Questions tagged [united-states]

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

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Co-signer or Buyer that is the question [duplicate]

My stepmother asked me to co-sign on a brand new car. I did it because I felt obligated. When we got to the dealership they said her credit was so messed up to get the car I had to be the primary and ...
Tatiana Loving's user avatar
2 votes
1 answer
239 views

Tax-Savvy Pre-Retirement Liquidity Cushion, or IRS Surprise? -using put options and an IRA

I have 300 shares in a regular account with basis 166, trading @ 500. I have over 300 shares of the same in an IRA. I plan to sell 300 shares in the IRA; write 3 puts in the IRA for less than $10,000 ...
matt.dolfin's user avatar
1 vote
1 answer
67 views

US Short Term Rental - Can You Deduct The Full Property Depreciation And Property Taxes For A Primary Residence?

I have a primary residence where I am domiciled and file my taxes. I am on the road for work during most of the year and will rent out my residence via Airbnb when I am away. I know that I can ...
Lloyd Banks's user avatar
0 votes
2 answers
63 views

Do I need to file form 5472?

I own 100% of a US based LLC, in Wyoming, and I am a non-resident of the United States. I want to know if I need to file form 5472 even though my company had no transactions whatsoever. I paid a third ...
Vegas's user avatar
  • 101
1 vote
1 answer
72 views

Move cash reserves to 529?

Let’s say that I am maxing out my 401(k), IRA, and HSA; I’m putting away $250 a month in a 529 I own with my kid as the beneficiary; and any take-home income left over at the end of the month goes ...
matt.dolfin's user avatar
0 votes
1 answer
232 views

Can I claim the tax back from my lawyer's fee?

I received a settlement from a car accident of 285000. I have a personal GST number, so can I claim the tax from my lawyer's 30% fee which seems high? I haven't worked since this accident in 2012. I ...
Dave Weaver's user avatar
2 votes
1 answer
139 views

How to disburse capital gains between two people with minimal taxes?

My daughter and I bought a house together in 2022. I contributed money for the down payment. We have paid equally all of the mortgage and expenses. We are selling it now, it is on the market. I am ...
Rita Cook's user avatar
3 votes
1 answer
97 views

Can I re-file a missing Schedule 1 in this situation?

A friend of mine, with self-employment income did his/her income tax using Turbo Tax. Turbo Tax produced the tax return including Schedule 1. My friend has a Qualified business income deduction. ...
Bob's user avatar
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0 votes
0 answers
63 views

Organizing a small academic conference. What are the tax implications?

I am organizing a small academic conference in about 10 months. About 100 scientists from all over the world will attend the conference. The conference will take place in the United States. Each ...
Astor Florida's user avatar
0 votes
1 answer
100 views

Is it better to get a resale certificate or register an LLC in CA?

I would like to sell my 3D printed items on Amazon, Etsy, eBay, Shopify, etc. I recently discovered that I can avoid paying taxes when purchasing raw materials or business equipment by obtaining a ...
best_of_man's user avatar
5 votes
1 answer
2k views

Time limit on sending invoices in the United States

Is there a time limit on how long one can wait to send an invoice? E.g. supposing a contractor does some work, and does not issue the invoice promptly. Is there some time limit to sending the invoice, ...
Robert Dodier's user avatar
0 votes
0 answers
111 views

Reduce income to get tax credits by making IRA contributions or "fill up the bucket"?

Let's assume my wife and I have $10K in free cash. We are in the 12% bracket, married filing jointly. Here are the options we are looking at, and we are trying to figure out which one makes more sense ...
tmwn6919's user avatar
  • 107
0 votes
2 answers
766 views

Interest accrued before backdoor roth ira conversion

What does one do with the interest accrued ( ~$1) in the money market account in the traditional IRA that shows up before doing the backdoor Roth IRA conversion? I noticed this amount and it puts me ...
heretoinfinity's user avatar
0 votes
1 answer
159 views

I need to make an international wire transfer in 2-3 days -- how can I do that?

I need to make a wire transfer (from the USA) to an international bank in the next 3 business days. They specifically ask for an MT 103 receipt, so I don't think alternatives to SWIFT will work. I ...
voobaroo's user avatar
0 votes
1 answer
94 views

In a divorce is there a benefit to selling stocks?

During a divorce when splitting up an account holding stocks is it better to sell all stocks and split the proceeds or to split the stocks? My husband sold all the stocks in the account which caused a ...
Barbara 's user avatar
0 votes
1 answer
144 views

Going through a divorce and I’m in dire need of a new vehicle. Can I purchase one with a co-signer?

I’m currently going through a divorce in Mississippi. Non contested papers have been drawn up and sent to my wife. My vehicle has bitten the dust. Can I purchase a vehicle with a co-signer and keep it ...
Joey Harrington's user avatar
2 votes
1 answer
120 views

Can Schedule A medical expenses offset long term capital gains?

My elderly parents have recently started incurring very significant expenses for in-home care. They are considering selling a vacation home with a long-term capital gain to cover their caregiving ...
KnowItAllWannabe's user avatar
1 vote
1 answer
108 views

Are interest and penalties due to the IRS when there is an automatic extension due to emergency?

I just got a letter from the IRS, saying that I owe them a small amount of money. I live in California, where we had an automatic extension to the due date until October 15, so that is when I filed. I ...
Wesley's user avatar
  • 113
2 votes
2 answers
636 views

Do Americans usually accept a stained dollar bill?

I'm not American, but have visited the US a couple of times. I think in one of those trips I got this $100 bill: As you can see, it has some dark stains, but it didn't bother me at the time and I ...
sourcream's user avatar
  • 149
2 votes
1 answer
226 views

How is the Underpayment of Estimated Tax penalty determined?

My understanding is that if you pay at least 90% of your current tax year obligations, pre-deductions, or 100%† of your obligations in the previous tax year, you avoid the penalty. I was just sent a ...
asgallant's user avatar
  • 230
19 votes
1 answer
6k views

Friend accidentally Venmo'd me rent as a commercial Venmo transaction. What are the tax implications of this?

I pay the full rent to our landlord and my friend sends me his share. When using Venmo, he accidentally ticked the 'goods and services' option which marks it as a commercial transaction. He sent me $...
rsn's user avatar
  • 301
7 votes
2 answers
2k views

No Cost ETF - Is there a trap here

I have noticed that Fidelity has some no cost ETFs. That is, they do not charge a management fee. I have bought some Vanguard ETFs because they have a very low management fee. I consider both Fidelity ...
Bob's user avatar
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0 votes
0 answers
41 views

Settlement period change in 2024

There is a settlement change in May 2024. Does that change applies to Stocks/ETF Options Mutual Funds
riya's user avatar
  • 1,245
0 votes
1 answer
90 views

Can buying mortgage points reduce a rate below the applicable federal rate?

And if that is possible how does this prevent the bank from avoiding paying imputed interest. Additionally could points be purchased to bring a rate to zero or a negative number?
CodeCamper's user avatar
2 votes
1 answer
469 views

Any problems with paying essentially $0 towards student loans and counting on forgiveness?

I recently signed both my wife and I up for the new SAVE IDR plan for our student loans. This put our total monthly payment from $350 to $0... I am eligible for PSLF so my loans (about $24k) will be ...
Nosjack's user avatar
  • 8,495
2 votes
1 answer
135 views

Can a prior-year deposit be included in a current-year tax credit?

I'm hoping to replace some older windows with energy-efficient ones. The new windows would qualify for the Energy Efficient Home Improvement Credit. The concern I have is timing: the company I'm ...
Jeff Schaller's user avatar
1 vote
1 answer
100 views

Retroactive property valuation

We bought a new house in a new housing development. This was Phase I. The house was $300K when we bought it in 2018. Taxes were paid based on that value. In 2021, the county has said that they ...
RS401's user avatar
  • 11
-2 votes
1 answer
370 views

Should I pay the current balance or the remaining statement balance to avoid paying interest on my US credit card? [duplicate]

I have a credit card. I used it to make a few payments. In my account, I see: If I want to avoid paying any interest or late fees, do I have to pay the current balance or the remaining statement ...
Franck Dernoncourt's user avatar
-1 votes
1 answer
52 views

How to Report Income State Tax on Dividend Income from Mutual Funds While Traveling for an Extended Period

I left Kansas in July 2022 and have not returned since. My income for the year 2022 is solely interest and dividend income from mutual funds, including emerging market and corporate funds. The sources ...
sami's user avatar
  • 111
1 vote
1 answer
134 views

When does the IRS typically announce health FSA contribution annual limits?

Based on this and this, as of November 6, 2023, the IRS still has not announced the health FSA contribution limits for the year 2024, even though most private employers have already begun their open ...
Very Tiny Brain's user avatar
2 votes
2 answers
134 views

Can only the individual version of this health plan be a High-Deductible Health Plan?

I'm looking at a health insurance plan that has a deductible of $3000, for each person enrolled. If you enroll one person, it pays out when that person has $3000 or more of medical expenses. If you ...
interfect's user avatar
  • 159
1 vote
1 answer
82 views

How to handle US financial accounts after leaving?

I moved out of USA in Oct 2023 after living there for 8 years as a temporary worker. I am not working in USA anymore (physically or remotely). I have the following accounts: Robinhood brokerage: ...
sam's user avatar
  • 151
1 vote
0 answers
195 views

Is there any way to pay Vanguard account fees without it counting as an IRA contribution?

I have a small Vanguard traditional IRA that I maintain but don't contribute to. Because I want to continue to get paper statements, there is an account fee that I haven't paid for two years. ...
Jack's user avatar
  • 303
1 vote
2 answers
209 views

What are the risks of buying health insurance directly and not through the federal or state exchanges?

I'm self-employed and it's open enrollment time. My current health insurance was bought on the state exchange but the premium is going up 22% so that certainly encourages you to shop around. I've ...
Craig W's user avatar
  • 15.8k
1 vote
2 answers
113 views

IRA withdraw penalties vs interest rates today

Here's a interesting point of view/question. With interest rates near 10% for loans these days - used car loans at 9.06% for someone with excellent credit - are we at a point where it makes more sense ...
user3260912's user avatar
0 votes
1 answer
270 views

Is it possible to deposit the check with the old business name into the new account?

Chase recently closed my business account without providing any reasons, possibly due to limited activity. They're sending a check with the remaining balance, issued in my old business name, "...
zeratul's user avatar
1 vote
1 answer
137 views

Use HSA for medical expenses or save it for investment?

If investment growth using an HSA account is not subjected to taxes, then isn't it better to invest using HSA than investing on stock platforms like Fidelity or Robinhood? When I use the funds in the ...
Lacie's user avatar
  • 169
1 vote
1 answer
113 views

What's the benefit of buying municipal bonds on the secondary market?

"Buy munis!", they say... "they're tax exempt!", they say... but are they? It looks like you're paying income tax on most of the Yield To Maturity (since interest rates have gone ...
RonJohn's user avatar
  • 50.7k
8 votes
3 answers
3k views

Switching health insurance due to birth of baby

Expecting a baby in a few months and also working through Open Enrollment season. If I chose a low deductible plan for the beginning of 2024, and then switch to a high deductible plan after baby is ...
kk7534's user avatar
  • 232
1 vote
2 answers
559 views

Homeowner's insurance and alleged business misconduct

In the US homeowner's insurance usually also covers liability for unintentional acts, such as knocking over a vase in someone else's home. Suppose someone is accused of an act that would be a business ...
Gerard Ashton's user avatar
0 votes
2 answers
168 views

Can I deduct driving expenses when I am driving for a ride share service and hoping to get a passanger?

Imagine a person is driving for a ride share service such as Uber. He is at his favorite spot waiting for his next passenger. He then gets a passenger and drives the passenger where he/she wants to go....
Bob's user avatar
  • 1,689
0 votes
1 answer
233 views

Buying back foreclosed property at auction

This is a theoretical situation, one that keeps making the rounds on Facebook (and probably other social media sites) of a "feel good" type of story, but I'm wondering if it has any basis in ...
computercarguy's user avatar
1 vote
1 answer
52 views

Dependent Care FSA prepayment in the same year?

My child's care is $1,900 a month. If I sign up for a Dependent Care FSA, I'm told that the funds are immediately available for use in the coverage year. Can you pay on January 1 2024, the full $5,000 ...
Evan Carroll's user avatar
1 vote
1 answer
106 views

Why do US Social Security benefit estimate increases vary so much from year to year?

Although not yet old enough to receive US Social Security benefits I do look at the SSA statements each year. In each statement they provide an estimate of how much I will receive if I choose to start ...
rlandster's user avatar
  • 463
1 vote
2 answers
238 views

Check made out to wife and husband

We received an IRS check made out to my husband and myself. We want to deposit it into my account. How does my husband sign it over? Thanks.
Sharon Mattea's user avatar
12 votes
2 answers
3k views

Disclaiming part of an Inheritance

Say a relative passes and leaves all of his money to two of his three children. His original will split the estate evenly among his three kids but before he passed he had several strokes, and in a fit ...
newUserNameHere's user avatar
1 vote
1 answer
64 views

In the US, are taxes collected upon lien claims?

I watched an instagram video that got me very curious about this possible tax evasion method. (Link at the end) Say I own shares of a company, which I bought for an insignificant amount compared to ...
Bersan's user avatar
  • 111
1 vote
1 answer
99 views

Why MBS has lower YTM than treasury bonds?

I just checked, VMBS (Vanguard MBS) has yield of 3.73%, but VGLT (Vanguard government long term bond) has yield of 5.08%. I thought MBS is riskier and would require higher YTM by the market.
ZEWEI CHU's user avatar
  • 111
2 votes
1 answer
146 views

How would investing in fractional real estate affect my tax situation? If I invest in properties in multiple states, do I need to file tax in each?

Based on our personal experience, we've had to file separate state taxes while managing rental properties from out of state. I'm curious whether the same situation applies if we invest in REITs or ...
user avatar
1 vote
1 answer
100 views

Building credit history later in life

I am trying to build credit so in the future I could get a loan if needed probably a car loan. I’m 39 years old.I have never had a mortgage,credit card, or any type of loan in my name just household ...
Danyelle P.'s user avatar