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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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0answers
18 views

Money transfer to US - how to make it right?

I've inherited a real estate in another country and I'm going to sell it. All the money from the sale will go to their local bank, and my account at this bank won't be accessible from US. What should ...
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0answers
16 views

Taxation after money received into UK bank account while not living/working there

I've lived and worked for a year in the UK, received salary and paid taxes there, but I returned to my home country. I'm about to receive money for a work I've conducted for a foreign entity who'll ...
17
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7answers
3k views

What prevents people from lying about where they live in order to reduce state income taxes?

Lets say you work in Chicago and live in Chicago but put your home address as somewhere in Indiana. Then every week you collect the mail that is being sent to you in Indiana. Wouldn't you save a lot ...
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2answers
123 views

High credit card debt strategies - while doing R&D and trying to launch your own tech startup

In 2016, I made a series of hasty startup decisions to put large business purchases on my personal credit cards - that's around 80% of my current $150k in open credit card debt. For the most part, ...
23
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3answers
7k views

Ask mother to pay off entire student loan, then pay her?

To avoid paying additional interest on my student loans, I want to ask my mother to pay off the entire loans with by lump sum, and then I would pay her back with interest. Are there any issues ...
3
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1answer
200 views

Not entering info on tax return

My wife and I make too much to get any deduction for our student loan interest. Our situation also puts us in the Standard Deduction, and we arent itemizing. Question is, do I need to enter all our ...
1
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1answer
45 views

Federal and State Taxes on International Property as a Prize

https://www.writealetterwinahome.ca/ Recently, there has been a contest issued by Alla Wagner of Millarville, Alberta, Canada, where in lieu of selling her home (a difficult prospect at the present ...
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0answers
28 views

Standard deductions for resident alien J1 w/ tax treaty

Someone with a J1 Scholar visa becomes a resident alien for tax purposes in the US on Jan 1, 2018 (following the two calendar years' rule). Still, under the saving clause, it may be possible to claim ...
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2answers
100 views

How to avoid paying estimated taxes due to unpredictable investment income?

I've read that you'll owe a penalty if you don't pay enough in taxes during the year, and I'd like to avoid paying estimated taxes if possible since I have significant and hard-to-predict investment ...
0
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2answers
312 views

Is it unusual to pay $90,000 or more in income tax for a single person? How could this amount be minimized? [on hold]

I feel that $90k in taxes is a lot! I'm curious if in the ideal situation, what would be the best possible way to reduce taxes, properly donating it to charities you actually care about etc? Some ...
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0answers
39 views

Would I need to pay VAT on this income?

Suppose I am self-employed i.e. autnomo in Spain. I work for an Estonian company and I send them bills. They will pay me the bills back. From the amount the pay me, do I need to declare and pay VAT in ...
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1answer
226 views

Open Credit Card Debt and Salary needed to not go bankrupt

I'm in a strange situation with close to $150,000 in open credit card debt and currently can't make the next payment. (While they were initially low-ish APR's. They are all at 16-27% APR or higher.) ...
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1answer
235 views

Do I need to pay income tax to use the money of my own company?

Suppose I own a company. I am the only member of the company. I pay corporate taxes on the bills that my company emits to the customers. That's done. If I want to use the money of the company for ...
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0answers
28 views

How to value AMT Credit

I'm modelling some scenarios exercising and selling ISO stock options including "same day sell" and "hold for a year and a day", the latter one trying to take advantage of the long term capital gains ...
2
votes
3answers
195 views

Working remotely and live in 6 countries annually - where will I pay my tax

Working as a software engineer for a French company and working fully remote. The contract is freelance so I am paid the full amount and required to file & pay taxes myself. I will be living in ...
1
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0answers
68 views

Received a settlement check for lost wages, what kind of taxes apply?

I received a settlement check from a company for lost wages, and was given a 1099 for 2019. The check itself was for about $2.3k USD, and included a breakdown that didn't make sense to me and showed ...
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0answers
32 views

How do I file an inheritance on my New Jersey tax return?

I inherited a bit of money from a grandparent that passed away last year. New Jersey has an inheritance tax but from what I looked up close family inheritance is not taxable. I want to make sure ...
1
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1answer
119 views

Why should I pay tax throughout the year?

I do not have much of regular employment, I work shifts for various employers, so it is up to me how much I earn. However, typically the amount of work I do results in me earning about 550k NOK per ...
0
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1answer
48 views

Executing vested options : How much tax I need to pay

I am working at a startup in California, USA and I was given some options of the type ISO, with a four year vesting period. Very soon, I will complete one year and I would like to execute 1/4th of the ...
4
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2answers
225 views

Do I have to tell the IRS that I was a student?

I know this question seems backwards, because most people obviously want to tell the IRS that they were students so that they can get a bigger tax refund. However, my wife and I were very fortunate ...
2
votes
1answer
41 views

Are fluctuations in the exchange rate of a foreign currency taxable for US expats converting such currency to another currency?

I understand that when I make a profit on foreign currency exchanges in excess of $200, I need to pay capital gains to the IRS. However, it isn't entirely clear to me when I am considered to have ...
0
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0answers
19 views

what IRS form do you fill out for multi-year disability payments?

I received a multi-year disability payment from OPM relating to a whistleblower case, and they're saying that I recieved about 75000 for being a disabled federal employee, when it's 5 years of ...
3
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1answer
101 views

Claiming a Parent as a Dependent

From this, it states Paying more than half of your parent’s household expenses means you are eligible to claim your parent as a dependent. From Form 2441, I'm assuming you send in receipts or bank ...
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0answers
34 views

Holding Period Algorithms and the Blockchain

According to this interview, taxation holding periods in the United States for cryptocurrency can be determined by FIFO (First In First Out), LIFO (Last In First Out), or a more flexible option called ...
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0answers
15 views

Is there a personal tax liability on corporate ESA contributions?

According to the IRS publication on Coverdell ESA, https://www.irs.gov/taxtopics/tc310: You may be able to contribute to a Coverdell ESA to finance the beneficiary's qualified education expenses. ...
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1answer
73 views

What is the income limit for a qualifying relative dependent? [duplicate]

My younger sister is 28 years old. She lives in my house and I pay for more than 50% of her expenses (food, clothing... everything). Her income in 2018 was $7,000 for the year. She is a waitress. ...
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2answers
58 views

How does the US wash sale rule work in this specific case?

I have a question about wash sales. Here's the scenario: let's say I'm trading XYZ with the following transactions: December 10, 2019, Buy 100 shares of XYZ [Lot 1] @ $100 each December 17, 2019, ...
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1answer
81 views

Do digital payments count as cash wages?

According to Publication 926 (2019), Household Employer's Tax Guide, "Cash wages include wages you pay by check, money order, etc." Do cash wages also include wages I pay electronically, ie, without ...
1
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0answers
41 views

What to file as a non-resident alien single owner of a U.S. LLC in Wyoming?

I'm an Russian citizen, living in Russia and I own a LLC in Wyoming. I am the only owner of this LLC (single member managed LLC). I use this company to accept international payments through 2checkout....
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0answers
35 views

Is the principal on student loans tax deductible in Canada?

A friend was suggesting to me that it would be wiser for me not to spend money that I am currently earning, since as a student, I am in a very low tax bracket / below the lowest tax bracket. Their ...
4
votes
2answers
53 views

Do employer contributions to an HSA count towards contribution limits?

They 2019 HSA contribution limit for a single person is $3,500. If my employer contributes $500, does that mean I can only contribute $3,000, or can I still contribute the full $3,500?
1
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0answers
13 views

Business taxes to an Italian citizen with an online business outside Italy

As an Italian citizen, if I open a company outside Italy (for example, a LLC in US) and operate strictly online, will I still have to pay business taxes on the income of this foreign company to the ...
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4answers
102 views

Investment vs Income Tax

For a private employee in India, with an income of INR 6.5 lacs per annum, to minimize IT under 80C, which investment is most beneficial?
2
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0answers
68 views

Tax on apartment purchased abroad

I live in the US and purchased an apartment abroad. I transferred 200,000 dollars directly to the seller, so I never opened a bank account abroad. My understanding is that, if no income is generated (...
30
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7answers
11k views

Someone stated that my uncle died in Canada and there is money for me [duplicate]

Someone contacted me and said that someone with a similar last name died and left me a large amount of money. He gave me information and forms from a bank, and other pertinent information. I then ...
1
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1answer
169 views

Taxi fares - business expense?

In order to minimise the time I'm away from the office for a medical appointment, it makes sense to take a taxi rather than using the bus (driving is not an option because there's no parking at the ...
3
votes
0answers
78 views

Is my contribution to corporate housing tax deductible?

My residence is in NY but my company moved me to CA for a temporary assignment (one year). They are providing corporate housing but I still have to contribute approximately $900/month. Is the $900/...
1
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0answers
24 views

Canadian citizen, working for a US-based company in Toronto. How will exercising my stock options work in terms of the IRS and the CRA?

I work for a US-based company, but in their Toronto, Canada offices. On a monthly basis, I receive some amount of stock options in the Private corporation, which is based in the USA. I can exercise ...
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0answers
19 views

is it possible to account TDS in Microsoft Money Plus?

Is it possible to account Tax deducted at source like Fixed deposit interest in microsoft money plus?
0
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1answer
68 views

Travel expenses reimbursement taxation?

I own a small (one person) "Ltd" company in Hungary. (They are called Kft. here) I work as a consultant for a U.S. company located in San Francisco. I emit regular invoices to them and then I pay ...
40
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6answers
12k views

What do I need to watch out for when receiving a large sum of money as a gift in Germany?

I live in Germany. If my father would want to give me a large sum of money - let's say 10,000€ - what would be the safest, least bureaucratic way to do this? I'm an apprentice and I still receive ...
0
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0answers
39 views

Taxation of prize money given by US to Indian citizen

Can I claim 0% withholding of tax by US on the prize money given to me by a US based organisation? I am an Indian citizen holding a PAN card and filing returns every year.
1
vote
1answer
36 views

Tax on Irish ETF as US tax resident

I am moving to the U.S on a H1B visa. I have a portfolio of accumulating ETFs domiciled in Ireland. What will be the tax implications of this in the U.S if I plan to rebalance this portfolio every ...
6
votes
1answer
49 views

U.S. citizen with (U.S./U.K.) dual nationality living and working abroad: How does one use their P60 to declare to the IRS?

For a given tax year, how does one use the information provided in their P60 to calculate how income should be declare to the IRS? As I understand in the U.K. a tax year is between 6 April to 5 April....
4
votes
2answers
105 views

1099-INT shows '0' even though I received some interest

Throughout the year I see little additions to my checking account for interest. These are pretty small. When I received my 1099-INT, all values were $0.00. Is this a mistake, or did I just receive ...
0
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2answers
47 views

Are there any limits for sending money from UK to Egypt

How much money can I send abroad each year to Egypt without being taxed? (Note: the money to be sent has already been taxed by income tax.) For example, when searching online I found for NRI -> ...
3
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0answers
36 views

Are assistance benefits reported as W-2 box 1 income considered earned income?

First off, I recognize that I am not paying any of you to act as a licensed tax professional for me, so I will take your tax advice as just that, advice. The university I attend has financial-need-...
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2answers
46 views

Filing taxes in Canada but only worked in the United States

My boyfriends has native status and lives in Canada, however works in the United States. He's up to date on all US taxes but he's never done Canadian taxes. If he were to do his Canadian taxes, would ...
3
votes
3answers
259 views

$10,000 was accidentally transferred to me instead of my company

As a result of a business competition we won for school, $10,000USD was transferred from my University's Accounts Payable department, to me. It should have been transferred to my business, a C-...
1
vote
1answer
57 views

Are relocation expenses that are expensed by employers taxed at the same rate as normal income?

Since the beginning of 2018, employer paid relocation expenses are now taxed as income for the employee (me). How is this taxed, though? Is it at my normal income rate, or is it considered a bonus ...