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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Is the FEIE tax reduction, based on Physical Presence Test, prorated based on how many days you were outside of the country in the year?

Let's suppose that I am out of the USA from January 1st 2020 to December 31st 2020 for 335 days of the year. So I do qualify, but instead of the full ~100k reduction, would I only get (335/365) * 100k ...
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Why is the second lowest cost silver plan (SLCSP) premium reported as $0 when no advance premium tax credit (APTC) was taken?

In the instructions for Form 8962 (Premium Tax Credit), it says: If no APTC was paid for your coverage, Form 1095-A, Part III, column B, may be wrong or blank or may report your applicable SLCSP ...
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3answers
109 views

How do you pay other countries' sales taxes when selling internationally?

All OECD countries have a broadly based consumption tax of varying rates: They go under different names, for example, in Australia it's the 'Goods and Services Tax (GST)', and in Denmark it's the '...
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1answer
62 views

Eligibility for stimulus payments

In 2020 I became a resident for tax purposes via the substantial presence test. I also got married in 2020. My wife is from Canada, moved to the US mid to late 2020, but has not yet passed the ...
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3answers
72 views

Wash Sale Question

It's Jan 1st and I buy 1 share of XYZ for $10. Jan 2nd I sell it for $9. Jan 3rd I buy it back for $9. Jan 4th I sell it for $8. Final loss: -$2 I understand this is a wash sale. But in my year end ...
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1answer
30 views

How broadly are qualified expenses defined for the Lifetime Learning Tax Credit?

The IRS allows 20% of up to $10,000 of "qualified education expenses" to be applied to one's tax bill via the Lifetime Learning Credit (LLC). I've been searching for more information ...
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0answers
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Foreign earned income exclusion for PhD student income

I am a US citizen. I live abroad and am enrolled in a PhD program at a foreign university, for which I receive ~20kUSD/year. I will refer to the money received from the university non-specifically as ...
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2answers
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Options trading and wash rule

For example, I buy a PUT option on TSLA for 3000 dollars and realize it's not working and sell it to close for 2000 dollars. Thus I have lost 1000 dollars on this transaction. Within thirty days of ...
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1answer
44 views

Employee health insurance before vs after tax deduction

The employee insurance I am being offered gives a choice deduction being taken out before or after tax. Which of these choices would result in overall more money saved? Cost of insurance is ~ $60 a ...
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1answer
33 views

What should I do if my Dependent Care FSA amounts are inconsistent?

Box 10 (for dependent care FSA) shows $4423. I elected, contributed, and was reimbursed 5000 according to the benefit provider, but only actually had 4423 withheld according to the payroll provider. ...
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1answer
86 views

Should I Charge Customers VAT Before Receiving My VAT Number?

I am very close to surpassing the VAT threshold. I’ve currently taken £80,525, and my next payment is due on Thursday. I told my client that I will have to charge them VAT on the next payment, which ...
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What forms for filing a federal annual tax return for privately-owned companies in the United States? [closed]

What's a list of forms for filing federal tax returns in the United States of America for a private company?
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What taxes does an Eritrean-American-Canadian citizen Canadian resident pay first?

I am a Canadian born to an American-born Canadian father and an Eritrean mother. We live in Canada, where I was born. I am a citizen of all three countries mentioned. Because of insane laws, I am ...
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1answer
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About to inherit assets located in Italy as a UK resident. Any tax liabilities, and if so, where?

I live, work, and pay my taxes in the UK. Sadly, my mother recently died. I am about to inherit some of her assets, which are all located in Italy, where she lived. I'll be inheriting a 25% share of ...
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1answer
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I need help with ITIN

I would appreciate you help with my question. I opened a DBA in Texas for my rental property a year ag. The DBA is coming without any identification number, what's mean that I can't pay my tax return. ...
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1answer
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Question on form 1042-S

Some context I'm not an US citizen, but since December 2020 I'm selling some ebooks on Amazon.com. In December 2020 I had some sales, and from what I understood, I should be getting a payment in late ...
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2answers
42 views

Which Tax Year for Return of Excess Roth Contributions?

In January of 2020, I fully funded my and my wife's Roth ($6,000 and $7000 respectively). Little did I know back then, that I'd get a sizable bonus at the end of the year, which put me over the ...
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1answer
38 views

H4 Visa Spouse Tax Filing

I’m Resident alien on H1B visa, got married in Jan 2019. My wife visited USA in 2019, she stayed for 133 days in USA for 2019 year and in November 2019 she returned back to home country. In 2020 year ...
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2answers
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My disabled brother as dependent

My brother was disabled and i claimed him on my 2019 taxes. If i amend my taxes and take him off, can he receive the stimulus to help out the family? If he's not a dependent in 2020, and files his own ...
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Please help me determine my SEP IRA Contribution

I'm the sole owner of an S-Corp in California. I'm an employee of the company. I need help please determining how much my company should contribution to my SEP IRA for 2020. Because of the pandemic ...
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0answers
23 views

How to calculate depreciation and tax burden

I am having some issues figuring out to calculate how depreciation affects my tax for a rental property. I have an example below. Is it correctly calculated correctly? Example: Purchase price: $1,...
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0answers
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how to record my business tangible personal property tax bill . should it be an expense or should it be to my drawing account

I have a LLC business. I received a bill for Tangible personal property(taxes on business equipment). Should I record this payment as an expense for my business or should I record the payment to my ...
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1answer
66 views

Do I need to pay tax or declare money my parents send me from abroad?

I'm EU national, I've been living in UK for the past 10 years, I'm a permanent resident here, working full time. My parents live abroad, they've never lived in UK and they will never move here. They'...
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1answer
54 views

Setting up a LLC in Wyoming as a non-resident to invest in stocks

I would like to open a LLC in the US in order to have access to some online brokers, like Interactive Brokers and Robinhood. I understand I will need to file an annual report with the state (Wyoming ...
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0answers
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When is the latest that I can move out of the US to qualify for FEIE based on physical presence test

As I understand it, to qualify for the physical presence test, the last date that you can use is the date you file your tax return. So suppose that I will file my tax returns on April 1st 2022. Does ...
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0answers
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how to transfer ownership of private illiquid shares and what is cost basis?

I own a few shares of a private firm. The shares are registered at Carta, but trading is not allowed. How can I transfer the ownership to my son so that the cost basis would be the price I bought them ...
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1answer
4k views

When I sell only a portion of my shares of a stock, which shares actually get sold

Two years ago, I bought 100 shares of XYZ. Yesterday, I bought another 100 shares of XYZ. Today, I sold 100 shares of XYZ. Which 100 shares did I actually sell? If it were the 100 shares from 2 ...
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0answers
47 views

Tax exclusion for American Expats

I am an American Citizen. I work remotely for a company based in the US. Working remotely means that I can live wherever I want. If I move to a foreign country and live full-time there and ...
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1answer
80 views

How much money can be gifted tax-free as “étrennes” (~Christmas/NY/BD gift)?

The French tax authorities allow parents to give some money tax-free to their children around some special dates, such as Christmas, new year eve, the child's birthday or the child's success at some ...
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2answers
44 views

Do ETFs issue their own 1099 forms?

I, this year, traded some ETFs that track US stock market indices; like SPY, QQQ, DIA. Do these ETFs issue their own 1099 forms for reporting Gains/Losses, or are those ETF transactions just reported ...
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0answers
36 views

Which country is better to start a business, UK or Germany? [closed]

I am looking to create an online shop in Europe that sells different things from safron to handicrafts. I think UK and Germany have more relations and business opertunitis for doing this but I am not ...
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0answers
81 views

Living with a zero-income partner, what offers the best Tax considerations?

If I am living with a partner, currently unmarried, who cannot work what would yield the best tax situation in the US: Marrying them and filing as Married - Joint Filing with just the one income to ...
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1answer
56 views

How to contribute to HSA with after-tax income and regain taxes paid?

The payroll department screwed up at my company and didn't withdraw the final HSA contribution from my check for the purpose of depositing it into my HSA account. Their solution: just deposit into ...
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2answers
82 views

Hardly making money do I need to pay capital gains tax [closed]

I'm a college student and I've made around 5k in the past 3 months trading. Do I even need to pay capital gains tax? I don't know anything about taxes
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4answers
655 views

Closing stock position on Dec 30

When closing a stock position on Dec 30, 2020, with T+2 settlement, is the P&L booked for 2020 or 2021? TIA.
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1answer
22 views

Gifting Stocks to a dual citizens of Canada and US

I am a US citizen thinking of gifting stocks valued at $15K to a niece who has a dual citizenship of US and Canada. What are the tax implications for her as a residence of Canada.
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Should I sell cryptocurrency towards the year end?

I live in USA. I had a loss of X amount of money a few years back in Cryptocurrencies. From that year on, I am seeing some Y amount of capital loss carryover in my yearly returns. I haven't done any ...
2
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1answer
73 views

Checking one's status with the IRS

I'm not American. I was a resident alien and worked legally for 9 weeks in the US a few years ago. I received a US SSN. The job turned bad and I went back to Canada. I never filled a US tax form, but ...
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3answers
62 views

What tax benefits do people gain from donating to 501(c)(3)s?

Isn't the tax system progressive, so that your first (rough numbers from memory most likely inaccurate) say, $12000 gets taxed at X%, while your next, say, $8000 gets taxed at Y% (Y>X), and your ...
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0answers
39 views

How do I write a letter to HMRC claiming higher rate tax relief?

I understand I can write to HMRC to get tax relief on my pension contributions instead of waiting to do a tax return. Would this letter do the trick? and what address to I sent it to? Date: [Current ...
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2answers
94 views

Tax Return: How to account for money that was paid to you in a year (e.g., 2020) and that you paid back next year (e.g., 2021) in your tax return?

I was paid $1,000 by company X as part of a contract in 2020. I am deciding to cancel the contract and have to pay back $1,000. What happens if I pay back this amount in 2021? The company will issue ...
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12answers
9k views

Case against home ownership? High income, no home, don't necessarily want one

All numbers are in USD and my tax situation pertains to US taxes. I am at a crossroads and am seeking help. I am a single man who has always made a good living and generally enjoy my life as I please. ...
3
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0answers
79 views

What are the tax implications for my family if someone from China deposits $50k into their account and they transfer to my U.S. account

I have a Chinese wife and we live in China. She inherited a house and money and we are moving to the United States. We have started transferring large amounts into my personal account in America with ...
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1answer
34 views

Which type of organization should I choose to register in Germany to minify taxes for a non-profit software products

I'm (being a resident of Germany) going to introduce a software foundation - keep in mind though that I'm using term "software foundation" in a non-legal sense; and actually the goal of this ...
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2answers
61 views

ETF dividend tax

I have searched for this question for a while but could not find the answer. What I know is equity ETFs distribute the dividends that are from invested companies as follows. Microsoft dividends -> ...
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2answers
46 views

How are put and call options reported wrt taxes?

My broker tells me that option transactions are reported for tax purposes as two independent transactions. That is, the net profit or loss is not reported. Instead, the receipts from the sale of the ...
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0answers
48 views

I'm a Canadian citizen and now a US resident. How do I close my Canadian RRSP and TFSA?

I am a Canadian citizen who moved to the US in 2009. I am now a US resident and Canadian non-resident. I still have a Canadian RRSP, TFSA, and bank account. I've filed FBARs since becoming a US ...
39
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2answers
5k views

House lost in fire.. tax impact?

Like hundreds of others, I lost my house (primary residence) during the Oregon wildfires in September. I had purchased it just two years ago, so still have ~$210,000 on the mortgage. My homeowners ...
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1answer
53 views

Will the US resident be taxed or need to declare amount of a Canadian Cash gift of approx $20,000 USD?

Mom living in Canada wants to give child living in US $25,000 CAD (approx $19,800 USD). Canada doesn't have tax to pay on gifts. Will the US resident be taxed or need to declare the amount?
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1answer
66 views

Does selling an OTM covered call affect the holding period of the underlying stock?

Given the following, ignoring commission, etc.: On 2019-03-16, XYZ is trading for $100.00. I purchase 1000 shares, for a cost of $100,000.00. On 2019-09-15, XYZ is trading for $150.00. I sell 10 XYZ $...

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