Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [maryland]

Use this tag for questions related to rules and experiences specific to the State of Maryland in the United States.

Use this tag for questions related to rules and experiences specific to the State of Maryland in the United States. This will include questions about tax laws of the state.

35 questions
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Should I choose Itemized or Standard deduction?

I see I am saving more when I choose Itemized deduction, even though its less than standard deduction. Is that normal? And in this case should I choose itemized and disregard recommendation of Turbo Tax? Screenshots below. When I choose Standard…
hmajumdar
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What should I prepare for tax-wise when moving from one state to another?

In about 2 months, my wife and I will be moving to another state and I will be starting a new job - this move will be from the Capital Region of New York State to the St. Mary's County region of Maryland. Note that this question is not about the…
Zibbobz
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Rebuilding my life at 30, broke and supportless

Okay, so try to ignore the "drama" in this and I'll try to keep this short. I'm unemployed (on my 3rd disability appeal) but in college I max out my loans but it's about $500 a month left after my grants/loans cover tuition if I dolled out the…
Bianca
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I live in Maryland and work in Virginia. Do I need to file multiple state tax returns?

I live in Maryland and commute everyday to Virginia for my job. I do not have any rental property in Virginia. Do I need to file multiple state taxes?
hmajumdar
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8
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Does money received from the estate of a deceased parent count as income?

My father passed away last year and my uncle was listed as executor of the estate. He liquidated the entire estate and it was released from probate last month. All of the children received an equal share of the benefits of the estate. Is that money…
Sheri
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7
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How to deal with insurance when renting a car from an individual?

I need an extra car for 2 months, and all car rentals were $800/month and up. A friend offered to rent me his extra car for $450/month. He said it costs him $160/month for insurance, which sounds like a lot (I pay $600/year). I called my insurance…
Joe Z
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1 answer

Is Maryland's Wynne Tax Refund taxable on my federal return?

In 2015, the Supreme Court found a local taxation detail in Maryland unconstitutional as double taxation (Comptroller of the Treasury of Maryland v. Wynne). Residents who doubly paid could then fill out a form and send it to the Maryland Comptroller…
Stershic
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Tax considerations for selling a property below appraised value to family?

I own a property that recently appraised for $350,000 in the state of Maryland that I purchased for $300,000 7 years ago. I wish to sell this property for a value of $240,000. Here are my questions: Is this legal? The state of Maryland has a…
rs79
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Am I better off with NY's 529 plan? (Maryland resident)

Maryland resident here. We'll be opening some 529 plans for our kids (ages 4.5, 2.5, and 1), and I'm wondering how to determine if we're better off with the in-state plan or another state's plan. We're planning to save a minimum of $70,000 for each…
Jeff Levine
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What is a good vehicle to do ad-hoc savings for kids' college?

My kids are 11 and 14. I've neglected to save any money for college for them, but I want to start now. I live in Maryland. I understand that 529 college savings plans are usually the best way to go. They provide a hedge against rising tuition costs.…
Saqib Ali
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Apartment Security Deposit refunds in Maryland

I paid $158.00 security deposit in April 1972. How much should I get back? I moved out on June 30, 2015 with no deductions for damages. I lived in Maryland.
Janice B Holness
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Should rented software be included on my LLC's balance sheet?

I am an incorporated freelance user experience (UX) designer with an LLC, and my state requires a personal property return with a balance sheet every year. I'm using cash accounting for my business and haven't taken any accounting classes, though I…
David
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Filing state taxes as a part-year resident, and full-year federal resident

This question is similar to this one, and slightly related to this one, but with some differences. I have been living in USA for many years, and my spouse is an expat who moved to USA in the middle of last year. After her move, we both live and work…
RvPr
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3
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1 answer

1099-S Provided 4 Years Late, and Amount was Paid to the Mortgage Lender Instead of Home Owner

The State bought a portion of our land for highway widening, and paid the proceeds directly to our mortgage lender. Four years later, the State has sent us a 1099 for the amount paid to our mortgage lender - it is dated for that year. Now, we are…
Val
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What - if any - tax obligations would there be for lost and reclaimed money?

Many years back I invested a few thousand dollars in a stock fund. My intention was to "buy and hold" and occasionally add a little here and there. However, life changes meant that I didn't have extra money to contribute. At some point, I must have…
GreenMatt
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