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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Short-term capital gains tax on crypto currency

Say that I bought $5000 USD worth of Bitcoin, and a month later its value grows to $6000 USD. Now, if I were to withdraw only my $5000 USD principal worth of bitcoin, while keeping $1000 USD worth of ...
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-3 votes
3 answers
107 views

Can one gift an apartment to a child outside the U.S. and it not be considered gifted from the IRS perspective?

Background: We live outside the U.S. and file a 1040 each year. We have an apartment outside the U.S. which is slated to be razed and rebuilt over 3-5 years time starting in a few months. (yes, the ...
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1 vote
1 answer
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Relocation gross receipt taxed or pretaxed

Company $A$ is providing me relocation package of certain amount for every mile travelled for a certain total amount of miles. Say they pay me $X. https://www.irs.gov/newsroom/irs-issues-standard-...
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-2 votes
0 answers
47 views

I wonder COT code and personal bank information [duplicate]

I searched for it. It's a bank in London, https://www.alphaguarantee.com Is this a bank that exists and a site?
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0 votes
0 answers
34 views

Germany Taxes on ETF

I use DEGIRO broker, and I live in Germany. I bought some (leveraged 2x) ETFS during March 2020, and sold them in March of 2021. How do I calculate my tax on this? this was an accumalating ETF. Please ...
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1 vote
2 answers
75 views

Are there any tax/general implications to adding my fiance on employer sponsored insurance?

I recently started a new position and am working on declaring/electing benefits with my employer. To my surprise this employer allows "domestic partners" to be insured for various forms of ...
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0 votes
0 answers
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Adding spouse while creating wyoming LLC [closed]

We are texas residents. I m creating a wyoming LLC which will act as a holding company for individual real estate llcs for texas properties. Dirs it matter if i create the Wyoming llc as a single ...
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3 votes
1 answer
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Taxes on certain retirement income in Canada for a US citizen / resident of Canada

I receive US military retirement, and Veterans Administration Disability and Social Security. What is taxed in Canada? Is anything exempt such as the Veterans Disability?
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2 votes
1 answer
65 views

Portability of estate tax exemption after sunset

This is a question about the federal estate tax in the United States. Suppose a married man died in (let's say) 2021, when the estate tax exemption was $11.7 million. He leaves his entire estate to ...
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  • 173
0 votes
1 answer
26 views

Taxes for U.S. citizen doing remote freelance work for Canadian

I am a U.S. citizen with residency in Florida and am setting up a freelance contract as a sole proprietor with a Canadian government agency. The work will be done remotely from my home in Florida. In ...
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0 votes
0 answers
36 views

Taxation on Fixed Annuities?

I was currently looking at investing into annuities, specifically through the current Canvas offer of 4.3% for 3 years (https://www.annuityexpertadvice.com/annuity-rates/). In signing up I was ...
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  • 123
0 votes
3 answers
335 views

Entity donates to a charity in exchange for my work: do I need report this to the IRS when filing for my taxes?

I'm doing some work in the US for some entity also located in the US, and I've been told: We will donate xxx USD on your behalf to one of several non-profits that you can choose. I am a US tax ...
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0 votes
1 answer
47 views

When we calculate "net income" of the S-Corp, do we take out "Profit sharing contribution 25%" as deduction?

I am trying to understand the "net income" for S-Corp (in case of opting for Solo 401(k). When we calculate "net income" of the S-Corp, do we take out "Profit sharing ...
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0 votes
1 answer
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Are software development and consulting services tax-exempted for a newly registered company in Ireland?

TL; DR: I am moving from an "auto-entrepreneur" situation in France to opening a business and I am looking for the best country between the UK and Ireland that could host my business in ...
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3 votes
1 answer
102 views

Any tax disadvantage from paying out mortgage earlier in The Netherlands?

I am an expat in NL, and not from an EU country (not sure if that is important though). I got a mortgage to buy a house, and now I can pay some money extra. I understand that the interest I pay is tax ...
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1 vote
1 answer
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Exercised stock options, the company was bought/merged after several years, my stock was sold - what are my tax implications?

I bought the options I had vested in the Company upon leaving (United States). After several years the Company was bought/merged into another, and my stock was paid out. From my understanding: The ...
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2 votes
1 answer
170 views

When are capital gains realized if I sell a house and do owner financing?

I am selling an investment property without doing a 1031 exchange and would like to minimize, or at least spread out the tax burden of the capital gains. Especially given that I expect to be in a ...
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10 votes
4 answers
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What prevents me from making one big estimated Federal tax payment on Jan 15?

Many places claim that I must pay estimated tax, preferrably in equal installments, throughout the year. There are two weird issues around this that I am trying to make sense of. My tax situation is ...
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0 votes
1 answer
212 views

Can I use a friend's bank account while living abroad?

I've been living abroad for 2 years and work as an expat independent contractor. A friend is willing to open a bank account, on his name, exclusively for my use - so my client will send payments to ...
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0 votes
1 answer
29 views

How to file form 1099 NEC free online

BH been looking everywhere, never did taxes before, only had one job where this company gave me a 1099 NEC form [no idea what that means], and so far turbotax, h&r block, ezTaxReturn, nothing. ...
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0 votes
0 answers
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Australia. Joint Ownership with ex multiple properties. Are we in business?

hypothetical: Australia. Divorced couple. We have joint ownership of a number of residential properties. Not 'tenants in common' - 'joint tenants'. Neither of us is in business though one of us has an ...
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1 vote
2 answers
64 views

German PhD Student doing a Paid internship in USA for 3 Months. How to handle the taxes?

I am doing my PhD in Germany and get paid by the university. This autumn I am going to the USA (Massachusetts) for an internship at a software company. For those 3 months my salary from the university ...
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0 votes
1 answer
160 views

Received a Letter from SSN Administration and Very Confused

I received a Form SSA-L5114 and it says "Based on information provided to us from Internal Revenue Service, we are reducing the amount of your self-employment income on your Social Security ...
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0 votes
1 answer
95 views

Tax filing requirement for Teens 16 to 21 years

in 2021 a kid( approx age 16) had some income (less than 1.5K) for working part time and needed to file tax return. in 2022 if that kid does not earn any money, will he still need to file tax return ...
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  • 558
2 votes
1 answer
602 views

Combined taxes on revenue stream when outsourcing work to a contractor

Does outsourcing work to other contracting companies mean tax is paid twice? Assume: Customer company A, outsourcing company B, and employee C. Customer company A needs work performed, and is going ...
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0 votes
2 answers
64 views

Can I treat a SEP contribution made in 2021 as partly for 2020 and partly for 2021?

I recently discovered I miscalculated my max contribution to my SEP for 2019 and 2020 so I MAY have excess contributions in 2019 and 2020. See What is the contribution limit for self-employed person ...
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5 votes
1 answer
1k views

Does one's tax transcript indicate whether taxes were paid?

I looked at my tax transcript in the US, I could see the amount I was supposed to pay, but I couldn't see the amount I actually paid: or do these lines also represent the amount I actually paid?
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0 votes
1 answer
38 views

How do I structure accounts to represent capital and depreciation for multiple jurisdictions, keeping equity accurate?

I am required to file taxes for my small (sole proprietorship) business and personal finances in two jurisdictions (Canada and the USA, as it happens). I have capital equipment for my business. Both ...
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0 votes
1 answer
120 views

Weighing consequences of selling assets to get down payment for buying house

My partner and I want to buy our first house. We're thinking about the cash that we'll be required to have on-hand for the down payment and closing costs. We have no debt. We have money saved in ...
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0 votes
1 answer
147 views

Should ex-spouse be paying tax on her portion of my private pension?

My ex wife has been receiving a portion of my private company pension for about 5 years now. I have just realized recently I have been taxed on the full amount of both our monthly pension amounts. ...
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0 votes
0 answers
19 views

Personal investment and yearly capital taxation

Regarding someone based in Ireland. If a private person saves regularly and invests in stocks, how can she grow the investment and pay taxes some day in the future when she withdraws from her account? ...
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1 vote
1 answer
67 views

AMS points as taxable income when living and paying taxes in EU

I have been invited by Mathematical Reviews to perform reviews of articles. As compensation, I received some AMS points, which are redeemable as credit toward future purchases of books, etc, from the ...
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0 votes
1 answer
77 views

New reporting requirements in 2022 for proceeds over $600

I am serving as a conduit for a friend by receiving money from PayPal and sending it to her through CashApp (her PayPal account is currently limited). The transactions I am getting in PayPal are ...
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3 votes
0 answers
30 views

Cost Basis of Foreign Property That Becomes Subject to US Taxation [duplicate]

Let's say a non-US person moves to the US and then becomes US person for tax purposes of that year. At the time of arriving to the US, the person has been holding onto some property (i.e. stocks and ...
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4 votes
1 answer
217 views

Can you get a tax write off for providing software to a not for profit?

I developed an application that provides critical information in the event of an emergency for health care providers. The facility I designed it for uses it frequently but does not seem to have the ...
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0 votes
1 answer
64 views

Cryptocurrency mining/transfer fees as a taxable exchange for a service?

There's an FAQ for virtual currency on the IRS website. There's a question, Q38, indicating that transfers between your own wallets or accounts are not taxable: Q38. Will I have to recognize income, ...
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0 votes
1 answer
42 views

Filing a missing prior year 8606 & Effect on future tax return

I am realizing I messed up a previous backdoor roth - this is what my timeline looks like: On 3/1/2020 Deposit 6k to Traditional IRA For Tax Year 2019 On 3/30/2020 Convert 6k to Roth IRA On 12/31/...
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  • 120
1 vote
2 answers
98 views

Family land in Texas

My grandfather owned land in Texas, which was just sold by our family, and the proceeds were allocated to all the grandchildren. I received a portion of the proceeds. I'm curious how that should be ...
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1 vote
1 answer
46 views

What difference does the domicile of the funds I'm investing in have regarding taxes in the UK?

I'm looking to invest some money and the investing website I looked at had two funds which looked near identical so I messaged the company asking what the difference was and they responded by saying ...
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  • 11
0 votes
1 answer
64 views

Tax libility for non-US person living outside of the US for US-source income

My situation is as follows: In 2017 I've received an ~$18k income from US sources while living in Ireland (also I'm not a US citizen and was not a US resident at that time). I have moved to US since (...
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  • 1
0 votes
2 answers
30 views

Taxation details when changing states in the middle of the same job

I looked up the answer to this question with the specific details that it has but couldn't find one. Let's say you have a work-from-home job with a NYC-based company. You are a NY resident and you ...
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2 votes
0 answers
23 views

Does asset custodian matter when determining which capital gains lot you sold? (USA)

Say you bought N shares of some company at broker X on Jan 1, 2021. You bought N more shares of the same company at broker Y on Feb 1, 2021. Then on March 1, 2021, you sell N shares with broker Y. For ...
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1 vote
0 answers
25 views

Unvested "RSE" on W-2 Box 14

My spouse's employer has granted him RSUs (which for some reason they call RSE) as part of a long term incentive plan. It is a set amount granted ever year over the past 3 years, but none of it has ...
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  • 213
0 votes
1 answer
22 views

Depreciating an investment property & tax strategy

This is regarding US Federal taxes (and California state taxes). Last year in February we purchased a second home property (via mortgage) and have made numerous renovations and repairs to it up until ...
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  • 120
2 votes
0 answers
23 views

Does the 2022 IRS Tax Withholding Estimator assume child tax prepayments?

I worked through the 2022 IRS Tax Withholding Estimator recently to make sure my withholdings were correct. To my surprise it said I would owe a lot of money. I usually try to make things such that I ...
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6 votes
4 answers
2k views

How do I get my withholding correct when a significant amount of my income doesn't arrive until late December?

Almost half my taxable income last year arrived in late December, in the form of two things: 1) a large Christmas bonus (company politics mean I haven't had a real raise in a decade, but my bonus has ...
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1 vote
1 answer
40 views

Do I include 2 sets of W2's in mailed State return

I am filing my federal return as Married Joint and two state returns, one as married joint and one as married separate. This is due to one spouse living/working in the second state for part of the ...
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0 votes
3 answers
2k views

Why would I not still get a refund for state taxes despite moving to a state with lower taxes?

Suppose a person had the same salary as 2020 and lived in NY and got a refund. Also suppose he lived in PA in 2021 and didn't get a refund? Why would this be the case? I thought PA tax was lower than ...
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0 votes
1 answer
41 views

Where do I roll over capital losses from a previous year on my tax forms?

I use TurboTax and a couple of years ago I lost money in the stock market. I haven't made any money in the stock market since then but plan to start investing again and wanted to make sure that the ...
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9 votes
2 answers
3k views

Married filing jointly, can one of us take the standard deduction while the other itemizes?

My spouse is self-employed and has significant expenses that he can write off, eg home office expenses. For him, itemized deductions makes total sense compared to standard. I'm also working from home (...
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