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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19 views

Should a business owner pay two different taxes for one thing? (One tax for his company and the second tax for his income from that company) [closed]

Let's think David and Sara have a bicycle company(Each person owns 50% of the company). The company's annual revenue is $200,000 and net profit is $100,000. How much tax should they pay for the ...
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1answer
75 views

What options are available if the IRS denies appeals for waiving missing form fee?

This question is a follow-up to What happens if IRS does not receive 1120-S for an S-Corp? In June 2019, IRS sends Mr. X a letter with a fine of $7,200 for the missing 3 forms (each form cost maximum $...
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28 views

Child tax credit,should i file as a non filer?

I have not filed taxes the past 2 years due to no income,but myself and daughter have been claimed by the person who is supporting us.I haven't received any stimulus money for me or my child and he ...
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1answer
16 views

LLC Partnership Foreign Partner

My wife and I run an LLC in CA. I am a citizen and my wife is French with a permanent resident card. We are equal members of our LLC Partnership. I filed with TurboTax for our business and when asked ...
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1answer
26 views

Tax for two fulltime jobs in the US and Germany for a non-US non-European citizen

I am a non-US + non-European citizen who is doing a postdoc in the US (under the J1 visa), in parallel, I have a full-time job (remote) in Germany. What will happen to my tax, shall I pay any extra ...
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11 views

US nonresident alien tax when selling master limited partnership that has no Effectively Connected Income

A US nonresident alien wants to sell a few shares of a publicly-traded master limited partnership (MLP). The MLP happens to generate no Effectively Connected Income (ECI), and has never generated any ...
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1answer
56 views

Advice contacting the IRS? Refund still pending from 2019

My girlfriend filed electronically in March 2020 for her federal taxes for 2019. The IRS "where's my refund" page showed "your taxes are being processed" for 8 months, then in ...
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1answer
38 views

2021 tax credits - How does child tax credit affect other tax credits?

Let's say my tax liability for 2021 will be $8,000 I have 2 eligible dependents resulting in $6,000 in child tax credits I'm eligible for $4,000 in other tax credits that are non-refundable My ...
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2answers
74 views

What is the total income tax rate in Switzerland/Zurich?

I'm trying to estimate the true tax rate for someone living in Zurich. The definition of "tax" for the purposes of this question is as following (thanks to @Fattie): If a government takes ...
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4answers
9k views

How do I report a gain in bitcoin that I received as reimbursement for buying a waffle iron?

In 2016 I was visiting a friend in another country and he asked me to bring him a waffle maker (~$35). He paid me back for the waffle maker in Bitcoin. I sold that Bitcoin in 2020 for ~$740. I believe ...
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2answers
143 views

Billionaires, loans, and tax avoidance

Recent stories stemming from the ProPublica disclosure about billionaires and effective tax rates describes a strategy where billionaires borrow eye-popping sums of money, using their stock equity as ...
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1answer
60 views

If I defer the 2021 child tax credit can I base it on my 2021 income?

The 2021 child tax credit includes payments that the IRS will send from July to December of 2021. The payment is based on the 2020 filing. However I get the impression that it is really based on the ...
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1answer
31 views

Equivalent of Irish domiciled ETFs for individual stocks

ETFs, following for example the US stock markets, are often offered domiciled in Ireland because of favorable taxation conditions. Is there an equivalent thing for individual stocks? Say I want to buy ...
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1answer
23 views

Taxes when exercising an option (not ISO)

Nearly all of the information that I can find online on option exercise and taxes are related to employee stock options, where you do get taxed on the gain (even if on paper) between the strike price ...
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2answers
77 views

How to record converting privately used appliances to business use for tax purpose?

I have an investment property in California that needs a new washer and dryer. I file the revenue on my personal tax return (for better or worse). I would like to get a new set for me, personally, and ...
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1answer
56 views

Are there any penalties or tax consequences if an person decides to take money out of a Roth IRA account prematurely?

Say a person has a Roth IRA account. Now the money in the Roth IRA account is already post-tax contributions. However, say the person has made a significant capital gains on their Roth IRA investments....
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1answer
67 views

Taxes on Payment in lieu of notice (PILON) and salary overlap

Assuming that someone leaves a company for a new role on the day of the payment (both companies pay on the same date monthly), there are two scenarios: The Payment in lieu of notice (PILON) is paid ...
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0answers
25 views

How much of a bond ETF's dividends are tax-free for US non-resident aliens?

Normally, for US non-resident aliens, the withholding tax on dividends is 30%. However, dividends that qualify as "portfolio interest" are not taxed (i.e 0% tax). When a US domiciled bond ...
2
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1answer
47 views

Can I claim tax relief for money I spend at the dentist?

(I apologize if the terminology I use is not appropriate, but finance is a topic I'm definitely not into. And I'm not native English speaker. For instance, I used the term relief because that's what I ...
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2answers
53 views

Double taxation between Germany and US for dual citizen

Suppose I am a dual citizen of the US and Germany. Suppose further, that I currently live and work (employed by a german company) in Germany, and this will stay like this for the foreseeable future. A)...
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0answers
41 views

What are the stock fees charged on nonresidents?

When a foreigner invests in the US stock market, are the dividends taxed at 37%? What if the stock does not pay a dividend? Will foreigners be charged anything if the stock does not pay a dividend? Is ...
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0answers
27 views

US taxation of dividends for non-resident aliens: corporation vs master limited partnership

A US non-resident alien wishes to invest in a company: Brookfield Infrastructure. Two securities are available for this purpose: Brookfield Infrastructure Partners L.P. (NYSE: BIP), and Brookfield ...
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0answers
30 views

West Virginia Taxpayer aged 61 with IRA distribution from Puerto Rico

I am a permanent resident of West Virginia age 61 unemployed and receiving health and food assistance from the State...thankfully. I have very limited investment income, not enough to pay taxes of ...
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1answer
40 views

Wash sale- Sell stock buy bonds?

If I sell stock of Company-X at a loss and immediately buy the bonds of Company-X, am I allowed to deduct any loss on the sale of stock on my taxes, ie would this be considered a Wash Sale?
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2answers
50 views

Borrow and return HSA funds in same tax year - taxes and/or penalty?

I've had an Health Savings Account for several years now, and I know I can only take out funds from it for qualified medical expenses. I'm wondering if there will be any taxes and/or penalties if I do ...
41
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1answer
7k views

Canadian citizen, TN worker, commute daily from Canada: am I a US person for tax purposes?

I only have citizenship of Canada. I work for a US company on TN Status. I commute daily from home in Canada to office in US and back. I do not reside in the US. I get a W2 and file taxes with the IRS ...
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1answer
34 views

Is loss disallowed after wash sale involving IRA, but rebought in traditional brokerage first?

I've read horror stories about someone selling stock A for a loss in a traditional brokerage and rebuying the stock in an IRA. Their basis in their IRA does not ever adjust and they cannot ever ...
2
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1answer
44 views

Is a DC college savings plan $8,000 tax deduction across all kids or is it per child?

DC College savings plan states the following and I'm wondering if the $8,0000 deduction for married couples filing jointly applies for all children or one child. For example, would a couple with two ...
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2answers
95 views

Tax implications of a UK company (owner of my US employer) paying for my rent in the US?

Let me get right to the chase. Situation: My employer offered to pay for my rent, giving me a few options to consider, and I'm not sure of the tax implications for each. Details: I live in Florida and ...
69
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2answers
12k views

Our friends and we often barter babysitting time with each other. Do we owe taxes?

Our friends and we have an informal agreement that we will babysit eachother's kids when necessary. We don't pay any cash to each other for the service, but we agree to "repay" by providing ...
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2answers
57 views

What tax forms have to filed when doing a rollover from After-tax 401(k) to Roth IRA?

What tax forms have to filed when doing a rollover from After-tax 401(k) to Roth IRA? Examples appreciated.
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1answer
29 views

Calculating real rate after taxation - is there a better way?

First I need a sanity check for my calculations. Say I have this scenario: Nominal Rate (per year) [r] 13% Inflation Rate (per year) [i] 5% Initial investment [x] $ 100.00 Time (years) [t] 10 Tax ...
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2answers
828 views

How much tax to pay on award money for a minor

I am a minor (16 years old) and I won $5000 from a research competition. My teacher informed me I have to pay taxes on this - is there some way to calculate how much I'd have to pay? I live in the USA....
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1answer
102 views

Thoughts on the new announcement about reporting crypto transfers? [closed]

The Treasury Department announced today (5/21/21) that transfers of $10,000 USD or more to/from crypto accounts will have to be reported to the IRS, following the old pattern of requiring reporting of ...
3
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1answer
58 views

Filing jointly, can I pay estimated taxes on behalf of my wife's side work?

Quick background: I have an EFTPS account where I've paid estimated taxes in the past for some side work in programming. I haven't used it in years. My wife recently started a free lance writing gig ...
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2answers
191 views

Money laundering and speculation gains

With all the crypto speculation I was wondering: How do countries differenciate between "dirty" money and speculation gains? I know that in Switzerland you don't have to pay taxes on capital ...
3
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2answers
895 views

New to investing, do I have to pay taxes on my ETF's interest or just when I sell it?

I recently bought one share of VUG (ETF) and it's not doing so bad so far, I made a profit of roughly 2 dollars. Do I file this in tax somewhere? Or do I only file if I sell the thing. I can't find ...
2
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0answers
17 views

Do non-resident aliens have to pay US taxes on dividends from ADRs?

If a US non-resident alien owns some shares of an ADR that pays dividends, does the US government collect any tax on those dividends? I understand that, for non-resident aliens, there is a 30% tax on ...
13
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4answers
4k views

Boyfriend buying a property and girlfriend renting, what are the possible tax write-offs?

Let's assume: Boyfriend (bf) will be purchasing a 1MM condo in San Francisco, CA. Borrowing 750K from the bank. Girlfriend (gf) lives on the property with boyfriend. GF will be paying rent. ...
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1answer
39 views

Substantiality of Economic Effect of paying 100% of all LLC expenses out of pocket by one managing member

Two partners with 50% interest in an LLC. One partner is paying 100% of all LLC expenses for the first year so expects to take 100% income or loss. This allocation is done because the other partner ...
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0answers
13 views

Is there any difference between these two RIC options in Turbotax when specifying foreign dividend sources?

RIC = Regulated Investment Company.
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2answers
37 views

Covered call selling and wash sale or potential IRS problems?

I have a stock position that went south really quick and I have been holding on for about 5 months now. My last average down was 4 months ago. My average price is $12 and the stock is currently ...
5
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1answer
139 views

Does the IRS require a phone number to file taxes?

I'm filing taxes through H&R Block, and they claim that the IRS requires my phone number. I don't believe this to be true, since the IRS always contacts you via mail. Additionally, you can't be ...
2
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2answers
63 views

How to move non-deductible traditional IRA contributions to Roth IRA?

I made 3 non-deductible contributions to my traditional IRA account in 2019, 2020, and 2021. Instead, I should have contributed the money to Roth IRA. What would be the best way to fix this? Here is a ...
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0answers
20 views

What are the tax rules for non US residents transferring money into the US?

Assume a person has no US affiliated ties, like a residency or citizenship, and they live in another country, and they want to move their life savings into a US based bank. What would be their ...
2
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0answers
36 views

Why does Turbotax ask to enter Form 8938: Interest II schedule even when there is no interest?

Does the IRS require me to enter Form 8938: Interest II schedule even when there is no interest, or is that just Turbotax asking for unnecessary information? The same issues arise for all other Form ...
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1answer
90 views

I have a legal document describing the purchase of shares, but how do I notify the IRS or State?

I have a very long document that explains a great deal of details that the purchaser and founder had regarding the share of sales. It explains the rights of shareholders, distributions, and many more ...
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1answer
119 views

Why does the IRS require US taxpayers to report dividend income per country when seeking foreign tax credit?

I read in the Turbotax instructions in the section "Deductions & Credits" -> "Income From Foreign Countries" for dividend income: When you have foreign income from multiple ...
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1answer
44 views

My bank account changed country and IBAN during the year: which address and IBAN should I use in Turbotax, when filing for my US taxes?

I have a bank account with Revolut. As a result of Brexit, Revolut moved my bank account from Revolut UK to Revolut European entity in Lithuania (“Revolut Payments UAB”) on Nov. 6, 2020, and changed ...
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1answer
58 views

How is the Professional Tax which I pay is used?

Doing a quick research on Income Tax, I found this on: Government utilizes this revenue for developing infrastructure, providing healthcare,education,subsidy to the farmer/ agriculture sector and in ...

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