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
8 views

US $ transfer from Indian NRE external account to US account

I have a NRE External Account-US $ 50,000 Fixed deposit in Indian nationalised bank on my name with nominee as my daughter.I now want to wire transfer same to my daughter on her US Bank account. Is ...
1
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1answer
43 views

Do I need to pay taxes in India?

I am working on a two months of independent In-house corporate photographer with a US company. I came here on Business Visa and I should had to open local bank account because the company is only ...
3
votes
2answers
67 views

Waiting time before converting IRA after re-characterization

I re-characterized my 2015 Roth IRA contributions as traditional, non-deductible IRA contributions. I would now like to convert all my traditional contributions to Roth IRA. How long do I have to wait ...
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0answers
17 views

Do i have pay taxes to USA when selling from outside? [duplicate]

I have a website where I sell automated services (specialized applications) with a monthly payment of 20USD per customer using a PayPal account, I am located in Colombia. My target is people from ...
3
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1answer
60 views

What does HMRC (the UK tax agency) view as valid expenses for travel?

I understand that any expenses must be wholly for business purposes, so that means normal eating doesn't count, it has to be outside the usual pattern of business. However there seem to be a lot of ...
2
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0answers
21 views

Tax return if worked partially in the UK and partially in Germany

I have worked from Jan to July 2015 in the UK and from Oct. to Dec. 2015 in Germany. I'm not sure if it makes sense for me to submit a tax return claim. (The tax year in the UK runs from April to ...
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1answer
29 views

Can I recharacterize my Roth since my income this year is foreign?

I moved abroad a couple years ago, but 2015 is the first year that I am claiming to be a bona fide foreign resident. I have been contributing to a Roth IRA for years. Filling out my return this year, ...
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1answer
23 views

How to represent Company return

I was doing W2 contract work and received my W2s. The company I was contracting for contacted me and claimed they had withheld too much money for city taxes and are returning it to me via fedex in the ...
1
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1answer
17 views

Report taxes from U.S. dividends with Computershare and Questrade

I read that holding a U.S. stock in a Canadian non-registered account (or even a TFSA), the Canadian resident will pay withholding taxes. But in order to reduce the rate to 15% you'll need to fill out ...
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1answer
34 views

Pre tax and and after tax on dental and eye vision insurance

If anyone can help me I would really appreciate it. In my Pay stubs I realize i get tax pre tax and post tax on both my dental and vision insurance? why is that? why do they take it out twice?
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1answer
41 views

First year partnership - no trade tax return

A friend and I registered a partnership last year (June 2015) with the intention of running alongside current employment. However due to circumstances and time we have not actually done any business (...
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3answers
198 views

How much does a landlord pay in taxes?

I live in California, and am considering buying a house in Vancouver, WA, to rent it out to friends. What I don't know, and seem to have trouble finding the answer to, is: how much taxes would I pay ...
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1answer
72 views

Tax Efficiency with Index Investing

I will have money left over after maxing my 401(k) and Roth IRA. I plan to open a taxable investment account to invest the remaining money, but I want to make sure I understand the basics of tax-...
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2answers
62 views

Taxes on transactions of services

Say Alice writes Bob a computer program, and in exchange, Bob remodels Alice's house. If they were charging money instead of bartering services, either of them would have charged several thousand ...
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0answers
41 views

Tax form requirement - irs

This sounds a stupid question but I need to ask - I have two other houses besides the one I live in - on a tax form are they both called second homes or does one get designated as third home
-1
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0answers
100 views

property owned 50/50 between my brother and me

A three family home was given by my mother to me and my brother. We both are 50/50. He resides at the home while I live somewhere else. He and his wife maintain the property and pays for all repairs ...
1
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3answers
114 views

Stocks taxed just for selling, or just when withdrawing?

I'm humbled by the fact I couldn't find a direct answer to this anywhere so if one exists already just let me know and I'll del this one. My question is, say you have an Ameritrade (or similiar) ...
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2answers
46 views

Step-Child Dependency for Non-US Citizen

For long term expats living in another country with a step-family / step-children via marriage. Looking at [26 U.S. Code § 152 - Dependent defined as a reference which states: The term “...
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1answer
47 views

US Double Taxation - Business Trips and the Foreign Tax Credit

My reputation is not strong enough to comment on some of the existing topics - please accept my apologies for a potentially mergable question(s). Assumption: The Foreign Income Exclusion (Form 2555) ...
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0answers
65 views

What is the maximum amount of money I can send internationally? Do I have to pay tax?

After successfully finishing my degree in the US, I am ready to return to my home country. So I have to think about transferring my money in my US bank account to my account in my country. I know ...
11
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2answers
637 views

Double taxation and tax treaties for US citizens. Are you ever getting truly double taxed?

I've read several articles about double taxation I still don't really understand because I've been given conflicting information by different people. Are tax treaties between the US and certain ...
6
votes
4answers
2k views

Visitor Shopping in the US: Would I get tax refund? Would I have to pay anything upon departure?

I plan to do some shopping when I'm in the US. I wanna know two things: What items will I get tax refund on? and in which states/cities? Will I have to pay anything at customs when I am leaving the ...
0
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1answer
30 views

Paying taxes on an inherited Canadian TFSA? (Successor holder case)

I read this interesting article about Questions about TFSA and I contrasted the information with CRA's website about successor holder. As far as I understood, when the original holder's TFSA pass ...
5
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0answers
41 views

In a 2 income family, is it more tax beneficial for the lower income spouse be the Primary Caregiver (Ontario)?

My wife and I just had a new daughter. My wife applied for the 4 in 1 newborn package and she was designated as the primary caregiver and applied for the child care benefits. Since she makes more ...
3
votes
1answer
56 views

When does the clock start for capital gains treatment on an angel investment?

I made an investment in a startup company last year. I sent the wire transfer on August 4. I have a legal document from the company entitling me to X number of shares on September 1, but my shares ...
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2answers
42 views

How can I estimate late fees + fines for amended tax returns?

I'm a Maryland resident. Last week, I had an accountant prepare an amendment to my 2013 tax returns (which I filed in early 2014). This amendment means I will have to pay some extra taxes for 2013: ...
4
votes
1answer
54 views

“Memory Care” tax deductible as Medical expense?

IRS regs that I've seen show that "nursing home" expenses are medical expenses that can flow to the medical deduction part of one's schedule A. It's hard to tell what the line is between general '...
3
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1answer
37 views

House sales and capital gains - primary vs secondary

State: Texas I have two houses. I don't treat them as primary or secondary, they are both occupied. I am keeping them while I can, waiting for the value of one of them to go up sufficiently so I can ...
1
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1answer
101 views

How to claim an unemployment benefit?

I'm trying to understand the scenario and answer a question about unemployment benefits. If an employee is in Virginia and his company is in California, from which state will he claim the ...
4
votes
1answer
79 views

My tax deductions are different from last year

I am working in a company for my summer internship in California, and today I noticed a weird point that raised a question: Last summer I was working in a big tech company in California. While the ...
4
votes
2answers
142 views

Taxes on debts forgiven in a record TV giveaway

Last night, John Oliver shattered the record for biggest TV giveaway in history, giving nearly 9000 people nearly $15M in forgiven medical debts. When Oprah gave away cars in the previous record ...
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3answers
84 views

Can I receive USD 1500 from a cousin in USA to my account in India

Please let me know if I can receive USD 1500 from a cousin from USA to my savings account in India.
11
votes
1answer
111 views

Can I take a deduction for expenses associated with an investment property I didn't buy?

I own a couple of rental homes that are very cash flow positive, so I was looking to buy another investment property. I found a duplex and put a contract on it, but based on the inspector's report I ...
1
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0answers
48 views

Can you pay yourself with interest from your director's loan in the UK?

With the Chancellor's scrapping of dividend tax credits, the effective marginal rate for being paid in dividends from a limited company has now gone from 20% to 26% for lower rate tax payers, and from ...
2
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1answer
83 views

Buying a truck to write off on taxes

I am getting ready to buy a truck for pulling and hauling loads, particularly an f350 super duty. I am also wanting to offer a service to people for hauling loads such as construction supplies. Is ...
2
votes
1answer
108 views

Paid my tax online, but received a non-payment notification from the IRS

I filed my Federal taxes correctly as a Non-resident using 1040NR-EZ form, and I had to pay a certain amount. I paid online using payusatax.com (on-time) but used the "pay 1040 balance due" option. I ...
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0answers
45 views

How to check up financial situation of a company in Canada

Planning to buy a place where a small business is located currently. I want to allow them to continue operating, but I want to know if they don't have any debt with Government or if they could file ...
1
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0answers
49 views

Head of Household and dependent status tracking with GnuCash

I would like to use GnuCash (if possible) to track my status as head of household and my mother's status as a dependent. The rules are in IRS Publication 501 (mostly worksheet 2). My ultimate goal is ...
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4answers
78 views

How to calculate my estimated taxes. 1099 MISC + Self Employment

I receive a 1099-Misc each year and that's all†. I have to pay estimated taxes, but I don't know how to calculate them for myself. This is the current estimated tax calendar From To ...
3
votes
1answer
62 views

Does a company take out taxes on a lump sum severance?

Will my company take the taxes out of my severance? I'm just trying to figure out how much I will actually get from my severance. In my release, it states: "The Company will pay you a lump-sum ...
0
votes
1answer
55 views

stock option grant being cancelled because strike price greater than FMV and replaced with a new grant at a higher strike price

I've been working at a startup for a few months and was granted stock options as part of my compensation package. The company is not public. The grant has been approved by the board and has already ...
1
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2answers
37 views

Form 5498 for 2015 : does it show 2015 or 2014 contributions to IRA?

I just recently received at Form 5498 from my broker for my IRA contributions. The form is for 2015 and it shows an amount that I attributed to my 2014 return. Should this amount be on the 5498 for ...
2
votes
1answer
113 views

Is stock in a private corporation taxable?

If I start a private corporation and it gets a large equity injection from an outside investor, is this taxable in any way, or is it not until I get paid a salary or get a disbursement from the ...
1
vote
1answer
18 views

How should accumulation type units in unit-trusts/OEICs held outside of an ISA/SIPP be handled for tax?

If I hold income type units (call them "INC") of a fund (or investment trust shares or regular equities for that matter) outside of an ISA/SIPP wrapper, it's obvious enough how to fill in a tax return:...
1
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1answer
96 views

Tax question about selling a car

Hi I am thinking of selling my car. It is a very nice car, and I would have paid quite a bit in sales taxes. I live in Colorado. I want to sell the car because of a few reasons. Biggest being that I ...
3
votes
1answer
80 views

How to bring my assets to US

I am a naturalized US citizen. I want to bring my assets from India to US. My assets are sold and in a bank account. What are the steps to bring the money to the US? It is worth 1.25 Crore and I have ...
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1answer
32 views

income tax liability

My son is working in Nederland. He first transferred money to his saving account in India and from there he transferred the money to my saving account (about RS 7 lakh), I need to know whether this ...
0
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0answers
33 views

What phased out tax benefits should I be aware of (aka how much stock should I sell)?

I am married filing jointly in CA. I own a chunk of stock (~300k on a basis of 7k) in a company I formerly worked for that has recently IPOd. I'd like to diversify my holdings in a tax-smart manner. ...
3
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0answers
40 views

What's the tl;dr investing rules for married Canadian citizens when one partner happens to have US citizenship?

Canadians with US citizenship have several things to consider regarding investments: Canada's Tax-Free Savings Account (TFSA) is not considered tax free by IRS, and filing taxes may significantly ...
3
votes
1answer
156 views

Accidentally withheld too much tax when cashing out 401(k)

My son recently cashed out his 401(k). (He really didn't want to, but it was necessary). When completing the form, he accidentally checked to withhold an additional 25% tax instead of an additional 5%...