Questions tagged [united-states]
For questions that relate to the laws, practices, and products of the United States.
14,162
questions
3
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1
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75
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How is tax residency divided between the US and Canada on the day of arrival/departure?
Suppose an individual who is a resident of the United States has resided and worked within the country from January 1st until May 15th. On the morning of May 15th, they travel to Canada and, in the ...
- 1,360
0
votes
2
answers
147
views
How can I see the endorsement information on the back of cancelled checks?
Back in the days when banks provided our cancelled checks, we could see how the check was endorsed and the accounts into which it was deposited by looking at the rear of the cashed check.
However, ...
- 9,755
2
votes
2
answers
486
views
Does it make sense to sell stocks to pay off part or all of my mortgage loan?
My mortgage went through the roof since the increase in interest. I am considering selling my stocks that I have had for decades. My question is, the total value of the stocks is just under the value ...
- 468
0
votes
1
answer
60
views
In what tax year selling my stock options happened?
My employer, a private company, paid me with stock options. In 2021, the company bought back stock options from employees, so I sold some to them.
We signed the "Letter of transmittal" in ...
- 189
0
votes
2
answers
356
views
My boyfriend pays my rent + utilities. I don't have a job. Do i consider that as income?
My boyfriend gives me money (634) every month to pay my rent + water, & pays my electric bill w/his credit card. Sometimes he gives a check to the landlord for rent + water. Do i consider/report ...
1
vote
1
answer
58
views
Nonresident alien -- Tax filing and late payments for class action settlement
I am a non-resident alien having lived in the USA in 2015-2021. I just found out I'd received a class action settlement for almost $400 back in May 2022. (The funds were deposited into my PayPal ...
- 13
10
votes
1
answer
1k
views
What if the numbers and words I wrote on my check don't match?
I accidentally submitted a check today where I put the wrong cents amount in the written portion, i.e. "Two hundred nine and 00/100", and put the correct amount in the number portion, "...
- 101
0
votes
1
answer
109
views
How old a car needs to be for one to request diminish value claim
I am based in NC. My car was hit by another vehicle. The person who hit us, his insurance company paid for repairs. My car is from 2015.
When I made request for a diminished value claim, I was told “...
- 137
2
votes
3
answers
1k
views
How to estimate "estimated" taxes?
I am trying to figure out how to estimate quarterly tax payments. After some wonderful help on this forum, it seems I'll need to do this for my state, but not for the federal government.
From what I ...
- 145
0
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1
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76
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How to best forecast tax liability for the purposes of estimated tax payments?
How can you "expect" to know if you need to pay quarterly taxes? I am on a university fellowship where there is no withholding. I am married, filing jointly. To file quarterly, my ...
- 145
1
vote
1
answer
72
views
Do I need to make quarterly estimated tax payments for a post-doc fellowship?
I am a postdoc in the US, paid on a fellowship from my university for which there are no withholdings.
Do I need to pay quarterly taxes, both federally and to my state?
I expect that I will owe a ...
- 145
-1
votes
1
answer
122
views
When you sell a business. Is it a long-term or short-term capital gains tax?
Let's say I start my own small business selling hot dog stands on Jan 01, 2023, and sell it three months later for $50,000. Would my $50,000 be subject to long-term or short-term capital gains tax?
...
- 1,360
0
votes
1
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110
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For the US, how to calculate the Social Security benefits if I stop working at 60 or 62 but claim benefits at 70?
As related to this question and the calculator at ssa.gov, they tend to say: stop working at 62 and start claiming benefits at 62, or stop working at 70 and start claiming benefits at 70.
However, ...
- 859
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1
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71
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Roth Conversion using up foreign tax credits before and after expatriation
I'd like to sense-check the following scenario, to make sure I don't do something phenomenally stupid and irreversible. I'm hoping that I've correctly understood what I've read on this site & ...
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3
votes
1
answer
358
views
Can I hold gold as much as I like at home in the US?
Is it legal to store physical gold at home in the US? If so, what taxes may be applied on the gold held at home, in form of both jewelry or raw gold?
- 135
2
votes
1
answer
81
views
Move out of and back into New York State in the same calendar year
On January 1, 2023 I was a resident of New York State. In the middle of the year I moved out of New York State to work for my employer physically in a different state. I abandoned my New York State ...
- 21
0
votes
3
answers
113
views
Standard deduction when moving to US throughout the year
Consider the following context:
Person A is moving to the US in July of 2022, formerly not tax-liable in the US (non-reisdent alien). They start a regular employment in the US for the remainder of the ...
- 143
1
vote
1
answer
65
views
Late filing with overwithholding, coupled with unexpected income in more recent years
TL;DR-ish
Can I use any part of my situation to carry forward any amount of refund to next years? It seems so silly to have so much locked up in refunds and then owe penalties when they've had excess ...
- 163
2
votes
1
answer
2k
views
My girlfriend helped me buy a car - Who is responsible if she takes it back?
My original car was totaled, and I couldn't get a car on my own due to bad credit. The dealership approved me at a high rate with money down. When I get my trust fund, I can buy one.
My girlfriend ...
- 21
1
vote
2
answers
160
views
Can I deduct defaulted Treasury bonds from my taxes owed
I purchase a U.S. Treasury bond. If the government doesn't repay it, may I deduct the face value of the bond from my income tax payment?
- 119
6
votes
2
answers
814
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tax filing obligations for class action settlement income of under 10$ (non-resident alien)
I am a non-resident alien having lived in the USA 2017-2019. I received today by postal mail a check for less then $10 due to some class action settlement I had no idea about (apparently my bank ...
2
votes
1
answer
74
views
Does stock based compensation (SBC) result in double counting (double deduction) in calculating EPS on a diluted share basis?
As a simplified example, where SBC is issued as RSU's and all RSU's vest in the same year.
Assumptions:
Shares Outstanding before RSUs: 10,000;
SBC= 1000 RSU's at Fair Value per Share: $2 = 20,000;
...
- 21
0
votes
0
answers
28
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Why do we see huge span in stock value in pre or post market on Yahoo! finance? [duplicate]
Looking at various stock (TSLA in the picture below on May 19, 2023) pre and post market trading graphs, I can nearly every day see some huge variations, way over market fluctuations, which I think do ...
- 173
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0
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94
views
What kind of financing options are there for large personal projects?
I'm doing pretty decently on my personal finance goals. I've acquired a personal home with more than 50% equity, a second home for income with about 30% equity, and have several other investments and ...
- 1,476
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1
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207
views
What are the long term consequences to an investor of these US bank cash outflow?
I saw two news
$910 billion in deposit flight from banks in one year
and
one week 98 billion out from bank
My main question is how long term investor protects from any harm that may be building up, ...
- 1,014
1
vote
1
answer
59
views
Margin interest deduction carryover when claiming standard deduction
Margin interest is a deductible investment expense on a US 1040 Schedule A as an itemized deduction
Margin interest can be carried over year over year until it is fully deducted
If the standard ...
- 1,261
1
vote
1
answer
122
views
inheriting (and selling) a house via a trust vs being named on the title
Apologies if this is a silly question. I am quite naive when it comes to taxes.
I am a dual US/UK citizen. My wife is a UK citizen. We reside in the UK.
My mother is a US citizen residing in the US ...
- 11
3
votes
1
answer
546
views
Can applying for a new loan affect my existing mortgage? (US)
I live in the US and I am a somewhat mature full-time graduate student. I have gone back to grad school after having spent some years working and I have children and a mortgage. My school has a policy ...
- 695
1
vote
1
answer
75
views
How split LLC income between spouses in tax form?
My spouse and i formed an LLC in a community property state. We file taxes as MFJ . I have $200k earned income from LLC and my spouse has $0. In an LLC operating agreement, we have a 50/50 split.
...
- 111
3
votes
1
answer
419
views
Income tax on selling stock bought at various times
Say I have 24 shares of stock X, and I got these shares by buying 1 share every month for 2 years. If I now want to sell 1 share of X, how will I know if it is a share I bought 2 years ago, 12 months ...
- 161
12
votes
3
answers
3k
views
As a non-1031 house seller, why do I care if the buyer wants to do a 1031 exchange
I currently have my house listed for sale. A potential buyer came by today, liked the property and, as he was leaving, asked if I would sell as part of a 1031 exchange.
I understand why he would want ...
- 223
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0
answers
75
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Can a 501(c)(7) social club receive donations from a political organization?
We are a 501(c)(7) social club. We are doing a fundraising event and a political organization would like to donate to our program. Is this permitted?
7
votes
2
answers
3k
views
Short term health insurance between jobs
My wife is changing jobs- her and the kids are currently on her employer's group health plan. She is changing employers unexpectedly- she has only been at this employer for about four months. She has ...
- 355
6
votes
2
answers
2k
views
Can I buy my own C-Corp through a Roth SDIRA?
Say I have a C-Corp that is holding my investments. I want to eventually cash out of my positions in the C-Corp and put the money into my Roth SDIRA LLC. Here is the plan my buddy and I have come up ...
- 61
1
vote
1
answer
61
views
How to correct excess contribution to Roth IRA?
IRS has income limits for Roth IRA as given on https://www.irs.gov/retirement-plans/amount-of-roth-ira-contributions-that-you-can-make-for-2023. It is hard for me to guess what would be my modified ...
- 181
1
vote
1
answer
162
views
Gift tax implication If one would pay large and voluntary child support to girlfriend (have common child)?
If I understand correctly, if one transfers more than $17,000 to his girlfriend (not married) with whom he has a child then that would need to be reported on his gift tax return; And would consume his ...
- 655
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votes
2
answers
140
views
Can I make a trip tax deductible if it is for personal development?
I'm a part-time software engineer, and I want to go to the Bay Area to meet people I've only met online, do networking, meet my employer and former employer in-person, etc. However, it's a trip I'm ...
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15
votes
2
answers
4k
views
Is it possible to get one loan for four different (but closely related) purchases?
I'm a pilot. I'm considering maybe possibly building my own airplane from a kit. The problem is that the airframe, engine, propeller, and avionics all come from different suppliers. I don't want to ...
- 253
2
votes
1
answer
163
views
Break even point for HDHP plan vs being uninsured?
I just learnt about nearby hospital's "uninsured patient discount" policy document that states:
The Uninsured Patient Discount will not apply to any item or service
provided to a patient ...
- 655
10
votes
9
answers
14k
views
What's the cheapest way to buy out a sibling's share of our parents house if I have no cash and want to pay less than the appraised value?
My mother passed away, leaving 75% of her house to me and 25% to my sister, setting this up as a trust. The house was appraised at $944K, based on the time of my mother's death (November 2022).
I want ...
- 227
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1
answer
47
views
How to understand "if contributions were made to a SEP IRA, they could potentially reduce the amount you can contribute to your Roth IRA" message?
I received the following message from Fidelity (with whom I have both Roth and SEP IRA accounts):
NOTE: SECURE 2.0 Act was signed into law on December 29, 2022. For
2023, if contributions were made ...
- 1,322
0
votes
1
answer
257
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How can I decide how much I should charge for dog sitting in a month?
The title asks for itself. Google gives a good number of resources (https://pawsathomecare.com/blog/pet-sitter-rates/) but I have never done this, and I haven't found articles for hobby dog sitters ...
- 159
2
votes
2
answers
620
views
Do retirees need to pay social security and medicare after retirement?
Once you have retired, assuming you are only living off a government pension and 401k, 457 and IRA savings do you still have to pay social security taxes and medicare taxes?
I usually see these taxes ...
- 207
0
votes
2
answers
267
views
Is a wash sale that bad?
Using the following as an example, for any equity (stock):
1/15 BUY 10 @ $100
6/15 BUY 5 @ $50
6/20 SELL 10 @ $30
6/22 BUY 99 @ $20
Are 5 shares a wash sale, or 10 shares, 15 shares, or 99 ...
- 1
0
votes
1
answer
140
views
How common is it for appraisals to come in at exactly the offer price?
I recently put in an offer at a house at 5% above asking price. When I got the assessment back, it appraised at exactly the offer price. I was surprised by this because expected it to assess below ...
7
votes
2
answers
3k
views
I would like to donate my IRA to a certain charity. Will that charity be able to withdraw the money from the IRA tax free?
I don't want to withdraw and pay taxes on the cash in the IRA for obvious reasons. Hopefully the face value of the IRA will be the amount I can count as a charitable gift, but I'm more concerned with ...
- 71
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1
answer
31
views
Is carryforward / NOL derived from operating income (EBIT) or taxable income (EBT)?
From Strategic CFO
A net operating loss occurs when a company’s operating expenses and
allowable tax deductions exceed its operating income for an accounting
period.
From Investopedia
A net ...
- 115
0
votes
1
answer
87
views
IRS Setting up a payment plan
A friend of mine has filed his/her taxes using a paper return with money due. The IRS has yet to process the return. Can my friend setup a payment plan with the IRS now? Should my friend wait for the ...
- 1,420
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0
answers
51
views
J1 visa two year exemption rule
I have been granted a fellowship for a postdoctoral position at a university in the USA starting from September 2023 and with two years duration. The fellowship is from a non-profit European ...
8
votes
4
answers
3k
views
Are miles driven for business deductible expenses if the travel expenses are reimbursed?
I completed some work for an organization. I was paid as an independent contractor and expect to be issued a 1099. For one part of the work, I was required to travel a significant distance (by car). ...
- 1,737