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

Questions tagged [massachusetts]

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

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

69 questions
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3 answers

Bequeathed condo left to three children. How to sell if one party disagrees?

As the title states, a condo was bequeathed to each of an old man's three children. None of the children originally lived in the condo, nor do they currently live there. Two of the children want to sell the property, but one is being difficult…
dasMetzger
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5 answers

Is it normal to have 28.5% of various income taxes deducted from my paycheck?

I just got out of college, still live with the parents (saving up money) been employed for a year in the industry, and got a not bad starting salary. First check I received was shocking, to see 28.5% cut off for Federal + MA State + SS Employee. And…
user10857
12
votes
3 answers

If your medical expenses exceed your income does the IRS pay you?

My daughter is disabled and unable to work, so her income is zero. (She isn't officially declared disabled, which we're trying to fix, but I don't want to talk about that piece here.) I've paid significant medical expenses for her, which in the…
enigment
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11
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6 answers

selling appreciated stock vs gifting it to charity

Assume I have a stock that I purchased for $1000 and it now has a value of $5000, a potential long term capital gain of $4000. Assume also that I owe $20750 in total tax on an income of $80000 based on this…
aquagremlin
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9
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3 answers

Is there a dollar amount that, when adding Massachusetts Sales Tax, precisely equals $200?

I am confused about calculating Massachusetts Sales Tax (6.25%). Is there such an amount, that when added to its sales tax, equals $200? The reason I ask is because my business has been charging $200 for things and we said tax was already included.…
Brian David Berman
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7
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1 answer

Where to file state income tax form?

My wife and I lived in Massachusetts as our primary residence for 2022. However my wife started a new job that is based in New York and works remotely in 2022. However, this job required her to have a New York based address so she filled out her W4…
state_tax_questions
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6
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3 answers

How do I pay taxes on daily fantasy winnings?

Like many others, I've been playing daily fantasy football. I've had a good bit of luck and have made a substantial portion of my income this year from these sites. Now, I live in Massachusetts, which does not yet have a law or regulation that…
Dennis
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6
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Is supporting a charity through specialty license plates tax-deductible?

In Massachusetts, one can get a license plate which supports particular charitable organizations. At renewal (every two years), these cost an additional $40 in registration fees, all of which gets paid to the charity which sponsored the specialty…
user42405
5
votes
1 answer

Taxes on AirBNB income for renter

I have been living by myself in a large multi-bedroom apartment in a 3-apartment house owned by my landlord, who lives downstairs. We have been renting out the apartment I live in from time to time on AirBNB. The income goes into my PayPal account.…
Colin
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5
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1 answer

State taxes for nonresident international PhD students in Massachusetts?

Do I have to file state taxes (in addition to federal taxes) as a nonresident international PhD student in Massachusetts?
Ben
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5
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1 answer

Strange number on Massachusetts Form 1-NR/PY

I see the following: Referring to line 3, I understand I have to divide the total days as Massachusetts resident with 365 and carry the division to four decimal places. This is explained nicely in the guide. But why is there a 3 after the equals…
Marcus Junius Brutus
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5
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2 answers

How long after a hotel stay can you be billed in the US?

TL/DR: I stayed in a hotel and haven't been billed yet. At what point am I no longer legally responsible for the debt? I used a well known website (expedia) to book a hotel room for a week in a small bed and breakfast in a small seasonal town in the…
StrongBad
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4
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1 answer

Massachusetts company, working out of state

If I live in a state with no state income tax and work remotely (from home) for a company that is based in Massachusetts, do I owe any state income tax to Massachusetts? This is confusing me…
iq78
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4
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1 answer

What is the tax rate for selling stocks?

I worked at a company that offered stock options as part of their compensations. I left the company in 2015, and exercised my options in December of that year. Now the company is being acquired and I am going to get paid for the value of my stock. …
Carlos Bribiescas
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4
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3 answers

What is the federal and state taxability of Massachusetts Solar Renewable Energy Credits (SREC)?

I installed a photovoltaic solar panel system on my house in the summer of 2015. (It's not a lease arrangement or the like; I own the solar panels outright.) As part of the government incentives for deployment of solar power, I receive a quarterly…
user42405
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