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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15 views

Can a Canadian student with US resident alien status receive the tax treaty benefit after 5 years? If so, how much?

I am a Canadian citizen who has studied in the U.S. with a J-1 visa since 5 years ago, which means that I have now become a resident alien. I am still studying (for an advanced degree) in the U.S. ...
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1answer
17 views

Dual Citizen considering tax implications of working in second country of citizenship

I am a resident of Canada, and am also an Irish citizen. Recently, I've been considering moving to Ireland (for ~6 months, not forever). During this time, I would either try to get hired on by a local ...
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0answers
36 views

401k strategy for NRI planning to return to india

Scenario is for L/H visa holder who is earning salary in USD. The person also has employee sponsored 401k plan. The visa expires in 5 years and person would like to return at that time to India ...
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1answer
89 views

Early withdrawal from retirement appears to have been penalized at 35% (on top of regular income taxes), rather than 25%?

I had to withdraw from my Simple IRA retirement fund last year for emergency reasons. When I withdrew, the IRA company withheld 10% for federal taxes. When I did my taxes at the end of the year ...
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0answers
16 views

Guaranteed Income Supplement (GIS) calculation involving Capital Gains and Unused Capital Losses?

Do I understand correctly that for calculating income tax payable, the use of unused capital losses of previous years will reduce the current year capital gains and also affect the calculation of the ...
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1answer
69 views

Getting money from online websites I own to my UK bank account

I recently moved to UK for a full time job, and I get my salary transferred to UK bank account, and automatically tax calculated. At the same time I own few websites and I get some money from these ...
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1answer
42 views

Employee stock : US tax for non-US citizen

To give a brief history, I am Indian citizen based in India and I worked for a technology start-up in India, it was a US based company which had its branch office in Hyderabad, India. Company was not ...
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0answers
12 views

Does dividend payments to a holding company invoke tax in Australia

I've been doing some reading about holding company tax law, and from what I've read, most of the time when dividends are paid from a operations company to a holding company there is no tax. But I can ...
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0answers
12 views

Can I transfer my RSU/ESPP shares money to a friend working in US?

I am an Indian citizen. I need to sell the ESPP and RSU shares granted for US company. I want to transfer the money to my friend's account, who is working in US but is an Indian citizen. He will in ...
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2answers
60 views

For Non US resident is it better to invest in a start up as a individual or as a company?

What are the tax implications of investing as a company versus as an individual for foreigners (Non US resident)in the US? Which would be better for a foreigner (NON US Citizen) to invest as.
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2answers
76 views

Taxes on someone else paying my mortgage

I have to repay my house loan. Can I take money from my son for repaying the loan? The bank is saying that my son cannot pay directly from his account; it means I have to receive money in my account ...
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1answer
41 views

Small business tax dates, what is “the date” of a job?

I work to a tax year that starts on the 6th of April. I have a number of jobs which before this date are: "in the pipeline" i.e. in my order book work in progress finished not invoiced finished and ...
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1answer
17 views

US-NYC Tax question about self-employment work online for a Europe based company

I've been doing contract work online for a company based in Germany. So far I've made about 2,880 from Jan-June $500 a month then $480 after paypal. I don't get a 1099 from them. But I was wondering ...
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2answers
625 views

Any downsides to having both 401k AND Roth 401k

So currently I have a 401k, I went ahead and added a Roth 401k while I'm eligible, beyond the fact I'll have to pay tax on the contributions now without the tax on withdrawal later in life you'd see ...
3
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1answer
60 views

US dividends double taxation for foreigners (UK)

I have read that the US government exercise a 15% (or even 30%, where the foreign country is not in the double-taxation treaty with the US) withholding tax on US dividends, if the shareholder is ...
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1answer
43 views

1031 Exchange and Taxes?

We were given a property by my father in 2001 who was doing a 1031 Exchange on an investment property. Once we were given the deed and title of the property a year later, we started using it as a ...
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1answer
30 views

Is Money earned outside India transferred in NRO a/c instead of NRE a/c taxable in India?

Money is transferred to NRO account but was to be transferred to NRE account is such income taxable in India
4
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1answer
333 views

Are search engine rewards taxable?

I have been using a search engine that gives you points that you can redeem for gift cards. As far as I can tell there is no way to get cash, without reselling the cards, but I can figure a monetary ...
4
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1answer
37 views

Can you point me to the correct US tax forms if I have a Canadian TFSA mutual fund?

I am a Canadian citizen and American permanent resident who invested in a TFSA mutual fund with a Canadian bank. Im looking to be pointed in the right direction for filing American taxes on these ...
2
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1answer
13 views

Reporting of amortization expenses to FTB California

I have registered a corporation in Californa. So far, there have only been start up costs and no income. I have lodged a Form 1120 with IRS and amortized the expenses over 60 months. Do I report the ...
3
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1answer
72 views

Tax implications on money transferred to NRO account

Here is the situation - my wife and I are based in UK. I have NRO/NRE account in India. My wife has remitted some money to my NRO account in India. Can the forum please help me with the following? ...
2
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1answer
49 views

What are the common Income Tax deduction for salary earned in Saudi Arabia

I have left for Saudi Arabia on 7 November 13 , I am a government employee in Saudi Arabia . My salary is deposited in Saudi bank account , will I have to pay tax on 1,000,000 rupees amount which I ...
4
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1answer
44 views

Am I eligible for a refund of Social Security and Medicare taxes for when I was on an F-1 visa?

This question is for a friend. They came to the United States as a student in 2009 on OPT/F-1 visa. In November of 2011 they started to work for the Department of Defense as a teacher. They had Social ...
2
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2answers
82 views

Live in California but work for Illinois-based company

At my office job (in Illinois), we've recently been offered the option of working from home. Many people have jumped at the chance, and the company has reported a great success rate in those who are ...
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0answers
37 views

How to calculate taxes for an online business?

I am presently contemplating a small start-up online and am looking into the various pitfalls before getting too invested into it. The website might be hosted on servers in Europe or the US and I ...
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0answers
21 views

Why does the Lessee pay Additional Registration Tax / Fee on Leased Vehicle as “For Hire?”

Vehicle Registration Renewal has (in Florida, USA - rates differ by state): (6) MOTOR VEHICLES FOR HIRE.— (a) Under nine passengers: $17 flat, of which $4.50 shall be deposited into the General ...
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3answers
108 views

Using matching on 401k and then cashing out

I realize that if I "cashed out" on a 401K early, I end up having to pay taxes on the cashed out 401K savings. But, I would have had to pay taxes on that 401K amount if I had not put into savings ...
7
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1answer
75 views

Joint Account for Common Earnings

I've started a tutoring group with two of my peers; the three of us are minors in the state of Ohio. We charge a modest fee and generate approximately $2,000 in revenue per month. We plan on charging ...
4
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2answers
283 views

Should I pay off my house note before selling it? How does this affect my tax liability on the sale?

When selling a house, what would be better as far as getting the money back that was originally put down? A) Pay the house off completely from the mortgage company (95K remaining), then sell B) Sell ...
3
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1answer
35 views

Superficial loss, converting mutual fund to ETF in Canada

My question is almost identical to this one, only I am interested in the Canadian version. If I own a mutual fund (for example, TDB900 from TD Bank) and wish to replace it with an equivalent ETF (for ...
5
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1answer
97 views

Tax deduction for rental repairs after tenant moves out?

I purchased a home last July and began living there, while renting out a second bedroom in the property to a friend. I am now getting married in August, so the friend has moved out to his own place. ...
3
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1answer
43 views

What is the deadline to file FBAR for a foreigner recently arrived in the US?

Apparently the deadline is June 30, what is the deadline for a foreigner arrived and working under visa such as H1B? Is it the first June 30 after I arrive? Or first June 30 after I file my taxes? Or ...
5
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1answer
66 views

Return a Roth IRA distribution [duplicate]

I withdrew money from my Roth IRA (let's say $5K in contributions and $6K in earnings) to buy a house, and then I didn't buy a house. Oops. How can I return or undo this withdrawal to avoid paying ...
2
votes
2answers
79 views

First Year Choice (H1b visa) and Child Tax Credit?

This question is related to Tax filing in USA. Hello, I am an Indian Citizen. We(me, my wife and our son) came to USA on Oct 2013.I have filed a request for extension.I want to exercise the First ...
34
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5answers
6k views

Why are businesses allowed to deduct expenses from their income, while individuals generally cannot?

In general, it's an accepted principle that businesses should be allowed to deduct expenses. How did this principle come about? And why doesn't it appear to apply to individuals to the same extent? ...
6
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1answer
199 views

Is PAYE Mandatory for Making Salary Payments

I am the director of a limited company in England and Wales and am the only worker and shareholder. I understand that it is advantageous for me to draw a salary from the company and also take some ...
2
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1answer
99 views

What are the Long Term Capital Gains for this real estate sale in India?

I purchased a site for Rs85,000/- in 30/03/2001 and planning to sell it this year(2014-15) for Rs35,000,000/-. What will be the long term capital gains for this? If I invest in bonds for 3 years, will ...
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1answer
38 views

How do I get audited in India and what happens after that?

I have not filed my tax returns for 5 years. However I have a few FD's in my name and I was wondering what would happen if I were to get audited and how do these audits take place. In the bank they ...
5
votes
1answer
105 views

Strategy to minimize taxes due to unpaid wages?

I did some work for a company in 2012. They paid me about $4,000 in wages, but owe me about $56,000 in unpaid wages. I recently (March 2014) got my W-2 from the company. In the same 2012 tax year, I ...
2
votes
1answer
43 views

How does tax withholding work for capital gains of selling stock?

I am new in the United States, and before I moved here I did not deal with the concept of tax withholding and capital gains tax. I understand my employer withholds part of my salary to pay taxes, and ...
2
votes
1answer
38 views

UK Ltd taxation on stocks/bonds income and real estate rent income

If I got it, the main tax an UK Ltd has to pay is the corporate tax, which is about 20% of the total income of the company. This income include income derived from bonds, stocks, mutual funds ...
3
votes
2answers
60 views

Can academics write-off research-related expenses? (United States)

This post is currently active on Academia, but it was suggested that I also post it on PF&M. Here is the question: I am wondering if any research-related expenses can be applied toward a ...
3
votes
1answer
168 views

Do I need to get a business license if I charge users to play on my Minecraft server?

Mojang (the developer of Minecraft) has recently stated that server owners may charge users access to their server, so I know they allow it (source). My only question is whether I need a business ...
0
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1answer
64 views

How to calculate the tax basis for long term capital gain on an apartment building?

I wrote most in title, But here it is: what is the tax basis for long term capital gain for an apartment building? Bought in 89 for 500k. Sold in 14 for 1150k. Selling cost 50k. Depreciation ...
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1answer
74 views

Is it legal to pay for online advice? How would it be taxed?

Here on stack exchange we getting known about intresting topic and can pay back with vote. Is it legal to pay with money in general (not in Stack exchange)? How it would be accounted by IRS in a ...
2
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3answers
85 views

How to distinguish gift from payment for the service?

If somebody gives me reasonable advise or share important to me information. Being attentive I would like to make a little gift or give some little (<100$) amount of money (cash/wire/online) for ...
1
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1answer
56 views

Transfer money from NRE account to a local Indian account

I am currently in US and I generally transfer money to my NRE account in India. I was wondering if I could transfer some of it to my mother's local bank account. Will she have to pay any tax if I ...
0
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1answer
70 views

Trading security and tax

According to GAAP: If I buy 1000 shares of security A for 50$. Then later, I sell 1000 shares of security A for 150$. At the same moment I buy 1000 shares of security B for 150$. For tax purpose ...
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0answers
112 views

Sample of first-year choice statement to be treated as dual-status alien

I am going to make a first-year choice to be treated as dual-status alien for year 2013. Publication 519 says that to make the choice: You must attach a statement to Form 1040 to make the ...
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2answers
192 views

Do I have to pay income tax if my friend uses my bank account to transfer funds to a third party?

Suppose my friend has to transfer to someone a big amount using debit card. Since he doesn't have a debit card, he transferred the same amount to my bank account via cash and asked me to make ...