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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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 ...
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1answer
23 views

Can standard deduction lower my tax bracket?

I am an independent college student, and I will be living on campus starting next semester. I am aware that only tuition and required fees are considered as qualified education expenses and that the ...
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1answer
12 views

What IT form to use in India?

In Previous Year 14-15, Assessment year 15-16 I have income from salary income from two house properties income from Capital Gains Income from other sources income/profit from business What form ...
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1answer
44 views

Gifted money invested without tax?

If I gift $10k to my parents (parents are indian citizens, so am I) in India, and they use it to invest. Will that investment be taxed in USA? Taxed in india if kept long term? Is this a tax loop-hole ...
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0answers
23 views

What will happen if you filed your taxes with two different locations? How can it be solved?

I was living in Winnipeg, Manitoba and I had done my taxes online with H&R Canada Online. H&R Canada provided me with some papers to print out and then it was settled, I moved to Sudbury, ...
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1answer
52 views

Selling my earned dollars to someone in US for rupees in India

I am working in US as a resident alien. I have few dollars in my bank account in US. If I give some dollars to a friend in need in US and he deposits equivalent amount in Rupees in my Indian bank ...
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1answer
98 views

Do you need to pay taxes on cash poker games?

My father is a poker player and only plays cash games, that is poker games where you only play with you own money (vs tournament where you pay a fixed fee and can win up to millions). We currently ...
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2answers
50 views

Does a company in the UK have to pay taxes on betting winnings?

Betting in the UK is taxed on the company level so the bettor doesn't have to pay taxes on his winnings. I have a company in the UK whose only objective is to trade on sports betting. Will I have to ...
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0answers
16 views

UK Limited Company, sell online and tax [on hold]

We have started a UK Limited Company few months ago and started 2 partnerships with China and Turkey. We will produce SmartPhones and sell them online through our UK Company. The business model is ...
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1answer
23 views

If an Indian resident earns any income in the USA is he liable for double taxation?

I plan to work in the USA for 2-3 months then come back to India. In this case is there tax liability both in the USA and India?
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1answer
16 views

Tax in US or India

I am Indian citizen and living in US on H1B and have been paying taxes regularly in US. Now I want to start investing in Indian Stocks. If I make profits in Indian stocks where should I pay the taxes, ...
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2answers
293 views

Understanding taxes when buying goods at a store

I am a bit confused about retail sales taxes. Today I bought $4 worth of goods (PowerAde and pudding) and the tax was $0.01, even though my state (Maryland) has a sales tax of 6%. Why do some goods ...
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0answers
20 views

What special considerations need to be made for a US citizen who wishes to purchase a house in Canada?

According to an answer on a previous question, buying a house in Canada if you are a US citizen is pretty straightforward. But it doesn't address tax concerns in both countries - how are they ...
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0answers
44 views

Where do I have to pay taxes?

I'm a Canadian citizen doing a rotational program with an international company based in UK. I'm paid by the American holdings office, and I was living and working in California between September '14 ...
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0answers
27 views

Avoiding tax complexities of MLPs

I would like to invest in master limited partnerships (MLPs) for their high yield, but would like to avoid their tax complexities. If I buy exposure to MLPs through an ETF or mutual fund, will that ...
2
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1answer
31 views

EIN for personal LLC: Is this an S-Corp?

I'm currently a software developer, and it looks as though I'll be transitioning to doing 1099 work much more often than W-2 work. As such, I've decided to open a personal LLC in the State of Florida. ...
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1answer
23 views

How to calculate and pay tax for Jan to March abroad income for resident indian

I moved to US in October 2014 end which makes me resident Indian form Indian taxation perspective. I paid my US tax for the income of October, November and December 2014. Now while filing India tax, i ...
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1answer
45 views

Is it ok to stop witholding if this year's witholding is greater than last year's tax owed, which was nothing?

My understanding of the underpayment penalties is that generally you are exempt from penalties as long you pay either 90% of this year's tax owed through witholding, or 100% of last year's tax owed, ...
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1answer
27 views

Dividends paid on stocks bought on Bursa Malaysia

Are dividends paid on stocks bought on Bursa, Malaysia taxable?
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1answer
60 views

If I have form a partnership which has done nothing but lose money, do I need to declare anything on my Tax?

I formed a partnership 6 month ago, with a ABN and a registered bussiness name. It is a very small affair, it has less than $1000 capital in total (across all partners). So far it has just lost ...
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1answer
151 views

What are FICA taxes for a sole proprietor in the United States

Background I am asking this question as a true sole proprietor that has no other income from a second job or previous employer. As I understand it FICA taxes is an easier way to refer to your Social ...
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1answer
39 views

Is there any tax in India for money from Saudi Arabia

I work in Saudi Arabia, I took a loan here, nearly 10 lakhs Indian Rupees (1,000,000 Indian Rupees) and already transferred to my NRE account in India. My questions are: Is this amount taxable in ...
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1answer
13 views

Should an employer file a tax withholding exemption form for non-resident workers?

I'm classified as a non-resident alien because I don't pass the Green Card Test or the Substantial Presence Test. My income is, according to this, not U.S. based, even though I get money from an U.S. ...
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0answers
28 views

Filling in W-8BEN for a UK Ltd Company

I've recently started a UK Limited Company and I'm trying to fill out W-8BEN (Link here) so I can receive payments for showing ads provided by Facebook, but the terminology is totally foreign to me. I ...
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1answer
62 views

Sending money as gift to India from US

So, the story. A Indian citizen is working in US and is earning a lot of money. If he transfers 10K USD to parent's account in India as "Gift", then he can claim that amount to be tax exempted in US. ...
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1answer
47 views

capital gains on foreign investment

I recently sold a property in Panama. A capital gains tax was imposed by Panama at time of sale. As a U.S. citizen will I need to pay another capital gains tax?
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0answers
39 views

Does earning as a non-resident remote worker on an American account make people liable for U.S taxes?

My country, Brazil, does not have a tax treaty with the United States. I understand from research on this website, and please correct me if I'm wrong, that I will not have to pay any U.S taxes while ...
3
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1answer
91 views

Can we legally pay my fiancee's mother as a sub-contractor with cash only?

My fiancée and I used to deliver paper routes. A year or so ago we decided to drop the route and transfer it to his Mother who has since been doing the job. The checks are still in my fiancée’s name, ...
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0answers
32 views

Are Roth IRA dividends included in MAGI for healthcare.gov?

I have quite a bit of money invested in stocks in a Roth IRA, and I'm wondering whether I need to report that income when applying for health insurance coverage. My gut says no, since that income ...
2
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1answer
64 views

Loan from friends living abroad

My friends living abroad [non Indians] are ready to provide me financial loan for the purpose of education of my children. If this money comes via inward remittance, what should be the appropriate ...
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0answers
27 views

Investing Capital gains in a vehicle that gives back monthly income other than Annuity

What's your advice investing a capital gain on a vehicle other than annuity that produces income for the owner's Board and care on a monthly basis?
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1answer
38 views

Need suggestion regarding tax relief under DTAA

Need some suggestion on the tax relief under section 90 of Income Tax. I was deputed in USA during the period of Jan-2014 till Aug-2014. During this period my salary (Indian salary converted to $) ...
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0answers
42 views

Indian Citizen and living in Uk and doing Free lancing

I moved to UK in Aug 2014 as my husband's dependent and now got an offer from a freelancing company. They want me to setup an account in UK so that they can do payments in pounds. I am moving back in ...
3
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1answer
50 views

Estimating independent contracting taxes when I am ALSO separately a full-time employee

I currently have a full-time job where I make $80k/year. To supplement this I am going to do some independent contracting (evenings/weekends). I have seen advice for estimating taxes directed to ...
2
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1answer
40 views

Tax on Sale of Property

My uncle has sold his property and he deposited the money he received from selling the property. I like to know, if he keeps that amount in his bank account for an year, will that money be taxed? He ...
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1answer
122 views

Can a tax be legitimately charged on an airline ticket refund?

I cancelled an airline ticket (non US) and the refund voucher shows and approx. 5% of refund value deducted under the heading of a "Tax". Can this make sense under any jurisdiction? I am curious. ...
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1answer
27 views

How to calculate after-tax return if investor can use capital loss, in Canada?

[Source:] As you can see in the table, the $105,000 government bond matures at $100,000, for a capital loss of $5,000. The investor would also collect interest totalling $9,660 over the three years ...
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1answer
44 views

Tax Exemptions: Live in One State, Work in Another

So I'm pretty young and don't completely understand how I should be handling my taxes. I've been burned year over year recently by being a contractor and have recently started to pay attention closely ...
2
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0answers
34 views

Registering as sole trader in UK although most of my work is conducted abroad/online

I would like some advice. I am a British national (not resident at present). I offer a range of language related services (translation, interpreting services, teaching, travel agent for language ...
2
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1answer
29 views

Income Tax rebate on Housing Loan on rental property and HRA rebate?

I had purchased an under construction Flat with loan of 30 lacs in Indirapuram, Ghaziabad in Year 2011 for which I got possession in June,2015. I am staying on rent in East Delhi and claiming HRA ...
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1answer
107 views

Tax implications of roommate rent from unofficial apartment sublet

I'm currently renting a 2/2 apartment in the US that is managed by a REIT (NYSE:MAA). I set it up in which I am the sole responsible lease holder and have added a roommate to the lease as an occupant ...
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1answer
45 views

Pre- & post-tax calculations for comparing contribution amounts for traditional 401k vs. Roth IRA?

I currently have a rollover IRA which I no longer contribute to and a 401k which I currently contribute to. I would like a Roth account to be more diversified from a tax perspective. I currently put ...
2
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1answer
54 views

Are there any tax-beneficial accounts in the Netherlands, like the UK's ISA or US's Roth or 401K?

I am a 31-year-old non-Dutch British citizen, living and working permanently in the Netherlands, looking for a better way to save my money for the long term (primarily retirement). I am searching for ...
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1answer
56 views

taxes on home if quit claimed to son in entirety, but mom still lives there

Will my thirty-year-old son have to pay taxes on my home if I quitclaim him to the title? What if he just owns one-half of the home; how will that affect his taxes? We live in Boise, Idaho and he ...
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0answers
150 views

I got a raise from 50,000 to 65,000, and paycheck calculator says that I should take home $867

Hi I recently got a raise and wanted to calculate how much I would take home, and I get paid weekly. If my salary is 65000, I live in NYC, and my weekly paycheck is $867, that is more than 30% of my ...
0
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1answer
48 views

Foreign intern in USA - filling out W-8BEN form

I'm a Canadian student doing a paid internship in the United States for the summer on a J1 visa. I've set up a bank account here in the United States which has been used to successfully directly ...
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0answers
31 views

Indie Game Dev in Multiple Parts of the World, we want to know what to do about taxes

I am a part of a group of people making a indie game. We have been working on the game for a few months now. We live in different parts of the world. We have people in the US, UK, and I think ...
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1answer
68 views

Where should I start my LLC?

I want to release an iPhone app to the App Store and want to put my company name as the app's "seller" field. I was thinking of starting an LLC because I'm working alone and want to hire a developer. ...
2
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1answer
51 views

Will I pay US taxes on visiting family money that is deposited into my account

My family are coming to visit me in the US and spend their summer vacation here. They are planning to transfer the traveling and living expense to my US bank account. My question is: Am I going to ...
4
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1answer
138 views

What happens If I Overpay Social Security Taxes?

Resource: Maximum social security tax income level for 2015. I work four jobs and just noticed on the second one, they're deducting social security taxes. The first job I work pays 99% of the ...