100

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 coincidence that it’s a round number.


94

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 check lists, only to find out that your buyer didn't qualify for the loan and the mortgage fell through. By asking about your down payment (20% or more is often ...


26

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 each other what the other's current year refund is.


21

The car has value, but it is still a depreciating asset. You're paying far more to rent a space to park the car than you are to own and drive it if you look beyond the initial term of your loan. You could buy a space to keep the car, but at $225,000 for a permanent spot, renting is a much better deal. Would you travel home as frequently if you didn't have ...


19

If the appraisal is less than the purchase price and the down payment is small, the bank might not approve the mortgage.


16

I pulled it off. I did my own searching and so took a lot of load off my agent. As a result my agent agreed to work for 1% commission instead of the normal 3%. Got seller's agent to agree to take 4% instead of 6% and pay my agent the 1%. Seller and I pocketed the difference (I forget how exactly the split went). As it happened, my agent only had to process ...


15

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 they do not have to stand for debts of the estate (usually). The life insurance is yours free and clear. You do not need to pay for any final expenses, but I ...


15

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 Own Fee option (CYOF). So it will be "No Fee" if you use their broker, but using an outside broker means the broker has to collect their fee from you rather than ...


14

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 business entity by the IRS, you'd file a Schedule C like any sole-proprietor, and you only have a Schedule C filing obligation if your income is over $400 for ...


13

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. Most deductions are limited to the total amount of taxes you owe, some are not. Therefore, your return is mostly limited by how much taxes you already paid - ...


12

See if you can find a buyer's agent who will represent you at an hourly rate, and refund the balance of the buying agent's commission. As I noted in a comment, I know of at least two agencies that will do this in Chicago. Start with a google search of something like "[MyCity] discount real estate brokers".


12

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 selling it privately $11,000–12,000, and determine whether the hassle of selling your car is worth an extra $200–1,200 to you. If it is, sell it ...


11

I purchased a used (2011, low miles) sedan in early 2014 for ~28k, 9 months before moving to the city. I put 12k down including trade in and currently own 9k on the car (1.9% APR). It's a luxury sedan (not a 3 series, hah!) and will hold it's value better than other cars for quite a while (currently worth ~23k in private sale). 1.9% APR yet it costs ...


11

I am a realtor. When I am approached directly by a buyer, it's their choice to bring their own agent, come unrepresented, or buy through us via disclosed dual agency. With no buyer agent, my office and I get the full commission. The seller has already agreed to a fixed percent of the sale price. How does it benefit me to agree to this? Update From all the ...


11

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 from ICD9 to ICD10, that has caused some "denials" that were strictly related to an "incorrect" billing code. This could be a requirement for prior authorization....


10

First you need to ensure that you are not violating any Federal child labor laws. I would look at this: U.S. Dept of Labor, Wage & Hour Div., Standards for 14- and 15-Year Olds in Nonagricultural Employment. These were the items that pertained to Federal Law, for 14 year olds: 14 is the minimum age for employment in specified occupations outside of ...


10

Back when I was 25 and living near Kansas City, I would put 500-700 miles on my car almost every weekend traveling to other places like Omaha, St. Louis, Iowa City, occasionally Minneapolis, once to Fargo, and one longer trip all the way to Virginia... There's a whole lot of nothing out there so road trips are quite naturally long. They're also quite ...


10

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 for the life insurance beneficiary designation to be challenged in court, but that is much harder than challenging a will. Unless your father manages a ...


9

Obviously, I will take trips to New York here and there, but I don't think that is relevant to the tax question. Oh but it is! It may make you even a resident of NYS/NYC if you're not too careful. In any case, you need to file a nonresident tax return in NYS because you have New York-sourced income. See more details on this page from the NYS treasury ...


9

They will not send a bill, though there's a chance they will eventually send an accusatory letter. You must proactively pay your taxes. The simplest route is to send a check to each taxing authority with the respective full amounts due. I wouldn't bother calling them. You could also file amended returns with each containing the correct information. As a ...


9

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 is the blurb about fees for not being covered: https://www.healthcare.gov/fees/fee-for-not-being-covered/ If you can afford health insurance but choose not ...


8

You'll have to run the numbers, but I would recommend either: 1) Get a used "beater" car, which has already lost most of its value. You'll be able to resell it for close to the same amount. And yes, insurance will be correspondingly lower. 2) Or investigate a car sharing service such as Zipcar. If you need the car only infrequently, and can plan your usage ...


8

If you are an independent contractor, you are not an employee. The fact that you send invoices confirms this. You have not been receiving paycheques. This is a legal matter. Depending on the amount of money involved, you may be able to file a suit in small-claims, in which case you may be able to function without a lawyer. If the money owed exceeds the ...


8

Well sure you can ask. You can ask for the sun, the moon, and the stars too. Whether they are willing to accommodate you depends on how the local real estate market is doing. In the US from 2007-2010, realtors were signing all sorts of deals like this. Be realistic about what you are asking for. You want them to sell you the property for less then they are ...


8

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's very unlikely. The buyer is hoping that the owner will payoff the loan as scheduled and they'll make a tidy profit from the interest charged. The originator ...


8

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 likely is the seller going to manage to get to the finish line? Because there's actually a really long time between when an offer gets accepted and when the ...


8

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 borrowing the closing costs. We accepted the offer, but when the bank did the appraisal, it was short of the purchase price. For most home sales, this would not be a ...


7

How much Federal Capital Gains, NYS Income tax and local tax should I expect to pay? You're going to net about 2.4 millions of dollars. Federal long term capital gains tax is 20% (plus 3.8% medicare), NYS is 8.82%. Does it make sense to investigate the tax benefits of financing the sale for the buyer? Yes. Have your tax adviser check the options for you ...


7

According to the New York Attorney General's Tenants' Rights Guide: Landlords, regardless of the number of units in the building, must treat the deposits as trust funds belonging to their tenants and they may not co-mingle deposits with their own money. Landlords of buildings with six or more apartments must put all security deposits in New York bank ...


7

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 have had the right to borrow from the issuer against the cash balance of the policy. The balance of the loan would be deducted from the death benefit when the ...


Only top voted, non community-wiki answers of a minimum length are eligible