Questions tagged [united-states]

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

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In the US, how do we make tax withholding less if we lost our job for a few months?

I was out of a job from March to June this year, so I expect to pay less tax and the tax bracket should be lower. However, when I joined a new company in July, and filled out the W4, I couldn't find ...
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0 votes
1 answer
95 views

Are Business Expenses deducted against Capital Gains?

Suppose that you run a business in the United States that generates: $0 in income $100,000 in short-term capital gains $20,000 in business expenses Normally, you can deduct expenses against your ...
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1 vote
1 answer
60 views

Any factors I should consider when choosing between car insurance companies besides price and coverage?

Any factors I should consider when choosing between car insurance companies besides price and coverage? I've heard people mention company reputation to see how likely they are to pay claims without ...
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  • 255
0 votes
0 answers
20 views

Cash Flow vs Net Profit in Evaluating Capital Evaluation

In Kaplan's CFA Level 1 online course, it has been claimed that after-tax cash flow-based ratios (NPV) are better than profit-based ratios (ROE, EPS, etc...) in terms of evaluating capital allocation ...
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  • 1
0 votes
1 answer
42 views

Tax Implications - Dissolve partnership w/ property

My business partner and I purchased a house two years ago in an LLC we co-own. He does not want the house and I want to improve and live in it. We have agreed that I would buy him out at the price ...
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2 votes
1 answer
174 views

Health insurance company went out of business; what am I on the hook for?

In June 2020, I had a biopsy (negative). At the time, I was “covered” by ACA-compliant insurance that was paid in full, in good standing, etc. I paid the required co-pay on the day of the procedure. ...
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6 votes
1 answer
643 views

Tax implications of free rent as compensation

I recently took a part-time job at my apartment building and I am compensated with a free apartment. I filled out a W4 when I took the job, but my manager is unsure if I will receive a W2 at the end ...
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  • 161
0 votes
1 answer
61 views

Roth conversion or AOTC

I'm trying to decide whether to do a Roth conversion or take the American Opportunity Tax Credit (AOTC) for my daughter going to college this year. The Roth conversion would push me over the income ...
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-2 votes
1 answer
66 views

How do I check if I've met my maximum Roth IRA contribution on Vanguard?

How do I check if I've reached the maximum yearly contribution amount for my Roth IRA Brokerage Account on Vanguard? I know that the limit for 2022 is $6,000, but I can't remember if I've contributed ...
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3 votes
2 answers
201 views

Should I pay credit card statement balance despite a refund?

Statement balance is $1000 Something I bought was refunded so actual balance now is $200 Am I supposed to pay $1000 or $200? If I pay $1000, my balance will be -$800 but I don't want this to happen ...
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0 votes
0 answers
106 views

What are the tax implications of owning an Airbnb rental?

My partner and I (unmarried) recently bought a house in Seattle, and are planning to rent out the finished basement for extra income using Airbnb. The city requires us to register for a business ...
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0 votes
1 answer
173 views

Do you get any social security credits if you put 100% of your income in a 401(k)?

Scenario: Your spouse is the primary earner You had a 1099 side-job earning $15k You put all $15k in a solo-401(k) plan Would you earn any social security credits in this situation?
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17 votes
4 answers
4k views

How to Convert UK Income Levels to USA Income Levels

I'm graduating with a PhD soon in the UK and now I'm trying to figure out how much I am worth in the workforce & see higher wages in the USA. I don't know if the numbers are adjusted for things ...
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0 votes
0 answers
53 views

(US real estate) What factors would lead to differences in returns between public REITs and crowdfunding platforms?

I was poking through this paper (yep, one source only!). As I understand it, it says that publicly traded US REITs in general don't seem to track US housing prices, once you control for some basic ...
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1 vote
1 answer
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If it is a margin call but I am lucky to buy back in IRA, is it considered a "wash sale"?

Due to the stock market going down, I got a margin call, and may be forced to sell a few thousand dollar worth of stocks. However, I am lucky enough because I ended an employment with an agency, and ...
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19 votes
3 answers
4k views

Do I have to pay short-term capital gains tax on crypto currency if I only withdraw the principal and not the profits?

Say that I bought $5000 USD worth of Bitcoin, and a month later its value grows to $6000 USD. Now, if I were to withdraw only my $5000 USD principal worth of bitcoin, while keeping $1000 USD worth of ...
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  • 193
-3 votes
3 answers
158 views

Can one gift an apartment to a child outside the U.S. and it not be considered gifted from the IRS perspective?

Background: We live outside the U.S. and file a 1040 each year. We have an apartment outside the U.S. which is slated to be razed and rebuilt over 3-5 years time starting in a few months. (yes, the ...
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  • 292
5 votes
1 answer
598 views

Short term tax or long term tax on non retirement mutual funds

I have been contributing to a mutual funds account (non-retirement) each month. Since, it is a non-retirement account I can pull out funds anytime I want. I want to ask if I pull out part of the funds ...
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  • 749
2 votes
2 answers
61 views

Saving receipts for money withdrawn from 529 plan

I am planning to withdraw the full amount of ‘Cost of attendance’ given by school for a semester from 529 plan. Can I withdraw money for expenses towards off-campus room and board for a full semester ...
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  • 139
0 votes
2 answers
212 views

Is there financial instrument for overvalued homes

My home is valued at 400k and I bought for 125k 2 years ago. If I believe that the value is going to decrease, is there a financial instrument that allows me to profit, basically short my own homes ...
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0 votes
1 answer
100 views

Does it matter how long an apartment is gifted to a child to cause any tax liability by the IRS?

If we choose to gift an apartment of ours to a child, can they gift it back to us in a few years without them and us having to owe any tax for any reason? If so, how much time is the minimum that the ...
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  • 292
0 votes
1 answer
39 views

A Living Trust, and Individual account and SPIC

Please consider an investor who has 400K in stocks in an individual account at a brokerage firm. He also has a living revocable trust which also has an account at the same brokerage firm. The value of ...
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  • 907
1 vote
1 answer
30 views

Relocation gross receipt taxed or pretaxed

Company $A$ is providing me relocation package of certain amount for every mile travelled for a certain total amount of miles. Say they pay me $X. https://www.irs.gov/newsroom/irs-issues-standard-...
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  • 213
1 vote
2 answers
189 views

Paying too much for health insurance - is there a crisis-only policy avaialble?

Say there's a family of four living on one income. The income level is moderate, say in the $80-100k per year range, they live simply and budget carefully, and have a relatively comfortable, debt-...
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  • 1,129
1 vote
1 answer
142 views

Can a bank take money out of my account without asking, to collect old outdated debt?

Almost 2 decades ago I had identity theft and they maxed out my card. I lived with it (and terrible credit) and could not discharge it or pay it off. Some years ago this all fell off my record and is ...
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1 vote
2 answers
79 views

Are there any tax/general implications to adding my fiance on employer sponsored insurance?

I recently started a new position and am working on declaring/electing benefits with my employer. To my surprise this employer allows "domestic partners" to be insured for various forms of ...
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36 votes
2 answers
6k views

How can I stop fraudulent recurring credit card transactions being forwarded to a new card?

I have a Mastercard credit card issued by a U.S.-based financial institution. Several billing cycles ago the card information was compromised and several hundred transactions were initiated. The card ...
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  • 487
1 vote
0 answers
124 views

53.com US bank account blocked withdrawl

I have opened this account on F1 visa(expired now) and was using it to receive consulting income for work done being in India for US clients. My money is stuck there. They have not given me any ...
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  • 61
3 votes
1 answer
37 views

Taxes on certain retirement income in Canada for a US citizen / resident of Canada

I receive US military retirement, and Veterans Administration Disability and Social Security. What is taxed in Canada? Is anything exempt such as the Veterans Disability?
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  • 31
2 votes
1 answer
67 views

Portability of estate tax exemption after sunset

This is a question about the federal estate tax in the United States. Suppose a married man died in (let's say) 2021, when the estate tax exemption was $11.7 million. He leaves his entire estate to ...
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  • 173
1 vote
2 answers
46 views

Itemizing property tax deduction on California state taxes?

I'm trying to understand if in California you are limited to the same $10k federal limit on property tax deduction. The only CA government info I can find is here Line 5e The federal deduction for ...
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0 votes
0 answers
69 views

What type of account is used for individuals to trade government issued bonds directly with Treasury?

Here is my understanding - an account at a financial institution that allows an individual to trade corporate bonds is a brokerage account. Here is my question - an account held by an individual at ...
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  • 161
9 votes
10 answers
5k views

What is the point of term life insurance?

I am in USA. I am trying to understand term life insurance. My husband makes $150K a year and wanted to get a term life. I believe the rule is 10 times your yearly salary so for us it would be term ...
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  • 749
0 votes
0 answers
30 views

What does it mean for an annuity to "accept funds" from SEP IRAs?

I am not sure what it means for an annuity to "accept funds" from SEP IRAs. Does it mean that the purchase of an annuity using funds in a SEP IRA does not constitute a withdrawal of funds ...
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  • 115
27 votes
7 answers
19k views

Girlfriend took off with the car I got a loan for

I got a loan on a car from CarMax for my girlfriend. She was to make the payments but instead took off with it & I can't find her. Should I report it stolen? The insurance, loan and registration ...
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2 votes
1 answer
52 views

Foreign Tax Credit for US Citizens: Levied/Accrued?

I am a US citizen living long-term in Germany, paid by a German employer. My taxes were deducted normally throughout the year from my paychecks, and sum to A. It turns out I overpaid a bit, by amount ...
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5 votes
1 answer
3k views

How does IRS know that I calculated tax using worksheet "Qualified Dividends and Capital Gain Tax Worksheet"

I am filing 2021 Federal Tax and got long-term capital gains (will also file Schedule D). I calculated tax using "Qualified Dividends and Capital Gain Tax Worksheet" How will IRS know that ...
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  • 285
4 votes
4 answers
2k views

Financially stable. Now What? [closed]

I'm 43 0 Debt Home Mortgage: PAID OFF Several Cars: PAID OFF Loans on renal property: PAID OFF Credit Cards: PAID OFF Personal Loans: PAID OFF 6mo+ Emergency Fund Credit report clean and rising I've ...
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  • 59
5 votes
1 answer
413 views

Building furniture for charity -- what can I write off as a tax deduction?

(In the United States) If I buy tools and use them to build furniture that I donate to charity, what can I write off? I assume I could write off cost of tools, materials, electricity, and perhaps time ...
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1 vote
2 answers
239 views

Does 401k contribution to index fund pay dividends?

My 401k fund has an option for investment in S&P 500 index fund, however the investment doesn't come with any dividend yield. S&P 500 index funds such as VOO, SPY come with a dividend yield. ...
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  • 147
0 votes
2 answers
110 views

Pre-existing conditions on short-term health insurance

Despite the many answers on this site saying pre-existing conditions are a thing of the past, there are non-marketplace US insurance plans that exclude pre-existing conditions on a 12 month or 24 ...
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  • 797
0 votes
2 answers
1k views

Why is the YTD return for my 401k contributions down 20% but the YTD return on S&P500 is 1.5%?

I imagined that my 401k investments must be going to some low-risk-stable-return type of financial investments. However, when I checked the YTD return on my 401k contributions for this year, it was ...
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  • 119
1 vote
1 answer
40 views

Taxes for U.S. citizen doing remote freelance work for Canadian

I am a U.S. citizen with residency in Florida and am setting up a freelance contract as a sole proprietor with a Canadian government agency. The work will be done remotely from my home in Florida. In ...
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  • 111
0 votes
1 answer
97 views

Does a non-permanent resident of the US have to close their credit cards before they leave the US?

The background is the same as in my previous question: I'm in the US on an F1 visa (and this will be the case for the next two years). I'm not sure whether I will take the path of staying in the US ...
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0 votes
0 answers
26 views

Buying stocks/ETFs through a US-based broker on an F1 visa and then departing the US

I'm in the US on an F1 visa, and this will be the case for the next two years. As far as I understand, it's legal for me to buy stocks/ETFs via a US-based broker. However, I'm not sure whether I will ...
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3 votes
1 answer
68 views

Why would CP11 notice of incorrect Child Tax Credit have an amount that isn't a multiple of $500

I received a CP11 notice saying they changed the amount claimed as nonrefundable Child Tax Credit or credit for other dependents because I either didn't enter an amount or entered an incorrect amount ...
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  • 2,580
1 vote
1 answer
49 views

Transfer holdings to different broker w/o paying capital gains?

Suppose you own a bunch of stocks/ETFs with a broker (e.g, Fidelity) and you want to switch to another broker (e.g., Vanguard). You can certainly sell the stocks/ETFs, move the cash to Vanguard, and ...
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0 votes
0 answers
36 views

Taxation on Fixed Annuities?

I was currently looking at investing into annuities, specifically through the current Canvas offer of 4.3% for 3 years (https://www.annuityexpertadvice.com/annuity-rates/). In signing up I was ...
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  • 123
2 votes
1 answer
62 views

(Over) Contribution between two employers for the Roth 401k case to maximize matching

I know there are a few question about changing employers during a calendar year and trying to maximize company match between the two for 401k plans. I've read through them and I think I understand ...
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  • 151
0 votes
1 answer
27 views

How to contribute capital from 401k or IRA to a Series LLC?

I am new to this thread and I'm seeking some basic advice or comment for this matter. Please assume that any investment risks are taken into consideration. Objective: I would like to bootstrap an ...
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