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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DCFSA - I was ineligible; can I somehow use that money?

My spouse does not work, and I contributed into DCFSA (under the IRS limit) without knowing the rules. We have child-care expenses in the year, but I don't believe we can use it according to the rules,...
user101998's user avatar
0 votes
2 answers
63 views

Why wouldn't a Va employer not allow reciprocity for a remote worker to live in Pa?

I let my not for profit employer in Va know I was moving to PA and not until AFTER I moved did they tell me it was not an approved state for reciprocity. Why would that be not to allow an existing ...
dianne anthony's user avatar
1 vote
1 answer
65 views

Question about claiming help with mortgage payment as income

I recently bought a house and moved in with my girlfriend. I am 25 year old male in a relationship for less than 3 years. I purchased the house by myself. My girlfriend is not on the loan or the title....
Zach's user avatar
  • 11
1 vote
0 answers
52 views

Wash sale and excess replacement shares

Let's say I had 10 shares of XYZ. On Dec 1 I sold 10 shares for XYZ for a loss ($1 per share, total $10). On Dec 2 I bought 20 shares of XYZ (single lot). So previous sale (On Dec 1) was a wash sale. ...
Andrey's user avatar
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0 votes
0 answers
35 views

Assuming a bullish stock, any advantage in using LT RSUs to fund exercise cost of ISOs?

Example Present Information: Example Dummy Stock: GGG | Stock Price @ $10 Super bullish and so assume the value of the stock price will go up. ISOs: 10,000 with SP @ $5.00 (All vested, just not ...
ssurendr's user avatar
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1 answer
61 views

Should I file taxes if I opened Amazon seller account but never used it?

Me and my husband entered the US with F1(him) and F2(me) visas. He was a fully funded PhD student and we used to send our tax papers jointly. Last year we filed for EB2-NIW visa to get a Green Card, ...
best_of_man's user avatar
1 vote
1 answer
47 views

Estate tax exemption amount question

The Congress passed the Tax Jobs and Cuts Act during Trump's tenure as the president. One of the facets of this law was the doubling of the Estate Tax exemption from around 5 million to 11 million. ...
ronald christenkkson's user avatar
0 votes
2 answers
258 views

Sister bought me out of house. What taxes do I owe?

My mom signed over her house five years ago for a dollar each. It was already paid off. My sister lived in it for the past five years. We agreed to sell it or she would buy me out at the five year ...
Callinbull's user avatar
2 votes
1 answer
37 views

How to file for FIPRTA tax withholding and can I request interest from IRS?

I sold my property in 2020 and prepaid FIPRTA tax withholding since I am a foreigner. Theoretically, the tax withholding is supposed to be refunded the same year during the tax season. However, IRS ...
usr01's user avatar
  • 121
3 votes
1 answer
157 views

How private is my tax return in practice?

My tax return contains quite a bit of sensitive and personal information, as I'm sure is the case for many other taxpayers. The IRS Website states they will only ever share the return involuntarily ...
Derek Fulton's user avatar
-1 votes
0 answers
61 views

Can money be held if your cant pay for a vat code? [duplicate]

I opened up a account with first monetary union and I was trying to transfer funds and I was told to pay 2000 for a vat code just to transfer funds to myself I was told to pay the fee to a whole ...
Westbagman Gotit's user avatar
5 votes
1 answer
677 views

is tax basis for inherited stocks & bonds the death date of the decedent or the date the brokerage firm unfreezes his account?

I inherited stocks and bonds from a relative.Normally the cost basis is the date of the decedent's death.The brokerage firm locked the accounts until they received letters of testamentary from the ...
peter's user avatar
  • 51
13 votes
4 answers
8k views

What could account for me owing exactly $6000 in taxes?

In preparing my taxes, my on-line tax software says I owe exactly $6000. My wife and I make a combined income of around $140,000. We work for the same employer. On her W4, we didn't adjust taxes for ...
Village's user avatar
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1 vote
0 answers
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How to fill W8-BEN as Indian Citizen and Resident getting stock awards in US

I am an Indian citizen. I was in US on H1b visa and joined a company there. I was awarded some stock units of the company when I joined. After 2 years of joining, I transferred to a different team in ...
Kill Switch's user avatar
-1 votes
1 answer
94 views

Can I buy my personal residence with a 1031

So this is not the typical "can I a home with a 1031 to live in". I know those rules. My question is a bit different. I have lived in my primary residence for more than 2 years. I would ...
Cade's user avatar
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2 votes
1 answer
145 views

Can I use losses to raise my tax basis?

Let us say I made a poor investment and lost 10K. Let us also say that I have not realized any profits in that tax year and don't need to draw on my investments. For the sake of argument let us also ...
kaan_a's user avatar
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2 votes
1 answer
39 views

I filled out W-9 in 2 different states for online buisness

Can I have W-9 forms one in Texas and one in Puerto Rico at the same time
Jesus Christ is the Word of Go's user avatar
-1 votes
0 answers
27 views

1095-A when out of the US for some of the year

I am covered for the full year by a plan outside of my former job. My spouse was only covered under the plan provided by my job. I left my job halfway through 2023, so my spouse will not be covered ...
Ken - Enough about Monica's user avatar
6 votes
1 answer
273 views

Can I claim a tax loss for Crypto blockchain shutdown?

Short version is that I bought crypto by way of trading BTC/ETH into the coin of discussion and the blockchain of that coin was shutdown. I can't access the balance in my wallet (and never will). Can ...
Jeremy's user avatar
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2 votes
3 answers
441 views

Contributing over the 401(k) limit vs investing in an index fund?

I find myself in a lucky position. I have a stable, high-paying job that allows me to achieve nearly all my financial goals, including: Maxing out the yearly contributions to my 401(k), including ...
Tyrian's user avatar
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-1 votes
1 answer
58 views

Which LLC is best if you are going to be hiring freelancers?

I am working to start a publishing company with a partner. I am researching the best LLC type for tax purposes to create - a regular LLC or an LLC taxed as an S-corp. From what I have researched, a ...
Drew_Thunder's user avatar
0 votes
1 answer
69 views

Backdoor Roth IRA and "total basis in traditional IRA for 2022 and earlier years"

Like many of you, I am currently preparing my taxes for 2023. I have a question about Backdoor IRA and a particular line in my 2022 Tax Return. Each year, I have contributed to a Traditional IRA and ...
thoma's user avatar
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11 votes
5 answers
5k views

Is exceeding the U.K. Personal Savings Allowance - and being taxed - a bad move?

I’m based in the U.K. and in 2022 inherited approx £370k I did not have any debts, except a mortgage on my main and only home, which I paid off in full. I made use of my full £20k ISA limit over the ...
John's user avatar
  • 213
1 vote
3 answers
146 views

File as single or married separately?

I’m in the US under an f1 student visa and got married in december of 2023 with a foreign person that lives abroad. I received income in 2023 and will submit my taxes as non resident and I believe my ...
kds9847's user avatar
  • 25
0 votes
3 answers
61 views

Chose resident alien status instead of dual status?

I was hoping someone could bring some clarity on this. Here is my situation: I have been in the US since 2019 and last year I submitted my taxes for 2022 as nonresident because I was under an F1 ...
kds9847's user avatar
  • 25
0 votes
1 answer
101 views

Can I claim the rent I pay as a business expense if the lease is in my wife’s name?

I have a mobile auto detailing business. I have an office at home with my computer where I do all my marketing/online advertising, calling customers, all that good stuff. The apartment that me and my ...
Andrew Dougall's user avatar
1 vote
1 answer
47 views

In Quebec, for the personal basic amount, does the federal tax credit and the provincial tax credit add up?

E.g. if my income is 17000$, which is below the provincial basic (18056$) but above the federal one (maximum 15705$), do I pay taxes? Is it federal_tax = min(0, federal_income_tax - federal_BPA * ...
qwerty_99's user avatar
  • 159
-4 votes
1 answer
123 views

If one ALREADY gifted an apartment abroad to avoid foreign taxes, does one fill out a form 709, or do nothing until it's sold?

Before I attempted to do the following, I asked questions and other questions on this list and built up a fan base of those who are convinced I am out to cheat the IRS. It's already a year into this ...
Mr Monee's user avatar
  • 462
0 votes
2 answers
250 views

Can a personal loan be taken in the USA to pay back a loan in India?

The interest rate from the Indian bank is higher so can a personal loan be taken in the USA to pay back the loan in India? If yes, then will there be major tax challenges or any other such hurdles? Is ...
 Adnan's user avatar
0 votes
1 answer
195 views

How do I handle tax withholding when I have multiple jobs?

I’ve been stuck in my taxes for the past 3 years because I don’t know how to adequately fix my situation. My first job pays $60k a year. My second paid me $22k this year but it was contract. I never ...
Kyra Burnett's user avatar
1 vote
0 answers
151 views

How to make estimated taxes when income is unknown and/or "lumpy"

I have trouble getting my arms around estimated tax payments. Let's assume I have some small steady income but the majority of the income is "lumpy": large one time payments that are hard to ...
Hilmar's user avatar
  • 7,642
1 vote
0 answers
64 views

Seeking Clarification on Indian Taxation After Resignation and Job Change

I recently made a career transition, resigning from an Indian IT company in February 2023 with my LWD in May. And, I was going through the last six months pay slips provided by the organization, after ...
InvestInYourFuture's user avatar
0 votes
0 answers
40 views

UCITS ETF Capital Gains Taxes Different Depending on Stock Exchange?

If a certain UCITS ETF is domiciled in Ireland and is traded on both the Swiss SIX and London LSE exchanges (same ISIN but traded on both exchanges), will the tax implications (or broker’s automatic ...
MTC's user avatar
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1 vote
1 answer
69 views

PST Canada on software development to be used by BC company

A quick question to sole proprietors - if I provide software development services, do I need to charge Provincial Sales Tax (PST) on them (living in BC, companies that I work for are in BC as well).
m.aibin's user avatar
  • 113
4 votes
1 answer
112 views

Disbursing money for jointly owned asset: tax implications (two individual humans)

Say, as individuals, you are receiving money for a jointly owned asset, the proceeds of which you intend to split 50/50. The buyer wants a single account to send the money to. Each of the sellers has ...
Dan's user avatar
  • 153
2 votes
1 answer
116 views

Do I have to file a return to be able to carry over a past capital loss?

If I have no income for a year but incurred capital losses in a past year, do I have to file a return for each year following the capital loss (even if I have no income) in order to retain the capital ...
sterid's user avatar
  • 181
0 votes
1 answer
82 views

Solo 401k contribution limit for high Schedule K-1 income

This is really two questions. For this post, I'm going to use a very simple example. I have a single-member LLC with an S-corp election. I am the only employee. In 2023, my W2 wages were $66,000. My K-...
sparaps's user avatar
2 votes
2 answers
171 views

Upfront lump sum payment vs Monthly interest-free instalments

I have a debt of $1000 and have the option of paying it upfront or pay in 12 equal interest-free instalments. Can someone calculate the Future Value difference between the 2, assuming banks are giving ...
hs123's user avatar
  • 21
1 vote
1 answer
102 views

Excessive HSA employer contribution corrected within the same calendar year: do I have to report it in my tax form (if so, how?) and will I get fined?

I live and work in the USA. My employer erroneously made an excessive employer contribution to my HSA, which was corrected within the same calendar year, specifically 2 days after the excessive ...
Franck Dernoncourt's user avatar
2 votes
1 answer
226 views

What are "transactions and earnings" within the IRA?

I'm a European citizen who needs, for professional reasons, to understand in broad terms how the IRA works. I read the wikipedia page, and there is written that "all transactions and earnings ...
robertspierre's user avatar
5 votes
1 answer
76 views

What's the tax treatment if I am charged for a dividend on a stock I am short?

I sold an option, and it was exercised, leading me to be short a stock going into ex-dividend. The brokerage charged me for the value of the dividend that was paid by the company, which happened to ...
sterid's user avatar
  • 181
3 votes
2 answers
102 views

Which of my tax-advantaged accounts should I hold my bond market index funds in?

I have traditional, Roth and SIMPLE IRAs. I'd like to get some total bond market index funds (VBTLX). In terms of taxes, gains, dividends, etc. is there any difference between holding the fund in a ...
pixelearth's user avatar
3 votes
2 answers
924 views

How much taxes do I have to pay when taking a withdrawal from a recurring investment purchase?

I have been looking all over to find an answer and everything I am looking at looks way over complicated. I live in Maryland USA I want to invest $1000 a month into a stock that pays dividends ...
Rita Carmichael's user avatar
2 votes
1 answer
138 views

Recouping AMT paid from exercising ISO Stock Options when sold

Three years ago (2020), I exercised a sizable amount of ISO Stock Options, which resulted in AMT in that year. Let's say the strike price was $50 and the FMV was $100. Since then, the company went ...
davyli's user avatar
  • 33
3 votes
2 answers
7k views

Roth 401k - Contributions are not going in as after tax?

So, I have a Roth 401k with my employer. I always thought that the Roth meant that I am contributing after-tax dollars into the account. I just realized the following: For simplicity, let's assume: I ...
Raj's user avatar
  • 669
0 votes
0 answers
53 views

Self employed UK freelancer using a US-based contractor

I'm currently working as a freelancer in the UK and registered as self-employed sole trader. One of the things I'd like to do is use the services of another contractor who is a US citizen that lives ...
Kakalokia's user avatar
  • 101
4 votes
1 answer
484 views

Why does SGOV pay dividends twice in December?

The US ETF SGOV pays dividends once a month from Feb. to Nov, then twice in December. Why? I'm reading it may be for tax reason. If that's correct, what's the tax reason? From https://seekingalpha....
Franck Dernoncourt's user avatar
0 votes
0 answers
34 views

How to handle taxes as NRI doing remote job abroad

I am a software developer living abroad (NRI) and intend to transition into remote freelance consulting. I am anticipating an annual income surpassing 60 Lakh INR. My plan is just to visit India for a ...
kunhal's user avatar
  • 1
0 votes
1 answer
139 views

US Fed Tax: Difference between Estate Exclusion Amount and Lifetime Gift Exclusion Amount

US Fed Tax: I am trying to understand difference between Estate Exclusion Amount and Lifetime Gift Exclusion Amount When I google "irs lifetime gift tax exemption 2023", I get this result ...
Marium's user avatar
  • 363
1 vote
0 answers
38 views

Non US Citizen, non-resident, remote worker tax liability? [duplicate]

So a friend of mind is not a US citizen, and Non-resident, he's working as a contractor remotely for a company in the US from his own country. And he has an international bank account in one of the ...
Rafael Adel's user avatar

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