Questions tagged [united-states]

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

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Can first time home buyer loan apply for second house if not utilized on first?

Somewhat self-explanatory. If you (for whatever reason) fail to utilize a first time home buyer loan (typically with more-favorable-than-normal conditions) on your first home, can you utilize it on ...
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  • 2,778
1 vote
0 answers
49 views

Wash sale rules do not match broker's report

I inadvertently triggered a wash sale in my taxable account (in the US). What my broker reports does not match my understanding of the wash sale rules, so I'm asking here whether it is my broker or I ...
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0 votes
1 answer
99 views

Virginia labor law regarding payroll

We (myself & spouse - no other employees) are owners of S-Corp and planning to run quarterly payroll. It seems some states have mandatory labor laws to have the payroll run every week or bi-weekly ...
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  • 105
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1 answer
72 views

Will weekly paychecks be reduced after taking FMLA leave?

My wife works as a US public school teacher. She took several months off for maternity leave. Because she only had a month of paid sick leave accumulated, 6 weeks went unpaid. The workplace simply ...
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1 answer
43 views

S-Corp owner salary change between pay periods

I searched a lot, but couldn't find any concrete answer for this question: When LLC S-Corp (Myself & Spouse), owners need to get paid "reasonable salary". I am planning to to run the ...
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  • 105
0 votes
1 answer
45 views

Converting a De Minimis safe harbor business expense for personal use

My question is about self-employment business expenses. The De Minimis Safe Harbor election allows us to deduct the expense of items for a business, rather than depreciating them over several years, ...
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  • 141
2 votes
1 answer
109 views

Is this Class Action lawsuit settlement taxable as a long term capital gain?

Imagine an investor owns the XYZ company which is taken over by another company in a cash transaction. The investor sells his shares in the XYZ company for a profit. He then reports the profit as a ...
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0 votes
1 answer
118 views

What type of accounting practice is this and is it good, bad or depends on other circumstances?

QUESTION - I'm looking for a name I can associate with this specific type of accounting practice and whether this would be considered good accounting, bad accounting, doesn't matter, depends, etc? ...
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4 votes
1 answer
219 views

Can a car insurance provider demand that I insure every person having a driver's license in my household?

This is about laws in U.S.A. where a driver's license is often the most common form of identification. Some of the backstory: My wife's sister and her son live with us. Due to her being a single-...
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  • 202
2 votes
3 answers
182 views

Estimating Social Security for one or two years of additional work

I was looking at Social Security web site and they have option to find out how much will be retirement benefits will I get in two scenarios: Below are two scenarios and numbers(slightly modified). If ...
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  • 616
0 votes
3 answers
340 views

Entity donates to a charity in exchange for my work: do I need report this to the IRS when filing for my taxes?

I'm doing some work in the US for some entity also located in the US, and I've been told: We will donate xxx USD on your behalf to one of several non-profits that you can choose. I am a US tax ...
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0 votes
1 answer
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When we calculate "net income" of the S-Corp, do we take out "Profit sharing contribution 25%" as deduction?

I am trying to understand the "net income" for S-Corp (in case of opting for Solo 401(k). When we calculate "net income" of the S-Corp, do we take out "Profit sharing ...
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  • 105
1 vote
1 answer
78 views

Purchasing that extra $5000 in Series I bonds?

According to https://www.treasurydirect.gov/indiv/research/indepth/ibonds/res_ibonds_ibuy.htm#myself I can buy "up to $5,000 in paper I bonds using your federal income tax refund". But I won'...
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0 votes
1 answer
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Why didn't including a 1099-INT figure change the bottom line in my tax return?

I prepared a tax return with Turbo and saved as pdf. Later, I discovered a 1099-INT I had neglected to include, so I edited the return to include it. But it did not change the amount of the refund. ...
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1 vote
1 answer
79 views

What do the various types of APR mean on my credit card?

I am looking at APR details and want to understand how it works. I see a credit card that says: Introductory APR - 0% for 15 billing cycles Standard APR - 14.74% - 24.74% variable Balance Transfer ...
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2 votes
1 answer
127 views

Forgot to submit 2020 tax return, now file amendment?

I knew I would get a refund for 2020, so I didn't have to file by the normal deadline. At some point in 2021 I prepared a return (with Turbo), used it for a financial aid application, and then ...
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1 vote
1 answer
86 views

Exercised stock options, the company was bought/merged after several years, my stock was sold - what are my tax implications?

I bought the options I had vested in the Company upon leaving (United States). After several years the Company was bought/merged into another, and my stock was paid out. From my understanding: The ...
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0 votes
2 answers
271 views

Is it worth paying Experian to remove personal information?

I hit the "Scan the dark web" button on the Experian web site. I got: Is this really an issue and if so is this worth upgrading my account?
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2 votes
1 answer
178 views

When are capital gains realized if I sell a house and do owner financing?

I am selling an investment property without doing a 1031 exchange and would like to minimize, or at least spread out the tax burden of the capital gains. Especially given that I expect to be in a ...
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0 votes
2 answers
105 views

I guesstimated my taxes and overpaid a bit before April 15. But I have not filed. Where can I file and not pay?

I am filing late so I guesstimated my tax bill and overpaid it directly on irs.gov (to prevent penalties. So I have paid a bit too much, but have not filed. Where (Turbotax?) can I file but not pay? ...
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0 votes
0 answers
21 views

Traditional 401k to Roth IRA - do employer contributions count as Roth IRA contributions or earnings? [duplicate]

I understand that Roth IRAs allow withdrawing your contributions before age 59 1/2 with no penalty. At my old job I had a Roth 401k, but my employer's match went to a Traditional 401k, and I'd like to ...
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  • 119
18 votes
2 answers
3k views

Can a bank make overdraft protection mandatory?

Recently I spoke with a bank about opening an account. As usual, overdraft protection was mentioned. The banker informed me that the account has overdraft protection and it cannot be disabled. When I ...
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  • 358
10 votes
4 answers
4k views

What prevents me from making one big estimated Federal tax payment on Jan 15?

Many places claim that I must pay estimated tax, preferrably in equal installments, throughout the year. There are two weird issues around this that I am trying to make sense of. My tax situation is ...
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2 votes
1 answer
118 views

What programs and or assistance is available to family when homemaker becomes disabled?

If a non-working spouse, homemaker/parent, becomes seriously ill (cancer) and disabled, what programs, assistance, insurance are available to such a family? A family not living below poverty line (...
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  • 1,053
1 vote
2 answers
139 views

How to safely hire non-insured help

Is there any insurance policy I can get as a homeowner, as an apartment renter, or as a rental property owner that would cover me for liability if I hire someone for work on my rental property or my ...
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  • 141
0 votes
2 answers
177 views

Apartment owner is listed as Additional Insured on renter's insurance policy

I have concerns about liability protection with my current renter's insurance policy in the US in the state of Texas. I would like to understand if there is anything more I can do or push on my ...
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  • 141
0 votes
1 answer
215 views

Can I use a friend's bank account while living abroad?

I've been living abroad for 2 years and work as an expat independent contractor. A friend is willing to open a bank account, on his name, exclusively for my use - so my client will send payments to ...
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0 votes
1 answer
104 views

What specific services, if any, is a bank required to offer to call themselves a bank in the United States?

Someone close to me operates a small business, and has been doing their banking through a relatively young fintech startup which advertises "full-stack business banking". Recently, with only ...
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0 votes
3 answers
67 views

Disability insurance available for severe events

I have health insurance, supplemental AD&D thru my company, short-term and long-term disability. I have private small supplemental IDI as well. If one were to fall ill with cancer or experience ...
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  • 1,053
0 votes
0 answers
84 views

How to get a mortgage soon when self-employed in 1-person LLC that is <6 months old

In Jan 2022, I got hired to work (remotely, living in USA) as a senior software engineer for a non-US company that was unable to hire me as a W2 full-time employee; they required me to create an LLC (...
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  • 346
0 votes
1 answer
33 views

How to file form 1099 NEC free online

BH been looking everywhere, never did taxes before, only had one job where this company gave me a 1099 NEC form [no idea what that means], and so far turbotax, h&r block, ezTaxReturn, nothing. ...
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1 vote
0 answers
43 views

Starting a second business as a Sole Proprietorship, S-Corp, or LLC with a DBA?

I'm planning on launching a business to provide voiceover professional services. In professional voiceover, your name is your calling card, so my first inclination would be to simply do everything as ...
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6 votes
3 answers
2k views

Scenarios in 10 years of fixed vs. adjustable rate mortgage (ARM) at the same rate?

I would like to get a list of possible scenarios when it comes to refinancing that I might not have known or considered at the end of the adjustment period. I am new to mortgages and ARMs I am ...
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1 vote
1 answer
44 views

figuring out the cost basis of a primary home converted to rental and then off rental

I bought an apartment in Washington DC in 1995 to live in. Subsequently I moved out of DC (and a few years ago, out of the country) but kept the apt and rented it out for many years. I paid the ...
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1 vote
2 answers
78 views

German PhD Student doing a Paid internship in USA for 3 Months. How to handle the taxes?

I am doing my PhD in Germany and get paid by the university. This autumn I am going to the USA (Massachusetts) for an internship at a software company. For those 3 months my salary from the university ...
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0 votes
1 answer
105 views

When using land as a down payment for a construction loan, how much money can I borrow?

I am looking to purchase some land in cash (in the USA) and build a house on the land. I intend to use the land as equity (as part of the down payment) for a construction loan. I'm looking to ...
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2 votes
1 answer
329 views

Found expired check issued by title company to settle balance from 6 years ago

I purchased a home 6 years ago and the title company sent me a large packet of documents related to closing with a small check buried deep inside it. I did not notice the check until now. It's only $...
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1 vote
2 answers
156 views

wash sale with leveraged ETF

If a person sales regular ETF ( suppose QQQ) at a loss and buys a leveraged ETF on similar Index e.g TQQQ within 30 days, will the loss on QQQ be treated as wash sale ?
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  • 616
2 votes
1 answer
249 views

Wash Sale - Selling RSU Shares Before Another RSU Vest

I currently have RSUs that vested three months ago where the the current market price is lower than the value of the stock when I acquired it. I'd like to sell these RSUs (at a loss of about -$5,000) ...
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0 votes
1 answer
172 views

Received a Letter from SSN Administration and Very Confused

I received a Form SSA-L5114 and it says "Based on information provided to us from Internal Revenue Service, we are reducing the amount of your self-employment income on your Social Security ...
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  • 749
1 vote
2 answers
70 views

How to calculate interest on amount due with an amended return?

With my original TY2020 return I got a refund of about $5000. It turns out though that I missed some information and once I've amended it I owe about $1000 back (so the refund should have been $4000). ...
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0 votes
1 answer
100 views

Tax filing requirement for Teens 16 to 21 years

in 2021 a kid( approx age 16) had some income (less than 1.5K) for working part time and needed to file tax return. in 2022 if that kid does not earn any money, will he still need to file tax return ...
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  • 616
0 votes
2 answers
154 views

Is There Such a Thing as a ‘Safety Net Trust’?

A married couple living in the United States has accumulated some wealth that they would like to use to start a trust - for the purpose of creating a ‘safety net’ for their children, grandchildren, ‘...
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  • 103
1 vote
1 answer
48 views

Does sale need to come before purchase to be considered a like-kind exchange

Does sale need to come before purchase in order to be considered a like-kind exchange and avoid capital gains tax? When selling your home (primary residence) and purchasing a new one does the sale of ...
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  • 115
1 vote
0 answers
71 views

Protesting/Disputing Appraisal Increase on Unimproved Land

I live in Texas and own about 13 acres of (farm) land. The appraisal for the land went from ~$165K last year to ~$270K this year, an increase of about ~63%. There is nothing distinctive, either pro ...
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  • 213
0 votes
1 answer
25 views

What parts of W8Ben to my overseas artists need to fill out?

I run a small online gaming company (sole proprietor LLC) and I frequently commission artists from both the US (whom I issue 1099s to, and will start to collect W9s from), but ALSO contract some work ...
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0 votes
3 answers
82 views

Changing Investing Strategy Near Retirement

Currently, I am 40 years old and I am investing in Traditional IRA (T Row Price actively managed funds) and also Index Funds (Vanguard). At what age, I should move to money conservation phase? ...
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  • 749
19 votes
2 answers
4k views

What's the point of the wash rule?

I don't understand the 30-day wash-rule. Someone please set me straight. So let's say I purchase 100 shares of Hot Stock X, for $100 apiece. So $10,000. Let's say that the stock goes down 50% on a ...
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  • 303
0 votes
2 answers
66 views

Can I treat a SEP contribution made in 2021 as partly for 2020 and partly for 2021?

I recently discovered I miscalculated my max contribution to my SEP for 2019 and 2020 so I MAY have excess contributions in 2019 and 2020. See What is the contribution limit for self-employed person ...
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2 votes
1 answer
92 views

To whom do I pay capital gains tax on sale of property while residing abroad?

I am a U.S. citizen, residing in Spain, who sold a property last summer in Washington DC. Where do I pay the capital gains tax? In the U.S. or in Spain? Or both (with a credit for tax paid to the ...
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