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**Do not buy a car. See update below.**
There are good answers already, let me add one that might seem tangential, but I feel is important, as it is very often ignored.
Do you **need** a car, or do you **want** a car?
- if the answer contains ideas like "I would get to the job quicker", "there is often bad weat... |
I have a bank account with [Revolut](https://en.wikipedia.org/wiki/Revolut). As a result of Brexit, [Revolut moved my bank account from Revolut UK to Revolut European entity in Lithuania (“Revolut Payments UAB”)](https://blog.revolut.com/transferring-our-lithuanian-customers-before-brexit/) on Nov. 6, 2020, and changed... |
My bank account changed country and IBAN during the year: which address and IBAN should I use in Turbotax, when filing for my US taxes? |
In the US, is it in principle allowed to compute a capital gain/loss by reversing the order of purchase and sale?
Here is an exapmle:
Assume, on day 1 you buy 1 stock for 100 dollars. 60 days later, you sell that stock for 200 dollars. 60 days later yet, you buy the same stock again for 300 dollars.
It seems you wo... |
In the US, is it permissible to compute a capital gain/loss by reversing the order of purchase and sale? Here is an example:
On day 1 you buy 1 stock for $100. 60 days later, you sell that stock for $200. 60 days later you buy the same stock again for $300.
With FIFO, you would have made a short term capital gain... |
In the US, is it in principle allowed to compute a capital gain/loss by reversing the order of purchase and sale?
Here is an exapmle:
Assume, on day 1 you buy 1 stock for 100 dollars. 60 days later, you sell that stock for 200 dollars. 60 days later yet, you buy the same stock again for 300 dollars.
It seems you wo... |
In the US, is it in principle allowed to compute a capital gain/loss by reversing the order of purchase and sale?
Here is an example:
Assume, on day 1 you buy 1 stock for 100 dollars. 60 days later, you sell that stock for 200 dollars. 60 days later yet, you buy the same stock again for 300 dollars.
It seems you wo... |
I read in the Turbotax instructions in the section "Deductions & Credits" -> "Income From Foreign Countries" for dividend income:
> When you have foreign income from multiple countries, the IRS requires you to report it per country, unless it comes from a Regulated Investment Company (RIC).
Why does the IRS requi... |
Why does the IRS require US taxpayers to report dividend income per country when seeking foreign tax credit? |
I read in the Turbotax instructions in the section "Deductions & Credits" -> "Income From Foreign Countries" for dividend income:
> When you have foreign income from multiple countries, the IRS requires you to report it per country, unless it comes from a Regulated Investment Company (RIC).
Why does the IRS requi... |
I have a very long document that explains a great deal of details that the purchaser and founder had regarding the share of sales. It explains the rights of shareholders, distributions, and many more things. It's rather complete.
This is just a contract essentially, how and when do I update who the shareholders are ... |
I have a legal document describing the purchase of shares, but how do I notify the IRS or State? |
I heard that freeriding is not having the cash to pay for the underlying shares when a call option is exercised.
If I purchase a call option that is ITM and (purchase a put OR short sell) above the call strike price before it is exercised, is that still considered freeriding?
Example:
$1,000 cash balance
1... |
Is using proceeds from a short sell or put option to cover the cost of excercising a call option considered freeriding? |
I have a very long document that explains a great deal of details that the purchaser and founder had regarding the share of sales. It explains the rights of shareholders, distributions, and many more things. It's rather complete.
This is just a contract essentially, how and when do I update who the shareholders are ... |
There are multiple problems with your question.
> Example: $1,000 cash balance. 1 call option at a strike price of $200. New price is $240. Cash needed to exercise the option: $2,000
If you own a call with a $200 strike price, if you exercise it, you will need $20k for full payment share purchase, not $2k (or ... |
I heard that freeriding is not having the cash to pay for the underlying shares when a call option is exercised.
If I purchase a call option that is ITM and (purchase a put OR short sell) above the call strike price before it is exercised, is that still considered freeriding?
Example:
$1,000 cash balance
1... |
I heard that freeriding is not having the cash to pay for the underlying shares when a call option is exercised.
If I purchase a call option that is ITM and (purchase a put OR short sell) above the call strike price before it is exercised, is that still considered freeriding?
Example:
$1,000 cash balance
1... |
There are multiple problems with your question.
> Example: $1,000 cash balance. 1 call option at a strike price of $200. New price is $240. Cash needed to exercise the option: $2,000
If you own a call with a $200 strike price, if you exercise it, you will need $20k for full payment share purchase, not $2k (or ... |
I purchased a home in another state that has needed major rehab and renovation. I have been traveling to the location to organize, design, and monitor the numerous jobs performed by contractors (all verifiable via receipts).
While I do realize that I can not include my own _time_ and contributions *) to increase t... |
Are there any expenses related to managing renovations on a remote property that can be applied to increasing its cost basis? |
I inadvertently refunded all my car club's annual membership fees in my Stripe account, currently showing as "succeeded" in the refunded column
That was 4 days ago. Nothing has happened yet
What, if anything, is the best way to unwind this in UK? |
I purchased a home in another state that has needed major rehab and renovation. I have been traveling to the location to organize, design, and monitor the numerous jobs performed by contractors (all verifiable via receipts).
While I do realize that I can not include my own _time_ and contributions *) to increase t... |
In the US, is it in principle allowed to compute a capital gain/loss by reversing the order of purchase and sale?
Here is an example:
Assume, on day 1 you buy 1 unit of an asset for 100 dollars. 60 days later, you sell that 1 units of that asset for 200 dollars. 60 days later yet, you buy 1 unit of that asset again ... |
I purchased a home in another state that has needed major rehab and renovation. I have been traveling to the location to organize, design, and monitor the numerous jobs performed by contractors (all verifiable via receipts).
While I do realize that I can not include my own _time_ and contributions (*) to increase ... |
I am 61 years old and I have two 401k plans from former employers. I want to roll over these 401k plans into a single Roth IRA account over a period of time in several intervals. I would like to know the following:
<ol>
<li> Are there any IRS limits on how much I can roll over at any one time?
<li> Typically, where ... |
Does the IRS require me to enter Form 8938: Interest II schedule even when there is no interest, or is that just Turboxtas asking for unnecessary information?
[![enter image description here][1]][1]
The same issues arise for all other Form 8938 lines where the amount is 0.
[1]: https://i.stack.imgur.com/... |
Why does Turbotax ask to enter Form 8938: Interest II schedule even when there is no interest? |
I'm filing for my US taxes as a US lawful permanent resident, and I'm trying to determine whether I have any capital loss carryover from last year. Where I view this information somewhere in my tax forms from last year? |
Where can one view whether one has capital loss carryover from last year on one's tax forms from last year? |
In USA California State income tax if one knows they don't qualify for the `Earned Income Credit (EITC)` can they also deduce that they are also not eligible for the `Young Child Tax Credit (YCTC)`?
California income tax instructions don't always cut to the chase and put upfront short circuit instructions to block s... |
I am filing taxes for 2020 as CA non-resident because I have provided a CA address on my US trading account. I have foreign earned income, foreign interest, dividends from the trading account, and US capital gains as components of my income. There are column D and column E in schedule CA with column D representing the ... |
This has been asked a couple of times, but I'm still having trouble with the numbers. I'm a grad student and will be in my area for another 3 years. I'd like to buy instead of rent donation, but given the crazy high prices and bidding wars because of COVID, don't know if it's a good idea.
The plan would be to put a... |
The 3 years you would live there are potentially minor compared to the total ownership time, so this is mainly an investment property decision. The wrinkle is that you are considering an investment property *before* having a stable home of your own.
Are you confident that you will be able to afford, and qualify for,... |
I have filed my 2020 tax return jointly with my wife, along with my wife's ITIN application, back in late Feb 2020.
In March, I got a letter for IRS ITIN department saying that we should send my wife's original passport to them. So we sent my wife's passport on March 23rd. USPS tracking number confirmed that IRS rec... |
There are two issues here: 1) whether dual-status aliens are eligible, and 2) are people who were eligible for 2020 (or 2019, whichever year was used to determine eligibility for the third stimulus check) but not eligible for 2021, who got the third stimulus check, required to return it? I will try to answer both of th... |
I made 3 non-deductible contributions to my traditional IRA account in 2019, 2020, and 2021. Instead, I should have contributed the money to Roth IRA. What would be the best way to fix this?
Here is a list of all my contributions.
| year | contribution | |
|---:|---:|:---|
| 2018 | 5500 | deductible |
| 20... |
How to move non-deductible traditional IRA contributions to Roth IRA? |
I have a very long document that explains a great deal of details that the purchaser and founder had regarding the share of sales. It explains the rights of shareholders, distributions, and many more things. It's rather complete.
This is just a contract essentially, documenting the sale of shares in an S-Corp to a b... |
I want to pay to CA state through web pay my tax due for 2020, but I am not allowed to register because I don't have a previous tax return. I am filing as non-resident alien. How can I make this payment? |
My company went IPO last year, and I had about $1 Million worth of RSUs at time of RSU vesting. 22% of the RSU (220K) were sold to cover the federal supplemental income tax. In total, about 43% of the $1 Million RSUs were sold to cover various tax including California income tax. In the end, I had about 540K after tax.... |
My bank deducted a portion of money that I withdrew from binance to my eur account?
I asked santander bank in poland they answered:
- 0 PLN for transfer in EUR, from the EEA (European Economic Area) country other than Poland,
- 5 PLN for SEPA transfers,
I tried it and they deducted around 1.1 Eur.
On the other h... |
Does binance use SEPA while withdrawing euro when we use sepa? |
I use scheduled transactions in GnuCash and it works, even with user input. What I am missing, that when I enter a user input for a scheduled transaction and use this value in a calculation then I would like to have the result rounded to .05 values.
For example I have a scheduled transaction for the salary and taxes, ... |
I have a very long document that explains a great deal of details that the purchaser and founder had regarding the share of sales. It explains the rights of shareholders, distributions, and many more things. It's rather complete.
This is just a contract essentially, documenting the sale of shares in an S-Corp to a b... |
It doesn't seem like a great idea to buy now, or to buy for an investment property. With a 1K rent vs 1250 condo cost with 20% down, I am almost certainly renting even if I was not in grad school. Just to break even, you will have to make 9K plus the costs to transact real estate (not cheap), plus the opportunity cos... |
is there a solar tax credit or deduction in California for year 2020? |
Is there a solar tax credit or deduction in California for year 2020? |
I'm filing taxes through H&R Block, and they claim that the IRS requires my phone number. I don't believe this to be true, since the IRS always contacts you via mail. Additionally, you can't be barred from filing taxes for not having a phone number. Is this just H&R block's roundabout way to get your phone number? Or d... |
Does the IRS require a phone number to file taxes? |
I have shares of stock with US Etrade, but I no longer live in the US and no longer have a US bank account. I want to cash out those shares and use that cash to invest in cryptocurrency and possibly other stocks. I will then be investing from the country I currently live in (which is where my bank account is) and whate... |
How to exchange US stock shares for crypto in other country? |
There are many possible misconceptions in your question, that could all greatly impact a good answer.
Firstly, it seems you may still be a US citizen, and therefore still required to file and pay taxes as a US resident [with the exception that some types of income will be taxed primarily in your country of residence... |
This has been asked a couple of times, but I'm still having trouble with the numbers. I'm a grad student and will be in my area for another 3 years. I'd like to buy instead of rent, but given the crazy high prices and bidding wars because of COVID, don't know if it's a good idea.
The plan would be to put a 20% down... |
I know someone close to me who has been offered employee stock options and they asked for my advice.
I asked what is the total number of shares as I never invested in a business without understanding how much of it I’m buying.
However, the company refused to share this information on the basis that it is “confidentia... |
Employee stock options: why is the total number of shares a secret? |
This has been asked a couple of times, but I'm still having trouble with the numbers. I'm a grad student and will be in my area for another 3 years. I'd like to buy instead of rent, but given the crazy high prices and bidding wars because of COVID, don't know if it's a good idea.
The plan would be to put a 20% down... |
It doesn't seem like a great idea to buy now, or to buy for an investment property. With a 1K rent vs 1250 condo cost with 20% down, I am almost certainly renting even if I was not in grad school. Just to break even, you will have to make 9K plus the costs to transact real estate (not cheap), plus the opportunity cos... |
I know someone close to me who has been asked to buy employee stock options and they asked for my advice.
I asked what is the total number of shares as I never invested in a business without understanding how much of it I’m buying.
However, the company refused to share this information on the basis that it is “confid... |
I’m a beginner to trading and reading some stuff about Limit & Market orders. I’ve thought up some scenarios and I would like to confirm on how the underlying order book mechanism deals with them.
Let’s take Bitcoin,
Current price is $45,000
Highest bid is $44,990
Lowest ask is $45,010
- I placed a bid... |
How does Limit order book works in the following hypothetical scenarios? |
I had a personal health insurance plan from Kaiser, but I forgot to cancel it when my workplace health insurance coverage (also from Kaiser) started, so for 2 months I was charged for 2 plans. Is it possible to not pay the premium from my personal plan for the 2 months?
EDIT: So they charged me for 1 month and ca... |
Due to the 2018 IRS Tax Law, W-2 employees lose out on most work expense deductions including home office deduction, as I understand it. And for this year, you cannot use the home office deduction due to covid. Has to pass the test for the "convenience of the employer" rule. New York one of several states which still a... |
Can you declare home office use for New York State return but not Federal? |
Due to the 2018 IRS Tax Law, W-2 employees lose out on most work expense deductions including home office deduction, as I understand it. And for this year, you cannot use the home office deduction due to covid. Has to pass the test for the "convenience of the employer" rule. New York is one of several states which stil... |
It seems that [Form 6781 Part 1][1] does not allow to specify position close date. This is where I believe, for example, VIX option trades should go.
And it seems that TurboTax in case tax filer moved between states mid year, relies on close date specified on 8949 form to determine under which state closed position ... |
Form 6781 and position close date when becoming different state resident? |
so I’ve been holding a stock position that went south really quick and have holding on for about 5 months now. Last average down was 4 months back in feb. Anyways my average price is $12 and the stock is currently trading at $8 question is if I sell an itm cover call of strike price of 8$ I gain say a $1.00 of premium ... |
Cover call selling and wash sale or potential IRS problems? |
I have a stock position that went south really quick and I have been holding on for about 5 months now. My last average down was 4 months ago.
My average price is $12 and the stock is currently trading at $8. If I sell an ITM covered call with a strike price of $8 and I gain say a $1 of premium then my loss will ... |
Covered call selling and wash sale or potential IRS problems? |
Imagine that someone gave birth on November 5th, 2020. California allows moms to take off up to 8 weeks of [disability insurance benefits][1].
**Are such state disability insurance benefits taxable in 1) tax year when you were eligible for them; or 2) approved for them; or 3) when benefits were actually paid?**
P... |
Are state disability benefits taxable in tax year when you were eligible for them, or approved for them, or when benefits were actually paid? |
What paperwork do I need to sell a car for $30k cash in New Jersey and deposit the proceeds into my bank account? |
Are there IRS limits for 401k to Roth IRA rollovers? |
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" rule test and IRS makes it clear working remotely due to covid doesn't count. In fact, unreimbursed employee deductions are ... |
Is telecommuting due to covid valid for taking the home office deduction for W-2 employee for New York State Tax Return? |
Let's say I sold my house in California and I estimate the amount that capital gains will be taxed (basis + costs + exemption of 250,000/500,000 if it was your primary residence) and there's an amount leftover. Then I plan on moving to Arizona within a few months afterwards. Would I be taxed CA's rate or AZ's rate on t... |
I have an Excel spreadsheet containing data for a bunch of sales invoices. I want to import this to QB Desktop Pro from another system. I'm a bit confused about IIF files vs. CSV/Excel files. I know what the latter are. I don't know what IIF files are, aside from the fact that they are tab-limited files that seem to ha... |
Can I import a list of invoices into Quickbooks Desktop as a CSV or Excel file? |
I have an Excel spreadsheet containing data for a bunch of sales invoices, which I exported from another system. I want to import this to QB Desktop Pro. I'm a bit confused about IIF files vs. CSV/Excel files. I know what the latter are. I don't know what IIF files are, aside from the fact that they are tab-limited fil... |
Two partners with 50% interest in an LLC.
One partner is paying 100% of all LLC expenses for the first year so expects to take 100% income or loss.
There is no capital investment other than exactly whatever bills are racked up during the startup phase. Beginning and ending capital account would be 0 as all expens... |
Two partners with 50% interest in an LLC.
One partner is paying 100% of all LLC expenses for the first year so expects to take 100% income or loss. This allocation is done because the other partner does not have any income, assets, or capital to contribute other than experience. In fact, the financially non-contribu... |
LIFETIME FREE means absolutely ZERO charges to be its annual maintenance fees, renewal fees, joining fees, or whatever, irrespective of whether the card is used during a calendar year or a threshold expenditure is incurred or not, applicable before the card expiry date.
Lifetime free credit card may mean any of the ... |
Should I spend 3/4 of my savings to buy a new car that costs about a year of my annual salary? |
I think I simply saw outdated information, but I was curious whether or not the "cryptocurrency market" as in the total value of all cryptocurrencies on the market is equal to the sum of all their market caps.
So if bitcoin and ethereum were the only cryptocurrencies to exist, the former having a market cap of 816 ... |
Is the cryptocurrency market determined by the market caps of each individual coin? |
The SEC has some advice concerning these sorts of mini-tender offers:
https://www.sec.gov/reportspubs/investor-publications/investorpubsminitendhtm.html
This offer may not be outright fraud, but is a bad deal since the offer is at a price below a conditional market price (not to mention the several additional con... |
I know someone close to me who has been offered employee stock options (which they are supposed to buy later at a fixed price, potentially, when/if the business goes to IPO or something) and they asked for my advice.
I asked what is the total number of shares as I never invested in a business without understanding h... |
If a company says they lost $2M in Q1 because of:
> "non-cash mark-to-market increase in warrant liabilities"
As I understand warrants, they allow the holder to purchase the shares at the strike price before expiry. The only way I can see this as a loss, asides from their dilutive property, is if a companies shar... |
Why are warrant liabilities considered a financial loss? |
The SEC has some advice concerning these sorts of mini-tender offers:
https://www.sec.gov/reportspubs/investor-publications/investorpubsminitendhtm.html
This offer may not be outright fraud, but is a bad deal since the offer is at a price below a conditional market price (not to mention the several additional con... |
I just opened a position on WeBull to short a stock with a market value of $1,554. The total amount of cash in my account is $5200, but my day trading and overnight buying power is saying 0 after I open my position. Will I receive an RT call if I hold this overnight or will I be covered on this position with the amount... |
Will I receive an RT call or am I safe? |
Is this a SPAC? The below article says that companies must calculate the probability of being forced to make a cash tender offer. As this probability changes, the liability changes; and the liability change creates a non-cash profit or loss in every reporting period.
> The switch to classify the warrants as a liabil... |
Standard Reg T margin is 50% so the requirement for shorting a stock with a market value of $1,554 could be $777. Why did I say could be?
- Stocks below $5 are not marginable
- Leveraged ETFs have a higher margin requirement
- Brokers can have a higher margin requirement than Reg T
- Some of your cash could be t... |
I want to day trade as both a form of entertainment and income but I've read about needing €25,000 in your account and some things about being able to trade anyway. I don't really understand how this works or why this is a thing. Surely if I have €5,000 I can trade as many times as I want to? Am I not able to just use ... |
Can I day trade with €5,000 of savings? |
One of my positions continues to get beaten down by bad news. [The latest is that one of its largest stakeholders might go bancrupt](https://www.reuters.com/article/sae-simec-uk-energy-holdings-gfg/simec-atlantis-says-gfg-backed-investor-facing-purported-receivership-idUSL3N2N529K).
My question here is what actually... |
What happens if a large shareholder of a company goes bancrupt? |
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