Questions tagged [tax-exemption]
The tax-exemption tag has no usage guidance.
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W-4 Excess Exemption / Under-Withholding
I filled my W-4 as single, 0 dependents, 0 exemptions. All my pay stubs say that information as well. But I made $45,000 for the year and only $1,300 was withheld for federal income tax.
When I asked ...
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Switzerland taxation over income derived from foreign businesses
I'm considering moving to Switzerland permanently (I'm Italian, currently living in Italy), but I would like to know if my income derived from an US LLC (foreign-owned single-member LLC) is exempt ...
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How can I obtain a tax exemption certificate for a sign company that is located outside of the united states?
How can I obtain a tax exemption certificate for a sign company that is located outside of the united states. I have been purchasing machines for my print shop and they are being delivered directly to ...
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Claiming HRA for a jointly owned property
I am a salaried person in India. I am in the process of getting a new house on rent but the property is a jointly owned property.
The rent agreement will have both the owner's names & i would be ...
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Claiming Federal Tax Withholding Exemption for first year in US
I am a student, and it is my first-year present in the United States. According to sources, I am eligible to claim exemption from federal withholding if the following two conditions are met:
You owed ...
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J1 visa two year exemption rule
I have been granted a fellowship for a postdoctoral position at a university in the USA starting from September 2023 and with two years duration. The fellowship is from a non-profit European ...
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243
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How can I take a $250,000 capital gains tax exemption on a land sale adjacent to my RENTAL house property?
This is a narrower question than a question about the sale of land adjacent to a PRIMARY residence.
Can I take the $250,000 tax exemption on the sale of my land adjacent to my rental property (not my ...
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120
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Possible incorrect tax exemption on form 1042-s? Where to show 1042-s interest income on 1040?
I have interest income on 1042-s, but was exempt from tax. My Box 3a is "02" and 4a is "15".
"02" refers to - exempt under IRC (code should only be used if no other ...
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Form 15G: Exemption on TDS if total income is > 2.5L but taxable income is < 2.5L
I need one clarification. If one's total income is greater than 2.5 Lakhs per annum, but still having taxable income less than 2.5L (due to 80C etc.), can they submit Form 15G to get exemption on TDS ...
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140
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How much is tax exemption if I retire in a foreign country like Taiwan?
I heard that some time ago, there was like a US$70,000 tax exemption if I live in Hong Kong, and that first $70k income is not subject to US taxes.
However, let's say if I actually retire and live in ...
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Stamp duty on UK share purchases made by non-UK residents
I am a UK ex-pat living in the EU and have recently bought shares in two different UK companies using an EU-based broker. Following the transactions I was surprised to find that there was no stamp ...
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Can a 501c7 have a fundraiser by selling handmade crafts?
We are a 501c7 mutual benefit social club of knitters. We all pay dues to cover rent, etc for our leased space. Can we contribute handmade crafts to sell to the public as a fundraising activity?
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Can a 501(c)(7) receive external donations from non-members?
United States/NYS here.
Can a 501(c)(7) tax-exempt nonprofit ("social club") receive outside/external donations from non-members (individuals or businesses alike)?
For example: lets say ...
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What is the income tax exemption proration policy for Massachusetts part-year residents?
I moved to Massachusetts in the second half of 2019 and started a new job. I'm trying to calculate my exemption for the 2019 tax year. The "2019 Massachusetts Nonresident or Part-Year Resident Income ...
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tax exemption for a partner when one is working abroad all year long but other one stays in US
I have a green card and a US employer who could pay me abroad since we have offices in the EU and Asia. I have been working from these offices in EU and Asia for the past 6 months and came back a week ...
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Claiming tax exemption to use the funds for Capital Investment
I currently work as a server/bartender, and saving up to get a food truck off the ground. Suppose I claim tax exempt on my W-2 (with the restaurants I work for) and use 70% of gross funds for Capital ...
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Employer provides a SIP - Should I invest?
I recently started working for a large international company that is a big player in its industry on a global scale.
I only have very limited investment experience (a Lifetime ISA which is managed by ...
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UK: How does gift holdover relief interact with potentially exempt transfers?
An elderly acquaintance is considering gifting some shares in the family business to his children.
There is significant capital gains accrued on the shares (which said relative has held for decades), ...
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141
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Principal residence exemption after the first house?
I'm trying to think through a situation for my brother where he co-owns two homes, one of which is with me which he wants to gift to me. I'm not sure how principal residence exemption works on his ...
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Lottery tickets and tax exempt organizations [duplicate]
These might be the same scenario.
I am a pastor. I find a lottery ticket in the collection plate. The next day it wins big. I want to cash in the ticket on behalf of the church. My church is a ...
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Tax exemptions for export shipment
I live in the US. I tried to purchase the 220 volts home appliances to ship them to North Africa. The vendor in Chicago asked me the shipment address I gave him the address of North Africa. He said he ...
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Non-resident alien cancellation of personal exemption for 2018 tax return
I'm a foreign PhD student filling my tax returns for 2018 using 1040NR.
Although my salary hasn't changed from the year before, it seems like my taxable income is up about $4,000 and therefore taxes ...
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What is carried interest, and its associated loophole?
My motivation is to understand the carried interest loophole. A far as I understand, it is a method of tax avoidance.
Ideally, I like to understand that tax evasion loophole, but I think the main ...
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Non-resident alien with closer connection to another country capital gains taxes
I am selling my U.S. vacation home and will have a capital gain of approx. $85,000. Are there any exemptions available to reduce this amount before it is subject to the 15% tax rate? I do not ...
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How to report 1042-S income on California Schedule CA 540NR when resident alien for federal purposes?
Lots of background:
I visited the US several times since 2014, and in November 2015 I entered the country as a J-1 research scholar. I left the US again by November 2017. By the substantial presence ...
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Can tax treaty exemption be applied to spouse's income?
I'm a green card holder and my wife is a F1 student from China, and we are filing our tax return jointly this year.
My wife doesn't have any income, and I wonder if we can still claim the $5,000 tax ...
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Accidentally selected tax exempt on W4
I started working in February 20, 2017 and had an online W4 to fill out and I accidentally selected tax exempt. I am in the 28% tax bracket and live in Washington state. Upon realizing my mistake I ...
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96
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Personal income tax for non-resident in Hong Kong?
I am currently resident in Mainland China (non-citizen) where I am employed and paying taxes (paid by employer so that is no problem here). At the same time I have a LLC in HK (100% ownership & ...
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Not reporting very small income on my U.S. account while I live abroad
I grew up and lived in the U.S. until graduating from university. After graduation I took a job abroad where I have been living now for 5 years.
Since beginning my job, I have been filing a U.S. tax ...
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203
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Should I be claiming more than 1 exemption?
I am 22, got married in 2016, bought a house and had a kid in 2017, work a full time job and a part time job as an independent contractor, my wife owns a sole proprietorship.
If I am claiming 1 for ...
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Tax exemption on personal loan interest component in India
I have taken personal loan for my father business and home construction. The land is on my mom's name. My father is cosigner for the loan. Am I eligible for the tax exemption if yes then under which ...
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What is best investment which is full recession proof? [closed]
I'm a 30 yr old guy and don't have that much investment till date. Can anyone suggest all type of investments in India which are recession proof? Im really unaware about all these investment things. ...
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Which boxes on IRS Form 1040 Line 6 need to be filled?
Is it one box per bullet? And then a separate box for the non-bulleted item? This one always confuses me. I am married filing jointly. I have a child from a previous marriage that I claim every other ...
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Can I claim W-4 exempt status if I paid self-employment tax only last year
My son is a full-time student. We still claim him as a dependent. In 2015 he earned ~$2000 as a self-employed contractor, so no tax was withheld but he owed some self-employment tax.
In 2016 he will ...
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Starting new sales job in addition to food serving, need advice on exemptions for W4(s)?
I am currently a part time food server in California claiming "2" exemptions on my w4. I am about to start a part time sales position where I'll be earning hourly plus commission. I'll be earning more ...
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Can a Canadian citizen claim tax-exemption on a U.S. scholarship intended for travel costs?
I am a Canadian citizen, and have received a scholarship of $750 from a U.S. institution to pay for lodging and travel costs. I am required to fill out a W-8BEN form, and I was wondering if I can ...
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Is the Personal Exemption included in the Standard Deduction?
My question is: do the numbers below include the personal exemption?
I found this tax data for 2016:
Table 2. 2016 Standard Deduction and Personal Exemption (Estimate)
Filing Status ...
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Tax return status for changing from F1-OPT to H1B
I came to US in 2014 on F1 and started F1-OPT in July, 2015. 3 months later, I started my H1B in October and I'm still single. It's pretty complicated and according to my research, I have these two ...
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Accumulated Capital Losses
I have accumulated losses of above $200,000 in stocks from the last 10 years. I have been writing off $3000 every year and say the carryover is $200,000.
Now i am seeing some profits in my account ...
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Date of sale in real estate - is it date of Close or date of Signing
I'm in the process of selling my home and am getting very close to the time limit on the gains exemptions (2 months from now).
The IRS says that the date that matters is the 'date of sale' - is that ...
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884
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Tax Exemptions: Live in One State, Work in Another
So I'm pretty young and don't completely understand how I should be handling my taxes. I've been burned year over year recently by being a contractor and have recently started to pay attention closely ...
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474
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Ordering From UK to Base Overseas - VAT exempt?
Good afternoon,
I'm currently serving the RAF Overseas in Cyprus and am looking at ordering a new laptop from PC Specialist (a UK company).
My question is simple, am I eligible to buy this item ...
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Tax implications of transferring money to retired parents (India)
I transfer some amount of cash to my parents for their groceries every month. What are the tax implications for this amount?
Do I get any tax exemptions for this sum?
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How does India tax foreign stipends?
I am a student in India, recently selected for the Google Summer of Code. Google provides a stipend of 5000 USD for successful completion of the project. They also state that this is not employment. I ...
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How can someone claim themselves as a dependent?
I'm filing my taxes on a 1040A form and I noticed this line
No one is claiming me as a dependent, so does that mean I should count myself as an exemption? What would that even mean?
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How is someone tax exempt at Walmart in Canada?
When going to some stores, such as Walmart, there is a sign at every till: If you are tax exempt, please let us know before the first item is scanned.
What qualifies as being tax exempt? Can anyone ...
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Tax exemptions for US stocks held in a Candian account
As a Canadian, if I buy US stocks and receive dividends in a non tax sheltered account, then those dividends are not suited for dividend tax credit. Also, if I sell and incur a gain(within 1 yr), do I ...
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Strategy for investing in a tax saving fixed deposit account
Let's say that I open a new tax saving FD account with a bank with a deposit amount of Rs. 50,000. I understand that I can get a tax relief for the current financial year in which the FD account was ...
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Form 16 for 0 tax payee?
I have several questions regarding tax computation,
Do we have 2 form 16 for a financial year?
If his salary is below tax bar, will he get the form 16?
If tax is paid for 3 quarter of a financial ...
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HRA + Home Loan for under construction Property
I know this question has been asked many times earlier but the answers are too technical for me to understand. Request your guidance (at dummy level).
I am living in a rented house. This year (F.Y. ...