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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, etc. Whenever asking about taxes, please also specify a country tag such as united-states, canada, united-kingdom, etc.

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50 views

Which is the correct source for the correct German Lohnsteuer deduction?

Coming from here, I have now the following data and must say I'm quite puzzled. Which value is correct now? #1 Given the reference data from a German software company specializing on tax software. ...
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18 views

FILLING IN W-8ben form as a UK resident

I paid in to a 401k when I lived in the U.S. over 14 years ago. I left the U.S. in 2004 and would like to withdraw my pension out from the U.S. as I have been living in the United Kingdom since 2004. ...
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1answer
43 views

Moving company abroad? [on hold]

I work for a British agency now, but I'm outsourced for a German project that is partially remote and I'm going to be based mostly in Poland. Not sure how long will be the contract, but it made me ...
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0answers
13 views

Can a US non-resident alien do tax-loss harvesting on capital gains and income? (183-day rule)

Context: I am a non-resident alien in the USA as a J1 scholar. After being present for 183 days in the USA, I must pay capital gains tax in the USA. My questions: i) can I reduce my ordinary USA ...
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1answer
71 views

Estimated tax payments required when paid only once per year?

I did a small amount of work as an asset manager by power of attorney this year for which I am getting a fee paid once at the end of this year (in December) and I probably will do no further work of ...
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1answer
22 views

Repatriate NRE funds from India back to the US.

I have an NRE account in India. I have been paying taxes on the interest and also reporting the total funds on FBAR every year. I have repatriated some of the money to the US this year. What IRS form(...
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1answer
42 views

UK Tax calculation on payment for contract serverence

I was recently made redundant from a role at a UK company. They were very reasonable about the situation and offered to pay off my 3-month notice period rather than make me work it. As a result, I ...
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1answer
54 views

Why isn't the `flat rate scheme` favourable for Limited Companies anymore?

I have been registered as flat rate scheme since 2012. At which point I kept 12.5% (working in IT) of my vat invoices. However in 2017 they changed the laws on the % I believe. My accountant said I ...
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0answers
78 views

Is it legal to open account and invest in my born country if I am currently working in Japan?

I have my identity and I am able to open investment account (for ETF, stocks and FX) in Hong Kong. I now hold a working visa and work in Japan. The tax rate is high in Japan and my Japanese is ...
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1answer
47 views

I have a HDHP with an HSA through my employer as well as a non-HDHP through my parents. Am I still eligible for the HSA through my HDHP?

I have a HDHP with an HSA through my employer as well as a non-HDHP through my parents. Am I still eligible for the HSA through my HDHP? I have an HDHP with an HSA through my employer that I started ...
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1answer
20 views

Considerations re: LLC on SSDI

I am disabled and receive SSDI. I will have some money from inheritance and insurance settlement from an injury. I'd like to put the money into an LLC (for shelter, exclusion and self directed ...
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2answers
172 views

Short-term selling of stocks with less profit

If I purchase $1000 worth of stock, and in the first week the stock value goes down to $900 and then in the second week the value of the stock reaches $1002, and then I sell the stock, Do I need to ...
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2answers
83 views

Minimizing tax liability from real estate sale

I bought an investment property in the United States for $20k in 2005, got a $100k refi loan on it in 2007 and sold the property for $100k in 2018. When I sold the property in 2018, I owed about $80k ...
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2answers
154 views

Can I get my property tax assessment lowered by comparing to my neighbors?

This video states: "If you find more valuable homes that pay less, you certainly have a good reason to appeal". Zillow shows many of my neighbors homes have much higher value AND much lower ...
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1answer
287 views

Share 1099 payment with another sole proprietor

Jane and Sally are independent contractors who provide education consulting to public school systems. They are separate business entities (both sole proprietors) but they frequently partner together. ...
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2answers
127 views

What to do when a good job offer is made with good salary but we are confused about salary?

Last week I got a job offer from the place where I was interviewed for a position as civil engineer. I have been informed that I will receive a monthly salary of RS 50,000. I will have not have to ...
6
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1answer
138 views

I'm a resident of Monaco and my future wife is a US citizen and resident. Will I have tax obligations once married?

As my header explains, I'm concerned with the possible tax ramifications once married let alone being in a de facto relationship. For example, France is harsh when it comes to taxes. If she lived ...
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1answer
72 views

Why do I have to pay cash to my broker to pay estimated taxes on vesting employer-granted stock?

I'm about to receive some restricted stock through my employer. These are stock units, not stock options, so I can't defer their vesting. When they vest, my broker is requiring that I wire them cash ...
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1answer
248 views

How to take advantage of a no-income year (taxwise) when you could sell stock with capital gains?

I didn´t have much income this year, so I was thinking of selling any stock with capital gains. The purpose of this sell is to take advantage of the standard deduction and the 0% tax on capital gains ...
4
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1answer
152 views

Is credit card signup bonus taxable?

If a credit card company offers you $500 for making $1500 in purchases within the first 3 months, is that taxable income?
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0answers
46 views

Advice for finding a qualified accountant for grad student & real estate tax and financial planning

I'm a bit worried about getting bad tax advice this year for a number of reasons. I just started a PhD program this fall, which meant a number of big changes for me: I had to sell my house and move ...
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2answers
50 views

I have Multiple HSA accounts and want to confirm my established date is correct

My employer changed HSA providers in June 2016. We were HSA eligible since 2014 and the original account was established then. My wife had surgery April 2016 yet I was using funds from the June 16 ...
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2answers
106 views

What taxes should a Middleman pays?

I have the opportunity to become a middleman (i am new to the "sport"),in parallel with my current job! I live currently in Germany and i am able to buy goods in bulk from another country (in EU), ...
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0answers
31 views

401(k) funds - taxes living abroad? [duplicate]

If you plan to retire overseas, are you going to be taxed from the US or from the country overseas? I was not able to find any rules that could answer that question for traditional 401k funds. I ...
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1answer
92 views

US Citizen married to EU citizen, working for UK company and remotely for US company - Taxes?

A bit confusing to word the question, but I am a US citizen with a 5-year visa allowing me to work and live in the UK full-time (family member visa - wife is EU citizen). I work remotely as an ...
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2answers
68 views

What is the ROI effect of switching mutual funds in a taxable account?

Assuming I'm paying long term capital gains tax, what is the break even point where it is more worthwhile to switch from one fund to another? For (a hypothetical) example, if I have a fund with an ...
2
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1answer
72 views

Looking to calculate expected profit from sale of house

I'm trying to calculate the money I will see as profit from the sale of my house. I'm tallying the various expenses associated with selling and would like input on any costs I'm missing. I'm in ...
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0answers
31 views

H1b + Rental income in India and USA

1) As a H1b holder, if I have rental income in India and need help with the following: a) Indian tax law exempts first INR 250,000 and Indian tax law allows 30% deductions on rental income. b) When ...
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1answer
296 views

How to establish--many years later--the fair market value of real estate on the day someone died?

The home passed to an heir in 2012. The heir did not have the home appraised at that time. The heir died in 2017 and the home was sold in 2018. How do you establish the FMV in 2012? Notes If the ...
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0answers
44 views

Tax implications of non-US person on cryptocurrency investments to and from a US Bank Account

I am an Argentinian, not living nor staying in the US. However, I am planning on opening a bank account there (possibly during a trip to the states on January). What are the things I should know ...
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1answer
68 views

Suggestions on how to file taxes when running an international online business with expenses in Bitcoin

So around January of this year (2018) my buddy was approached by the admins of a website and was asked to be a reseller for their products. Currently, they only support payments in cryptocurrency and ...
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76 views

Does investing global mutual funds with 15.4% foreign income tax worth it?

I'm living in Korea and already investing in global mutual funds with foreign income tax reduction benefits. But there is no investment with such benefit anymore. So I'm considering normal global ...
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2answers
55 views

Are there limits or taxes on wire transfers between my own accounts in the USA and Jamaica?

I want to wire $22,000 from my Bank of America account in the states to my checking account in Jamaica to purchase a vehicle. Is there a limit on how much I can transfer? Do I have to report it to ...
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4answers
163 views

How would I be taxed by earning credits and selling items bought with them

I was wondering about how I would go about putting this into my tax return. So I've recently started using a website that has a referral program, by promoting through this referral program I've ...
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0answers
28 views

Transferring inheritance in Australian dollars to the US

Should I transfer inheritance in Australian dollars to the US, where I live as tax resident? The exchange rate is currently so low, but is this better to lose money on the exchange rate rather than ...
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2answers
79 views

Can you explain how this disallowed wash sale loss is calculated?

I can see that the first row of the data shows $120.00 in cost and $76.93 in proceeds, which results a -$43.07 gain. With only this set of trades, how is it determined that $43.07 is the wash sale ...
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0answers
72 views

Reporting requirements for a US citizen inheriting money from a relative in Ireland

An uncle of mine passed away and I will receive a small amount of money shortly. The amount will be considerably less than the $100,000 amount of IRS form 3520 (albeit this is not a gift as such). ...
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3answers
168 views

Estimating the amount of my 2018 tax refund

I'm 23 and 2018 is the first year that I have worked full-time. I began working full-time in May of 2017 and got back about $5,500 from that tax refund (state & federal). I'd like to get a ...
2
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1answer
81 views

How much can we put into flexible spending account

My wife and I are going through a divorce, which will not be finalized before the end of 2018. We have three kids together and will be splitting custody. Both of us are trying to enroll in benefits ...
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1answer
55 views

Wash sale example

I purchased 100 shs of Apple on 10/10 and have an unrealized loss as of 11/13. If I sell the 100 shs today and do not purchase Apple until 12/20 can I record the loss in 2018
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2answers
107 views

Tax optimization when moving to the US

I am moving to California from New Zealand. Most likely in December this year. I have some US ETFs in my brokerage account, so the questions is if it's better to sell them before I move and then re-...
3
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2answers
231 views

Post Tax 401k or Taxable Brokerage Account?

I max out my pre-tax 401k, HSA, and do a roth IRA or backdoor Roth IRA. With my additional savings is there any reason i would want to do a post-tax 401k instead of keeping it in a regular taxable ...
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18 views

Tax implications of brokerage account owned through single member LLC

I would like to understand what the implications for tax would be if you opened a brokerage account via an LLC you own. Per my understanding you would be taxed twice, once at source and once on the ...
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0answers
37 views

Canadian citizen step parent signing over US owned property to us citizen adult children

My mother who is a US Citizen recently passed, and my step father who is a Canadian citizen with permanent US resident who is living in Canada now with no plans of returning to the US. He doesn't want ...
2
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1answer
84 views

Do I need to pay taxes if I receive money from my family (foreign country) in UK?

Actually this is for my sister, she lives in London and I want to send her money from USA to her bank account. Will that transfer affect the taxes she must pay?
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28 views

Witholding Taxes as Non-resident Alien on TN Visa

I am on a TN visa in the US from Canada for my first year and will not meet the substantial presence test this year. Next year, however, I will. I understand that this year I will be a resident of my ...
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1answer
38 views

Maximum amount deducted for carried-over long term capital loss

Suppose I have $10K of long term capital losses in FY2018. I'm married filing jointly, so the max I can deduct is $3K, and carry over $7K to the next year. Question: do I then have to deduct $3K ...
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2answers
87 views

UK Pension transfer to the US

I'm a naturalized US citizen. When I lived in the UK, as a British citizen, I amassed a small pension pot (about 50,000GBP). Is there any way to get that money transferred to the US (into another ...
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3answers
438 views

What happens when I move my ISAs?

I’m looking at opening an ISA (stock & shares), and I started wondering what happens with the perks (tax free) when I move ISA accounts around. For simplicity let's assume that ISA allowance is ...
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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 ...