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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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Identity theft issue: Fidelity showing another person’s profile on my 401k, Fidelity closed the request

My employer provides 401k and I opened a 401k with Fidelity in September. I have been contributing to the 401k since. Recently, I logged into my account and my user profile on Fidelity is showing a ...
Abdullah Rahman's user avatar
2 votes
1 answer
149 views

German employee with stock options for a NASDAQ-listed company: eligible for Tax Treaty Benefits?

I am a German employee (German citizenship, living and working in Germany, no connections to the US) of a NASDAQ-listed company and have received stock options (more exactly RSUs, Restricted Stock ...
rob74's user avatar
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I'm a nonresident alien who won and claimed a $50 giveaway through the internet before I realized this could give me a headache, please help

This might be a silly question but: I think I'm not obliged to file a tax report since my income from a U.S. source is only $50 (please correct me if I'm wrong). But what about paying the actual tax (...
Lynn's user avatar
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2 votes
1 answer
106 views

QSBS for restricted stock options

The below applies to a US company I have started at a company where I have received stock that has a 1 year cliff and a 4 year vesting schedule. I earlier exercised my stock and filled out a 83b form. ...
Mr.MoneyGoatee's user avatar
2 votes
0 answers
162 views

Can an owner who rents rooms write-off an unoccupied, unfinished basement that is open to all residents as a common area?

If a rental situation is owner-occupied and areas shared by lodgers and the owner are prorated for tax purposes, can an unfinished basement, treated as a common area to all equally, also be written-...
Ryan Mortensen's user avatar
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0 answers
62 views

What are the risks of investing in an unsponsored American Depositary Receipt (ADR)?

What are the risks of investing in unsponsored ADRs? Is the risk different from that of sponsored ADRs? I initially believed that volume would be a problem for unsponsored ADRs, but then I noticed ...
Flux's user avatar
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Total Cost of PAYE?

I'm evaluating my options for my Federal Loan debt, namely continue with PAYE or refinance with a private lender. Presently I'm enjoying deferment until Jan, 2022 due to President Biden's decision. ...
user112134's user avatar
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Stepped-up Basis with a Revocable Living Trust

Scenario is this: son was trustee and invested extra savings in cryptocurrencies while father was alive and not able to make his own decisions. A few additional cryptocurrencies were purchased after ...
NealWalters's user avatar
2 votes
0 answers
53 views

1031 exchange to buy out another party?

Can a 1031 exchange be used to buy out another owner of a residential rental property? Say two people own one rental house 50/50. There is no assumed business name, LLC or partnership. The deed has ...
turtle's user avatar
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Does a delayed refund suggest that an audit is likely?

My US federal tax refund is taking an unusually long time to be issued this year. I e-filed my return 3.5 months ago and the IRS Refund Status page just says it is "still being processed". ...
Nate Eldredge's user avatar
2 votes
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Has there been any studies or economic theories regarding HSA and whether to save/spend

HSA have triple tax advantage: Pre-tax contributions Tax-free growth Tax-free withdrawals for medical expenses If one planned to only use this money for medical expenses after retirement (62), is it ...
paulj's user avatar
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What is the purpose of NSCC illiquid charges for low-volume stocks?

I understand the situations in which I will be charged an NSCC illiquid charge, and I have read: What are NSCC illiquid charges? From my understanding, stock brokers pass the NSCC illiquid charge to ...
Flux's user avatar
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2 votes
0 answers
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Do non-resident aliens have to pay US taxes on dividends from ADRs?

If a US non-resident alien owns some shares of an ADR that pays dividends, does the US government collect any tax on those dividends? I understand that, for non-resident aliens, there is a 30% tax on ...
Flux's user avatar
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Is telecommuting due to covid valid for taking the home office deduction for W-2 employee for New York State Tax Return?

For W-2 employees, as far as I know, you cannot take the home office deduction for your federal return, if the reason is telecommuting due to covid. It must pass the "convenience of the employer&...
user3621633's user avatar
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0 answers
29 views

Are state disability benefits taxable in tax year when you were eligible for them, or approved for them, or when benefits were actually paid?

Imagine that someone gave birth on November 5th, 2020. California allows moms to take off up to 8 weeks of disability insurance benefits. Are such state disability insurance benefits taxable in 1) tax ...
user4910112's user avatar
2 votes
0 answers
107 views

Why does Turbotax ask to enter Form 8938: Interest II schedule even when there is no interest?

Does the IRS require me to enter Form 8938: Interest II schedule even when there is no interest, or is that just Turbotax asking for unnecessary information? The same issues arise for all other Form ...
Franck Dernoncourt's user avatar
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0 answers
96 views

Correcting excess 401k contribution to solo 401k -- Do I have to file a 1099 R before I can file my 2020 taxes?

In 2020 I left a corporate job and started my own business. I established a solo-401k and accidentally made an excess contribution to the solo 401k due to a previous contribution in my last job's 401k....
Jonathan's user avatar
2 votes
0 answers
76 views

Cobra or catastrophic insurance

I'm about to leave a job and go on a long bikepacking trip. At the end of the trip I will be going to grad school and getting student health insurance. This is all in the United States. I have decent ...
ford prefect's user avatar
2 votes
0 answers
108 views

Canadian citizen living in Canada wants to gift a US property to a Canadian living in the US. What do I all need to know?

My uncle wants to gift a piece of property in the USA that apparently is worth about $8,000 to my sister and I. We are both Canadian citizens living in the US as permanent residents. Just curious ...
Mandy's user avatar
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2 votes
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Does IRC §871(i) (no tax on deposit interest for non-residents) apply to interest paid by the IRS on delayed refunds?

Internal Revenue Code §871(i)(3) basically says that "deposit interest" on a deposit in a US bank is not taxable for US non-resident aliens. The IRS pays interest on delayed refunds and ...
user80551's user avatar
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0 answers
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Do we have to pay deductibles on medicare and medicaid separately?

My fiancé has been seeing a PTSD therapist for about five weeks, paying out of pocket for the sessions until her medicare deductible was met so she would be covered. We just got a call from the ...
Bob Smith's user avatar
2 votes
0 answers
101 views

Am I understanding the math of this futures contract trade correctly?

DISCLAIMER: To be clear, I have zero interest in trading futures. I don't have the knowledge, risk appetite, or capital for that. I'm just asking this to learn. The S&P 500 closed at 3,939.43 on ...
Michael A's user avatar
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2 votes
0 answers
57 views

Income taxes - Changing state of residence before moving out of the US

I'm an European citizen working for in the US with a 2 year contract; I was and will be a non resident alien for 2020 and 2021, but RA in 2022; I have to contribute to a retirement fund (it's a 401(a),...
Alberto Chiusole's user avatar
2 votes
0 answers
109 views

Past employer should have withheld FICA taxes—but did not do so. What do I do now? (J-1 Visa)

I am an Indian citizen who moved to the United States on a J-1 visa. I worked for one employer for just over two years before moving to another employer for whom I worked for one year. I am now ...
Lakshmi Rao's user avatar
2 votes
0 answers
65 views

Do Vietnamese F-1 students have a reduced capital gains tax in the US?

From what I know, F-1 students that need to pay capital gains tax in the US have a flat rate of 30%, "unless a tax treaty allows for a reduced rate" (according to the IRS). My question is, &...
Chris's user avatar
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2 votes
0 answers
234 views

IBKR's 1099 Forms not what I expected

I just received my 1099 Forms from Interactive Brokers, and there are a few things that do not line up: Foreign Tax Paid on 1099-DIV shows $0. I owned shares the entire year in an ETF that invests in ...
user avatar
2 votes
0 answers
73 views

Insurance on investment property, is replacement cost commonly required by lenders?

TLDR: Is it common for mortgage lenders to require insurance with "replacement cost basis" on investment properties? Background: I have owned a rental property (3 units) for a few years. ...
Daniel K's user avatar
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67 views

Is there any reason why my federal tax is reduced while the state tax remained almost the same?

I'm a PhD student living in South Carolina. I have a graduate research assistant job in my university and my salary is $20,000 per year. I just got my paycheck recently and I realized that my direct ...
Mithridates the Great's user avatar
2 votes
0 answers
1k views

Should I sell or gift my vehicle (RV) to my own LLC?

3 years ago I've purchased an old RV to use (and still using) it as a mobile office and laboratory. A month ago I registered an LLC and now I want to transfer the ownership of my RV to my company. The ...
Jack Watts's user avatar
2 votes
0 answers
56 views

How are property values affected by property taxes and HOA fees?

How do fixed costs impact the value of an asset? Specifically, how do I compare condo prices with wildly different HOA fees and property tax rates (e.g. NJ vs NY)? Should I augment the price with the ...
michaelkovarik's user avatar
2 votes
0 answers
37 views

How to calculate depreciation and tax burden

I am having some issues figuring out to calculate how depreciation affects my tax for a rental property. I have an example below. Is it correctly calculated correctly? Example: Purchase price: $1,...
Androme's user avatar
  • 257
2 votes
0 answers
78 views

School's tuition insurance charge eligible for 529 reimbursement?

My son's tuition bill includes around $100 for tuition insurance. Can I have this paid directly from the 529 account to the university, or must I pay that separately? Articles I've read researching ...
David Gaertner's user avatar
2 votes
0 answers
49 views

Does LLC payment count as payment to me (for unemployment purposes)

In the summer I received unemployment payments from California thanks to new federal laws that gave benefits to self employed business owners. The specific TYPE of unemployment for self-employed ...
Lewey Jimoya's user avatar
2 votes
0 answers
46 views

If I own an ADS in a company that is delisted, can I exchange my ADS with shares of the same company in their original market?

Assume that I own some NYSE:CHA (American depositary shares (ADSs) for China Telecom Corp. Ltd.), which is scheduled to be delisted from NYSE sometime between Jan. 7 and Jan. 11, 2021 (mirror). Can I ...
Franck Dernoncourt's user avatar
2 votes
0 answers
94 views

Living with a zero-income partner, what offers the best Tax considerations?

If I am living with a partner, currently unmarried, who cannot work what would yield the best tax situation in the US: Marrying them and filing as Married - Joint Filing with just the one income to ...
Lady_A's user avatar
  • 121
2 votes
0 answers
56 views

European consultant: living and working in the USA, employed in Canada

I am from Europe and a consultant employed by a Canadian University, but I live in the USA (I moved to the USA as my husband received a J1 visa). So now I am trying to figure out where to pay taxed? ...
Anna's user avatar
  • 21
2 votes
0 answers
66 views

How many "Charge Offs" can a company put on a single debt?

A while ago I took out a loan and couldn't pay it off due to loosing my job. I got another job, and before I could start making payments, a collections agency called me up about the loan. I paid it ...
Blerg's user avatar
  • 121
2 votes
0 answers
32 views

Getting paid by my own disregarded entity in Idaho, do I need to file an Idaho personal income tax return

No physical assets nor contracts in Idaho itself. I do not live or physically present in Idaho. So reading through the income tax documents: Idaho source income is income from: Transactions or ...
Jackson's user avatar
  • 195
2 votes
0 answers
38 views

Does federal tax residency affects State residency status?

I am a resident alien for tax purposes. I have SSN. My wife arrived in USA for the first time on 6/26/2019. She cannot have SSN. She got ITIN. For 2019, we filed joint tax return. As required, we ...
sam's user avatar
  • 151
2 votes
0 answers
116 views

Tax implications when paying all-cash for real estate that is under your unmarried partner's name?

When buying real estate, title company usually asks how title should be formed. So had few questions when buying property together (or for) partner with whom you are not married, but have been living ...
user4910112's user avatar
2 votes
0 answers
70 views

On Form 8949, is it okay to list a long-term transaction with an apparent holding period of less than 1 year ("silent" adjustment to holding period)?

The 1099-B from my broker includes long-term transactions with "date sold" less than 1 year after "date acquired". My inference is that this is because of holding period ...
nanoman's user avatar
  • 30.1k
2 votes
0 answers
43 views

How many schedule K-1 's would I receive If i trade the ETF on 2 different brokers?

This year, I have traded several Commodity ETFs, such as USO, BNO, OILK ( crude oil funds), UGL (Proshares Gold Fund). These ETFs are structured as Limited Partnership. I know that around mid-March ...
domino's user avatar
  • 595
2 votes
0 answers
36 views

Are Employer Taxes (medicare and social security taxes) eligible expense for PPP forgiveness purposes?

Let's assume sole proprietor with 1 employee received $10K in PPP loan. As per SBA at least 60% of PPP loan must be used for payroll expenses in the 24 week period. This means at least $6K. My ...
user4910112's user avatar
2 votes
0 answers
123 views

How to account for time-value of money in a total cost of ownership calculation?

I am attempting to conduct a total cost of ownership (TCO) analysis for purchasing a vehicle, to compare the TCO between an electric vehicle and a conventional gasoline car. I would like this ...
Runeaway3's user avatar
  • 2,898
2 votes
0 answers
131 views

How do I document cash capital contribution and digital assets assignment for single member LLC?

I have a single member LLC, which is currently a disregarded entity status (will be upgraded to S-Corp within a month or two). I'm making an initial capital contribution via cash deposit while opening ...
newbiz's user avatar
  • 21
2 votes
0 answers
20 views

US tax requirement for non-resident non-citizen receiving donations from US non-profit

My wife and I do volunteer charity work in a third-world country. We are not US citizens or residents, however we have recently partnered with a US-based non-profit 501(c)(3) organisation who are set ...
Volunteer's user avatar
2 votes
0 answers
141 views

Wonky credit score situation, when should I refinance?

Back Story I had 750+ credit in February when I decided to look for a home. Searched for a home w help from a friend and my brother Worked with the agent to set everything up The sellers were looking ...
Jacksonkr's user avatar
  • 943
2 votes
0 answers
389 views

US tax implications for UK EMI (Enterprise Management Incentives)

I am a dual US/UK citizen, permanently resident in the UK. I have a job offer which includes EMI (Enterprise Management Incentives), also known as share options. As a US citizen, I have to file a US ...
Daniel Scott's user avatar
2 votes
0 answers
169 views

What are the tax implications of an American buying shares in a UK company?

I'm interested in investing in a UK based company that does not have shares on an American exchange. I had asked a question about if that was possible over here and since the answer was yes, I started ...
Ryan's user avatar
  • 1,048
2 votes
0 answers
78 views

Puerto Rico Tax on Pension Income

I am considering purchasing a permanent residence in PR. I am retired. Based on my 3 sources of income below, what would be taxable in PR? Primary - pension from NYS government not subject to NYS ...
Thomas's user avatar
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