Questions tagged [united-states]

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

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11 views

Canadian and PayPal account linked to US bank

If a Canadian citizen has a US fund bank account in Canada, can they open a PayPal account and link the US fund bank account to it? They will not have a US address since they only have the US bank ...
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1answer
40 views

Why do SPAC units typically start trading at 10 USD?

I read on https://www.kiplinger.com/investing/stocks/601168/spacs-to-buy: Generally, the SPAC (Special-purpose acquisition company) will offer at $10 per "unit." Each unit includes one ...
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1answer
54 views

Should spouses filing together, who both have traded bitcoin, mix transactions when calculating FIFO cost basis?

Or should the two sets of transactions be kept separate for calculating cost basis and gains/losses? On a related note, what if one person filing alone has accounts at multiple exchanges, should the ...
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3answers
115 views

What impact does the delistment of Chinese stocks from the NYSE have on my holdings?

Recently, the New York Stock Exchange decided to de-list a number of Chinese Telecom stocks, and are rumored to be considering delisting further stocks, including Alibaba. I have a small stake in ...
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1answer
3k views

Will a divorce affect my co-signed vehicle?

Not sure if this question should be here or in the law exchange, but basically my dad cosigned my car loan for the purposes of rate reduction (as I had virtually no credit history at the time). My dad ...
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1answer
284 views

Are banks in the US obligated to opt you out from Visa Account Updater?

According to a somewhat related question: Shutterstock subscribes to Account Updater, and gets updated copies of your card info when it expires or is replaced. VAU is Visa's version; more info is in ...
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20 views

Please help me determine my SEP IRA Contribution

I'm the sole owner of an S-Corp in California. I'm an employee of the company. I need help please determining how much my company should contribution to my SEP IRA for 2020. Because of the pandemic ...
6
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1answer
117 views

On the 2021 W-4, does the deduction amount entered include the standard deduction?

I'm setting up my federal tax withholdings with my employer for 2021 using the new W4 form. I'm confused about line 4b. Based on the tax as accurately as I can figure it, if I select married-filing-...
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40 views

How are property values affected by property taxes and HOA fees?

How do fixed costs impact the value of an asset? Specifically, how do I compare condo prices with wildly different HOA fees and property tax rates (e.g. NJ vs NY)? Should I augment the price with the ...
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23 views

How to calculate depreciation and tax burden

I am having some issues figuring out to calculate how depreciation affects my tax for a rental property. I have an example below. Is it correctly calculated correctly? Example: Purchase price: $1,...
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42 views

School's tuition insurance charge eligible for 529 reimbursement?

My son's tuition bill includes around $100 for tuition insurance. Can I have this paid directly from the 529 account to the university, or must I pay that separately? Articles I've read researching ...
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1answer
54 views

Capital Gains tax while moving states within US

I'm moving to California in Feb 2021 from Chicago, Illinois. I'm looking to sell stock through which I made $25k capital gains in long term stock. IL capital gains tax is at 4.95% while California is ...
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1answer
42 views

Is american call option exercise taxable event?

Since best to my knowledge the premium paid for the call option has to be added to the strike price to calculate the post exercise stock's cost basis, I assume that the answer is "No, exercise is ...
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2answers
34 views

Tax treatment of call option that expires in the money

Suppose I buy a deep-in-the-money call option, it expires in-the-money, and I take delivery of the underlying stock at the strike price. Will a realized loss equal to the premium of the option be ...
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4answers
4k views

Where to keep savings for home loan deposit?

I'm a US resident and I've saved > $100k cash for a home deposit. I expect to finance a home in the next 12 months. Currently the cash is split between Bank savings account and a couple of money ...
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2answers
68 views

Is S&P 500 a capped index, and is it a Total Return or a Price Return index?

Is the S&P 500 index (SPX) often mentioned in business news a capped or non-capped index? I mean, is the weight of a single company, or a single sector capped by a maximum percentage? And, is it a ...
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0answers
42 views

Does LLC payment count as payment to me (for unemployment purposes)

In the summer I received unemployment payments from California thanks to new federal laws that gave benefits to self employed business owners. The specific TYPE of unemployment for self-employed ...
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1answer
87 views

How figure out cost basis when the same asset is located in different brokerage accounts?

I have two brokerage accounts Robinhood and TD Ameritrade. Here are my transactions for ABC stock: Jan 10, 2020 bought 10 ABC from Robinhood. ABC price $50 Jan 15, 2020 bought 70 ABC from TD ...
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1answer
109 views

Do I get a tax credit for my dependent’s short term capital loss?

My father is not working and is my dependent. I have him $5,000 cash as a gift in 2020. He “invested” it in stock market (bought an option for something), and lost it all. If he had any income, then ...
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1answer
76 views

Are the shares that I own via my broker under my name?

Are shares under my name if I purchased them via my broker? What if my broker goes out of business? That should have no effect on my shares because I own those shares. They are already bought and paid ...
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2answers
129 views

To the employer, is equity more or less expensive than payroll?

I work for a company that compensates employees with low base salary and a bit higher than average equity. My question is, how much more expensive is paying an employee equity vs standard salary? How ...
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0answers
43 views

When is the latest that I can move out of the US to qualify for FEIE based on physical presence test

As I understand it, to qualify for the physical presence test, the last date that you can use is the date you file your tax return. So suppose that I will file my tax returns on April 1st 2022. Does ...
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0answers
34 views

If I own an ADS in a company that is delisted, can I exchange my ADS with shares of the same company in their original market?

Assume that I own some NYSE:CHA (American depositary shares (ADSs) for China Telecom Corp. Ltd.), which is scheduled to be delisted from NYSE sometime between Jan. 7 and Jan. 11, 2021 (mirror). Can I ...
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21 views

how to transfer ownership of private illiquid shares and what is cost basis?

I own a few shares of a private firm. The shares are registered at Carta, but trading is not allowed. How can I transfer the ownership to my son so that the cost basis would be the price I bought them ...
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1answer
4k views

When I sell only a portion of my shares of a stock, which shares actually get sold

Two years ago, I bought 100 shares of XYZ. Yesterday, I bought another 100 shares of XYZ. Today, I sold 100 shares of XYZ. Which 100 shares did I actually sell? If it were the 100 shares from 2 ...
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45 views

Tax exclusion for American Expats

I am an American Citizen. I work remotely for a company based in the US. Working remotely means that I can live wherever I want. If I move to a foreign country and live full-time there and ...
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1answer
26 views

If I file Form 1040-X twice for the same year, should Original Amount for the second filing use the outcome of the first amendment?

I filed my 2017 United States federal income tax return in October 2018, after paying all due taxes by April 2018. The IRS found a calculation error and sent back an extra refund in November 2018 ...
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1answer
46 views

Do the “failure-to-file penalty” and “failure-to-pay penalty” apply when amending a timely-filed return after the deadline?

I filed my 2017 tax return in October 2018 and had paid all the tax due (as I calculated at the time) prior to the payment deadline of April 15, 2018. Recently, I discovered an error in my tax ...
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1answer
134 views

Losing money on a deep In the Money call

Suppose that I sold a call option at $1/share on XYZ at a strike of $100. The holder of the call exercised the option when the market price of XYZ is $110. Now I need to buy 100 shares at $110 and ...
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2answers
64 views

What incentives are there to move IRA money into a 401k?

I have both a traditional 401k with my employer and a traditional IRA I opened a few years ago. I opened the IRA since I didn't yet realize you could submit after-tax dollars to a 401k. Is there an ...
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2answers
44 views

Do ETFs issue their own 1099 forms?

I, this year, traded some ETFs that track US stock market indices; like SPY, QQQ, DIA. Do these ETFs issue their own 1099 forms for reporting Gains/Losses, or are those ETF transactions just reported ...
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1answer
113 views

If you are hospitalized on December 31st and released a few days into the following year, how is the deductible applied?

I was hospitalized on December 31st after a surgery that was done that same day. Now it is looking like I'll be staying in the hospital at least another day or two for recovery into the new year. I'm ...
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1answer
143 views

Why do bond markets close slightly early (at 2 p.m. ET) on December 31 whereas the stock market closes at the regular time?

kiplinger.com: The stock market is indeed open for a full trading session on New Year's Eve, Thursday, Dec. 31, 2020. But for what it's worth, bond traders do get a slightly shortened day; the bond ...
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2answers
56 views

If I own a put option on XYZ, and XYZ becomes worthless, is my option also worthless?

This is a hypothetical question. Let's say I believe XYZ is in real financial trouble, so I purchase some seriously OTM put options on the cheap. Before the expiration, XYZ goes bankrupt and their ...
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2answers
47 views

Dividend amounts — not just yield — from my bond fund decreased over the past 18 months

Why? I'm not questioning the yield percentage, which I know has dropped; it's the dollar amounts that puzzle me. I'd have expected the price of VWEAX to have risen (it's increased 1.71% in that time ...
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0answers
81 views

Living with a zero-income partner, what offers the best Tax considerations?

If I am living with a partner, currently unmarried, who cannot work what would yield the best tax situation in the US: Marrying them and filing as Married - Joint Filing with just the one income to ...
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0answers
31 views

Which tax year should unemployment benefits reported?

The question is summarized in the title: Unemployment benefits are reported for the tax year in which (choose one): the week of unemployment occurred; the week was claimed; the benefit payment was ...
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11answers
2k views

How should I save for a down payment on a house while also maxing out my retirement savings? Is that not feasible at my income level?

I see questions and answers like this one that make a very good point: Keep in mind it is easy to get a loan for a car, or for a house, or to pay for college; but very hard to get a loan for your ...
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2answers
150 views

Working remotely in Texas but office is in Illinois

I was reading this article here: https://www.jpmorgan.com/wealth-management/wealth-partners/insights/working-remotely-watch-out-for-state-taxes and was interested by the "high state income tax ...
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1answer
57 views

Filing state taxes as a pandemic related WFH move

I lived and worked in NYC until last year. When my company mandated WFH in March 2020 due to the pandemic, I terminated my lease in Manhattan and rented a new place in Miami (near my family) from ...
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0answers
50 views

401K Vesting Changed After Leaving Company

I left a prior employer back in 2012, but I made the mistake of leaving my 401K in the company plan, which is administered by T. Rowe Price. At the time I left, the balance showed I was 100% vested in ...
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1answer
56 views

How to contribute to HSA with after-tax income and regain taxes paid?

The payroll department screwed up at my company and didn't withdraw the final HSA contribution from my check for the purpose of depositing it into my HSA account. Their solution: just deposit into ...
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0answers
44 views

Understanding 529 tax benefits and recapture (Illinois)

I'm a little confused as to how recapture works for 529 plans in Illinois (particularly with respect to playing for private school and possible changes in the state tax code.) Or rather, I want to ...
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2answers
1k views

Why don't all dividend-yielding companies offer dividend reinvestment plans (DRIPs)?

My uneducated guess is that dividend reinvestments seem to be a win-win situation between companies and shareholders. As a result, I wonder why some dividend-yielding companies do not offer dividend ...
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2answers
125 views

Employer Paid COBRA asking for reimbursement

Due to COVID I loss work. I requested COBRA paperwork filled them out and returned them to my former employer I never received any bill or any request for payment. I never paid anything toward my ...
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3answers
61 views

Transfer funds from US to India bank account

I am temporarily moving to India from the US. I am an Indian citizen. I was living in the US since 8 years and I have some savings from my income in the US bank. There is a possibility to either ...
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0answers
86 views

Shutdown my Solo 401(K) plan and form 5310

I recently shutdown my Solo 401(K) plan at E*Trade. I plan to file form 5500EZ. I have distributed the money to a traditional IRA and a Roth IRA. None of the money went into another 401(K) plan. Do I ...
2
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1answer
43 views

Why is finviz not showing some stocks?

Finviz is a popular stock screener and is recommended by many traders. However, when I put a filter of "shorted more than 30 percent", it did not show me GME whose short percent is higher ...
2
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1answer
37 views

Cost basis of Limited Partnership assets

There is a limited partnership (an LLC taxed as a partnership) that owns various assets. If I buy interests in the partnership from existing limited partners at an arbitrary price, how is the cost ...
7
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2answers
410 views

Long Term Capital Gains Tax Question

I understand that to be taxed long term capital gains tax you must hold your shares for more then a year before selling at a profit. My question is, does the 1+ year time frame get counted from the ...