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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How to submit missed LIC premium receipt and reimburse in Tax filing using cleartax.in

I missed to submit one of my LIC premium receipt for reimbursement. As the deadline is over and I am filing using clearTax.in site, Does anyone know how to submit the LIC premium receipt and get ...
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0answers
20 views

If PF is withdrawn by an NRI staying in USA does it become taxable as per US laws?

I have been service in an Indian company for 10 years and now getting transferred to US. I want to keep the PF and not withdraw as I don't need money and it will earn good 8.5% interest for next 3 ...
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0answers
28 views

What are the actual consequences of estate tax evasion by a non-resident alien in the US? [on hold]

Definition: here, a non-resident alien is someone who is not a US permanent resident or citizen who had never lived in the US for 183 consecutive days. Question: if such a person has a $10 million ...
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1answer
64 views

US - My dependent (wife) started working. What should I do about our income tax?

My wife has been my dependent up until now since she hasn't worked this year. We are filing taxes jointly. She is an English teacher and got a few part-time jobs (on average 5 hours a week each job, ...
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0answers
41 views

Service contract, promissory note in lieu of inheritance [on hold]

In a Medicaid-compliant Personal Service Contract, what are some ways a caregiver can be paid? What are the associated tax implications? The caregiver is a resident of Illinois; the patient lives in ...
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1answer
43 views

Tax intricacies of MLP in a Roth IRA

I've avoided holding Master Limited Partnerships (MLPs) in my taxable brokerage accounts since I don't want to deal with the tax complexities. But in an IRA (in my case ROTH), my understanding is ...
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1answer
106 views

What are the tax implications of selling unwanted clothing online?

I bought some clothes on final sale, that ended up not fitting me. Right now they're all sitting in a closet, and I want to get rid of them. If I sell them on eBay or Grailed (presumably for a loss, I'...
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1answer
24 views

Is research prize from Italy taxable in the UK for a non-domicile resident?

I feel it's a complicated wording question. I am an international student studying in the UK as a PhD student. I received a research prize from an Italian academic society for training purposes (I ...
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51 views

Calculation of after-tax return of S&P 500

I'm not sure whether I'm understanding taxation on dividends correctly. The average dividends (twice a year) of S&P 500 for the last several years is roughly 2%, and the average annual return for ...
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35 views

Gold ornament making business [closed]

I'm offered a partnership in a gold ornament making business. I'm a NRI and I don't know about Indian tax law. The business work like this: we get order for making ornaments from jewelry with gold. ...
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54 views

Salary and taxes for first time workers [duplicate]

I'm really hoping you could help me understand the taxes and what will be my net salary. I've started to work for the first time in the UK on May the 9th 2016. My income will be 26000/year (gross). I'...
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1answer
84 views

When transferring money between two parties, under what circumstances is it considered taxable income?

According to this question, a 0% loan may not be legally considered a 'loan', but a 'gift', which is taxable. When attempting to research it I came across this; According to the IRS: You are ...
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2answers
53 views

How long after the tax year can you file form 8606

During many years in the 1990s I did not show a deductible IRA contribution on my 1040, but deposited money into my IRA account without filling our form 8606.
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1answer
18 views

How do I set up Quickbooks for a small property rental company that holds its properties in separate LLC's? [closed]

My company is set up so that it has a Property Management LLC (PM), Property Holdings LLC (PH) and several real estate assets, each of which is held by the PH but is also its own LLC (props). It was ...
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0answers
59 views

Am I required to have my website registered as a business in Canada to collect HST?

Am I required to have my website registered as a business in Canada ON, to be able to sell ads? does the amount of income makes any difference? The reason I am asking this is I have been told that if ...
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1answer
85 views

Are the tolls to school an education tax write off?

My wife is enrolled in a college that the only way for us to get there is via toll roads and a couple of bridges. It costs almost $30 per day. This wasn't an issue last semester because all of her ...
4
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1answer
50 views

How does tax work for stock investment income in the United States?

Do I have to pay the stock investment income tax if I bought some stocks in 2016, it made some profits but I didn't sell them at the end of 2016? I bought some stocks in 2011, sold them in 2012 and ...
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0answers
29 views

What are terms for taxes depending on who has to pay them

I'm searching for specific terms to distinguish different kinds of taxes, one has to pay when providing a bill to a customer: Lets say the base price for my services is 100$ A (normal) tax which is ...
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12 views

Is there any legal requirements for the US bank to release the funds that are established as pay on deaths to the beneficiaries in the Philippines? [migrated]

Is there legal requirements or restrictions to transfer/release the funds by US banks from a pay on death beneficiaries in the Philippines.
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1answer
34 views

F1 student and eBay selling tax

I am an international student and I am having an eBay selling account which is not reach the threshold(over 20k$ and 200 transactions). Do i need to file any tax form to IRS. if yes, which form should ...
4
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1answer
72 views

How to pay taxes on YouTube if I'm a dependent?

I'm a citizen living in the US (Texas, dunno if it matters) and I am a dependent according to my parents. I am a light YouTuber and have made almost nothing, literally $0.03. When do I pay taxes, and ...
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0answers
16 views

Would I need to pay income tax in Australia? US citizen living in Thailand working for an Australian company

I am a US citizen living in Thailand. The company I work for is based in Australia. I do not work in Australia. Do I need to pay income tax in Australia?
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1answer
449 views

Are U.S. citizens required to report income from selling an original work?

If a U.S. citizen writes a computer program and sells it to a friend, are they required to report the income on their taxes? Does the answer change if it's something else? Like a sculpture, a book, a ...
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2answers
119 views

I am in a high paying summer internship in WA, but I feel I am being overtaxed [duplicate]

I am about halfway through a 3 month summer internship in Bellevue, WA. My pre-tax bi-monthly paychecks are ~$3000 (6k/mo). However, I pay ~$815 in taxes each paycheck. This comes to about 27% in ...
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2answers
104 views

Why is UK National Insurance calculated weekly?

In the UK and many other countries, there is a threshold below which no income tax is paid. It is an annual threshold so that you don't pay any income tax if your total earnings are below it in any ...
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2answers
953 views

How are taxes tracked on investments which have already had tax paid on them?

I made some investments years ago and took out an amount in 2016 to invest with on my own. Let's say the amount was $1,000 US dollars. I paid capital gains on this amount which was 15% so of my $1,...
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1answer
99 views

Can you depreciate real estate that has previously been fully depreciated?

If you buy a property that is 39 years old and has already been fully depreciated, can you depreciate it again, for another 39 years upon your purchase?
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1answer
60 views

Lend money from a friend in US

I want to take some money from my friend in US. It's about 500,000 Rupees. Approx 7500 USD. I will return it in a week or so. Will both these transactions be taxed ?
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13 views

2015 ATNOL (Alternative Tax Net Operating Loss) Calculation Worksheet

We received a letter from the IRS asking us to "provide the worksheet for the 2015 ATNOL calculation." We are not able to find this work sheet. Any help you can provide would be wonderful, please.
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1answer
22 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 ...
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1answer
46 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 ...
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3answers
88 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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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 ...
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1answer
69 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 ...
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0answers
23 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
32 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
27 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 ...
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1answer
35 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
45 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
206 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
77 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-...
4
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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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45 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
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2answers
132 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 ...
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3answers
119 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
47 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
51 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
69 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
655 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
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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 ...