Questions tagged [united-states]

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

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2answers
148 views

Do Mineral Rights stay with the original land owner through death or can the current land owner retrieve them?

My husband and I are looking to purchase a hundred acre property in Western NY. The current owner says the original owner is receiving payment for gas mineral rights associated with the 100 acre ...
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2answers
85 views

Book Value vs Current Market Value

Thanks for looking into my post. I am new to the stock investment. According to Benjamin Graham, He suggested investors to purchase a stock 1.5 times the current book value. Current Microsoft book ...
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1answer
51 views

How do stock manipulators gain control of dormant shell companies traded on over-the-counter markets?

I was reading this official SEC press release: SEC Microcap Fraud-Fighting Initiative Expels 379 Dormant Shell Companies to Protect Investors From Potential Scams. Excerpt: The existence of empty ...
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1answer
81 views

Does PDT transfer with you when you switch brokerages?

Robinhood classified me as a Pattern Day Trader (PDT). If I switch to TD Ameritrade, will my 90 day ban follow me? Worried that if I make a trade with TD Ameritrade then I try to sell it will ...
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1answer
72 views

Is an individual who hasn't been in California in 2019 but is domiciled in California throughout 2019 a California tax resident?

I read on Page 4 of FTB Pub. 1031 2019 (mirror) (I italicized the important passages): [Section E:] Who Are Residents and Nonresidents A resident is any individual who meets any of the following: ...
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56 views

What is the penalty, if any, for mistakenly paying US federal taxes as US tax resident instead of a non-US tax resident?

Determining the US tax residency can be slightly tricky and as a result I wonder what the penalty is, if any, for mistakenly paying US federal taxes as US tax resident instead of a non-US tax resident....
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0answers
107 views

Turning 30, getting driver's license for the first time, need insurance

This is a bit embarrassing, but I am turning 30 and am just now trying to get a driver's license for the first time. I own my own car, just bought it recently to learn to drive, but I don't have a ...
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41 views

Taxation on LLC capital gains

If I formed an LLC with private investors and had short-term capital gains then, Are the capital gains taxed on the amount excluding the dividends/profits paid to investors? Will the investors have ...
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2answers
161 views

How do I get confidence that I am planning for retirement correctly

So, I am not a big spender. I have some investment in stocks and focus on monthly savings and don’t usually splurge money. That said, I don’t know if I am doing enough to save enough money for ...
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1answer
110 views

Covering estate tax on US assets for non-resident alien

I am a non-resident alien holding a brokerage account in the USA but residing outside the USA. My country does not have an estate tax treaty with the USA. So my estate is liable for a significant ...
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1answer
13 views

Taxation of US LLC in India

I am a non-resident of the USA, and a resident of India for tax purposes. Suppose I set up my US brokerage account as an LLC in the USA. What taxes will I owe on this account in India? What taxes will ...
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3answers
108 views

Trading is less than 100 Shares and the quality of the price

I am thinking about diversifying my portfolio by adding 10 new positions. Due to limited funds, I am planning on buying less than 100 shares each time. It is my understanding that since I am buying ...
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0answers
36 views

Can I deduct anything from my Taxes if I send money back home for my educational loan?

For the tax year, I was on an F-1 visa. I routinely send money back home to India for my educational loan/ family purposes. Can I deduct this from my taxes?
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529 withdrawal tax implications

I have a 529 account in Michigan for my children. It is tax free on withdrawals for higher education cost. I recently moved into another state, so I am still debating whether I should keep the ...
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52 views

What is my cost basis for a stock I received when my insurance policy was demutualized?

Background: My brother and I are co-beneficiaries of a trust that held an insurance policy with The Principal Financial Group, which Demutualized on October 26, 2001. At which time the trust was ...
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1answer
141 views

How is the profit of a sale of stock calculated for taxes if the initial investment amount is divested, and the profit remains invested

I hope the title is accurate/descriptive. Open to suggestions edits if something makes more sense after reading. The best way I can describe this is with a scenario. So: $5,000 is invested in stock A ...
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1answer
96 views

How much USD is there in total? [closed]

If I hypothetically took all of the USD out there in physical currency and in people's savings/checking account then how much would I have? I suppose this would also include any liquid cash that ...
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62 views

Am I eligible for unemployment? Resigned, transitioned to part time, then let go

Work was too much, too many hours, no life, inability to take care too much stress so... I discussed resigning with my boss early January, and was convinced to stay with some help offered to reduce ...
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1answer
18 views

J1 to F1 after a gap- am I non resident?

I was on J1 (research scholar) visa in 2009 and 2010. Then I stayed out of US and came back on F1 student visa in 2015 and held the F-1 student visa for 2015, 2016, 2017, 2018, 2019. My question is ...
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1answer
77 views

What is the best way to recieve a $10,000 gift when you need some but not all of it immediately? [duplicate]

In the next 3 weeks I will be moving to a new location - my parents have set aside $10,000 for us. My parents can transfer this money from their account to my account - because we share a credit union ...
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2answers
41 views

What are the taxation rules for US non-resident aliens with respect to qualified dividends?

Are the rules different for qualified versus non-qualified dividends? Assuming no DTAA exists between the US and the country of residence.
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1answer
22 views

CA State Income Tax return CA540NR Federal Adjustable Gross Income (AGI)

I am filing my taxes as a non resident alien manually this year with using some tax software for verification. My Income is $65,000. I have a part of it exempt under US Tax treaty with India and my ...
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1answer
50 views

Can I apply for an extension of time to file tax return between April 15 and July 15 2020?

I can usually apply for an tax return extension before Tax day (Apr 15) however this year tax return deadline was moved to July 15 - does it mean that I can apply for an extension after Apr 15 but ...
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1answer
48 views

What constitutes “close to being vested” in ERISA claims for illegal termination to avoid paying pension benefits?

Sometimes a company will lay off workers who are approaching their term of service when their pension benefits will vest. So, for example, let's say an employee's pension plan vests at 30 years of ...
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2answers
64 views

Estate tax in the USA for non-residents

I read that the estate tax for non-residents on their US assets can go up to 40% with the first $60000 tax exempt. Suppose, as a non-resident, I have a brokerage account holding US stocks with the ...
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2answers
71 views

Capital gains and unable to claim it as my primary residence because I have to work from overseas

Is there a way for a partial exclusion in this situation: I left the US in 2016 to work from Istanbul, and still no end in sight as to how long I will be here. I have to sell the property (the only ...
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1answer
210 views

Can I withdraw EDD funds without the account number?

I have money issued from the Employment Development Department (EDD), but I don't have the Bank of America EDD Debit Card yet. Can I use my ID to go into the bank and withdraw money even if I don't ...
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3answers
279 views

Is an academic career financially feasible for me?

I just turned 38 and am contemplating pursuing an academic career, but I want to weigh the financial risks before making a decision. I graduated from college in 2018 with a general liberal arts degree,...
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2answers
39 views

FICA on Traditional IRA to Roth Coversion

I am aware of the fact that we have to pay taxes on the amount we convert from Traditional IRA to Roth IRA. However, I would like to find out if we have to pay FICA taxes on the conversion. General ...
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0answers
76 views

What is your gross annual income if you have just left your job?

I, US citizen living in the US, am looking for purchase a home. In looking up grant programs for downpayment assistance, I realized many have caps on gross annual income. My question is, if it is the ...
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0answers
29 views

Dependent in 2019 and 2020 but not in 2018. Stimulus received. Does it have to be returned

An individidual was not a dependent in 2018. She is in 2019 and 2020, but she received her stimulus funds before 2019 taxes were filed. Is she required to return the funds?
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295 views

Dealership ran my credit and then texted me and told me the truck was priced wrong. What can I do?

Called a dealership to buy a truck over the phone. I told him I wanted it and that I was going to have them finance it. First time over the phone purchase because of COVID-19 San Antonio, Texas Price ...
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2answers
139 views

What is the most cost effective way to pay for taxes?

I am a US citizen employed in the US. I have recently been making quite a bit of money (knock on wood) in the stock market. In previous years, most of my money has been coming in from my salary, which ...
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1answer
26 views

Necessity of filling Form 1116 or Form 2555

I left the USA in February 2019, pass the substantial presence test for 2019, and am filing my US taxes as resident alien. Just on my US sourced income, I do not owe any taxes and don't need any ...
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1answer
71 views

Reduce Self Employment Tax

Thanks for looking into my post. I am an independent contractor and I don't have any LLC or company. Currently, I am paying 26% on the self employment tax even after contributing to SEP IRA. Is ...
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0answers
10 views

non qualified stock options long term capital gains rate vest timeline requirement

I've read that for ISOs to get a long term gain rate you need: The options to have vested at least two years ago The option was exercised at least one year ago For NQ/NSO, I've read that 2. is ...
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1answer
107 views

Tenant disputing security deposit deductions can I add additional deductions?

Our tenant resided in the unit for 2 years and we took over managing it as the property manager was doing a poor job. Using the move in report from the previous manager we calculated deductions and ...
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0answers
18 views

Delay in submitting W-8 BEN

I left the USA on 1/31/2019 for India, and have been in India ever since. According to 1040 NR instructions on page 10 (dual status tax payers), I could be argued as being a non-resident for 2019 ...
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11 views

Form 2555 (Foreign earned income exclusion)

I am filing my 2019 US tax returns as resident alien, but during the later part of 2019, I paid taxes in India on Indian income. Should I fill out Form 2555 to claim foreign earned income exclusion?
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1answer
45 views

E-filing US tax returns

I want to e-file my US tax returns that I have prepared myself. I don't see any link specifically dedicated to e-file. All I see is https://www.irs.gov/filing/e-file-options I have already prepared ...
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1answer
40 views

1040 NR Capital gains Line 14

As a non-resident alien, I was told that I do not have to pay capital gains tax in the USA. Why then is there line 14 for reporting capital gains in 1040NR?
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22 views

1040 NR Line 22 Schedule OI

Line 22 of 1040 NR is "Total income exempt by a treaty from page 5, Schedule OI, item L (1(e))" I am a resident of India for tax purposes, and I was not able to identify in the India-US tax treaty ...
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3answers
142 views

Coming into some inheritance, how to smartly put it to the best use to pay off my debt and/or pay for a home downpayment?

I'm in the United States. A family member just passed and it looks like I'll be coming into a little inheritance ($30,000 USD). I've got quite a bit of debt and am also looking at potentially buying ...
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0answers
13 views

Understanding Dependent Care Flex Spending Account on Tax Return

I am trying to understand why my accountant added my Dependent Care Flex Spending Account (FSA) total to my earnings on my tax return. With all the insanity surrounding COVID, I haven't been able to ...
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1answer
1k views

Address on a Personal Check

Is it necessary to have my address on personal checks? I've moved since having my last set of checks printed and every time I write a check I've been crossing out the old address and writing the new ...
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73 views

Check Cashed By someone else [duplicate]

I am facing one weird situation. I am about receive check for my kid’s summer camp refund. Summer camp agency issued a check and it was never delivered to me. When I contact them they said its ...
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1answer
155 views

Do US delivery companies pay out insurance if the declared value of a package is $0?

I'm in the UK and about 6 months ago I sent some sports cards to a friend of mine in the US to get professionally graded through PSA✝. This took a while due to the pandemic, but PSA has now returned ...
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3answers
26 views

Home insurance offers from Chicago Title's affiliations

After entering an escrow for a home purchase we have received an email (legit) from a company affiliated with Chicago Title with quotes. I hadn't yet come to this step mentally. We're still in the ...
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0answers
94 views

Roommate/co-tenant said she would renew but lied after I sign lease - invalid lease?

So, my roommates and I planned to sign a lease renewal as co-tenants in NYC. While some of the roommates already signed it, the others changed their mind last minute. This unfortunately means the ...
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1answer
42 views

Calculating 179 Vehicle Deduction with Trade in

Let's say you trade in a work car that you never depreciated for a new truck that qualifies for the 179 100% deduction (truck has a GVWR over 6,000-pounds). To keep the numbers simple, the work car ...

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