99 votes
Accepted

My tax refund is exactly $3000. Did I hit a cap?

One can overpay their state and federal taxes by tens or hundreds of thousands of dollars. Tax time is when it gets reconciled, a payment due or a refund. No cap either way, your $3000 is just ...
JTP - Apologise to Monica's user avatar
95 votes

Why do sellers care about down payments?

They want to gauge the chance of a successful sale. There's nothing quite as frustrating when selling and moving to a new home as getting into escrow, doing all the paperwork, crossing off all the ...
Rocky's user avatar
  • 24k
52 votes

Looking for a new job - how do I handle my landlord with apartment lease renewing?

Inquire with the landlord about switching to a month-to-month lease, meaning you wouldn't have to renew for an entire year. It's been a while since I was a renter but I recall most apartment leases I'...
Dan C's user avatar
  • 550
42 votes

How to fight an unemployment tax bill that I do not owe in NY?

I actually called the number on the notice: 518-599-6837 -- It's quite a number of prompts, but they reps picked up pretty fast and was informative. They let me know that this has been happening very ...
Patoshi パトシ's user avatar
38 votes
Accepted

I just paid off my car - should I release my Credit Union's lien on the car?

For practical purposes, you will need/want to remove the lien before you sell the car1, so unless you plan to run the car until it falls apart2, you will need to remove it at some point. The question ...
TripeHound's user avatar
  • 9,173
26 votes

My tax refund is exactly $3000. Did I hit a cap?

Is there some law I'm running into that is capping my tax return You're filing two returns, not one. Thus, the premise of your question is flawed. Just as importantly, the two tax returns don't ask ...
RonJohn's user avatar
  • 50.7k
20 votes

Why do sellers care about down payments?

If the appraisal is less than the purchase price and the down payment is small, the bank might not approve the mortgage.
Charles Fox's user avatar
  • 2,779
15 votes
Accepted

Is the beneficiary of life insurance responsible for the debt?

No you are not. Sorry about the goings on in your life that is certainly a lot of drama in addition to the loss of your mother. An advantage of having assets pass without going through probate is ...
Pete B.'s user avatar
  • 76.3k
15 votes
Accepted

Broker charging 15% on leasing a no fee apartment in NYC. Can he do this?

If you used an outside broker to find the apartment, meaning a broker not affiliated with the landlord/management company, then they are allowed to list it as a No Fee apartment with a Collect Your ...
BobbyScon's user avatar
  • 14k
14 votes
Accepted

Am I required to file taxes on an LLC that made no money?

LLC doesn't really mean anything to the IRS. Your business filing requirements depend on how your LLC is treated for tax purposes. If you have a single-member LLC, then it's not considered a separate ...
Hart CO's user avatar
  • 70.4k
14 votes
Accepted

What should I prepare for tax-wise when moving from one state to another?

There should be no difference in Federal taxes. You will have to file a federal W-4 with a new employer. You will want to do everything you can to make it clear to New York that you have moved. ...
mhoran_psprep's user avatar
13 votes

My tax refund is exactly $3000. Did I hit a cap?

Roughly, about one in a thousand people will have a tax return in multiples of a thousand. If 100 million people/families file, there could be around 100,000 with a return that’s a multiple of 1,000. ...
Aganju's user avatar
  • 37.7k
13 votes

I just paid off my car - should I release my Credit Union's lien on the car?

When I paid off the loan, I wanted to get the lender off the title. It streamlines the transfer of title when you are selling the car. Some answers have said that it can save you money on insurance. ...
mhoran_psprep's user avatar
13 votes

Overwithholding due to wrong address

I have asked the company to send me the corrected W2 form, but they are not responding. If this is for income received in 2022: The company should not be issuing a corrected W-2. The purpose of the ...
mhoran_psprep's user avatar
12 votes
Accepted

Is it better to trade a car in and save on taxes or sell a car to a private party?

This is a very easy question to answer. Take the value of the trade in ($10,000), add in the discount from sales tax that you will receive, ($800) compare that $10,800 benefit to what you could make ...
NL - Apologize to Monica's user avatar
12 votes

Looking for a new job - how do I handle my landlord with apartment lease renewing?

Read your lease. It may already have a provision that it switches to month to month automatically after the lease term expires. I've had a few leases like that in the (distant) past. If that's the ...
Mohair's user avatar
  • 1,020
12 votes

I suspect an investment I made is run by a scam artist, what can I do?

Tell your $12.5k "goodbye". The probability of getting your money back is essentially zero. Explanation: The scammer set up the account. It is their account, not yours. They have the ...
fraxinus's user avatar
  • 943
11 votes

Ambulance Fees and Insurance

You need to understand why it was not covered. It's possible there's an error in the billing. This could be something as simple as a missing tax id number. Earlier this year claims codes changed ...
quid's user avatar
  • 49k
10 votes

Is the beneficiary of life insurance responsible for the debt?

You cannot inherit debts, and the only cases where life insurance can be used to pay the debts of the estate of the deceased are when a living beneficiary was not named on the policy. It's possible ...
NL - Apologize to Monica's user avatar
10 votes

Why do sellers care about down payments?

A personal story, previously shared in an answer to another question: For the last house I sold, the buyer was doing a no-money-down mortgage and had no money for a down payment. He was even ...
Ben Miller's user avatar
  • 115k
10 votes

Where to file state income tax form?

TL;DR: She will need to file State forms both with NY and MA. this job required her to have a New York based address - this means that NYS expects her to pay taxes on the earnings. New York is ...
littleadv's user avatar
  • 171k
9 votes

What does it mean to "get health insurance to avoid a tax penalty"?

This is part of the Affordable Care Act. Because of the ACA, everyone must have insurance, either through their employer or purchased through one of the marketplaces (i.e. personally purchased). Here ...
BobbyScon's user avatar
  • 14k
9 votes

I just paid off my car - should I release my Credit Union's lien on the car?

A co-worker of mine paid off his car, got the lien release and then moved. During the move, he lost his copy of the letter. In the mean time, the place he purchased his car from had gone out of ...
Tangurena's user avatar
  • 1,224
9 votes

Do I have to put 20% down on a condo so that I don't have to live in it for 1 year before renting it out to tenants?

This is how it works in my experience regarding getting a mortgage: Owner occupied. If you put less than 20% down you have to get PMI. Rental. You are required to put 20% down. Not all lenders will ...
mhoran_psprep's user avatar
9 votes
Accepted

Can a 20% down payment actually hurt you?

If you are offering 20% ($40k) down then does the bank/assessor only look for $160k value in the house? The appraiser is tasked with determining the current value of a property, your down payment ...
Hart CO's user avatar
  • 70.4k
8 votes
Accepted

How does the original mortgage loan holder make money?

Are mortgages always sold for less than the remaining principal? No, they're almost always sold for more than that. The buyer will take a loss if the homeowner pays off the loan immediately, but that'...
David Schwartz's user avatar
8 votes

Why do sellers care about down payments?

Because, ultimately, the seller is likely going to have multiple offers for the house and will have to decide which to go with. In that situation, one of the most important weighing factors is: how ...
Kevin's user avatar
  • 2,630
7 votes

Is the beneficiary of life insurance responsible for the debt?

There is one example I can think of in which you would be responsible for the debt of a life insurance policy owner -- if your mother had universal life insurance or whole life insurance, she would ...
Michael Stern's user avatar
7 votes

Interest accrued on $2600 security deposit for 5 years

The rules regarding interest on security deposits are a state or even local set of laws. For example for New York State: Landlords of buildings with six or more apartments must put all security ...
mhoran_psprep's user avatar
7 votes

I just paid off my car - should I release my Credit Union's lien on the car?

If you were to ever lose the title and lien release or have them accidentally destroyed (fire, flood), then you have both the state and credit union to deal with to get replacements, instead of just ...
Lee C.'s user avatar
  • 209

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