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
61 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 ...
2
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1answer
58 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 ...
0
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1answer
72 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, ...
2
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1answer
34 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 ...
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0answers
40 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, ...
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1answer
32 views

Taxes on income from an offshore company? [on hold]

I suppose moving savings offshore for tax-free capital gains is not rare, and while they stay in the company, no taxes will be paid (correct?). However, taxes will have to be paid by the individual ...
0
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1answer
86 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
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1answer
26 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
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1answer
56 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
31 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
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2answers
55 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 ...
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0answers
45 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
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1answer
33 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 ...
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0answers
44 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
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1answer
56 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 ...
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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 ...
5
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0answers
38 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
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2answers
71 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
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2answers
52 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 ...
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0answers
41 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
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0answers
19 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 ?
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2answers
32 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
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1answer
122 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
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1answer
139 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
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1answer
32 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
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1answer
181 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 ...
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0answers
16 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
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1answer
77 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
85 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: ...
0
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1answer
12 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 ...
1
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3answers
109 views

Wouldn't it be better if reinvested dividends were simply treatable as capital gains for tax purposes?

Suppose I own 100 shares in XYZ corp purchased for 25c in year 2000. If XYZ corp pays me 5c in dividends in year 2001, I will owe tax on the 5c dividends, hopefully as qualified dividends(?). If on ...
2
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2answers
78 views

Are there any tax advantages to having a company car over a car allowance?

I've just got a new job. Part of the deal is a car allowence or a company car. I'm planning on taking the money (I've recently bought a new car so I'm not really that interested in a company car). ...
0
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1answer
19 views

Do contractors need to attach 1099-MISC to their return?

Is there a source stating that US contractors who received 1099-MISC forms do or do not have to attach them to their federal or state return? My impression after a bunch of searches, is that I don't ...
0
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1answer
23 views

General Partnership, 1065 an K1

I've just formed a general partnership in the US and I'm completely unclear about the tax requirements. Do we file only once a year, or are we required to file quarterly? When am I required to fill ...
2
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0answers
34 views

Received check and 1099-MISC in different years

When reporting on a cash basis for Schedule C: what if a check arrives late in a year, but the matching 1099-MISC was issued for the prior year? In other words, what if a client issues the 1099-MISC ...
2
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1answer
27 views

How to correctly adjust cost basis 8949 for Employer stock starting from 2014

Since 2014 brokers don't include "compensation element" in cost basis on the 1099-B form for RSUs, ESPP and NQSO stock. This means that I have to adjust cost basis myself to avoid being double taxed. ...
0
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1answer
58 views

Deal with stock PSEC

I bought PSEC 3000 shares one month ago. Recently I found some rumor about it. Today's the deadline - if you owned PSEC as of 11:59 yesterday then you have to send the IRS 10% of the value of ...
0
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1answer
31 views

merging transactions in 8949

This year I received NQ Stock Options, RSUs and ESPP shares from my employer (I work as a full-time engineer in a tech company). In my 1099-B form all of them show up as separate transactions ...
1
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2answers
60 views

Which IRS address to choose for federal tax return?

Do you choose the IRS address for submitting your federal taxes based on where you currently live (the return address on the envelope) or where your current resident was in that tax year?
6
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1answer
189 views

Deferring mortgage interest expense to next year when filing taxes?

I paid around $25,000 in mortgage interest payment last year, however, I had no income. I was wondering if I could defer this expense to next year and omit it this year. Since it will not benefit me ...
6
votes
3answers
549 views

Can capital expenses for volunteer purposes be deducted from income?

My wife volunteers for a charitable organization and her role involves a lot of printing and copying. I want to buy her a new laser printer as she wastes a lot of time fighting with our crappy ...
1
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2answers
46 views

Is it possible for state and federal taxes to already have been removed on a 1099-MISC?

I am a PhD student and receive a stipend from the university. I get a 1099-MISC for that money. On the 1099-MISC this year, there's an amount listed in box 4 and box 16 for federal and state, ...
2
votes
1answer
55 views

How does my higher rate tax on savings interest get paid. **UK, pre-2016**

I earn over £42k, the limit for higher rate tax. See here. This means I have to pay higher tax on my savings accounts. See Here. Higher or additional rate taxpayers You must pay extra tax on ...
0
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1answer
37 views

Can I deduct state and local taxes on a 1040A form?

I just finished filing my 1040A tax form when I read that I may be able to deduct state and local taxes from my federal filing. I can't tell though if there is a way to deduct this on a 1040A form or ...
0
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1answer
58 views

What portion of my salary will be taxed during my internship in Washington state?

If my salary is $6500 a month, and I intern for three months, how much can I expect to lose to taxes?
3
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1answer
78 views

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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0answers
32 views

Tax deduction of advisor fees?

Is there a tax advantage to paying advisor fees from a regular IRA vs paying from a cash account?
0
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0answers
84 views

Should I claim my rental property was not rented at fair rental value?

So for all of last year my ex-girlfriend rented out my upstairs apartment. When we first broke up she talked me into giving her a discounted rent since she was only going to stay "for a couple ...
1
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3answers
72 views

Can you recharacterize an original Roth IRA to a traditional IRA?

This question is not about recharacterizing a traditional to a Roth, nor is it about undoing a recharacterized Roth back to a traditional IRA. If I opened an original Roth IRA account, can I ...
0
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2answers
27 views

Is it possible to be considered a dual status alien even with if you meet substantial presence test?

I moved to the US on January 3rd 2014, and stayed there for most of the year (~273 days). I'm still living in the US. I seem to meet the substantial presence test (right?), but for some reason after ...