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

Questions tagged [michigan]

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

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

32 questions
25
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3 answers

Better to rent condo to daughter or put her on title?

We're contemplating purchasing a small condo in MI for our daughter to live in while she goes to law school. This would be an all cash purchase, so no mortgage. If daughter is listed as a co-owner, we can save about $100 per month on property…
Barbara
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13
votes
2 answers

How many years do I need to own a house until I don't have to pay capital gains taxes?

I've owned my home for 1.5 years and it has been my primary residence. I decided to move, and want to sell, however, I'm unsure if I have to pay capital gains. When searching the internet I find conflicting resources. Some say I need to have owned…
Gary Holiday
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11
votes
2 answers

Can a homeowners insurance demand that I perform specific maintenance at my home?

Our insurance company sent someone out to take photos of our home. They then sent us a letter stating we must fix cracked windows and remove any foliage that is near or hangs over house and out-building. Nothing specific or we would be cancelled. …
Michael
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7
votes
1 answer

May a church pay for AED/CPR training for congregants?

I'm Treasurer of my church in Michigan, USA. We are purchasing an AED. We'd like to have more people from our congregation be CPR/AED certified. Can the church pay the ~$60 per interested person? I want to avoid "private benefit". I think most of…
Matt Thomas
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6
votes
2 answers

How can I reasonably estimate what percentage of my income should be saved for taxes during my first year of work

I am a minor in Michigan, and I'm currently in my first financial year. I work for a nonprofit, which doesn't take any money out of my pay. The per-hour salary that I say I make is how much I actually receive on my pay-day. Because this is my first…
Julian Lachniet
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5
votes
1 answer

Residency for Out of State Student Getting Married

I am a graduate student in Michigan but still consider my permanent residence to be in Ohio, as I plan to return there after graduation. I am able to just file income taxes with Ohio, as the two states have a reciprocity agreement. My fiance just…
mich_ohio_residency
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5
votes
3 answers

Auto Insurance in Michigan: What is the need for liability covereage?

I live in Michigan. Recently, state law changed such that we have "no-fault" auto insurance. We still must hold liability of $50,000 per person, $100,000 per accident. Since we are in a "no-fault" state, is there any reason to increase this amount?
Astor Florida
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4
votes
1 answer

Educational Savings Program vs. Individual Investment Plan

I am trying to figure out what is the best investment option for my daughter's college tuition when she turns 18. We currently have Michigan's education savings program (MESP 529) and we deposit $100 each month. My daughter was born in 2016. I just…
fhcat
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4
votes
1 answer

Can a property that owes taxes be donated to a church?

I pastor a church (we are a street mission) that is seeking a stable location to both be a rectory and a place to worship. There was an offer by a parishioner to donate his home. He is a minister and the house is completely paid for. Though there…
Rev. Guinevere Haworth
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4
votes
1 answer

Capital gains on vacant land

My husband inherited vacant land when his mother died in 1990. His parents bought this property in 1946 if that makes any difference. We are selling it and am wondering what we will end up with after taxes. It's being sold without realtors. …
Ann Noble
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3
votes
1 answer

Does Tennessee have anything like a principal residence exemption?

I just moved from Tennessee to Michigan. We are leasing the place in TN to a friend and purchased a new primary residence in Michigan. In Michigan, we have a principal residence exemption which means we pay far less for our primary…
Palu Macil
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3
votes
2 answers

Apartment Year Lease Increase Statement

I'm looking to sign a lease and I notice there is a statement that the landlord can increase rent with 30 days notice. Is this normal for a lease agreement? Should I be concerned? The exact wording is below: "Upon thirty (30) days written notice to…
Jonathan
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3
votes
1 answer

How to claim income from sale of house given by quitclaim deed prior to death

We are in Michigan, USA. A couple years before my mother-in-law passed away she signed her house over to my wife and her sister via a quitclaim deed. Only the mother-in-law and father-in-law (both deceased now) were owners and on the mortgage. We do…
mitnworb
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3
votes
2 answers

Why did I get MI-1040ES - Michigan Estimated Income Tax for Individuals form in the mail?

I recently got something from the Michigan Department of Treasury in the mail that looks like 4 sort of coupons where I tear a section out and write down payment amount (not sure how much to write down as it doesnt say) and has different due dates:…
JonH
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3
votes
2 answers

Tax implications of working from another state due to coronavirus

I work for a company in California which is recommending all employees work from home because of the coronavirus pandemic. I am thinking about working from Michigan instead as an opportunity to visit family. How long can I work from another state as…
carpediem
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