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Someone I know via Facebook and who lives in Pakistan wants me to send him money - should I?
My 2021 withholding has already paid 100% of my 2020 tax liability. Can I skip paying estimated taxes on self-employment income for the rest of 2021?
Suppose some person with a lot of cash jumps into a Twitch stream they like and gives the streamer $20000. (This would be on the high end for Twitch donations, but nowhere near record-setting.) From the giver's end, this seems like a gift. They receive nothing in exchange for the contribution beyond a brief "holy cr...
Is a gift always a gift on both ends?
To quote from the newspaper,"Unlike e-wallet Digital currency does not involve a third party."A detailed explanation to this will be most certainly welcome. What is really being referred to here as the third party?"Also it says that unlike e-wallets digital currency does not really require internet connectivity.A detai...
How is digital currency different from that of an e-wallet?
For this answer I am assuming that regulation D will be re-enabled when the current crisis is over. Then the major difference between savings and checking for the consumer is the number of transactions that can be done in a month. Yes both have FDIC coverage, as do Certificates of Deposits, and "money market" f...
Unfortunately the answer is almost certainly simply "No, absolutely not". It's just a payment for a service - **exactly like when you pay wait staff a "tip" at a restaurant.** The relationship Twitch viewer <-> Twitch performer is **absolutely identical** to BTS <-> BTS Concert Goer. Obviously, when you buy co...
I don't believe any situation can exist between individuals where an amount would be rightfully considered a taxable gift from the giver and taxable income to the recipient. In US tax law double taxation is generally avoided. Counting a payment as a gift subject to gift tax on the side of the giver and also counting...
I don't believe any situation can exist between individuals where an amount would be rightfully considered a taxable gift from the giver and taxable income to the recipient. In US tax law double taxation is generally avoided. Counting a payment as a gift subject to gift tax on the side of the giver and also counting...
I don't believe any situation can exist between individuals where an amount would be rightfully considered a taxable gift from the giver and taxable income to the recipient. People may argue about whether or not an item is a gift, but I've never seen any portion of tax code that indicates something can be both a gift a...
I don't believe any situation can exist between individuals where an amount would be rightfully considered a taxable gift from the giver and taxable income to the recipient. People may argue about whether or not an item is a gift, but I've never seen any portion of tax code that indicates something can be both a gift a...
I don't believe any situation can exist between individuals where an amount would be rightfully considered a taxable gift from the giver and taxable income to the recipient. People may argue about whether or not an item is a gift, but I've never seen any portion of tax code that indicates something can be both a gift a...
Most likely this is a scam. I had an Arab friend that I knew by one name when we worked together, but he goes by a different last name today. Maybe this flexibility with last names is something in Islamic cultures we don't see in the US. If someone knows either way, please set me straight. Supposing we ignore the r...
In 2020, I deposited $7,000 (after-tax) in my Traditional IRA (Vanguard) account and then converted them into Roth IRA. One mistake I made was that for my age, the limit for backdoor conversion was $6,000 but I accidentally converted all of $7,000. I have a couple of questions. 1) I received 1099R from Vanguard...
I find myself in a situation where I'm trying to buy a house, but don't have the money readily available. And my bank won't give me a loan, in spite of not having any problems with loans/money in the past, because I can only promise them that I will pay them the money I get when I sell the apartment we own, as well as ...
Why would a bank not "buy a house for me" if they own the house until I've paid it anyway?
The vast majority of home mortgages are sold to the government backed lending companies, so many lenders only deal with loans that conform to the standards that guarantee they can sell them. This means a certain percentage down, debt to income ratio, credit score, etc. Taking on your situation introduces more risk th...
First, when you buy a house with a mortgage, the bank does *not* "own the house until I've paid it anyway". You *own the house* from day 1, and you *owe money* to the bank. Practically, since the loan is secured by the house, the bank shares some of the risk of the house, in that they may lose if its value drops *below...
### You are underestimating the costs and risks to the bank The basic idea here is that buying a house isn't a cost-free process, owning and renting a house isn't cost-free or risk-free, dealing with a delinquent tenant isn't cost-free or easy, and the bank doesn't get much value out of your happiness or housing sat...
If I invest in mutual funds via one of the online brokers; such as Interactive Brokers, Fidelity, Vanguard, etc.; do I need to pay a 2% commission to the exchange in which the shares are bought? If so, is there a way to circumvent paying this fee? My bank told me that if I open an investment account at my bank and i...
"Banking means accpeting money for the purpose of lending or investment,of deposits of money from the public,repayable on demand or otherwise,and withdrawable by cheque,draft,order or otherwise."I really do not understand why accpeting money would mean lending or investment?Infact if you are taking money then how do yo...
"Banking means accepting money for the purpose of lending or investment,of deposits of money from the public,repayable on demand or otherwise,and withdraw able by cheque,draft,order or otherwise." I really do not understand why accepting money would mean lending or investment? In fact if you are taking money then ho...
> In fact if you are taking money then how do you lend? The national government defines the banking regulations for the country. They allow banks to take a large percentage of the money deposited in the bank, and lend that money to people/businesses. The interest collected from those loans is the source of the inter...
Hi I'm a beginner in stock market investing and I often ask myself this question: "how is it that I am protected from a company diluting me out as a shareholder?" Is there any protection from the SEC or am I left on my own to fend of for myself by reading share offering/dillution plans?
The actual counterparty to an exchange-traded futures contract is a clearing firm. The clearing firm acts as a intermediary between buyers and sellers in a futures market. This is so that traders do not have to worry about counterparty risk (i.e. you don't have to worry about the bankruptcy of the other party). Clearin...
> In fact if you are taking money then how do you lend? The national government defines the banking regulations for the country. They allow banks to take a large percentage of the money deposited in the bank, and lend that money to people/businesses. The interest collected from those loans is the source of the inter...
Hi I'm a beginner in stock market investing and I often ask myself this question: "how is it that I am protected from a company diluting me out as a shareholder?" Is there any protection from the SEC or am I left on my own to fend for myself by reading share offering/dilution plans?
What prevents me from being diluted out as a shareholder?
**If you're going to invest, you do it at your own risk.** Nobody is going to protect you from your own investing decisions if you choose to do so without a) educating yourself or, b) using an investment advisor/broker to help you. The short answer is, nothing protects you from dilution. You have no say in the m...
Hi I'm a beginner in stock market investing and I often ask myself this question: "how is it that I am protected from a company diluting me out as a shareholder?". I have seen compagnies issue outstanding shares for financial reasons as well as issuing shares for employee compensation plans. For example I am eye...
If I understand your question correctly, you are asking: "why would anyone pay above book value?" Imagine a fictional world where bank accounts are tradable. All bank accounts in this fictional world are risk-free, and pay a yearly interest of 2%. Suppose I have a $100 bank account. The book value of this bank accou...
A week ago i received an email from an old lady (i actually submitted an ad on a site to find penpals), it seemed okay at first, she said that she had no children or relatives, and her husband was killed in an accident. After a week she came up with the arguement to give me a part of her wealth to fulfill my dream, as...
Is this a 'trust fund scam' scam? Will I go to jail by being part of this?
I traded options and believe had several wash sales. Does it matter if they're puts or calls or sell to close or expired? Is it possible they're not wash sales as wash sales are not indicated on my 1099-B? If they are indeed wash sales can you please tell me to which lot I carryover my disallowed losses to? XYZ p...
Welcome new user, to literally answer your question > What prevents me from being diluted out as a shareholder? You cannot "protect" yourself from it. Dilution, and the various similar concepts you are referring to, are simply ***part of the nature of public stocks***. End of story. If you don't like tha...
You can't verify this person, because anyone can put anything on the internet and (assuming you are not a government agency) you can have NO IDEA whether it is real / legit or not. However, you are right to be suspicious and I'm afraid this is a scam. Think about it - if you were elderly and had no family and plent...
> I traded options and believe had several wash sales. Does it matter if they're puts or calls or sell to close or expired? Individually, it doesn't matter what type of security you traded. It doesn't matter whether it was buy to close or sell to close or the options expired. What may matter is if a loss was rea...
In 2020, I deposited $7,000 (after-tax) in my Traditional IRA (Vanguard) account and then converted them into Roth IRA. One mistake I made was that for my age, the limit for backdoor conversion was $6,000 but I accidentally converted all of $7,000. I have a couple of questions. 1) I received 1099R from Vanguard...
> One mistake I made was that for my age, the limit for backdoor > conversion was $6,000 but I accidentally converted all of $7,000. The $6,000 limit is for contributions. There is no limit for conversions. Since the 1099-R only references a conversion of $7,000 that means that theee were no gains or losses. ...
I'm have used car dealership and I would like to offer financing options for my customers (Lately many potentials buyers ask for such). does anyone knows from where i can star ? or company dose that type of finance that work with dealers ? thank you .
I'm have used car dealership and I would like to offer financing options for my customers (Lately many potentials buyers ask for such). Does anyone knows from where I can start ? What company does that automotive financing that work with dealers?
For a German residence, if you compare investing in identical two bond ETFs, one is in the US and one is in the Eurozone area, from a taxation perspective, which one is cheaper?
For a German residence, is there a difference between investing U.S-based or Eurozone-based ETFs?
I can't tell you how many times I've said this to people on similar questions - **If you have to ask the question "Is this a scam?" then the answer is almost always YES!!!** Always ask yourself why someone who doesn't know that YOU are any more real than you know about THEM would suddenly want to be so amazingly gen...
Thank you in advance to whoever decides to read this and offer their insight. A friend and I own residential rental properties as Tenants in Common, 50/50 split under our TIC agreement. We have a federal tax question that our CPAs disagree on. His CPA says we need to create a JV entity and get an EIN, create a pa...
Can unmarried Tenants in Common report investment property income/expenses on their Schedule E's or do they need a partnership entity?
My friend in South Korea is asking me if I'm willing to do Bitcoin arbitrage since Bitcoin price in South Korea is at 18%+ premium at the moment, but I'm not sure how I pay tax for the profit since there is no way I can prove how much I made exactly. 1. Buy Bitcoin in the US 2. Send it to my friend's account in Sou...
How should I pay tax for Bitcoin arbitrage?
Today I wanted to buy a few shares of Apple (AAPL), let says 10 shares. When I handled the the UI, there was the "By number of shares" and "By dollar amount" and then "Market" and "Limit" price, and I clicked this and that, and it didn't accept the order (might have put in 1000 to mean $1000 but the label was "Numbe...
If I sold some stock by mistake and immediately bought it back, is that sale still subject to capital gain tax in USA?
Just a partial answer here to add to what has already been said. Many of the other answers are talking about the company having assets, and about your investor adding his $1 to your company's assets, etc. However, a complicating factor is that many companies, especially fast-growing startups, have intangible assets...
Have you met this friend in real life? This sounds exactly like a scam. Bitcoin doesnt substantially vary in value from place to place save a few countries who heavily restrict it. Beware and double check this really is a friend and not a scammer. Even if it was not directly a scam this could easily.be a money laund...
I have an app in multiple appstores (ios, android, windows). I have received money from transactions in these stores, and the VAT is taken care of by the stores. Now I have to do my tax administration and I need to fill in the VAT id of the companies that paid me. I am very dissapointed that none of the 3 platform...
How can I find the VAT Nr of an organisation by looking at a money transfer?
I have an app in multiple appstores (ios, android, windows). I have received money from transactions in these stores, and the VAT is taken care of by the stores. Now I have to do my tax administration and I need to fill in the VAT id of the companies that paid me. I am very dissapointed that none of the 3 platform...
I have an app in multiple appstores (ios, android, windows). I have received money from transactions in these stores, and the VAT is taken care of by the stores. Now I have to do my tax administration and I need to fill in the VAT id of the companies that paid me. I am very dissapointed that none of the 3 platform...
Putting it very simple, the price for a stock is mostly affected by the demand. There are other factors in play as well, but let's assume for this question it was actually that simple. For ETFs, there is a mechanism called savings plan. At the start of every month, thousands of people automatically make a small inve...
> Putting it very simple, the price for a stock is mostly affected by the demand. Actually no. The price is determined by **supply and demand**. So a high demand is no issue as long as supply is also high. > For ETFs, there is a mechanism called savings plan. At the start of every month, thousands of people autom...
Is this a 'trust fund scam'?
To quote from the newspaper, > Unlike e-wallet Digital currency does not involve a third party. A detailed explanation to this will be most certainly welcome. What is really being referred to here as the "third party"? Also it says that unlike e-wallets digital currency does not really require internet connectivity...
# Context This is a somewhat hypothetical question, but something I need to plan for now-ish. The general advice in Sweden is to keep 3 months of mandatory expenses in a cash buffer with instant payout and zero fees, such as a savings account. I guess this advice holds for any country with universal healthcare an...
I need cash. What funds or stocks should I sell?
There is no definitive answer to this question which is why you are having trouble finding an answer with your search. A lot depends on your goals and investment style. If you use an asset allocation model, which may include low cost index funds, you would sell those investments to keep your desired model. If yo...
## Buying a car ... Consider the list "threw away 10,000 on strippers", "gambled away 10,000 at the casino", "spent 10,000 on a car". The first two are fine: (A) they are one-time expenses and (B) at least you have a good memory. But "spent 10,000 on a car" is financial insanity. Because the costs are **ongoing...
I had a qualifying event which resulted in a new High Deductible Health Plan (HDHP) with new HSA active as of 2021-01-01. I've been making contributions pre-tax through my employer every paycheck. **Can I contribute for the 2020 tax year, even though the account has only existed in 2021, if it's before the tax-filing d...
I had a qualifying event which resulted in a new High Deductible Health Plan (HDHP) with new HSA active as of 2021-01-01. I've been making contributions pre-tax through my employer every paycheck. **Can I contribute for the 2020 tax year, even though the account has only existed in 2021, if it's before the tax-filing d...
Suppose I have accumulated some stock exchange losses in the past. My parents gift me some stocks. Do I get to realize capital gains when I sell those stocks? If my parents bought the stock for $100 and now it's worth $200 and my past losses are $500, does that mean that I'll have to pay no taxes on the sale (because t...
I have a good friend in South Korea. He's been my friend for 15 years and I trust him more than I trust my own family. We even lived together once. My friend in South Korea is asking me if I'm willing to do Bitcoin arbitrage since the price of Bitcoin in South Korea is at a 18%+ premium at the moment. However, I'm n...
You may be overthinking this. From a tax standpoint, your situation isn't conceptually much different from buying a used car for $1000 and selling it the next day for $1200. The key is going to be good documentation. Use some sort of spreadsheet or software to keep accurate records of every transaction you make. I a...
Should I do Roth IRA conversions after a market crash? I have too much money in my traditional IRA and not enough money in my Roth IRA. Both accounts use VTSAX. I have no intention of touching it any time soon. Since it seems that markets tend to drop quickly (& noisily) and come back slowly (& quietly), why don't I...
Can IRS construe a Roth conversion to be a wash sale?
Financial institutions are highly regulated entities. The rules differ based upon the incorporating charter of what sort of financial institution, it is to be. If you jump through the "bank hoops" you can call yourself a bank. If you jump through the "credit union hoops" or the "savings & loan hoops", you can call ...
I've done freelance work online previously mainly for U.S. companies, and the tax forms were either 1099-MISC or 1099-NEC. 2020 was my first time doing freelance work online for foreign companies. Coincidently it seems like it was also their first time hiring US citizens to do work for them because when I ask them for ...
As a U.S. citizen, how does income tax work for income from non U.S. companies?
NFT (non-fungible tokens) are all the rage. Creators can create works for digital art (and other types of digital assets) and sell them online. The sales occur on a cryptocurrency exchange like bitcoin or etherium. It has been compared to a stock market, where people speculate on assets with the express goal of resel...
In what ways is the NFT marketplace different from the stock market?
NFT (non-fungible tokens) are all the rage. Creators can create works for digital art (and other types of digital assets) and sell them online. The sales occur on a cryptocurrency exchange like Bitcoin or Etherium. It has been compared to a stock market, where people speculate on assets with the express goal of res...
I had a qualifying event which resulted in a new High Deductible Health Plan (HDHP) with new HSA active as of 2021-01-01. I've been making contributions pre-tax through my employer every paycheck. **Can I contribute for the 2020 tax year, even though the account has only existed in 2021, if it's before the tax-filing d...
Assume a situation where an employee of a privately-held startup exercises a share option and receives 1 share and decides to leave. Per the option agreement the company has an 'option' to purchase all shares held by that employee at the **Net Asset Value per share**. Other basic facts about Company X: - Compa...
In [here][1] it is state that > An investor holding mutual fund shares in a taxable account may owe tax on any net capital gains realized from the sale of his fund shares during the calendar year. In addition, **he may also have to pay taxes on his proportionate share of the fund's capital gains**. The law requires ...
If an ETF sell shares it is holding for a gain, do investors need to pay capital gain tax?
In [here][1] it is state that > An investor holding mutual fund shares in a taxable account may owe tax on any net capital gains realized from the sale of his fund shares during the calendar year. In addition, **he may also have to pay taxes on his proportionate share of the fund's capital gains**. The law requires ...
If an mutual fund sell shares it is holding for a gain, do investors need to pay capital gain tax twice?
I had a qualifying event which resulted in a new High Deductible Health Plan (HDHP) with new HSA active as of 2021-01-01. I've been making contributions pre-tax through my employer every paycheck. **Can I contribute for the 2020 tax year, even though the account has only existed in 2021, if it's before the tax-filing d...
Today I wanted to buy a few shares of Apple (AAPL), let's say 10 shares. When I handled the UI, there was the "By number of shares" and "By dollar amount" and then "Market" and "Limit" price, and I clicked this and that, and it didn't accept the order (might have put in 1000 to mean $1000 but the label was "Number o...
I am trying to fully understand how ETFs work. For the sake of simplicity, let us restrict ourselves to physical replica ETFs. Let us suppose that an ETF follows an index which tracks three stocks: Alice Enterprises (A), Bob Industries (B) and Charlie's (C). We want to invest 1000$. The prices of each individual ...
> The prices of each individual stock are 100$ (A), 10$ (B) and 1$ (C). The index weights at this moment are 60% (A), 30% (B), 10% (C). In other words, for every 6 shares of A (initially worth $600), the fund will hold 30 shares of B (worth $300), and 100 shares of C (worth $100). In other words, the initial ratio o...
I've received a form 1099-DIV from a US investment bank at which I hold some investments, with the following entries: ``` 4- Federal Income Tax Withheld 0.00 5- Section 199A Dividends 0.00 6- Investment Expenses 0.00 7-...
Does a foreign tax paid to "United States" on a 1099-DIV make sense?
As part of a newsletter subscription service, I purchased the following at their recommendation: 4 contracts of USB May 21, 2021 $52.50 Puts at price of $1.33. 1 contract of HD May 21, 2021 $295 Puts at price of $2.25. What is my potential maximum loss? Thank you! Ann
> What is my potential maximum loss? All the money that paid for the options. If the stock doesn't fall below the put prices, the options will just expire (and are worthless). Assuming that a contract is 100 shares, that would be a total of $757 . Sorry if I'm overstepping here: if you have to ask this type of q...
I recentry bought shares on a market where I normaly buy and we're confirmed at asked price sorry not bid please see attached pictures and number of shares were confirmed and a congratulations note sent as normal but at open time price was changed but I screenshot my buying price each time. Can they do that Ask on...
I have a good friend in South Korea. He's been my friend for 15 years and I trust him more than I trust my own family. We even lived together once. My friend in South Korea is asking me if I'm willing to do Bitcoin arbitrage since the price of Bitcoin in South Korean exchanges is at a 18%+ premium at the moment. How...
I noticed a massive difference (**10x**) in the return rate of [savings accounts][1] between Bank of America and a [Cash account][2] at Wealthfront. This confuses me, how can a Robo advisor offer such a high return rate relative to a big retail bank on a cash account? Are these types of differences normal betw...
What is the difference between these three quantities? For a layman many a times they are used almost interchangeably.
Whatvis the difference between shares, stock and stakes?
I'm looking to place a trailing stop loss order on a stock **IF AND ONLY IF** the stock reaches a certain profit level. My goal is to effectively place a sell limit order, but to extend the upside if the stock continues to run. (Note: I did not include any down-side protection in this example) **Will this work as ...
Can a Trailing Stop Limit order extend the upside?
I'm looking to place a trailing stop on a stock **IF AND ONLY IF** the stock reaches a certain profit level. My goal is to effectively place a sell limit order, but to extend the upside if the stock continues to run. (Note: I did not include any down-side protection in this example) **Will this work as described b...