Questions tagged [taxes]

For any question related to taxes and not otherwise covered by a more specific tag such as income-tax, sales-tax, capital-gains-tax etc. When asking about taxes, please also specify a country tag such as united-states, canada, united-kingdom, etc.

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40 views

Do you pay tax on received funding fees? [closed]

On derivatives products, funding fees are paid from one side of the trade to the other to incentivize more pressure on one side of the trade to maintain the intended price. Are there any taxes that ...
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1answer
47 views

Can a company with a non-citizen/not green card holder board member taxed as an S-Corp?

If a company has 2 or 3 board members that one of them isn't a US citizen nor green card holder, is it possible for this company to be considered as a S-Corp in the tax season? Or at least citizen/...
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1answer
113 views

Double taxation of US person receiving income from EU corporation

Between EU companies, money can be passed between parent and subsidiary without taxes. As a US citizen, if I own a European company and distribute earnings, I will be taxed on the earnings upon ...
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How to get set up to earn from YouTube in Germany? [closed]

For someone with D-Visa (family reunion with a BlueCard holder), that will start earning from YouTube soon, do they need to apply for a special tax ID (freelancer or something)? How do then pay their ...
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1answer
78 views

Do I pay taxes on BAT (basic attention token) when using brave wallet?

Basically the title. I'm using Brave Browser because I heard it pays you to view ads, and it does. I have 30USD worth of BAT right now. I just went through all the verification stuff in GEMINI, now it ...
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1answer
51 views

Paying Local Taxes in Pennsylvania when working remote for a company in a different state

I live in the state of Pennsylvania and work from home full time for a company in Virginia. I'm having my employer take out local Taxes based on where I live in Pennsylvania. Is this correct? Do I ...
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60 views

Company owners gift to ex-employee [duplicate]

The boss of the company (not based in the UK) I used to work earlier, has sold his company. He is giving a cash gift to certain ex-employees which he intends to transfer from his personal account. He ...
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2answers
199 views

How can I calculate which country has the best wage to living expense ratio?

Suppose, I have the following data in my hand: PPP Index Cost Index Monthly income tax rate living expense etc. How can I calculate which country has the best wage to living expense ratio?
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1answer
81 views

Why [qualified] dividends are taxed differently from current income?

I am wondering what was the motivation to decouple taxation (USA) of short-term gains/income from dividends in 2003. Before 2003, dividends were mostly taxed as current income, at a significantly ...
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0answers
42 views

Does one's online IRS account contain all the actionable notices from the IRS?

I read on https://www.irs.gov/payments/view-your-tax-account regarding one's online IRS account: Digital copies of select notices from the IRS Do these "select notices from the IRS" ...
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0answers
34 views

1031 exchange to buy out another party?

Can a 1031 exchange be used to buy out another owner of a residential rental property? Say two people own one rental house 50/50. There is no assumed business name, LLC or partnership. The deed has ...
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1answer
186 views

Why not solely use IRA for investing taxed income

My understanding of IRA is that withdrawing up to amount contributed does not incur tax penalty. So I can basically withdraw any amount of taxed income I contribute. It just seems like too good to be ...
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How do I register my US business for VAT OSS, without a SWIFT and/or BIC code?

My business bank account (technically credit union) does not have these things. The VAT OSS form for Ireland (and I believe all of them) require both the an account or IBAN number, and a BIC or SWIFT ...
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1answer
65 views

Significant Capital Gain -- how to pay quarterly estimate taxes correctly?

My understanding is if you are expecting to owe more than 2k in taxes you are supposed to pay quarterly estimate taxes. If you don't you might pay a penalty interest rate on the taxes owed to the IRS (...
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1answer
28 views

Does the New Mexico Gross Receipts tax apply to non-business sale of personal property?

I recently sold some personal property (totaling a few hundred dollars) as a resident in New Mexico and was under the impression that, even for private and non-business transactions, the state gross ...
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How is long-term vs short-term capital gains calculated for USA resident aliens?

Let's say I am a foreigner who bought $1,000,000 worth of Microsoft in 2010. I have just arrived in the USA on May/01/2021 and after 6 months pass the substantial presence test and qualify as a ...
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1answer
49 views

Is the signature of a non-US branch of a US financial institution accepted by the French tax authorities for French Form 5000 a.k.a. CERFA 5000?

I am a US tax resident and I am currently outside the United States. I have to complete French Form 5000 (mirror 1, mirror 2) a.k.a. CERFA 5000, which requires to obtain the signature of a "US ...
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1answer
90 views

What are the tax implications for leftover financial aid and scholarship money?

Previous semester as an undergraduate student, I won a pretty big scholarship from my university. So, along with the Pell Grant and other state grants/scholarships, that amount was also applied to my ...
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Are the Depository Trust Company (DTC) fees paid on American depositary receipts (ADR) tax-deductible?

Are the Depository Trust Company (DTC) (mirror) fees paid on an American depositary receipts (ADR) tax-deductible (mirror)? I am a US tax resident owning some ADRs (e.g., AXAHY) via a US brokerage ...
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3answers
168 views

How much is $1K worth if I need to pay $100 in taxes if I liquidate now?

Let's say I have $1000 in an index fund, of which $500 is an unrealized gain (which I need to pay taxes on if I liquidate). For simplicity, let's assume that taxes on gains are 20% and will not change ...
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92 views

Are digital services taxable?

I need your help. I wonder if someone with a European based company, offer's a digital service from a website and have clients from all over the world (US-EU-ASIA etc.), should apply taxes when ...
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2answers
176 views

What are the legal and tax implications of crypto lending?

With high interest rates for crypto loans, I'm currently thinking of lending out my cryptocurrency on a crypto lending platform like Celsius Network. However, I'm not too sure about the implications ...
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1answer
72 views

Import Duty from Holland to UK For a Card Game

I want to buy a card game (about 1000 cards or more) in one box from Holland. It is not a normal deck of cards, it is a game a bit like Magic, but not Magic. It is not boosters, or anything like that. ...
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1answer
85 views

Are taxes on dividends marginal based on tax bracket like regular income?

For income, the tax rate is marginal (or "staggered"), meaning that the actual (effective) tax rate is not the same as the tax bracket you fall into. In other words, income "fills up&...
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2answers
126 views

For this one case, would my Bitcoin-to-fiat conversion be tax free?

The situation: I currently have 1 BTC left. I originally had many more. Over the years, I have spent a total of $14,648 USD to buy Bitcoin every now and then. According to Swedish tax rules, I have to ...
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1answer
70 views

Stepping up cost-basis on primary residence

This is the US. As far as I'm aware as a single person you have a $250,000 capital gains exemption if I lived in the house two of the past five years. I'm planning on moving out of my primary ...
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30 views

How to correct mistake on CA 540 NR?

I recently received a letter saying that I owe the state of California money because I did not submit form 3853. My understanding is that this is the form I should be submitting if I do not have ...
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2answers
221 views

Can I pay my baby an income to max out a custodial Roth IRA without paying/filing taxes for him?

I made a huge income jump from a career move right after having a baby. I do not want to do any lifestyle creeping and would rather put this money to work with compound interest. I'll already be ...
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3answers
8k views

If my account only sells crypto, will I get taxed?

Will I get taxed if I do this? Purchase $1000 USDT on Binance Transfer to a crypto exchange outside the U.S., or transfer to a wallet address and use decentralized exchange. Buy bitcoin, earned $1000,...
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5answers
454 views

Why are taxes so complicated if they really want to be paid?

I'm now 36 years old. In spite of really trying, numerous times, I have never been able to feel as if I even "vaguely" grasp the basic tax concepts for my country (Sweden) or any other for ...
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1answer
111 views

Where does "state tax" come into the picture in Sweden?

Having never had anyone clearly explain this to me, I'm trying to figure out how much taxes the government wants me to pay. In particular, I'm confused about the concept of a separate "state tax&...
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3answers
196 views

If I buy a property that has a home on it and subdivide the land and sell off the home for less than I bought it for, is that a capital loss?

I want to buy a home that sits on 1 acre for $1m (in the USA). I want to subdivide the land into two pieces and keep the new 0.5 acre parcel to build a home on for me. I have no interest in keeping ...
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0answers
20 views

Can the time to file an 83b start before a business entity is created?

I have an interesting twist the question of when the countdown to the 83b filing deadline starts. https://law.stackexchange.com/questions/41013/what-is-the-83b-election-postmark-filing-deadline ...
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31 views

Starting/acquiring a business to minimize RMDs

Suppose an individual is 72 years of age and would like to minimize RMDs from a traditional 401k plan. They are willing to continue working in order to qualify for the still-working exception, as ...
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21 views

Do I have to pay GST for online micro works like surveys and providing AI training data etc.?

I got my GST number for ecommerce business last month but I haven't started selling yet and hence made no sales yet but I also do some online micro works like surveys and provide AI training data from ...
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1answer
62 views

As a Non-US freelancer, do I need to pay tax in the USA for money earned outside USA?

I'm a Bangladeshi citizen, will go to USA for my PhD few days later on a student VISA (F1). I have <1000 USD in my account of a freelancing site that I plan on withdrawing after going to USA. The ...
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4answers
344 views

How to pay taxes if I have no money? [closed]

My question refers to the US. Suppose I live in a village and I get vegetables from my neighbors, either as a gift or for services I do for them. I consume all the vegetables. I live off these ...
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1answer
69 views

Documentation for deducting private school tuition as medical expense

I have heard that private school (K-12) tuition can sometimes be tax-deductible as a medical expense, when recommended by a medical professional for specific needs. This link on Turbotax says: If ...
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1answer
108 views

Transferring deceased owners IRA to my inherited IRA

I am liquidating a deceased owners IRA (I am executor). I have opened an Inherited IRA at another institution. Institution1 has to sell the stocks, open an Inherited IRA for me. I have to initiate ...
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1answer
143 views

Reduce income tax deduction after being unemployed

The previous month was the first month I have worked this year. I received gross pay of around $3400. However, approximately $500 was deducted for income tax. If I were to continue working for the ...
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2answers
64 views

Do all US companies have to follow GAAP reporting standards for profits and losses?

Do all US companies have to follow GAAP reporting standards for profits and losses when reporting to the IRS and investors?
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1answer
55 views

Does transferring assets from regular brokerage to revocable trust generate a taxable event?

I was considering creating a living trust. One of the step after creating is to fund the trust. It seems simple enough to call brokerage and ask them to change the title of the brokerage account to ...
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1answer
49 views

Partial 1031 exchange from home sale

My uncle and I are looking at selling a home we own in a trust. He would like to withdraw his portion of the net proceeds via a K1 and I would like to do a 1031 exchange with my portion. Is this ...
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2answers
122 views

What is the gift tax rate in Germany if I give my cousins money?

I would like to give a large amount of cash, about $75,000, to a cousin in Germany. What tax rate would they have for such a gift?
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110 views

Can Salary sacrifice be used for Environmental projects

I am looking into my company's response to sustainability demands. Amongst many other ideas, it was suggested that the company help with funding employees' environmental projects. These could range ...
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11answers
6k views

What is so good about IRAs?

I still don't get what is good about IRAs. For example, in a traditional IRA when you deposit you won't have to pay tax but when you withdraw you still have to pay taxes. So you only benefit if you ...
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0answers
46 views

Living in France & working remotely in Germany - Tax class

I am working remotely from France for a German university. The HR department is claiming they need to put me in class VI. They say that since I am a remote worker (I have a normal public sector ...
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2answers
7k views

How do I avoid paying tax on a cryptocurrency gain that I have already lost?

I'm not sure if this question belongs here, but I'm super confused about how cryptocurrencies get taxed. I invested $10,000 at the end of 2020. I made about 30 or so short-term trades in 2021 and sold ...
3
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0answers
47 views

A 501c3 Church sharing a venue with a 501c7

Can a 501c3 Church that owns or leases a venue it only uses one day or two days a week allow a 501c7 social club to use the rest of the week? The Church strongly supports the Arts and the 501c7 will ...
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1answer
74 views

Which mailing address to use for disputing a California Franchise Tax Board 5818 Notice?

I just got an FTB 5818 Notice saying that I don't have Health Insurance. I am planning to dispute it by sending in my 1095-B. Question: Which mailing address should I be using: Franchise Tax Board PO ...

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