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Questions tagged [tax-exemption]

The tag has no usage guidance.

2
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1answer
82 views

What is carried interest, and its associated loophole?

My motivation is to understand the carried interest loophole. A far as I understand, it is a method of tax avoidance. Ideally, I like to understand that tax evasion loophole, but I think the main ...
1
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0answers
17 views

Non-resident alien with closer connection to another country capital gains taxes

I am selling my U.S. vacation home and will have a capital gain of approx. $85,000. Are there any exemptions available to reduce this amount before it is subject to the 15% tax rate? I do not ...
0
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1answer
171 views

How to report 1042-S income on California Schedule CA 540NR when resident alien for federal purposes?

Lots of background: I visited the US several times since 2014, and in November 2015 I entered the country as a J-1 research scholar. I left the US again by November 2017. By the substantial presence ...
1
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1answer
60 views

Can tax treaty exemption be applied to spouse's income?

I'm a green card holder and my wife is a F1 student from China, and we are filing our tax return jointly this year. My wife doesn't have any income, and I wonder if we can still claim the $5,000 tax ...
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0answers
33 views

CGT in India and claiming tax credits in UK

Hoping you can advise. With the recent introduction of CGT of 10% on sale of shares in the indian stock market, I wanted to understand the calculations and impact of that when doing self assessment ...
5
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1answer
329 views

Accidentally selected tax exempt on W4

I started working in February 20, 2017 and had an online W4 to fill out and I accidentally selected tax exempt. I am in the 28% tax bracket and live in Washington state. Upon realizing my mistake I ...
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0answers
66 views

Personal income tax for non-resident in Hong Kong?

I am currently resident in Mainland China (non-citizen) where I am employed and paying taxes (paid by employer so that is no problem here). At the same time I have a LLC in HK (100% ownership & ...
1
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1answer
78 views

Not reporting very small income on my U.S. account while I live abroad

I grew up and lived in the U.S. until graduating from university. After graduation I took a job abroad where I have been living now for 5 years. Since beginning my job, I have been filing a U.S. tax ...
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2answers
190 views

Should I be claiming more than 1 exemption?

I am 22, got married in 2016, bought a house and had a kid in 2017, work a full time job and a part time job as an independent contractor, my wife owns a sole proprietorship. If I am claiming 1 for ...
1
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2answers
225 views

Tax exemption on personal loan interest component in India

I have taken personal loan for my father business and home construction. The land is on my mom's name. My father is cosigner for the loan. Am I eligible for the tax exemption if yes then under which ...
0
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2answers
167 views

What is best investment which is full recession proof? [closed]

I'm a 30 yr old guy and don't have that much investment till date. Can anyone suggest all type of investments in India which are recession proof? Im really unaware about all these investment things. ...
2
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2answers
326 views

Which boxes on IRS Form 1040 Line 6 need to be filled?

Is it one box per bullet? And then a separate box for the non-bulleted item? This one always confuses me. I am married filing jointly. I have a child from a previous marriage that I claim every other ...
2
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1answer
73 views

Can I claim W-4 exempt status if I paid self-employment tax only last year

My son is a full-time student. We still claim him as a dependent. In 2015 he earned ~$2000 as a self-employed contractor, so no tax was withheld but he owed some self-employment tax. In 2016 he ...
2
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2answers
84 views

Starting new sales job in addition to food serving, need advice on exemptions for W4(s)?

I am currently a part time food server in California claiming "2" exemptions on my w4. I am about to start a part time sales position where I'll be earning hourly plus commission. I'll be earning more ...
1
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1answer
48 views

Can a Canadian citizen claim tax-exemption on a U.S. scholarship intended for travel costs?

I am a Canadian citizen, and have received a scholarship of $750 from a U.S. institution to pay for lodging and travel costs. I am required to fill out a W-8BEN form, and I was wondering if I can ...
9
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2answers
2k views

Is the Personal Exemption included in the Standard Deduction?

My question is: do the numbers below include the personal exemption? I found this tax data for 2016: Table 2. 2016 Standard Deduction and Personal Exemption (Estimate) Filing Status ...
3
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1answer
3k views

Tax return status for changing from F1-OPT to H1B

I came to US in 2014 on F1 and started F1-OPT in July, 2015. 3 months later, I started my H1B in October and I'm still single. It's pretty complicated and according to my research, I have these two ...
3
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1answer
84 views

Accumulated Capital Losses

I have accumulated losses of above $200,000 in stocks from the last 10 years. I have been writing off $3000 every year and say the carryover is $200,000. Now i am seeing some profits in my account ...
3
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1answer
955 views

Date of sale in real estate - is it date of Close or date of Signing

I'm in the process of selling my home and am getting very close to the time limit on the gains exemptions (2 months from now). The IRS says that the date that matters is the 'date of sale' - is that ...
1
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1answer
732 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 ...
3
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1answer
399 views

Ordering From UK to Base Overseas - VAT exempt?

Good afternoon, I'm currently serving the RAF Overseas in Cyprus and am looking at ordering a new laptop from PC Specialist (a UK company). My question is simple, am I eligible to buy this item ...
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2answers
377 views

Tax implications of transferring money to retired parents (India)

I transfer some amount of cash to my parents for their groceries every month. What are the tax implications for this amount? Do I get any tax exemptions for this sum?
2
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1answer
620 views

How does India tax foreign stipends?

I am a student in India, recently selected for the Google Summer of Code. Google provides a stipend of 5000 USD for successful completion of the project. They also state that this is not employment. I ...
3
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1answer
688 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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2answers
1k views

How is someone tax exempt at Walmart in Canada?

When going to some stores, such as Walmart, there is a sign at every till: If you are tax exempt, please let us know before the first item is scanned. What qualifies as being tax exempt? Can anyone ...
0
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1answer
79 views

Tax exemptions for US stocks held in a Candian account

As a Canadian, if I buy US stocks and receive dividends in a non tax sheltered account, then those dividends are not suited for dividend tax credit. Also, if I sell and incur a gain(within 1 yr), do I ...
2
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1answer
210 views

Strategy for investing in a tax saving fixed deposit account

Let's say that I open a new tax saving FD account with a bank with a deposit amount of Rs. 50,000. I understand that I can get a tax relief for the current financial year in which the FD account was ...
1
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1answer
379 views

Form 16 for 0 tax payee?

I have several questions regarding tax computation, Do we have 2 form 16 for a financial year? If his salary is below tax bar, will he get the form 16? If tax is paid for 3 quarter of a financial ...
1
vote
1answer
358 views

HRA + Home Loan for under construction Property

I know this question has been asked many times earlier but the answers are too technical for me to understand. Request your guidance (at dummy level). I am living in a rented house. This year (F.Y. ...
0
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2answers
816 views

Early Exercise and 83(b) Election

I am a long-term employee at a growing start up. I have a significant amount of non-qualified stock options, at very low strike price, fully vested and can be exercised at any time.(approx 1-2% ...
4
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1answer
159 views

Exempt income and Roth IRA contributions

So I am a student and will be making less than 6 thousand dollars this year, and so I'll be exempt from taxes. Can I use some of the money I make to contribute to a Roth IRA?
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0answers
467 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. ...
1
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1answer
946 views

Can I claim spouse exemption for my dual status alien spouse?

For the 2014 tax year my alien spouse and I (US citizen living overseas) will file 'Married filing separately' because she is making a 1040NR expatriate return, which will include f8854. She is a ...
2
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2answers
2k views

Is a Canadian student in the U.S. tax exempt for both W-2 and 1042-S?

I am a Canadian student at a U.S. university as a nonresident alien. I have about 4k of wages for my W-2 and about 5k of wages for my 1042-S income code 15 scholarship grant. So the total is less than ...
1
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1answer
23k views

India Income Tax: Need to Pay Tax on Savings Account Interest for FY 2012-13 Or Not?

As per Indian Income Tax rules and regulations, for the Savings Account Interest accrued during the period of April 2012 to March 2013, do I need to pay any tax if it is less than Rs.10000? Or is it ...
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3answers
12k views

How do I get a Tax Exemption Certificate for export from the US if I am in another country?

I live and have a company in South America. Most of my raw materials are from USA. When I purchase these raw materials I'm paying their cost plus tax. Is that correct? When I asked my providers why I ...
7
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2answers
136 views

Do tax-exempt bond fund earnings need to be reported on taxes?

I'm deathly afraid of having to report bond/stock earnings to Uncle Sam. I feel like my tax returns are complex enough and I don't want to deal with any additional complexity. I'm looking for a way to ...
5
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2answers
566 views

What items are exempt from the VAT? [U.K.]

I'm thinking about visiting the UK and I'm wondering which things are affected by the VAT and which are not. Also as a non-UK resident is there a way to get a rebate/reimbursement on this tax?