Questions tagged [united-states]
For questions that relate to the laws, practices, and products of the United States.
14,247
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How to vet a potential financial advisor to avoid being scammed?
Most of my retirement funds are currently in an account at Fidelity. I was contacted about a year ago by one of the many wealth management services out there, and through a number of telecons and ...
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Tax treatment for minor with Roth IRA and ex-spouse
I want to open a custodial Roth IRA for my 16 year old that has some earned income. As I understand I'll need to prove that contributions aren't exceeding a maximum, which I imagine is just some tax ...
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Built a house on property. Florida residence when can we sell the property and avoid fed capital gains?
Sold primary house in 03/2021, and then bought land in 05/2021, address assigned same month. Lived on the property in RV. Built a house on the property. Florida residence, when can we sell the ...
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Does a company buying back its own stock affect how much retained earnings it shows on its balance sheet?
I would think that buying back its own shares would not effect retained earnings. Here is
the formula for retained earnings that I am familiar with:
Retained earnings = Retained earnings from the ...
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Filing for an EIN number for a Trust
Recently my mother died and her living revocable trust is now irrevocable. I am the sole trustee and sole beneficiary of the trust. I am also the executor of her estate.
I need to file for an EIN ...
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1
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Will there be any incoming & outgoing taxes on $40,000 money transfer from USA to India and possibly back from India to the US between siblings?
I am an Indian citizen and future UK postgraduate student (September 2023). To fund my studies and living expenses in the UK, I have applied to for a local government scholarship, the result of which ...
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Deducting mortgage zero-cost refinance points from taxes when using the money for home improvement NEXT year
I have refinanced a mortgage and paid for quite a lot of points. The refinance was zero-cost, so the points came from the increased loan amount. I used the money I saved due to zero-cost refinance to ...
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When to report gifting an apartment to a child?
If one began the process of gifting an apartment (which is located abroad) to a child, on March 1 and it takes 6 months to get the apartment listed officially under the child's name,
When does one ...
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Can I also use my US capital losses in Italy?
I’m a United States (US) citizen and a US resident and have been both my whole life. I have (1) US source capital loss carryover from previous years and (2) US source unrealized capital losses.
Let’s ...
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In a non-community property state, which shares get stepped-up basis when held jointly by a married couple and one spouse dies?
Let's say a married couple lives in a non-community property U.S. state. They have a taxable joint brokerage account and periodically buy shares of stock. One spouse dies so the other spouse is ...
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How to file NYS Taxes for Deceased
IRS has straightforward instructions to file Federal Taxes for Deceased, but I failed to find the same for New York State.
When I google, "new york state deceased taxpayer", it gives "...
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How to calculate tax for Precious Metal Sales in Ohio
So recently Ohio did away with tax on precious metal sales. I've been wanting to produce precious metal items for a while and decided I want to open an online store.
I'm trying to understand how to ...
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Can I 1031 split real estate, then move into both sequentially?
I have an investment property where I have a capital gain of approximately 700k with no mortgage.
I understand that you can move into an investment property, convert it to your primary residence and ...
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What are the requirements for an older spouse to maintain the RMDs of a younger spouse that has deceased?
Let's say Alice is 78 and Bob is 74, so both are already taking RMDs, and are married. Bob dies, and Alice becomes the owner of Bob's IRA.
According to the IRS here, Alice can continue taking Bob's ...
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Do financial advisors paid by the hour exist?
I am wondering if financial advisors that are paid by the hour exist? My situation is that I would like to hire someone paid by the hour for getting support to make my financial decisions. Most offers ...
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Best way to pay myself from a C-Corp
I am a US citizen, and I own a C Corporation that is used to receive payments for contract work that I do.
I estimate that I will earn about $250k this year in it.
What is the best way to pay myself ...
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In the US, what if the wages exceeded the maximum amount of contribution to FICA, does it affect the 35 years highest wages rule?
In one sentence: if my wage if $350k per year vs $200k per year, does that affect what monthly social security benefit, because they maxed out the contribution in the same way.
I saw from ChatGPT and ...
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What is the actual Market Premium (U.S.) in the book "YOUR COMPLETE GUIDE TO FACTOR-BASED INVESTING" by Berkin and Swedroe
In chapter 1 - Market Beta, the authors state that the market beta premium in the US (annually) from 1927-2015 was 8.3% while they also state that the Equity Risk Premium in the US from 1900-2015 was ...
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How to compare loan interest rate to savings account interest rate?
I don't understand how to compare my loan's interest rate to my savings account interest rate.
My savings account states:
The Interest Rate on your account is 4.0249% with an Annual Percentage Yield ...
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I don't want Social Security Benefits, how do I not pay it's taxes?
Very simple: I don't want any Social Security Benefits, I don't want the taxes or the benefits, and am aware of the risks. For 2023 the max taxable income for Social Security Tax is $160k and 12.4% of ...
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Minimizing tax liability in business purchase w/ personal loan from other partner
I'm purchasing an existing business with a business partner. They're in a better position than I am regarding liquid assets. I've got most of my assets in positions where I'd be paying high short term ...
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FIFO caused my ESPP shares to be sold instead of my vested RSUs. Should I sell the stocks in my portfolio labeled as RSUs ASAP?
10 RSU shares vested February 20 on Fidelity.
I immediately distributed them using net share tax settings.
As soon as they hit my individual portfolio, I sold 10 shares, not knowing that I was using ...
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Are the ATON and ACATS protocols compatible with each other for cross-border securities transfers?
ATON (Account Transfer Online Notification) - is an electronic transfer method that eliminates the physical exchange of paper documentation between brokerage institutions in Canada (signed documents ...
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Can an executor to a will renew insurance policies of the deceased person?
A mother, with a relatively high net worth, dies while owning a home. While she was alive, she had home owners insurance and a personal umbrella policy. While the estate is being settled, her son ...
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LLC tax for non US citizen
I incorporated my business in US (LLC) last year. I am a non-US citizen. Currently, the business has no revenue. I read how tax income works and that tax brackets are applied as an individual since ...
trying to learn
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guarantor's responsibility if lease is completed, but tenants refuse to leave
We signed a lease guaranteeing the rent for our son. He was expected to pay when he got on his feet, but has made no payments. We have paid all monthly payments and there are 2 months left on the ...
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Should I sell off my Traditional IRA holdings in the first year I stop working after 60?
Just to experiment with Roth IRA and Traditional IRA, I do have both. I have some holdings in Traditional IRA, but they are more like US$1000 and a few hundred dollars in some other firms.
So let's ...
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Does amending taxes affect future QBI loss carryforward?
When an S-Corp shareholder deducts losses, those losses reduce subsequent years' QBI Deduction (Form 8995, line 3 Qualified business net (loss) carryforward from the prior year). But what happens if a ...
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W8BEN form Tax Treaty details for an Indian student receiving a (Travel) Award from a US-based organization
I'm a Indian student living in India. I have been selected for a Travel Award for attending a conference in a country that is neither US nor India. However, the conference organization is US-based and ...
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Paying estimated taxes on a W2 job - Is it okay to under-withold and make it up with a quarterly payment?
Filling out W4's becomes tricky when there are multiple jobs, and more so when the jobs have very different wages, or are bursty. Is there anything wrong with having the withholdings be low, and then ...
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Combining Cash and Stock Charitable Deductions for U.S. Federal Income Tax; and cutoff of total allowed
For my 2022 return, I have:
(a) cash charitable deductions made in 2022;
(b) unused cash charitable deductions from 2021 which I will exhaust on the 2022 return;
(c) unused stock deductions from 2021 -...
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I switched from self-employed to FTE in May, do I need to continue to pay estimated tax?
If I had continued as self-employed, I would definitely pay estimated taxes in June, September, and January. But since I switched in May, I'm not sure if I need to do that (i.e. if I'd be overpaying a ...
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Ticket company sent me extra tickets, can they charge me for it?
I was buying some tickets from a reseller app. I accidentally clicked on return so I had to purchase a second set of tickets.
Couple days ago the tickets were sent to my Ticket Master account, ...
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What happens if the deemed acquisition price is lower than the actual acquisition price when establishing Canadian residency?
According to the Canadian Revenue Agency:
Deemed Acquisition on Becoming Resident:
A taxpayer who becomes a resident of Canada at any particular time in a taxation year is deemed under subsection 48(...
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Can you prorate the standard deduction as a dual-status alien in the United States? [duplicate]
According to the IRS:
"You cannot use the standard deduction allowed on Form 1040, U.S. Individual Income Tax Return. However, you can itemize certain allowable deductions."
Does this mean I ...
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How to evaluate options for selling a rental property
I own inherited rental property in the San Francisco Bay Area, and have been thinking about doing a 1031 exchange into Chicago, where I now live, for a few main reasons. One, I inherited the property ...
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Can non-resident alien in USA accept money from dependent wife in a US saving account without incurring tax?
I am a non-resident alien in USA on J1 visa. My wife and I are both Indian citizens. Recently my wife moved from her previous job (in Spain) to live with me as dependent J2. Since she does not have ...
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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 ...
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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, ...
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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 ...
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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 ...
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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 ...
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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 ...
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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, "...
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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 “...
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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 ...
user122431
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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 ...
user122431
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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 ...
user122431
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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?
...
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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, ...
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