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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.

2
votes
1answer
17 views

Are there any other benefits to exercising EMI stock options straight away vs. as late as possible? (UK)

Once my options vest, according to the EMI scheme I have ten years to exercise them. I'm weighing up the pros and cons of exercising exactly at the point they vest versus leaving it to the last ...
3
votes
1answer
42 views

Can a student non-resident alien choose to not exempt themselves from the substantial presence test?

Can I choose not to use my student exemption from the substantial presence test, or must I do so no matter what? i.e. Is the student exemption from the test optional or mandatory? If optional, how do ...
7
votes
2answers
662 views

Do my partner and son need an SSN to be dependents on my taxes?

My wife and son do not yet have their SSNs. My wife is a citizen of the UK and my son (3 yrs old in August) was born in the UK. I'm a U.S. citizen. Why they do not yet have their SSNs is a discussion ...
1
vote
0answers
59 views

Lottery tickets and tax exempt organizations [duplicate]

These might be the same scenario. I am a pastor. I find a lottery ticket in the collection plate. The next day it wins big. I want to cash in the ticket on behalf of the church. My church is a ...
5
votes
0answers
149 views

Should I pay taxes on additional money I received due to exchange rate?

Let's take the below example - I send $1000 to India NRE account when exchange rate is $1 = Rs. 70 Money in NRE account = $1000 x 70 = Rs. 70000 I keep that money in NRE account at 7% interest Rs. ...
0
votes
1answer
36 views

Where to send my CP14 payment?

I received a CP14 notice. Where do I send my payment? The address I see is Internal Revenue Service, Austin TX 73301-010. Is this correct?
5
votes
2answers
170 views

Employer overpaid me by mistake and wants the gross pay back, including 401K contribution and taxes

My last week's pay at my former employer was paid out twice. They want their money back, which I will gladly do, but here is the problem: Part of the gross pay went to my 401K (no company match ...
1
vote
0answers
44 views

Paying taxes as a Kansan moving to Paraguay

I know these situations get mentioned a lot but I'm looking for documentation for this scenario. I'm a US Citizen that's lived in Kansas for several years now and I'm looking to move to Paraguay for ...
2
votes
2answers
53 views

Any capital gains taxes owed for non-residents selling stock in Canada?

I own stock of a company outside of Canada. Recently, the company was bought out by a Canadian company with newly issued shares listed in Toronto. As a shareholder of the company, I received new ...
2
votes
1answer
55 views

Can I do a 1031 exchange and later get Section 121 tax free gain

My wife owns a condo from before. We plan on doing a 1031 exchange and getting one instead in our city partly b/c it will be easy to manage rental rather than having to fly cross country. Down the ...
-1
votes
0answers
22 views

Taxes on NRE Account FD Earnings

Will the U.S. Government tax the earnings on an Indian NRE Account? The FD Earnings are tax free in India. So, will an
0
votes
1answer
110 views

IRA Rollover Past 60 Days Because of Bank Mistake

I took out a 60 day rollover for a Roth IRA. About 50 days in I went into the bank and asked them to deposit the money back into the account. The bank ended up depositing the funds into the wrong ...
2
votes
1answer
100 views

Tax consequences of transferring securities to non-spouse family member (US to US)

What are the tax implications of transferring stock between two family members who both live and work in the US? Family members in this specific case are parent->son/daughter and both adults don’t ...
2
votes
0answers
77 views

2018 tax refund applied to 2019 estimated tax

For 2018 Fed tax refund, I elected applied it to 2019 estimated tax. Internet said it need to be applied to 2019 1st quarter by 4/15.? But I missed this date. Can I apply it to the 2nd and 3rd quarter?...
3
votes
2answers
179 views

Reporting stock that can't be sold

I'm in the US. I understand that I can report stocks I sold for a loss and claim some deductions. What if the stock can't be sold, no one buys it or the company is under? Is there any way to get ...
7
votes
5answers
319 views

Does selling shares within 30 days of purchase count as a wash sale?

Quoting IRS publication 550, A wash sale occurs when you sell or trade stock or securities at a loss and within 30 days before or after the sale you: Buy substantially identical stock or ...
2
votes
1answer
68 views

What are the implications of employer increasing allowances on W-4?

When I started my job, I filled out a W-4 and claimed 3 allowances. While going over my pay check information, I noticed at about 1 year ago, they stopped taking out federal taxes each check. I went ...
1
vote
0answers
20 views

Can I deduct DC Unemployment Insurance on D-20?

Where would,if possible, a D.C.-based for-profit corporation (S-Corp at federal level) be able to deduct Unemployment Insurance on the D-20 for? I've looked at the 2018 D-20 District of Columbia ...
-1
votes
1answer
64 views

What is Tax Return document and where to search for it ONLINE? [closed]

I am wondering whether so called "Tax Return" document for X time period has any alternative definition or form code (form id number)? If yes, what is it? I am trying to find it online for wanted Inc ...
1
vote
1answer
78 views

EU: Receive income in a country and pay taxes in another

There are already 2 similar questions but my case is a bit different so I believe it requires different answers. Other questions: Taxes for citizen of EU country #1 living in EU country #2 and ...
1
vote
1answer
50 views

Tax rules for investment LLC's

I have a question about how investments managed by an LLC are taxed. For example, say I invest my own money and buy a stock and I sell it for a positive return. If it is sold in less than a year of ...
4
votes
2answers
177 views

When is paying into a UK pension bad tax planning? (LTA)

UK Pensions are great for the tax breaks that they give as you pay into them (up to 45%), and as the pension generates value, but if you exceed the lifetime allowance (LTA = £1,055,000 in 2019-2020) ...
1
vote
1answer
63 views

Tax rate on miscellaneous income

Where would I find US tax rates on miscellaneous income that does not have an associated W2 or 1099? For example, let's say I start mowing lawns for my neighbors and a make a few thousand dollars for ...
-1
votes
2answers
171 views

Approximate cost of making a shell company

Hi. I was thinking about making a company to hide a plane I am thinking of buying. A helpful person suggested to make a shell company since planes can be registered to companies and FAA site doesn't ...
1
vote
0answers
29 views

Do I need to file taxes or can I file taxes educational credit refund purpose with 1098T?

I did not work at all but I received a 1098T for my online school. The 1098T has $12,070.04 on box 1 and $2,529.53 on box 5. I will like to know if I should file taxes with the 1098T only to get ...
2
votes
1answer
93 views

Got an internship offer while working a student job. How do I fill my w4 for the internship?

Long story short: I am a non immigrant with a permit to work in campus, already filled a w4 with the university and I earn less than 10k a year. I got an internship for 90 days and I got another w4 ...
3
votes
2answers
119 views

What form should I keep my tax records in?

... and for how long? I have many years of IRS tax records taking up space. I wanted to do one of two things. Throw some or all of them out. Convert them to electronic form by taking pictures of ...
3
votes
2answers
129 views

Is it possible to deposit stock into a Solo 401k?

Towards the Solo 401k limit, is it possible to deposit stock held in an investment account, and have that count towards the limit? For example, if my 401k contribution limit is $20,000 annually, can ...
5
votes
0answers
99 views

Donating winning lottery ticket to 501(c)3 Private Foundation: cost-basis deduction + full tax free redemption for foundation?

US 501(c)3 Private Foundations are typically controlled by the primary donator, so that is a nice perk, but in exchange for that perk I realize the tax deductions for donating are significantly ...
0
votes
1answer
79 views

Taxes on shares

I am wondering about an aspect of taxes on shares. What exactly is taxed? How is the fee of my bank factored in? (Is it at all?). I am asking specifically for the German take on this, but I assume ...
1
vote
2answers
188 views

Are wages from a corporation always immediately tax deductible? [closed]

Suppose a corporation which constructs apartments and rents out those apartments expects to start earning money in its fifth year. Can it then just increase construction in that fifth year to create ...
0
votes
1answer
51 views

What are the downsides (impacting returns) of a short-term purchase & sale to cut the loss (other than wash sales rule)?

In the US, IRS wash sales rules indicate that a loss in security exchange cannot be claimed tax deductible in the same year income tax filing, if the transaction of purchases & sales takes place ...
1
vote
4answers
128 views

Do my stock earnings from selling stock get double taxed from short term gains and then from my 1040 tax filing?

I'm curious to how my taxes work when I am trading with my own personal stock account at E*trade. Suppose I buy XYZ stock at $100 and it goes to $1,100. My profit is $1,000. I read that the $1,000 ...
1
vote
1answer
150 views

Should I rent out a home I own outright or one with a mortgage?

If I have two homes of equal value ($300K each) and one is paid off and other has a mortgage balance of $235K. I'd like to rent one of those out. Which one should give me the most advantages with ...
12
votes
3answers
2k views

Is it wise to pay off mortgage with 401k?

I've been considering paying off my mortgage with my 401k balance. Some particulars, I'm in WA state in the US, and I'll turn 60 in about a week. I have enough in my 401k with my current employer to ...
0
votes
0answers
17 views

Opportunity Zone 180 Day Reinvestment Rule With S-Corp Sale

I sold stock in a S-Corp on Jan. 1 2018. I was reading up on the latest guidance from the IRS regarding the 180 days reinvesting cut-off. The regulations say that you have 180 days from the date of ...
2
votes
1answer
43 views

How would I calculate my taxes for a post-Chapter-11 distribution?

Situation: I held N shares of a company "JUNK", average cost basis $C/share. Cost basis for the shares was $C * N. Some time later, company "JUNK" filed for Chapter 11 bankruptcy. At this point, the ...
1
vote
1answer
110 views

California Prop 13 question

Can someone help me clarify how max property tax increase is calculated via prop 13? Prop 13 limits it to 2% yearly. Does this mean the tax increase can be a max of 1% of the 2% of the assessed ...
0
votes
1answer
46 views

Method of Earning Calculation For Early Roth IRA Withdrawal

I have a question on how the IRS would calculate earnings on an early Roth IRA withdrawal. Assume Taxpayer is under 59 and doesn't meet any specific exceptions to cash out early. Taxpayer ...
0
votes
0answers
132 views

How much will my property taxes go up after new construction

Here is the situation: This is in California My family's home was bought 10 years ago at $1,000,000, they are paying over $10,000 in taxes every year. The current market value of the home is around ...
2
votes
1answer
55 views

ISO exercise limit before triggering AMT

With recent 2018 changes to AMT, I wanted to understand how much ISO options can I exercise without making a material difference in AMT Scenario Current income 200k Claiming standard deduction for ...
6
votes
2answers
2k views

Will there be more tax deductions if I put the house completely under my name, versus doing a joint ownership?

I currently live with my mother, and the house is under her name. However, I pay for the property tax (house paid off). In regards to property tax reductions. If I will be continuously paying the ...
36
votes
6answers
17k views

Holding rent money for my friend which amounts to over $10k?

My close friend has just moved into an apartment with me and due to some circumstances he would like to pay me the rent money for a year upfront. The total amount will be about $11k total, and we as ...
1
vote
0answers
44 views

Does S-Corp owned 100% by single-member LLC re-create SE tax?

LLCs with an S-Corp's election eliminate SE Tax. If that S-Corp is owned by a single-member LLC which should be seen as a disregarded entity, would that flow through money have SE tax again? The ...
2
votes
0answers
95 views

Why do SaaS apps not pay sales tax in my state?

I have noticed many SaaS apps I use do not include sales tax on their invoices in my state (New York). For example, on a recent Heroku invoice, I see this written: Heroku is not required to, and ...
2
votes
2answers
575 views

What does “Carry the decimal to four places” on line 47 “Deduction percentage” mean in 2016 Schedule CA NR?

If I get 0.93342 after "Divide line 37, column E by line 37, column D", then should I put down 0.9334 or 1.000, given the "Carry the decimal to four places" instruction? When I read "Carry the ...
1
vote
1answer
168 views

How much can I deduct for my home office?

I'm a sole proprietor with an office in my apartment and I'm confused on how to calculate my deductions. Suppose the office is 300 sq ft. The apartment is 600 sq ft. Rent is $2000 per month. I see I ...
0
votes
1answer
202 views

Tariff on purchase from China on Ebay

If I order a knit hat on Ebay directly from China, how is the 10% (increasing to 25% on Friday per Donald Trump's tweet) tariff paid? It's possible that the Ebay seller pays the tariff and tariff ...
0
votes
1answer
22 views

Can I report all my taxable interest in Schedule CA NR Column E even if I wasn't a resident for the entire year?

Filing 2016 taxes. The place I having a savings account in reported $12 in 1099-INT. I started living in California at the end of January. Will my taxes get rejected if I report all $12 in column E ...
37
votes
4answers
10k views

Why is there a cap on 401k contributions?

In theory, the government wants everyone to save up as much as possible for retirement so that citizens don't end up starving when they're no longer able to work. But in practice there is a limit of ...