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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1answer
12 views

What are the tax implications of dividends that I receive from stocks (equity) that I hold?

I have purchased some shares in the Bombay Stock Exchange. Its been 6 months and have received some dividend income from them. Does this count towards my total income? Will I have to pay income tax on ...
4
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1answer
590 views

Fair Market Value Vs. Assessed Value

As my research, there are two criteria on home values. Market Value and Assessed Value. Market Value used between buyer and seller to get agree on sales price and Assessed Value is used to calculate ...
2
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2answers
37 views

Selling mutual fund and buying equivalent ETF: Can I 1031 exchange?

I have a taxable investment account consisting of Vanguard mutual funds that I have held for less than a year. I recently learned that ETFs are more tax efficient in nature because the managers don't ...
7
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1answer
871 views

Pay for my parent's PLUS loan - tax implications?

I recently payed off my college loans and now want to pay for the PLUS loans that my parents took out to pay for my education. Does the gift tax apply if I pay the loan provider directly? I'm not ...
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0answers
22 views

For the purpose of Canadian tax reporting, can buying a business be deducted against personal taxable income?

In Canada, can buying a business be deducted against personal taxable income as other business related expenses would, if one is running it as a sole proprietorship?
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0answers
19 views

Did not file W-8BEN but received dividend income from US stocks and zero withholding tax

I am an Indian citizen who worked in US for some time and returned in 2002 to India. I last filed a 1040NR return in 2002 and after that did not file 1040NR. I just realised that I have been receiving ...
5
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1answer
46 views

Taxable income computed by date earned or pay date?

Is taxable income for a given year computed by the days where the income was actually earned or the pay period in which the pay is issued? For example, suppose the pay period for an employee spans ...
2
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1answer
49 views

Do I have to file a tax return on a federal work study job?

I recently obtained a federal Work study job at my college. I filled out paper forms that were a bit obtuse to me. A I-9 form and a w-4 I think. I obtain $1200 maximum from this job. So do I have to ...
2
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1answer
25 views

Does Form 8938 have to be signed?

Unless I'm blind, I don't see any place on Form 8938 for a signature. As it's submitted with the normal tax return, presumably the signature on the 1040 covers this - correct?
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0answers
16 views

Income Tax Germany-UK - Different tax years

I've recently moved to Germany, how can I incorporate my earnings from the UK into German income tax system when the tax years are different? German tax year (Calender year) UK tax year (April-April) ...
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0answers
19 views

Canadian citizen working for a year in scandinavia

I am a Canadian citizen. I am toying with the idea of living and working in Scandinavia as a contractor for about a year. What are the tax implications? Will I be taxed once in Denmark and then again ...
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1answer
34 views

Do you pay any tax on dividends up to £30k?

I'm a bit confused how dividends are taxable. Assuming I want to take ~£30k dividends ('tax credit' excluded) on which I will use my ~£10k personal allowance. Do I pay any income tax from it (from ...
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0answers
10 views

Registration of firm in US or India [closed]

I am putting up in India and planning to start-up a firm requiring maximum services selling to US clients. Hoping business to turn up good and revenue should cross a million dollar mark in 2 years. ...
0
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1answer
41 views

Do I have to pay council tax if I rent for 6 months?

I'm not a student, I'm a postdoc and unfortunately I need to pay tax. If I rent a property by myself for 6 whole months, do I need to pay council tax on it? Do I get any discounts at all? I read ...
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1answer
26 views

Is US salary taxable in India and is there any provision to save tax?

I have this question about the tax filing that I am planning to do in India for year 2013-14. I worked in India for an Indian company for almost 7 months and I also worked 4 months in the US (as a US ...
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1answer
49 views

New business owner - How do taxes work for the business vs individual?

I have a business that is in it's 2nd year and has now made $400ish. I have the money just sitting in the business bank account. I do have a business partner. A couple of questions? If we leave ...
2
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1answer
48 views

FATCA - Streamlined Foreign Offshore Procedures

I’m German and my wife is American with US passport + SSN; she has lived in Germany nearly 30 years and after the kids left the house started work again with a part-time job 5 years ago. Our joint ...
0
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1answer
45 views

Need some advice on how to manage multiple income sources

I need some advice on how to manage multiple income sources. I am a programmer/entrepreneur that has started a couple of side businesses online and just need some help. Here are all my income ...
2
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1answer
26 views

How to find out IRS notices on a topic?

Is there a way to find out IRS notices on a topic? I had a question about HSA and found my answer in this notice but since its more than 10 years old, I wonder if the information therein is current or ...
6
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1answer
105 views

Capital gains tax when I sell my home if I use a portion of it for an AirBnB

We live in Virginia. We own a nice-sized home and now that the kids are gone we are living on one floor, except for the laundry room. We are considering renting out the downstairs as an AirBnB space. ...
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1answer
35 views

Tax Allocation - Business Asset Transfer

I'm selling my sole proprietorship. It is a technology company with few / no tangible assets or customer base, mostly just software. This is being done as an "Asset Transfer" to new owners in another ...
2
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1answer
32 views

Which type of company accounts to choose for LTD tax return?

I'm trying to file a File company's annual accounts on Companies House WebFilling website, however I've the following type of accounts: Abbreviated Accounts These audit exempt accounts are ...
2
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1answer
46 views

Transfer of funds

My wife and I have been green card holders since Sept 2012. While we have very small income in India we hold substantial shares gifted by parents, home and some landed property. I have my aged mother ...
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1answer
55 views

Can I reuse a W9?

I created a Single Member LLC to do my IT Consulting/Training through. Each new contract that I join requires me to fill out a W9. This last time, I looked through the document and realized there ...
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0answers
20 views

Tax implications of reparceling property that was gifted from a trust

I am buying a second home on one full lot and the 1/2 vacant lot next to it. Both are part of a trust. We can't get a single loan to cover both because our lender will not do a bridge loan covering ...
4
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1answer
96 views

Tax consequences of forwarding an international wire

I need to legally and quickly transfer $300,000 from China to my US bank account. All of the funds that I need to transfer were obtained through legal means (with proof documents), however China has ...
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1answer
37 views

Foreign student and substantial presence test

I am an international student on F-1 visa for the past three years. I have maintained F-1 status throughout these years and F-1 is the only visa class I enter the US with in the past three years. I ...
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1answer
29 views

Can forming an LLC be beneficial when earning foreign income?

I'm a full-time salaried employee in the US. I have the opportunity to do some freelance foreign work on the side while continuing to live in the US. Would it be beneficial to register an LLC and ...
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0answers
37 views

Handling expenses for corporate tax in GnuCash

I am very new to the whole concept of book-keeping (Read GnuCash help - that's it) at the moment and was wondering if I could get some pointers in here. I am running a micro limited company (One ...
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2answers
185 views

How does the “Rule of 55” work for avoiding early withdrawal penalties?

I didn't find this anywhere, but this is something not many people know.
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2answers
68 views

Accumulating money in a company and withdrawing as dividends

Let's assume that I incorporated a company and started providing consulting services for a fee; payments are transferred to a company's bank account. Once a year I distribute accumulated money as ...
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1answer
34 views

How to calculate taxes (really cost basis) on the sale of software-as-a-service product

here's the scenario: started an online software subscription product in 2008, the only product of the business. business that owns the product is a single-member LLC (disregarded entity) paid ...
2
votes
1answer
71 views

H1b Visa - Any way to save taxes?

I am in the US on H1b visa for a period of 3 years. Are there any ways I can save the income-tax to be paid for the first year? If yes, then how?
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1answer
59 views

Taxes on raffle winnings

If I win a car in a raffle then I have to pay taxes on it. What if, however, the raffle prize includes $20,000 along with the car (MSRP ~$105,000)? What's the story then? Will the cash cover the ...
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0answers
41 views

Working as a self employed freelancer for an overseas company

I will soon be working on a self employed basis for a company based in Poland,but I'm still going to be based in the UK (working remotely/online as a consultant) and my question is do I need to pay ...
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1answer
95 views

Savings on tax money as a married person?

As I am on normal wage in which I don't have any saving and it's my first job in UK, and as a foreigner I don't know much about rules. I heard somewhere that I can talk to my HR manager to cut me back ...
5
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1answer
179 views

Does my mother owe back taxes for 1986?

My parents left Canada in 1986 for India, selling their house, but not closing all their bank accounts. They didn't file taxes for 1986. My father died in 1993, and my mother didn't visit Canada ...
5
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1answer
76 views

How to reclaim the value-added tax when buying something on eBay?

I want to buy a digital graphics pad/touchscreen on eBay for technical drawings. Because the article's seller is based in Germany, and I live in Switzerland, and because the article is worth more ...
8
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3answers
595 views

Can value from labor provided to oneself be taxed?

I am considering taking time off from work in order to build a new home in which we would live. It would be my full time job for which no income stream would be generated and would be self financed. ...
1
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1answer
23 views

Taxes deducted for NRO account

Are there tax deductions while converting an existing SB a/c to a NRO a/c & also when remitting funds from the NRO a/c?
1
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1answer
32 views

Transfer from NRE account to a local Indian account is it taxable

This may sound like a repeated question yet I would like to be sure on the answer. I am currently working in US. I do occasional transfer from my US account to my Indian NRE account (ICICI Bank) ...
0
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0answers
38 views

Is Superannuation fund held in Australia, taxed in India for Australian national residing in India?

If a person is an Australian national, residing in India (OCI) for past 3-4 years. Has a Superannuation Fund in Australia (Equivalent of a PF in India). This Super Fund was created when the person ...
1
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1answer
36 views

CitiBank or HSBC account in India but use funds in America

I have some money in India that I plan to transfer to an international bank such as Citi or HSBC. Once the money is in the account, can I use those funds in America? Are there any tax liabilities in ...
1
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1answer
44 views

How to report a personal expense for an LLC partnership paid in one year and reimbursed in another?

My business partner and I have a very small partnership LLC. This is my first year filing IRS tax forms for the LLC. In late 2014 I made a $30 purchase (from my personal money) on behalf of the LLC. ...
2
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0answers
28 views

Non resident working for a UK company from abroad and receiving on UK account - taxable?

I have been living in UK for 1 year and working for an UK company for the past months. Then my visa expired and I returned to my home in Brazil. However me and that company intend to keep me working ...
1
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1answer
106 views

Net salary for an internship in Switzerland?

I will be doing a 6-month internship in Switzerland near Lausanne soon, and I will be remunerated 1000 CHF per month in gross salary. How much can I expect in net salary?
2
votes
2answers
89 views

Visiting vacation rental with immediate family

My family of 5 live in California, have a ton of equity in our home, are heavily invested in the stock market through IRAs and other investments and are considering purchasing a rental property in ...
3
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1answer
53 views

Long Term capital gain tax for selling land abroad

My husband and I are currently in the US and pass the substantial presence test for residence (31 days in 2015 and 183 days on the whole) We want to sell a self acquired property purchased in the ...
3
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0answers
88 views

How should I respond to an IL 2012 “Notice of Proposed Tax Due”?

I received today a "Notice of Proposed Tax Due" for Illinois, alleging: Tax Due: $738.00 Penalty Due: $111.00 Interest Due: $34.00 This seems suspicious to me; I have been meticulous with taxes and ...
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1answer
73 views

Avoiding tax complexities of REITs

I would like to invest in REITs for their high yield, but would like to avoid their tax complexities. If I buy exposure to REITs through an ETF or mutual fund, will that abstract away the need to do ...