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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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Mom passes away 2015, Sister living in her house rent free

My mom passed 2015. My nieces and nephew [from 2nd sister] lived there and then they moved out in 2016 My older sister started living in my mom's house 2016. She sold her house in 7 days and moved ...
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1answer
74 views

Wealth Transfer Tax in UK

I am citizen of Turkey. If I transfer my savings to UK, do I need to pay taxes to UK over this wealth transfer? I am not a resident of UK and will not live there. Just want to transfer it to a safer ...
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23 views

Australian with investments home now living in the UK

I'm an Australian living in the UK. I've been here for about 3 years. Recently, I have moved most of my Australian savings into a Vanguard Index fund in Australia last year. I am planning on staying ...
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3answers
12k views

If a kid makes money, do the parents take on the tax liability?

Suppose your kid (8 years old) decided to set up a neighborhood lemonade stand and by some freak occurrence managed to somehow make about $3,000. How does one manage the tax liability on that income? ...
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0answers
16 views

Regarding Investment Declaration

If I am showing investment declaration of 50,000rs ( Paid in one year itself) So do I have to go on adding minimum balance of 1000-50000 every year till 15 years?
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1answer
57 views

Is it legal if I transfer money to my retired pensioner father who will create FD (fixed deposit) out of it?

Details: I am based out of India. I have already paid TDS on my salary and have also filed by tax-return for the same. Now, I will transfer some part of this money to my dad's account. I will also ...
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0answers
40 views

Will I need to pay tax on my foreign income on my return to the UK if I have spent a total of15 months out of the country? (August 2017-October2018)

I am looking to return to the UK from the UAE October this year. I will have been away from the UK for 15months in total and whilst I have been away I have been counted as a non uk resident as I am ...
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6answers
317 views

What's the best way to be a legal tax resister in the US?

I have serious ethical issues with paying taxes to the US government, given the number of civilian death raised by the US gov military activities and destructive political interference abroad. This ...
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0answers
57 views

How to pay taxes on earning from an inheritance without commingling it

I am about to receive an inheritance that I would like to keep separate from my marital assets. The plan is to put it into a separate investment account in my name only. From my understanding, that ...
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1answer
70 views

DRIP Vs. Cash Dividend in a taxable account - Which one is beneficial from the tax perspective?

I believe dividends are considered as an income and if you reinvest using DRIP it won't be income but capital gain later when you sell the stock? What are some advantages and disadvantages of doing ...
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1answer
29 views

Interest on community shares - tax return

I invested in a community project under the Seed Enterprise Investment Scheme. In the year I invested I claimed SEIS tax relief on the investment. In return for my investment I received shares in the ...
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1answer
161 views

Do I need to pay tax of my stock earning in the US if my income is low?

Assume I do not have income and I have 1 million dollars worth of stock. 99.9% earned from market. Do I need pay tax if I sell $1000 per month at USA?
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1answer
131 views

How do I protect myself when signing over an aircraft after an insurance claim? [closed]

After an aircraft accident happened: Global Aerospace Inc Insurance company, asked us to sign over the FAA aircraft title to them and told us we "MUST leave the buyer and dollar amount blank. We ...
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0answers
44 views

Underpayment Penalty for LLC Tax

I own an LLC in California, in which the annual tax is due on the 15th of the fourth month after the beginning of the tax year, right? I went onto my CA FTB account, and it lists my payment as paid ...
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1answer
49 views

How do I account for federal and state (NE) taxes to cash out a UTMA for a minor for college?

My son has lived with my mom for about 15 years as a guardian. She setup an UTMA account in Nebraska. She and her husband owned a farm and have done their taxes every year. My step dad passed away in ...
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1answer
78 views

Tax category in germany when paying for girlfriend rent/education (not married)

I am going to care of my partner during the time she does her master. She's persian and will do her master in Germany. I'll basically be responsible to pay for life costs, universities etc. I know ...
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1answer
93 views

Will I be able to be claimed or not?

I currently graduated from college in May and have been working since January. My father believe he will be able to claim me, but after reading what people said in the post in this link I dont believe ...
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1answer
153 views

Selling Land investment (Current Home) for 900k profit. Tax Effective Strategy?

Selling Land investment (Current Home) for 900k profit. Can I enjoy the 500k personal residence tax deduction and invest the other 400k into my next investment without getting taxed this year? This ...
3
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1answer
54 views

UK Tax Return: how to compile it if I have restricted equity granted by my employer

This year I will have to compile my first tax return. I have received the equivalent of 5,000 GBP in restricted stock of the Company I work for. I have already sold these shares and I know that I ...
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1answer
58 views

UK Contractor (Limited company) - EPS or FPS, late submission

To introduce my case briefly, I have been a contractor for two years within a company. For that, two years ago I hired an accountant who dealt with the creation of a Limited Company which was ...
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0answers
13 views

UK tax on dividends and sale of Shares for Non-residents

For a Non-UK Resident Individual (& Non-domiciled,) holding UK listed shares 1.) Is there any UK income tax due on dividends paid form a UK listed company? 2.) Is there any UK capital gains tax ...
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1answer
82 views

Cost/benefit of maxing out 401k using mega backdoor

Forgive me if I get the details wrong and if this needs to be split up into multiple posts, but I'm very new to all of this. I'm 22, have ~60k non-emergency money saved up, and got a new job with ~...
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0answers
37 views

Do residents through golden visa programs pay income taxes if they don't stay in the country for more than 183 days?

For example, Latvia offers a residency by investment program, and I was wondering whether it matters if you stay in the country for more than 183 days in order to pay the taxes? Or are you already ...
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0answers
20 views

Checking account opening bonus taxation for international student without income

I am an international student on F1 visa who had no income in the previous year. While opening a checking account, I got a bonus amount last year. I received a 1042-S form(not 1099) from them with an ...
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4answers
77 views

Can you fully deduct an investment property owned by an LLC?

I operated a business that generates substantial income. I would like to invest some of this money by buying various, undervalued properties in my area, doing slight improvements to them, and ...
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4answers
2k views

Bonus check or 1099?

I work for a small sourcing company, salary. I am currently working full-time for their largest client, but have asked for extra hours on smaller clients if possible. I was granted such and was given ...
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0answers
22 views

Corporate tax & GST/HST tax - Canada

I've started self incorporated small business in Canada, registered with Ontario province in 2017. As per corporate tax structure, both corporate tax return and GST/HST return is filed by end of ...
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1answer
89 views

USA 2018 tax write-off - Meals for Employees

We do a lot of work with 1099 contracted "employees". Does the food write-off count for w9 contractors or just w2 employees?
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1answer
56 views

Student loan payments and tax breaks

Forgive me for such a naïve question, but simply put: do student loan payments count as a deduction to gross income? I.e. if I make $50,000 per year gross and manage to pay $20,000 of loan debt in one ...
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1answer
139 views

I don't understand the Qualified Business Income Deduction?

In the USA, the new tax laws include a: Qualified Business Income Deduction I cannot find one place that explains this and whether it is good or bad. Example situation: Married person, with an ...
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1answer
379 views

Exchange Roth IRA mutual fund to Roth brokerage account

Will I incur taxes for exchanging funds in a Roth IRA mutual fund (Vanguard) for a Roth IRA brokerage account?
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4answers
162 views

Can I place a stock in an IRA temporarily to capture a dividend, then move it back?

Consider the following scenario: Stock A pays a large annual, non-qualified dividend. Stock B pays a monthly non-qualified dividend. I hold stock A in a taxable account and an equivalent $ amount of ...
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1answer
63 views

Does a Legalzoom service that provides a physical report qualify for Use tax?

I'm working on my Nevada LLC's sales tax report for this last quarter. A few months ago we paid Legalzoom to do a patent search, and the receipt doesn't list any sales tax. They sent us a folder ...
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2answers
223 views

How can I reasonably estimate what percentage of my income should be saved for taxes during my first year of work

I am a minor in Michigan, and I'm currently in my first financial year. I work for a nonprofit, which doesn't take any money out of my pay. The per-hour salary that I say I make is how much I actually ...
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0answers
48 views

Tax question - Inheritance from UK living in USA

I am a Green Card resident in Nebraska USA, and I am a UK citizen. Is it correct that I need to report to the USA Government if I inherit more than $10,000 from my father’s Will (he too was a UK ...
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1answer
107 views

How is “fair market value” determined?

If a person receives a gift worth over $10,000 from another American, it is potentially taxable, but how is the "fair market value" of the gift determined? For example, let's say a man gives his ...
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2answers
59 views

Resident vs Non-resident alien in the United States

I have been in the United States since August 2015 in an F1 visa. I was away from January 2018 to May 2018 in Denmark for study abroad. I do have a SSN as well. I wanted to open a savings account in ...
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1answer
130 views

Pay HELOC or NOT

I am 65 years old retired and collecting SS. I sold my personal residence, and move back to my old rental house which I have a HELOC of $100K which I pay about $375 monthly interest only. As of now, ...
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2answers
42 views

Cost to transfer funds from Philippines bank to US bank from real estate sales proceeds [closed]

I am a US Citizen living in California, who is currently in the process of selling a piece of land that I own at the Philippines. 20 years ago, I bought a piece of land for P250,000 pesos. I am ...
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1answer
72 views

Sold a property abroad and want to transfer the money into a US bank. >10,000. The property taxes on the sale were all paid in full.

Do I need to report to IRS or will I have to pay tax on the transferred money? I need to mention that the property abroad was bought by me BEFORE becoming a US permanent resident, and it was sold by ...
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0answers
62 views

Can a student with F-1 visa status in USA invest using Robinhood app? If yes, how can we pay taxes including this investments?

I'm an international student in the USA on an F1 Visa. I just want to know if I can use Robinhood app on my visa status. I've found some posts on Quora that say trading is completely legal, but should ...
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0answers
27 views

Tax sheltered investment vehicles for retirement in Canada

Is there any investment vehicles to tax shelter income for retirement on top of RRSP & Pension? I know about LIRA. When you switch job you usually get your pension funds transferred into LIRA. ...
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1answer
52 views

Issued a W9 for Rental Property (Computer Hardware)?

As I understand, a W9 is typically issued for employment of a person. If a person from another company (for multiple company events) agrees to pay a rental fee of a hardware item owned by a person/...
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0answers
50 views

Taxable income when bad debt discovered in a different fiscal period

I have a small business and I'm trying to understand how bad debts affect taxable income. I am using accrual method of accounting. Let's say in the year 2008, I sent an invoice 101 to a client for $...
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0answers
66 views

Will I receive a refund of the tax on my Nonresident Alien scholarship?

I'm Canadian and will attend a university in the U.S.A. this fall 2018. I received a full scholarship, but they took a portion of federal and state taxes from my scholarship. I'm a nonresident alien. ...
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2answers
77 views

Back file taxes using maiden name and past immigration status?

My wife made income in the first month of 2016 as a visa holder, before returning to her country. At that time she did not file federal or state tax. She did not receive the W-2 in her home country. ...
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0answers
34 views

US Employee Tax Implications on Foreign debt

I have a friend of mine in US and i am interested in buying few stocks in his account. I am not a resident of US. Can i give my friend funds as a debt, which he needs to payback. The transferred ...
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0answers
47 views

Will Poland tax my SIPP?

I am UK resident for tax purposes and have a SIPP. If I become resident in Poland for tax purposes then will Poland tax my SIPP? If so then in what way? My SIPP holds a single fund which does not pay ...
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1answer
195 views

Android Developer

I am in the UK. I am signing up to be an Android developer. I am going to have some In App Purchases in my program. This means I need a Merchant Account with them. We have a limited company which ...
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0answers
39 views

Can I claim more back during CP2000 battle with IRS for tax year 2016?

I am currently battling with IRS for a mistake I've made with my 2016 1040. I forgot to explicitly report my ESPP (because they've already reported by my employer in my W2). I have sent the ...