Episode #125 of the Stack Overflow podcast is here. We talk Tilde Club and mechanical keyboards. Listen now
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Possible but difficult You would have to find someone in the other state who wanted to swap. This is conceivable but difficult if you want the houses to be the same value. How do you find the one person who lives in the right place now and wants to move to the right area? The normal way The normal way this situation is handled is to simply put your ...


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The most likely reason for this is that the relocation company wants to have a guaranteed sale so as to get a new mortgage in the new location. Understand that the relocation company generally works for a prospective employer. So they are trying to make the process as painless as possible for the homeowner (who is probably getting hired as a professional, ...


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All US states have their own policy on what they consider "residency" and what they consider a taxable resident. So for example, California has income taxes while Nevada does not. Lets IMAGINE that Nevada says you can be a resident after a month, California has completely different requirements in determining whether it expects you to pay tax there, ...


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Usually, sell. Every month -- arguably every day -- you own the house it is costing you money for mortgage and taxes and upkeep. Unless it is also producing income, or you are actually living in it, that is a serious problem. In any sane market, it is extremely unlikely that the house can gain enough value to offset that loss. Renting it out, even if you ...


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You are making an assumption that the house will appreciate in the short term, which there is no way you can know. You will probably take a bath financially selling a house after one year into a mortgage even if you sell it for what you paid for it. If there is any chance you might relocate back it is definitely worth keeping it, otherwise I'd say cut your ...


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Go through the IRS Publication 521. Generally, relocation assistance is given either as : Reimbursement for the expenses paid (or the company pays the expenses to begin with), in which case the reimbursement is not taxable, but you cannot deduct the expenses. or Lump sum payment regardless of your actual expenses. In this case the relocation assistance ...


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If you return the money in the same tax year - it will not appear on your W2 and you will not be taxed on it. Whatever was withheld - you'll get it refunded when you file your annual tax return. If you return it in a different tax year - it becomes a miscellaneous deduction reported on your Schedule A. If the amount is less than $3000 - then this deduction ...


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If all of the relocation expenses are paid by your employer to the moving companies, then you should not have any tax liability for those payments. Relocation expenses should be treated as normal business expenses by your employer. Note I emphasize "should" because it's possible that your employer "could" consider it income to you, but companies generally do ...


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You are weighting a certain cost of the mortgage interest versus the possible gain of the value of the house. Take the interest you pay per month and divide it by the current value of the house. Say your interest is 3% of the value of the house (may be more or less depending on the balance owed and the interest rate of your mortgage). Say the average ...


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Since California is the state with the highest state income tax, I assume they have the highest burden for proving you are no longer domiciled there. In fact they themselves point out that they are one of the few states to distinguish between residency and domicile. From CA Publication 1031: Meaning of Domicile The term “domicile” has a special legal ...


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A bonus is taxed by the IRS as ordinary income. And so is this payment for moving expenses. Sometimes they allow you to decide if you want it tacked onto a regular check or as a separate check. When done separately it is withheld at a flat rate. That flat rate is currently at 22%. If it is done as part of a regular check it will cause a significantly ...


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It will count as income, and you can deduct as much of your moving expenses as allowed by tax laws. If you also count it as a reimbursement, then you're double-taxed - once for the income and again by reducing your moving deduction. The "reimbursement" amount is designed for when you get literally reimbursed for exact expenses directly, bypassing the tax ...


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Another possibility that you might consider is to find a renter for your current place and move to your destination. If you have a lease for your renter, your mortgage company can consider that as income for approving the purchase of a new house. I did something similar when I purchased my current home, but I was also able to get approved without selling or ...


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Source: I'm recently (2 years) out of college (Info Sciences + Technology degree) Disclaimer: Speaking from limited personal experience (see above) A lot of corporate recruiters like the prospect of hiring recent college grads of because of the location flexibility they have (typically own no real estate, are not married, and have no children). "What ...


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Depends. If you can choose where to relocate to, then I second the "no income tax" states. But even of these chose wisely, some have no income taxes at all, others have taxes on some kinds of income. Some don't have neither individual nor corporate taxes, some tax businesses in some ways. Some compensate with higher property taxes, others compensate with ...


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Look for states that have no income tax. A lot of these states supplement their revenue with higher property taxes, but if you rent and do not own property in the state, then you will have no state tax liability. Similarly, many states treat capital gains no differently than income tax, so if you make your earnings due to a large nest egg, then way you will ...


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As a has-done-it I'd like to attempt answering. Please feel free to ask for clarifications/edits if I miss anything. How much time does it take to open a bank account in US? And what is the best way to transfer the money that I have in India to US? And what would be the tax implications for the same? It is usually a same-day process esp going through a ...


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TL DR: If you are subject to US tax, you should instead consider converting your assets to US based assets to avoid complex and unfavorable tax treatment of your investments. Most ETFs held outside the US are considered PFICs (Passive Foreign Investment Companies) and are given unfavorable tax treatment. This article gives a bit of a summary: https://...


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The page you're referring to is about the process for employers, rather than employees. From an employer's perspective, as long as the money they paid out was for qualifying costs up to 8k, they don't have to report anything to HMRC. But most employers would want to be able to prove that it was for qualifying costs in case they got audited. So this is ...


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If you have been living outside India for some time, you are an NRI and so should not be having an ordinary savings account in India, whether individually or jointly. NRIs are required to convert their accounts into NRO accounts when they change from Resident to NonResident status, though this rule is widely ignored. Now, if you are transferring legitimate ...


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For example, for my employer I received a signing bonus, and a "relocation lump sum" separate from that signing bonus. The relocation lump sum is taxed and will appear as income on my W-2, and I can spend it on anything I want. That said, should the relocation lump sum count towards the entry quoted above in Form 3903, or would it be considered the ...


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It depends where you are going to live and how you are going to pay for your new accommodation. If you are moving within the UK and intend to buy another house you run into the problem that you will find it hard to get a second mortgage. If you rent out the house in Kent you will probably have to change the mortgage basis on it to a mortgage that allows for ...


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The best way to do this would be to exchange the funds into USD and wire the funds to your bank account in the US. It is up to you whether you want to hold USD or Euros. Depends if you plan to invest money in the US.


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Most likely that $4770 represents the expenses that were paid directly by the company and that $4330 were paid to you (for a total bonus of $9k). The IRS taxes you on the value of moving expenses paid by the company, treating it as if it were additional salary. Therefore the moving expenses paid by the company are added into gross pay. But since you don't ...


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My question is, will I need to file taxes in both CA and MA for 2015? Yes. You might even end up being resident in both, check MA residency requirements.


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The deductible lodging is only during the move itself, i.e.: if you're driving cross country and staying in hotels on the way - these are deductible.


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If the job looks good, I wouldn't let having to relocate stop you. Some companies will help you with relocation expenses, like paying travel expenses, the movers, the security deposit on an apartment, etc. It doesn't hurt to ask if they "help with moving expenses". If they say no, fine. I wouldn't expect a company to decide not to hire you for asking such ...


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Assuming the numbers you gave are forecasted 2013 annual income, you should really use an average and give the lender 1 number, as long as you can provide documentation to back it up. Lenders aren't as sophisticated as considering your monthly income fluctuations into their underwriting algorithm. If you're not tied down to your existing lender, I highly ...


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