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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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My general partnership stopped making money. Do I still need a K-1?

Recently the only client I have left cancelled their service that they pay for yearly. The last payment they made was last year (2023). Do I still need to fill out a Schedule K-1 for my 2024 taxes? ...
Gab's user avatar
  • 135
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0 answers
144 views

Can I gift back to my parents my 50% ownership of their primary residence house just before they sell it?

Over 20 years ago my parents gifted me 50% ownership of their home. There was no exchange of money. They now want to sell the house and downsize. We live in California, they've owned the house for 35 ...
JD0314's user avatar
  • 1
0 votes
1 answer
68 views

Lost transfer, based on last year tax return from HMRC

I’m still waiting for my fix return for 2022. I’ve texted hmrc, they told me that they sent money, but I didn’t received anything. I’ve wrote to monede customer service, and they told me that money ...
Nicu Marele's user avatar
0 votes
0 answers
15 views

Value of gst and income tax

For country India Let I am registered gst tax payer under composition scheme. I am a trader selling burnt clay bricks. Rate of composition gst will be 1% for me. I get 1 crore 40 lakhs in current ...
Shivam Tripathi's user avatar
0 votes
0 answers
54 views

Does it matter where I'm buying stocks, or only where I'm selling them? (from tax perspective)

I'm a Polish citizen but I live in Thailand since a few years, and currently I have tax residency only in Thailand. I've been buying some S&P 500 stocks here on an international stock exchange, ...
khernik's user avatar
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1 vote
1 answer
72 views

Germany - when is the Vorabpauschale for accumulating ETFs paid?

I am very confused and I would really appreciate some clarification. I hold some accumulating ETFs with a foreign broker (Degiro) while living in Germany. I am now doing my tax return for 2023 and ...
Kasia's user avatar
  • 25
0 votes
1 answer
50 views

I need help to understand Income tax will be applicable if working in Saudi Arabia and salary transfer to Indian account

I am working in Saudi Arabia and my salary is getting credited into Indian Bank Account and the account is regular not NRI. So, I'll be eligible to pay Income tax on my earnings as per taxation rule ...
Aditya Singh's user avatar
3 votes
1 answer
48 views

Can I switch from my spouse PPO plan to HSA plan

I am on my spouse PPO plan as dependent and he is filing taxes married and filed jointly with his name. Now I got new job where my employer is giving HSA account(employer contribution too!). Can my ...
Triveni's user avatar
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0 votes
0 answers
36 views

Suspended loss on 2 properties offset ira distribution income when 1 property is sold

I have two rental properties and will be selling one this year. Property A has suspended loss of $120,000 and Property B $100,000. When I sell property A this year, I can write off $220,000 against ...
user129804's user avatar
0 votes
2 answers
69 views

Dual status and substantial presence test

In 2023, I was present in the US as an international student on a visa (and was considered a resident alien, having filed my first resident return a year prior). After I graduated, I returned to my ...
oa27's user avatar
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1 vote
0 answers
51 views

Double tax treaty US-UK for UK resident

I want to understand if I'll pay taxes to the UK on my foreign income earned in the US and if the current tax treaty allows me to be exempt. Next is my understanding, and I'd like to know if it is ...
Manuel Carrasco's user avatar
0 votes
2 answers
36 views

How do I amend my 2018 California Form 540 personal tax return?

I want to amend my 2018 form 540 personal tax return but can only find the online form for year 2023. To amend, should I include the 3 forms: 2018 540 2018 Schedule CA latest (2023) Form Schedule X
Doug Null's user avatar
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0 votes
1 answer
94 views

Tax deductables

I am looking to start a company which i will be the sole owner and employee of. This company i will use to reduce the cost of purchasing items that i personally want, but i will be purchasing it ...
user1306071's user avatar
1 vote
1 answer
80 views

If/how to report a foreign (French) pension to the IRS

My wife started receiving a small pension from France last year, and it's not clear if/how to report it on our IRS return. We are US residents and she is dual US and French citizen. We use TurboTax to ...
Ady's user avatar
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0 votes
2 answers
32 views

1120s line Taxes and licenses

2024 will be my second tax return for my s-corporation. On March 2024 I paid income tax of $389 for 2023. Do I need to include $389 in 1120s line Taxes and license when i will fill 2024 tax return?
Natalia Boiko's user avatar
0 votes
1 answer
23 views

J1 Internship Tax Years

I'll do an internship in the US for PhD students on a J1 visa. The internship starts in October 2024 and ends in mid-January 2025. As I understand, I must file a tax return since I earned income in ...
Manuel Carrasco's user avatar
2 votes
1 answer
197 views

Filing an extension with IRS without an ITIN

I need to file a USA tax return as a non-resident alien. I have never filed a USA tax return before and don't have an ITIN. I need to apply for an extension beyond June 17 as I am awaiting a document ...
user53910's user avatar
4 votes
1 answer
2k views

Apartment from non-US parent abroad

If my non-US parent gives an apartment in my native country to me as a gift, vs I inherit this later, and then in the far future I decide to sell that apartment, when doing my US taxes at that time ...
upstream's user avatar
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12 votes
5 answers
6k views

What happens when you don't pay your property taxes?

Do they just straight up foreclose on your house? Or does it just get tacked onto your outstanding IRS balance as just another form of debt? Could anyone provide some insight on how the escalation ...
AlanSTACK's user avatar
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1 vote
2 answers
74 views

Investment property turned LLC

I recently turned my investment property into an LLC for liabiliy purposes. Now I want to sell it and my question is if I can deduct all my expenses from the sale like improving the vacant Lot into an ...
Javier Murillo's user avatar
1 vote
1 answer
106 views

Trading in IRA account

When we trade using IRA account, as it is not taxable, any short or long term gains doesnt matter correct? And after retirement age when we withdraw money, there will not be a capital gains and losses ...
upstream's user avatar
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1 vote
1 answer
67 views

USA - Received Form 1042 S after filing taxes

I am an international student on F1 visa. I have been in the US for around 8 years. I kept some money in a CD during the beginning of 2023 and it matured in December' 23. I recently got the 1042S for ...
desert_ranger's user avatar
0 votes
1 answer
75 views

UK - Best way to receive payment in Italy

I will receive a one-off payment of roughly EUR4000 for work to be carried out in Italy. What is the best way to receive this money and have it transferred to a UK bank account? Should I have the ...
lux's user avatar
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1 vote
1 answer
309 views

Why did the IRS refund me the penalty?

Assumptions (Normal w2 job, index fund investments with dividends but no taxes witheld no other weird financial products), For FY23, I had $56,472 owed and $47,392 paid thus requiring having to pay $...
PHV's user avatar
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5 votes
2 answers
3k views

What are the specific financial implications of not being a US citizen after a spouse dies?

Given a normal marriage in the US. Given that couple has a 1 million dollar home and about the same in savings and the deceased spouse has 1 million in 401k what are the implications of the other ...
blankip's user avatar
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0 votes
1 answer
84 views

401K Rollover Tax Question

I recently rolled over my employee 401k to an IRA at a different financial institution. In that 401k, I had made both taxable and nontaxable contributions. Since retiring, I’ve been receiving required ...
Kalliekaykat 's user avatar
0 votes
0 answers
91 views

Can I claim the equipment cost as expenditure of my (small) business?

I am using freetaxUSA, but I am not seeing the result that I want, or maybe I am misunderstanding something. I want to claim the cost of my GoPro as my business expense for my YouTube channel. I also ...
TheTechGuy's user avatar
1 vote
0 answers
97 views

Can I be held liable for tax obligations by simply accepting Ordinary Shares without further action?

I've been granted the opportunity to accept a certain number of Ordinary (voting) shares with a nominal value of £0.01 each, along with an exercise option. This option allows me to exercise these ...
nop's user avatar
  • 111
0 votes
1 answer
50 views

How to Calculate Excess Real Estate Taxes with two home offices?

My wife and I each have a home office in our home. I am using Turbo Tax to do our taxes, and it seems that our property taxes exceeded the $10,000 deductible limit. We get asked the same question for ...
Barry Chapman's user avatar
1 vote
1 answer
98 views

What are the tax implications of having a rent-free lodger

First, this is all for a piece of fiction I am writing and takes place in summertime Colorado, not far outside Denver. A young woman (eighteen) has been kicked out of her parents house after her ...
SoronelHaetir's user avatar
0 votes
0 answers
42 views

Received a 2023 W-2 from a former employer with retirement Plan box checked

I switched jobs in Nov. 2022. The former employer provided 401(K), and the new employer (a small firm) required 1 year waiting period for 401(K) plan participation and can only enroll in January and ...
user2264641's user avatar
3 votes
1 answer
384 views

Late IRA contribution with changing filing status and income limits

My wife and I got married in February. She has a Roth IRA, but she did not hit the contribution limits for 2023. I am considering making a late contribution to make sure we are taking full advantage ...
0x5453's user avatar
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0 votes
1 answer
83 views

How much tax do I pay if my deductions are more than my taxes owed?

To begin, I would like to say that I am 19 years old and this is my first time paying taxes for myself, so please inform me if I am not approaching this correctly. Be wary of a little bit of math. I ...
crtobin34's user avatar
0 votes
1 answer
60 views

How to mail quarterly estimated taxes using multiple money orders?

How would one make a quarterly estimated tax payment using money orders when the amount to be paid that quarter is greater than the limit on a money order? Let's assume other options such as online ...
Neel Kamath's user avatar
0 votes
0 answers
78 views

Does an adult child living at home still gets the standard tax credit?

If someone, age 19, lives with their parents, works part time, do they still qualify for the standard tax credit? The person earned $2584 last year. The tax preparer says she owes $390 in taxes.
Shaleen's user avatar
1 vote
1 answer
160 views

Can I put my daughter back on my taxes after she filed years before on her own?

My daughter is 21 and filed her own taxes in the years before because she made more than the free amount. 2022 she still lived with me but has not earned anything. Does she still need to file her own ...
Rosewoodlily's user avatar
0 votes
1 answer
25 views

NRA/RA Test and FICA exemption

I was on F-1 from 2018-08 to 2020-05 in the US, but I stayed in my home country from 2020-05 to 2022-09 and I came back to the US from 2022-09 till now. I am on F-1 all the time, and technically 2024 ...
Kiyoshi's user avatar
1 vote
2 answers
1k views

"you may elect to treat the tax withheld as paid when it was actually withheld" -- What does this mean?

I am doing my 2023 taxes using TurboTax and it said I owe underpayment penalty(which I agree) and it was giving me few options to see if this penalty can be waived and one such option is as below: I ...
javanoob's user avatar
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0 votes
1 answer
47 views

Filing for a patent application as person vs an LLC

I am currently writing a software/app and founding a startup. I have not form an LLC or any legal entities yet. But I am about to pay a lawyer to draft a patent for my app. Question: If I file as a ...
Bear Bile Farming is Torture's user avatar
3 votes
1 answer
2k views

Confused as why TurboTax asking for 2022 Tax Liability to calculate 2023 underpayment penalty

System showed that I owe tax penalty and it started asking few questions to see if it can be waived. One of the questions was 2022 Tax Liability, where it is asking me to enter line 4 from form 2210 ...
javanoob's user avatar
  • 335
1 vote
1 answer
69 views

Can I claim non-summer day camps as child care expenses on 2023 US taxes?

It is unclear to me if non-summer (e.g. Christmas or Thanksgiving) child care expenses can be claimed. Logically I don't see why they would be different but I can't find any specific info saying ...
Frank's user avatar
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-3 votes
1 answer
131 views

How much taxes would I have to pay if I sold my startup in cash? [closed]

If I sold my tech startup to a large entity for $1 Billion dollars in cash. How much is Uncle Sam getting?
Bear Bile Farming is Torture's user avatar
2 votes
0 answers
35 views

Mortgage interest rate deduction for foreign property?

I live and work in the USA. If I get a personal loan in the US or a mortgage in India to buy a home in India, can I get the home loan interest deduction on my taxes in the USA?
Raj's user avatar
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0 votes
0 answers
25 views

Tax changes after NY to NJ change in company location

Currently I work for company in NYC, but I live in NJ. so I pay NY tax as well. My company has office in NJ as well now. I have option to select company office of NYC or NJ as my work location now. If ...
Nil's user avatar
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1 vote
1 answer
84 views

How would I add $3k cash earned income when I amend my taxes without being an actual business?

I'm trying to amend last year's taxes because when I went to file this year I remembered that I made a couple grand cutting grass the year before and forgot to file it. I'm not sure how to file this ...
MRubus313's user avatar
2 votes
1 answer
75 views

Furnished Holiday Lets - UK Tax - max duration is 30 days, what if two stays during the year?

I have a guest staying in May this year for 30 days in my furnished holiday rental. They want to return again in September for another 30 days. The Letting Condition in HMRC rules says: You must let ...
atreeon's user avatar
  • 155
4 votes
1 answer
1k views

I filed my taxes not knowing I was being claimed as a dependent meaning that the Head of Household will have more deducted than before

I filed my own taxes unaware that I could be and apparently was being claimed as a dependent, so it's been brought to my attention that the Head of Household could have a higher standard deduction ...
Ben Connor's user avatar
-1 votes
1 answer
63 views

Does checking "A portion of these dividends is U.S. Government interest." matter when filing tax in Washington state?

I'm filing my taxes in the US since I reside in WA state and I'm being asked by TurboTax whether a portion of these dividends is U.S. Government interest: Does checking "A portion of these ...
Franck Dernoncourt's user avatar
0 votes
0 answers
14 views

Are endowment plans better option than tax saving FD for last day tax saving investment?

Its last day (31st March 2024) for investment in order to save tax. And I have not done anything ! 😢 Now I am planning to do some just to save tax. I am in 20% tax slab. Some options are closed for ...
RajS's user avatar
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0 votes
0 answers
21 views

do I need to report a closed account on modelo 720 in Spain?

I am filling out the dastardly modelo 720 (reporting global income) in Spain. My question is about an account, say account ONE, I had in the previous years but I closed it last year and moved that ...
punkish's user avatar
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