no-fee card?

My credit cards don't have an annual fee. I get mailers from American Express all the time and I see that card has an annual fee. I know a few friends and see a lot of people subscribed to such cards ...
2
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2answers
1k views

Never filed FBAR in 17 yrs and now need to cash out RRSP

I am a Permanent Resident from Canada. I moved to Texas in 1996 and I never filed any IRS documents (such as FBAR) informing them of my Canadian investments. I have about $33,000 in RRSP and $18,000 ...
14
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4answers
23k views

W2 vs 1099 Employee status

I've in the middle of an offer for employment. During negotiations, I've asked for more money due to distance involved (Further by far than I'd normally consider, but the pay raise I'd get is ...
3
votes
2answers
239 views

Method for calculating the wisest amount of liability to purchase for car & home insurance?

I've seen the advice to get enough liability insurance as you have in total assets, i.e. if your owned home, owned car & savings = $100,000, then get $100,000 liability coverage. What is the ...
8
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3answers
421 views

When driving in the USA, how do I insure against large third party claims?

I've been looking into travelling to the USA (CA specifically) later this year, and hiring a car whilst I'm there. As I understand the American legal system, if I should get into an accident and be ...
2
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2answers
1k views

Should I pay off more of my principal before selling my house?

If I'm selling my home for a profit, does it make sense to pay more off the principal before doing so? On one hand, it seems a greater percentage of the sale would go to you, but on the other hand, ...
3
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2answers
4k views

Tax consequences of a Cashier Check made to me?

A friend and I are buying a property together. My friend does not live in my state, so he sent me a cashier check for $40K payable to my name. The bank asked him for my social security number to make ...
2
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2answers
360 views

How long will I have to wait to get a mortgage after the short sale of my house?

Our situation is a bit strange. In 2006, my husband and I co-purchased a home with another couple, very good friends of ours. The house was supposed to be our home for approximately 5 years, but ...
7
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3answers
3k views

Why have U.S. bank interest rates been so low for the past few years?

I have some savings accounts in different banks and they all give 1.00% interest or less, and in many cases it is something ridiculous like $0.05 Would anyone be able to explain why this is happening?...
1
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1answer
115 views

What options exists for a group of people to collect money in a secure way?

I am part of a group of people with a common goal in mind. We are not organized in any type of association. However, we have a need to hire a lawyer to represent our interests as a group and time is ...
4
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2answers
354 views

Choosing a vehicle to invest a kid's money on their behalf (college, etc.)?

This is a variation on Strategies for putting away money for a child's future (college, etc.)? My question regards money gifted to a kid (by a family member in this case). What should I ...
2
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1answer
13k views

How to determine the final value of a U.S. Savings Bond at maturity?

Is it possible to determine the "final" value of a U.S. Savings Bond on its maturity date? The interest rate is fixed, the compounding periods are known (semi-annually for EE bonds), and the term is ...
4
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1answer
4k views

US income taxes for an Indian citizen with US-sourced income

I am an Indian citizen who left US after completing my masters in Aug 2010. Since then I have never re-entered the US and I stayed only in India. I was in the US only on a student visa and did not ...
1
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2answers
2k views

Business partner says a wire transfer is being “reviewed” by Homeland Security. Is this normal?

My husband has done some consulting for a company outside America. He was told that the company had wired his payment to his U.S. However, his partner told him that the money had "arrived" - but all ...
12
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2answers
16k views

How to lower my rent when it is listed as less than what I am paying

I live in a large apartment complex that opened last year. I just moved in mid-July 2013 signing a 12-month lease. As of today, the apartment complex is about 30% occupied. There are many units ...
5
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1answer
2k views

Corporate structure for sole purpose of gambling… LLC vs S Corp?

I need advice as to what would be the best-perceived corporate structure for a gambling entity: sole person LLC or S Corporation. I am a sports bettor; I live in Las Vegas, NV. I only bet on NBA ...
7
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2answers
5k views

Are S-Corp tax savings irrelevant at a high level of business income?

I have operated as a consultant under my LLC classified as an S-Corp, of which I am the sole owner and sole employee. Over the past many years, I have had, say, a business income of $60,000, which is ...
6
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2answers
266 views

Any other options for cash-out/construction loans?

This is a new question, but somewhat related to my question: How do I apply for a mortgage after a cash closing on a property? My situation: we paid cash for a house with the intent of adding onto it ...
6
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3answers
1k views

How to deal with a landlord charging more than what is specified in the lease when I break the lease?

I am not from the U.S. and this is my first experience breaking the lease. I had to break it to move for a new job, and no one would like to sublet the apartment since it is a damp basement. The ...
2
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1answer
1k views

Does California tax personal K-1 income from an out-of-state partnership?

As a resident of California, if I get a K-1 from Connecticut, do I have to pay income taxes on this income for my California return? Using Turbo Tax, the answer seems to be no, since there was no ...
5
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3answers
472 views

Is my mortgage more likely to be sold if I pre-pay principal?

I've had a mortgage since 2011, and it's already been sold twice. I pay about 10% additional principal each month. Is this a practice that mortgage holders might find undesirable and make it more ...
8
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3answers
448 views

If I expect to have little earned income in a few years, should I prefer a traditional IRA to a Roth IRA now?

I'm currently in the 25% tax bracket, with a salary of $71K; I max out my contributions to a Roth IRA and contribute to a Roth 401(k) past my employer's match. I'm also planning to attend grad school ...
5
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5answers
591 views

As a first time home buyer looking for a mortgage, are there financial advisers to help me through the process?

I am thinking about purchasing a home instead of renting. The cost saving and benefit of doing so seem to outweigh the thought of long term renting. My problem is that I am fully overwhelmed with all ...
3
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2answers
2k views

Minimize capital gains on sale of investment/rental property

I bought the property in 1979 for $40K. It was zoned R4 and was a duplex. Several years later, the city camein and did a blanket rezoning of the entire street to C-2. I shared the house/owner-occupied ...
1
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5answers
2k views

I've got $100K to invest over the next 2 to 7 years. What are some good options?

I have ~$100K in cash right now that I need to put somewhere. I plan on using the money for a down payment on a home sometime in the next 2 to 7 years (if I were a betting man, I'd say in 3.5 years). ...
0
votes
2answers
241 views

Stock sale cost basis calculations for 2013, now that rules changed, is FIFO or another method the smartest financially?

I was in an employee stock purchase program that auto-bought stock every two weeks at a 15% discount as part of a paycheck deduction. This was BEFORE the 2008 crash and during and after it. This ...
10
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1answer
363 views

How do taxes work with donations made to an individual, e.g. for free software I wrote?

If I offer a piece of software for free, but give users the option to make a donation on the webpage, what laws govern those donations? Do I report it as income? Is it subject to just the same amount ...
1
vote
1answer
352 views

How to report “Business Interest Expense” in California Tax Form 540NR Schedule CA

I am reporting interest on a loan used to purchase shares in an S-Corporation as 'business interest expense' on federal form Schedule E (2012) as a Non-Passive loss, as described by the IRS here: ...
7
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1answer
415 views

Should I purchase company stock through my ESPP?

I have been contributing several hundred dollars per paycheck to my Employee Stock Purchase Program (stock symbol MDP) at a 15% discount. I was immediately selling at the end of each quarter with ...
1
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2answers
1k views

What is a formula for calculating equity accumulated while repaying car loan?

I'm going to buy a used car (maybe a Honda CR-Z), pay for it with a bank loan, then resell it in two years when I move. I'm trying to create a Google Docs spreadsheet to figure out how much more money ...
3
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2answers
3k views

Understanding my pension plan

My employer offers a pension plan. According to the plan documents: Effective November 1, 2009 you accrue benefits on a monthly basis under the 2009 Benefit Formula, the sum of which determines a ...
3
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2answers
422 views

Where to borrow money between college graduation and employment?

I finally finished my degree after the summer program and have my diploma and was wondering where I could borrow money while I look for a job? Job interviews are not cheap, especially if a flight is ...
2
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1answer
2k views

What is the maximum amount of money I can send from the US to India per year?

I heard that there is a limit on the amount I can send. Can someone shed light on this? Also, do I have to notify the IRS if I send above a certain amount? What is the amount?
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2answers
1k views

Can I use 0% Intro APR for getting a car loan?

When I'm applying for a chase credit card it has 0% Intro APR for 15 months. This is my first time for applying a credit card. And I just started a few months ago started working so I have a proof of ...
2
votes
1answer
1k views

Can a US citizen living abroad with a permanent US address use that address to open a portfolio account?

I am a US citizen living in Germany and I want to open a portfolio account in the US. I use my sister's US address as my mailing address. Can this also serve as my permanent US address (which, I'm ...
1
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1answer
1k views

What is the class of mail the IRS uses to return the original documents submitted for an ITIN application?

Did anyone get their passport back from IRS for their ITIN W7 application along with their I-1040? If yes, I'd like to know the mail class they used to return the document. The IRS site says the ...
5
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2answers
791 views

Can a parent open a 529 for a minor?

Can a parent open a 529 on behalf of their minor-age kid, with the kid as beneficiary? Note: I am not asking about an adult opening a 529 (on their own behalf) and naming their kid as a ...
2
votes
2answers
372 views

If mortgage payments are deductible, how much of my income is left over each month after the mortgage

I'm currently renting and thinking of buying a house. Say I make 8k/mo. After rent (1000) and taxes (2000) I'm left with 5k/mo. If I were to get a mortgage at (say) 2500/mo, how much money is actually ...
3
votes
1answer
855 views

What's the difference between a 457(b) and a 403(b) retirement plan?

I'm a graduate student at a public university in the USA (Purdue University). They give me the choice of investing in either a 403(b) or a 457(b) plan. The university does not provide any matching ...
0
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1answer
3k views

Help with calculation of interest on a security deposit on a rented house?

I know you answered a similar question on another post but I am in dire need of help. I was wondering if you could help me out with my security deposit calculations? We paid $1795 for our deposit in ...
0
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0answers
124 views

How do I get my passport back from the IRS? [duplicate]

The IRS has had my passport for 120 days, and I haven't gotten it back. When I call them, they ask me to wait. I have to go somewhere soon and my visa status needs to be changed too. What should I do? ...
5
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1answer
8k views

Can I do a Roth 401k rollover to Roth IRA and withdraw contributions I've made this year?

I am leaving my current job. Can I do a rollover from my existing Roth 401k, to a Roth IRA, and then withdraw my contributions and vested employer contributions from this year and stick them into a ...
4
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3answers
21k views

When does giving a gift “count” for tax year?

If I send a check to someone in one tax year, but they don't cash it (or receive it) until the next tax year, which tax year does the gift count against?
1
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2answers
260 views

How does investors' finders fee work in the USA?

I am going to a few investors clubs in the US and I got approached by a person offering me a deal (buying a property that rent rooms) that will provide $3K monthly net cash flow. He initially called ...
1
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0answers
465 views

If I give my daughter $57K for her mortgage down payment and closing costs, will I owe taxes on the gift?

My daughter lives in Florida. I would like to give her $57K of my savings to cover her mortgage down payment and closing costs. I live in Puerto Rico. Will I have to pay income tax on this transaction ...
5
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4answers
7k views

How to pay bills for one month while waiting for new job?

I recently, and unexpectedly, lost my job. Because I had summers off (no paychecks either), I've been using my credit cards for most purchases, saving what cash I had saved from the previous year to ...

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