For any question related to taxes and not otherwise covered by a more specific tag such as income-tax, sales-tax, etc. Whenever asking about taxes, please also specify a country tag such as united-states, canada, united-kingdom, etc.

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2
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1answer
19 views

What are the tax implications of earnings from the stock market (BSE)?

I am planning to sell all my stock and have all my money transferred to my own savings bank account. What is my tax liability?
5
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1answer
151 views

Should I convert from IRA to a Roth IRA based on an online calculator?

Several online conversion calculators pretty much give me the same or similar results if before and after retirement tax brackets are the same i.e. 25%. If my tax bracket drops to 15% after retirement ...
2
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0answers
23 views

With the Fringe Benefits Tax, should I even salary sacrifice for a car?

In Australia, some employers offer an option to salary sacrifice a car purchase. The cost of the car is taken from your pre-tax salary, so your gross income will be less, and therefore, the tax would ...
2
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1answer
56 views

Wire transfer from India to US

I would like send/lend money from US account to My brother-in-law's Indian account(international wire transfer) for 30 lakhs. This will be no interest loan to him. My brother-in-law needs this money ...
0
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1answer
18 views

Interest on self assessment tax

Sr citizen individual assesses are exempt from advance tax requirement. Enough for them to pay self assessment tax before 31st July WITH OUT interest? Or, are they liable for interest payment? V ...
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0answers
9 views

Company Deductee vs Non Company Deductee in Challan 281 [migrated]

I am a director of Private Limited Company in India. I am doing a TDS for my employees salary and filing a TDS for the same. What is the option I need to select there? Company Deductee or Non Company ...
0
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1answer
23 views

Another 1040NR question - how to interpret “number of months claimed in prior tax years”?

Does anyone know how someone with NEC income (with a treaty rate of 0%) should fill in the "number of months claimed in prior tax years" line of schedule OI on form 1040NR? (Instructions are here) It ...
2
votes
1answer
31 views

What are the tax consequences of ISO exercising with an 83B election after the stocks FMV has gone up?

I came across a lot of posts that talk about 83B and ISO vesting but still could not answer questions specific to my situation. I am trying to understand tax implications with exercising in the ...
2
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2answers
99 views

How is monthly wage tax calculated in The Netherlands?

AFAIK, in most European countries, the wage tax is calculated based on the total annual earning but is deducted by the employer from the gross salary and paid to the tax authorities in advance, on a ...
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2answers
46 views

1040NR question - 0% treaty rate NEC income

Does anyone have much experience with the 1040NR and Not Effectively Connected income? I have NEC Income that has a treaty rate of 0% Now should this be reported on: a) Schedule NEC (page 4) ...
3
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3answers
121 views

Is interest on a personal loan tax deductible?

My father loaned me money to invest in a company and the company pays me quarterly profits. I have to pay back the loan to my father plus interest. What I would like to know is whether or not the ...
2
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0answers
58 views

My dad wants to transfer money from India to US as a family maintanance

What is the tax implication if my dad is sending money to me here in US as a family maintenance? Do I have to pay tax on that money and how much will that be?
5
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1answer
52 views

What should I use as the cost basis for stock that was purchased before becoming a US resident?

I held some stock in Australia for 14 years and 4 months that has enjoyed some healthy long term capital gains in that time. Recently I became a US Resident for Tax Purposes under the Substantial ...
0
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2answers
217 views

How will my stock purchase affect my taxes?

If I purchased $5000 in stocks for one company (on NASDAQ), will that be counted as an investment expense thus reducing the amount of taxable income that I have for the year?
2
votes
2answers
94 views

what happens if you win a car and then sell it?

So if you win a car as part of a contest you have to pay income tax on the ARV (approx retail value) of the car. You get a 1099-MISC to assist you with that. So what happens if you turn around and ...
2
votes
1answer
72 views

Legal way to give money to friend in USA and take equivalent amount in India

Is it legal to give money(USD) to a friend in USA and take equivalent amount in India? My friend is planning to buy a house and he wants some money in USA. He has the equivalent amount in India. ...
2
votes
1answer
25 views

Do I need to amend my tax return and change withholding rates?

I am in US on a F1 visa. While working on OPT, F1 visa holder does not have to pay social security and medicare taxes. However my spouse in on H1B visa. Since we file jointly we pay social security ...
4
votes
2answers
77 views

Capital gains tax: Retirement vehicle (IRA, 401k) vs. anything else?

I've had this question for a little while and I asked a professional about it today, but I don't think I worded it well. As such, I didn't get a good answer. Theoretically, given an equivalent amount ...
3
votes
1answer
105 views

Cash Out IRA to Pay Off Debt

I have an IRA that I haven't paid into for over 10 years. I also have a State retirement plan that I have paid into for 10 years and will continue until I retire. Besides the penalties, any reason I ...
0
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2answers
164 views

Stock trading after a crash

Let's say that I bought 500 shares of company ABC while the stock was doing well, and paid $10 per share for a total of $5,000. Then over the next year (while I was overseas, let's say) the company ...
4
votes
1answer
94 views

As a minor in the UK do I need to pay taxes on self-employment income, and if so how?

I run a game community which is based around Minecraft at the moment with just under 40,000 registered users and I want to expand to YouTube which is in the works and other games. We relaunched ...
2
votes
1answer
213 views

Would I qualify for the 2/5 year exclusion if I've only owned the property for 2 years?

I’ve owned a property for 2 years exactly. I’ve lived in it for just over 12 months and have rented it out for 12 months so far. I want to understand if I would pay taxes if my gain was under ...
3
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1answer
94 views

Building a new primary residence before selling the current one

Our current primary residence (in MD) is under contract to a property developer, and we expect to go to closing in about 24 months. If we build a new primary residence on property that we own in ...
2
votes
1answer
185 views

Why is there a $398,351 – $400,000 tax bracket in the U.S.?

It seems as if anyone that's getting paid $398,351 – $400,000 would simply lower their salary to the $183,251 – $398,350 tax bracket and get 2% lower income taxes. Does the bracket serve any purpose, ...
3
votes
1answer
51 views

Is it possible to split taxation of funds earned from a crowdfunding campaign over multiple years?

I'm intending to run a crowdfunding campaign at the beginning of next year, for a project that will take a number of years to complete. I want to try to understand a little more about how any income ...
0
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0answers
51 views

Lower-cost index funds vs. managed (higher-cost) tax-advantaged IRAs?

If having to choose between a non-retirement lower cost index fund and a managed higher cost IRA (both traditional and Roth), which is less impeded and likely to grow more long-term? Put another way, ...
0
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1answer
90 views

Self employed, putting away tax money

I am starting to get behind on taxes for my business and in an effort to catch up I'm putting profit towards the taxes. Where can I store it other than my bank? I'm worried I will spend the money, I ...
0
votes
1answer
35 views

Do I need to earn a specific amount before I can reclaim VAT as a company in the UK?

I just wondered - if I have a business in the UK is there any restrictions on claiming VAT back on items bought for the business - do I need to earn over a certain threshold as I don't earn that much ...
4
votes
1answer
71 views

Tax consequences (future or present) of giving up US citizenship

I am a Norwegian citizen by birth, and have lived here all my life. Some years ago, I learned that I am - by virtue of a US parent - also a citizen of the latter country. The amusement of learning ...
1
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1answer
42 views

Tax implications of transferring money to New Zealand from USA?

I want to transfer over $USD10K to New Zealand from the USA and am wondering if there is any tax implication? The money would be going from myself to myself.
2
votes
2answers
65 views

estimated taxes and late penalties on highly “bursty” side income

I have a full time job where I get a W-2. In addition I occasionally freelance on the side as a contractor and receive a 1099-MISC. The freelance work is very irregular and hard to predict. It's ...
1
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0answers
53 views

What taxes do new subcontractors pay?

I started a job a few weeks ago and I was wondering how do I know how much to pay on my taxes if I'm a subcontractor. The contractor who got me on he said that I would get a 1099, but I just want to ...
0
votes
1answer
41 views

Day trading in USA from Australia

I am an Indian citizen living in the USA for the past 4 years on work visa. I do trading occasionally (not day trading though), and as should be clear, I do have a SSN and Bank Account. However, I ...
3
votes
0answers
49 views

Inheriting funds from a U.S. trust where you are not the trustee

I am a U.S. citizen trustee and executor of my mom's trust. My brother is a Canadian citizen and lives in Canada and not a trustee. I will be dividing the trust funds or investments between the two ...
2
votes
1answer
65 views

Owned house for less than 2 years - 1031 exchange?

My wife and I bought our first house about 8 months ago. It turns out it's not the right fit for us (for many reasons). Because of this, we want to sell it and move to the suburbs on the other side of ...
1
vote
2answers
71 views

Are there any caveats to withdrawing funds from brokerage?

I have recently opened a brokerage account and want to deposit some funds. Before I begin investing, I am curious if there are any caveats to withdrawing my money in the future. I am a US citizen ...
6
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0answers
83 views

How does a tuition insurance payment affect 529 withdrawals?

Qualified college tuition and expenses were paid from a 529 plan in 2014. The school sent a 1098-T and the 529 plan sent a 1099-Q and everything was fine on my 2014 taxes. In 2015 my child has left ...
3
votes
2answers
89 views

Can I enroll in an FSA if my employer doesn't offer it?

I'm really REALLY interested in opening an FSA. I've asked my employer and they say they don't offer it. We have insurance through them with BCBSGA. It isn't a HSA qualified plan. So is there a way to ...
2
votes
2answers
56 views

Can I deduct retirement plan contributions from my self-employment income?

I'm self-employed. I pay self-employment tax on ( income - business deductions ) * 92.35%. Can I make contributions to a retirement account that counts as a business deduction? More details: I'm ...
1
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0answers
43 views

Undo IRA conversion to an existing Roth IRA?

I have two retirement accounts at the same brokerage. One is a traditional IRA that was rolled over from a past company 401k plan, the second is a Roth IRA that I contribute to with taxable income. I ...
2
votes
0answers
21 views

If I forfeited my entire dependent care FSA, can I claim dependent care credit?

I missed the deadline to claim my dependent care FSA for a previous year. Since the entire FSA amount was forfeited, can I claim dependent care credit instead for that year ?
1
vote
2answers
42 views

Questions regarding taxation for Indians living in U.S.( citizens of U.S.)

Greetings of the season. I have some clarifications and questions regarding taxation for Indian's living in U.S. What is the maximum cash gift a person can receive from Indian parents? Beyond what ...
3
votes
1answer
123 views

Should I pay for lousy tax preparation service?

My tax accountant this year did lousy job - Form 8942 was not filled according to IRS instructions. Also, I had to figure out myself why ESPP, NQSO and RSUs cost basis this year was incorrect on my ...
0
votes
1answer
146 views

Tax implications of dad paying cash for my home, and me paying him back?

My father found a better loan than us, so we are thinking about him giving us the money for the house, we pay cash for the house so we get it under our name, and then we pay to him every month for the ...
3
votes
1answer
38 views

Indian mutual funds with tax benefits

Are there any mutual funds offered by Indian banks that give any tax advantages? This is for my mother (retired Indian citizen). Something that gives a better rate of return than the fixed deposits ...
3
votes
1answer
189 views

How to correctly deduct purchase of a laptop dedicated to my consulting work?

I was thinking about buying a laptop to use dedicated for consulting. Currently I've been using the same laptop that I do my personal stuff on for my consulting work but I'd like to have a separate ...
0
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0answers
19 views

Freelancer resident in France and doing freelance work for company in Basel

I am a freelancer resident in France and doing freelance work for a company in Basel. Am I correct in thinking that I declare my income in France and pay no taxes in Switzerland, and just invoice ...
2
votes
1answer
88 views

Does the IRS penalize for overpaying and underpaying state income tax?

I used TurboTax for filing my taxes this year (for 2014) and came across an oddity that either means TurboTax is buggy or the IRS penalizes for overpaying state income tax. When using turbotax (and ...
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2answers
113 views

How to report Canadian T4 slip items (e.g. CPP, EI) on a U.S. tax return?

I am a U.S. citizen resident in Canada. Does anyone know how to report the various items on a Canadian T4 (a rough equivalent of a W-2) on a U.S. tax return? I am not sure about the following items: ...
2
votes
1answer
21 views

When filing a US 1065 as a General Partnership, do we combine our expenditures for a home office?

I am in a General Partnership with 1 other person. We both work out of our respective homes. When filing expenses on a 1065, do we line item each of our home office expenses? For example, if I use my ...