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u/Stock_Accident8033

r/CryptoTax r/RobinhoodGC r/raceto10000
▲ 4 r/RobinhoodGC

Gold Card credit limit

I currently have a $1K limit for the GC. The 3% cashback is sweet and I'm using the card for basically everything payable by GC. My monthly spending can easily go $2K. I have the autopay on for weekly, don't want to have super high utilization at the end of statement. Here are two things I'm wondering:

  1. Is it fine to spend more than $1K on the GC per statement? I understand that by paying off balance every week, my available credit will be restored but should I spend over the total of $1K for one statement? I don't want it to affect my credit score because I'm trying to build it.

  2. Is it a good idea to ask Robinhood for a credit increase with my situation?

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u/Stock_Accident8033 — 5 days ago
▲ 5 r/CryptoTax

Is crypto gifted from overseas to US recipient taxed in anyways?

My brother from overseas is planning to send​ USDT as a gift for me.

He works for a crypto exchange (not regconized by the US if anyone is wondering, but I don't think this should affect anything) and is paid by USDT. He trades crypto future and did well so some of the USDT he sent could be from it.

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u/Stock_Accident8033 — 5 months ago
▲ 41 r/raceto10000

Immigrated to the States with my parents. Got handheld and taken care of in the first couple of months by my other families, who have been here 20+ years (they're straight up millionaires). But, a big but, we owe a family member 10-20k$ (​in that range, he hasn't yet given a number) for plane tickets, paperworks, work stuffs, ect. since we came to the States. We already paid pack almost 8 grand.

Currently, ​I and my parents are on our own, renting, paying bills, working, basically living paycheck to paycheck. Only I and one of my parents work. After taxes and bills, if we live below our means, we still have​ money leftover.

Investing and financing stuffs, I learned it myself. Parents are well in their 50s, dad turning 60 this year​. They are... well, financially illiterate. I have been giving them some advices then and there to save and invest. We're still settling so unexpected ​bills and purchases ​are everywhere. I started with my investments first. Looking to start a roth IRA for parents when things are settled.

Currently, every week, 100$ comes out of paycheck toward investing. 65$ Roth IRA (70% VTI, 20% VXUS, 5% NVIDIA, 5% IAUM) ​and 35$ taxable (50% VOO, 20% VXUS, 20% QQQM, 10% NVDA). And yes, why would I not max out my Roth IRA? My thought process is,​ I don't want to wait till 59.5 of age to be able to use the gains. I really would love to retire my parents ​ASAP, my parents are getting old, their ​healths are degrading. My income will increase, so I will put more into Roth IRA once it does.

And yes, I have Robinhood gold, the 3% match for Roth IRA ​contribution is great, I get 3%+ APY for uninvested money sitting in Robinhood. I have some of my emergency funds there. Also, I have 0 credit cards, and ​unable to open any HYSA since they all rejected me because, well, newly immigrant, no credit history.

Edit: Typo, and why does the last part sound like an ad for Robinhood gold lmao.

u/Stock_Accident8033 — 5 months ago