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Questions tagged [united-states]

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

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0
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4answers
152 views

To access an account and make money transfer

My friend working in Estonia now is going to pay a bill from his account in the USA and the server in Estonia is not working, so he is asking me to do him a favour by giving me access to his account ...
1
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2answers
275 views

Bypass credit agency and pay loan directly to US Dept of Education?

My employer received a letter from a creditor agency ("Central Research") ordering that they garnish up to 25% of my salary for the loan. The language that they used in the letter to them was ...
37
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3answers
9k views

Is one spouse responsible if other failed to file taxes

I have a friend who's in a unique situation. She has not worked since she and her husband were married 7 years ago. He has typically worked contract jobs receiving 1099's at the end of the year. She ...
2
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1answer
66 views

Medical Insurance Premium paid by non-earning spouse - Tax Deductible?

My wife has been a non earning (looking for job) member of the family throughout this year, but has been paying for Medical Insurance Premium for whole family through her savings. She was getting ...
2
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1answer
65 views

How do I determine US state residency and income source for income tax filing?

This year I have a somewhat tricky situation for state income tax filing (US). I am a professor at a university in Colorado, but I'm spending the academic year in Connecticut on sabbatical leave, ...
4
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2answers
189 views

Conflicting advice about what to do with my 401k / Roth IRA

I left a company that I was at for over 18 years about a year ago. The company I was at was using Fidelity and I had then opened a Roth IRA under Fidelity as well. My Roth only has around 15k and my ...
3
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1answer
63 views

State income taxes when traveling to another state

I live and work in CA for an employer in San Francisco, but I travel often to FL and work there remotely for a total of perhaps 2-3 months a year. Am I supposed to pay state income taxes to CA during ...
2
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2answers
161 views

Do the proceeds I receive from realizing a capital loss increase my gross income?

Suppose that in 2017 I bought 100 shares of XYZ stock. Would selling all these shares in 2018 for $900 worth of proceeds at a cost basis of $1,000 (realizing a capital loss of $100) increase my 2018 ...
1
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3answers
128 views

Who normally attends a residential real estate closing in the US?

For a standard mortgage closing, what parties are usually in attendance for the final walkthrough and closing event?
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2answers
80 views

Will I actually use my Solar State & Federal Tax Credit?

I live in Iowa, and am considering a solar panel install on my house. It is likely the install will take place in 2020 making it eligible for the 2020 state and federal tax credits. I get that I will ...
1
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1answer
167 views

Financing a house

So I'm in an odd situation. My mom, who has cancer, was about to be foreclosed on by defaulting on her HELOC. Not wanting to lose my childhood home and seeing an opportunity to get into property ...
0
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2answers
92 views

I want a loan that affects credit [duplicate]

I'm 18 with no credit (a collector has been disputed off) I want to get a personal loan of only a couple hundred but I need it to go towards my credit while I'm paying it back. I also want to take out ...
0
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0answers
64 views

Do dividends paid on short positions count when reporting taxes?

If I'm long Company A that paid me $100 in dividends and I'm short Company B that I paid $100 in dividends... do I report $0.00 to the IRS? Do I sum dividends in and out?
31
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6answers
9k views

How can I force a bank to close my account with them?

I'm trying to close a US bank account and they won't take my no for an answer. I've called many times and they say something like "we're confident that you'll want to come back, and you have our word ...
48
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6answers
7k views

Unexpected large rent payments, by moneygram, for my apartment, not by me

I'm used to scams where they ask you for moneygrams, but not the other way around. I applied for an apartment Oct 7th, and moved in Nov 13th. When I tried to pay December's rent, I saw that my ...
1
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1answer
47 views

Year end capital loss taking and wash sell rule

In order to offset some downside risk I have purchased SQQQ shares throughout the year. It’s almost end of 2019 and I find NASDQ is at all time high. As a result I would like to sell SQQQ share and ...
1
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1answer
50 views

What is a “final” excise tax return?

Looking at the article here on quarterly excise tax returns form 720 it says You must always file when you collect any excise tax during the current quarter or if you were responsible for ...
-1
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1answer
41 views

Can I take capital loss here? (Wash sale) And how to calculate cost basis?

Lets say I have the following trades of CompanyA stock: Jan 1st - bought 5 for $10 Jan 15th - bought 3 for $12 Jan 25th - bought 3 for $15 Apr 15th - sold 11 for $18 -- Gain May 5th - Bought 5 for ...
2
votes
1answer
102 views

What happens when the Medicare deductions on one's Social Security (SS) check are larger than the SS benefit?

This is probably going to happen to me in 2021. For 2020, my net monthly SS benefit will be $8.00 (eight dollars). A little more IRMAA (income related monthly adjustment amount, which is a surcharge ...
2
votes
2answers
112 views

Reclassifying income from passive to active for actively managed rentals

I own multiple rental properties and a property management LLC. I would like to start paying a 10% management fee (industry standard rate) on all my rentals to my property management LLC. My ...
2
votes
3answers
2k views

Are there tax benefits in the U.S. for buying a first house? [duplicate]

Does a mortgaged home purchase impact your federal U.S. tax return in any way?
2
votes
1answer
372 views

Buy Land Using Old 401K?

I have a 401K from a job I left ~7 months ago. I'm looking to buy some land and do construction on it. I need to put about $40K down on the land, but I only have ~$30K in savings. What's the best way ...
0
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1answer
79 views

How to depreciate in terms of taxes?

So, Let's say I have a very small business and I make about 10,000 USD in sales. Let's assume there are 0 expenses. So, my profit is about 10,000 USD for that year. Assume the tax rate on the ...
1
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1answer
66 views

Are wash sales calculated by my broker?

For taxes, do I need to calculate wash sales myself, or are they typically reflected on the tax documents I will be sent by my broker?
-1
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1answer
264 views

Where's the scam in this bank fraud call?

Callee C, in the United States, receives a text message nominally from Bank B's fraud center, from a short SMS code, noting first that it's a "FreeMSG" asking about a particular purchase; "If valid ...
4
votes
1answer
133 views

Can I deduct BYOD expenses from my 2019 taxes?

I've been searching around and all I can find is for business owners to deduct expenses from buying equipment for their employees to use, or self-employed persons to deduct their own expenses. If my ...
0
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1answer
50 views

Variable Annuity Vs Roth IRA Vs 401K. Pros & Cons of Investment Plans

I'm trying to understand the pros and cons of Variable Annuity products like Mass Mutual Transitions Select. I worked for a few employers for a short term like 1 to 2 years and had 401K with them. ...
3
votes
2answers
366 views

How can I regain my credit history after having legally changed my name?

In 2015, I opened a CreditKarma account to monitor my credit even though I had no credit history at the time. In 2017, I successfully applied for a secured credit card with a low credit limit based ...
0
votes
1answer
40 views

Selling Lots and SMA (Special Memorandum Account)

My broker allows me to sell shares in the lots that they were bought. For example, the fictitious NuCo, In., in order of purchase: Lot A: 300 Shares of NUCO at $20 Lot B: 300 Shares of NUCO at $17 ...
0
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1answer
129 views

maximum solo 401K contribution

My net profit from a freelancer job is $2656. The IRS "self-employment estimated worksheet" calculated that my SE tax is $375.27, and "Deduction worksheet" calculated that after SE tax deduction, my ...
1
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0answers
15 views

Service export through another service provider [closed]

If a person of one country provides services to another country using company outside the county of his residence should he pay income tax to the customer's country?
0
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0answers
21 views

As an Indian what are my tax liablities if I sell an In App Purchase for Android to any other country [duplicate]

If I use Google's In App Purchase Service to render them in Austrailia ,what are my tax liablities to USA Austrailia India including income tax and indirect tax or other direct tax if neccessary?...
0
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0answers
43 views

Source of Income for Google [duplicate]

Suppose I am in India, I have an app that has In App Purchases, and I sell a purchase to someone in Australia. Google India pays me the amount and takes a 30% cut. Since Google is an American ...
1
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2answers
54 views

Accidental HSA Contribution to Previous Year

Never previously being eligible for an HSA, I switched to a new health care plan with an HSA effective at the start of 2019. I made a couple of contributions at the beginning of the year. Some time ...
0
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0answers
22 views

What are the limits for a corporation investing under US Regulation Crowdfunding rules?

When investing through US Reg CF, there are certain limits on the amount that can be invested. These limits seem based on Net Worth and Income. Examples are listed here: https://www.sec.gov/info/...
1
vote
1answer
66 views

1099 and W2 income in same year. Does it make sense to open LLC/S-corp?

Next year (starting from January 1st) I am planing to work for company "A" as self-employer (software developer/consulting) for 3 month. After that I am planing to work as full time employee (W2) for ...
4
votes
1answer
118 views

What are the US federal tax implications of a forfeited signing bonus?

Example scenario: I accept a job that pays me a signing bonus. I accept the job, and I receive my signing bonus, which is taxed appropriately. However, there is a clause in my agreement that states ...
2
votes
1answer
70 views

Does the wash sale rule apply when rolling options spreads?

If I short a spread and roll it over the next month at a profit, does the losing leg carry over to the new trade? Example: Short 1 January PUT $200 Strike +$100 Long 1 January PUT $150 Strike -$30 ...
0
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3answers
89 views

International Income Tax

Can a citizen of one country be charged income-tax by another country even if he/she has never resided in that other country based on income sourced through customers of that country?
2
votes
1answer
61 views

Does a public company need a majority approval of share holders before it can do a secondary offering?

Before a public company can do a secondary offering (issue more shares) do the majority of current share holders need to approve it? or can they issue more shares without having the current ...
0
votes
1answer
24 views

How to calculate tax liability for stock purchased through ESPP and then sold?

I'm going to be receiving some stock that I purchased through my Employee Stock Purchase Plan (ESPP) soon and I'm wondering how I would go about determining how much I would owe for taxes if I sold ...
1
vote
1answer
100 views

Advice/Experiences, Auto Insurance, Florida, 18 years old [closed]

I am in Florida, United States. I have recently bought a reliable (however temporary) 2004 Chevrolet Colorado (rear wheel drive, maroon colored pickup truck). I have done a lot of research but I'm ...
31
votes
7answers
9k views

Is there any reason a person would voluntarily choose to have PMI?

Private Mortgage Insurance (PMI) seems to be treated as a necessary evil. Inquiries about pmi on this site and elsewhere almost always revolve around avoiding it - how to avoid being required to ...
3
votes
2answers
164 views

How can checking credit to open a new account have no impact on your credit score?

The advice I've typically seen is more like this advice “Hard inquiries,” also called “hard pulls,” are the kind that can cost you points. They happen when someone pulls your credit for the purpose ...
-1
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2answers
151 views

US income tax for non US citizen

If I sell In App Purchases ANDROID to US customers from outside USA do I have to pay income tax to USA.Google already taxes a 30% cut.
3
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4answers
330 views

Can I keep my car loan if I trade in my car?

I have an excellent rate (1.9%) on a loan that has 3 years and roughly $8900 left on it. I’m not sure how I got such a great rate on a 6 year loan but here I am. Anyways I would like to get a new car....
25
votes
11answers
16k views

How to pay less tax on a high salary?

I'm working as a software engineer in the Bay Area. I file my taxes as "Single" and because of the high salary, I fall into the 32% bracket. Some of my salary goes into a 401(k). What are some ways ...
0
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1answer
189 views

Will IRS refund if it double taxes me?

I'm not a US citizen, but was working until recently in the US with a work authorization visa (TN1) For family reasons I had to go back to my country N (where I am a citizen) and I'm currently ...
-1
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4answers
240 views

How can I keep my business income separate from personal

My student loan payment is based on my income. If my income goes up, my payment increases. I am starting a business in addition to my regular income. I was planning on creating an LLC because of the ...
0
votes
0answers
54 views

Are campaign contributions to NON government positions tax deductible?

If someone is running for an elected position on a private university board, and you donate to them, is that a tax-deductible contribution? Or does the "no tax deductions for campaigns" refer to non ...