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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
2answers
51 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 ...
1
vote
1answer
120 views

What should/can I do, now that I’ve closed the single-member LLC I used for freelancing?

I freelanced full-time for 6+ years through a single-member LLC, which I closed at the end of last year after I moved to a new full-time job. I was a user experience designer/researcher and designed ...
2
votes
1answer
36 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
651 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
58 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
147 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
33 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?
1
vote
2answers
2k views

Are interest income from U.S bonds subjected to withholding tax like U.S dividends to foreigners?

Foreigners are subjected to 30% withholding tax on U.S stocks' dividends. Does the same withholding tax apply to U.S bonds? Any difference between the treatment for Treasury bonds and corporate bonds?
5
votes
2answers
167 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
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 ...
1
vote
0answers
43 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
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
1answer
211 views

Should one file 1040X to get extra $5 tax refund [duplicate]

After I finished my taxed in last week of March, I received a Updated 1099 with only one modification where 199a is modified from zero to $50 or so. Refund is about to come in a week. Initial values ...
7
votes
4answers
7k views

Federal Taxes on Retirement Money - Puerto Rico Taxes after Retirement

Puerto Rico is a commonwealth of the USA. Puertoricans are US Citizen, but while they live in the island they don't have to pay Federal Taxes. My question is for someone that have lived in the US ...
3
votes
1answer
81 views

Taxes for “on the job” training for non U.S. Citizens and the W-8BEN

The Story: Two years ago two students from Germany went to U.S. to recieve a 4.5 months long "on the job" training at an international company. They each get a monthly allowance of 850$ via checks. ...
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 ...
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 ...
6
votes
4answers
9k views

Can I be my own administrator for an Individual/Solo 401k?

I'm interested in creating a company and rolling my 401K into a Solo or Individual 401k so that I can have more control over my investments. From what I've seen so far, it looks like you need 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 ...
3
votes
1answer
185 views

Do I need to pay taxes if I receive money from my family (foreign country) in UK?

Actually this is for my sister, she lives in London and I want to send her money from USA to her bank account. Will that transfer affect the taxes she must pay?
3
votes
2answers
178 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 ...
-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
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?...
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 ...
1
vote
1answer
56 views

Calculating the basis for shares of international stock mutual fund

I'm calculating the basis in connection with redeeming shares of an international stock mutual fund. The fund has paid dividends quarterly, which I reinvested. I'm reviewing the Federal 1099-DIV ...
46
votes
12answers
22k views

How much more than my mortgage should I charge for rent?

We're considering moving at some point in the future, and right now we have a mortgage on our home. So far we've been here about 3 years, and we're considering renting out our home. Obviously there ...
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) ...
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 ...
0
votes
1answer
46 views

Taxation of capital gains by USA from cryptocurrency of Russian student on an F-1 visa

I am from Russia and I currently study in the US on F-1 visa. Last year I did some cryptocurrency trading which is taxed as capital gains in the US. US-Russia tax treaty says that: Capital gains on ...
0
votes
1answer
51 views

Tax system on savings account in India

I would like to know if the money in the bank is taxable. Let's say I have deposited some x amount in my savings account and the yearly interest is y amount. I know that this y amount is taxable, but ...
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 ...
0
votes
2answers
56 views

American citizen consulting for a Danish entity over 30 day period - visa/taxes?

I am an American citizen who will be consulting for a Danish entity from July1st-July 31st for a fixed project with a fixed project value. As part of this work, I will attend a workshop in Brussels ...
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
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
49 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 ...
-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
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 ...
5
votes
2answers
208 views

I trade labor for lot rent on my live-in R.V. Can I claim any income to apply for EITC? Do I owe taxes? There is no money exchanged

I work as a farm laborer in exchange for lot rent for my own Recreational Vehicle, electricity, and water on a friend's farm. There is no cash exchange. I am the one and only "lot renter". Will ...
1
vote
2answers
118 views

Strategic rollover from traditional to Roth IRA for a young person (pre-retirement)

So we have this: Contributions to traditional IRA: Pre-tax Distributions from traditional IRA: Taxed at the time of distribution Contributions to Roth IRA: Post-tax Growth and distributions (...
0
votes
1answer
107 views

Close a limited company in UK

I would like to close my limited company but I do not know exactly how much money should I leave in the account to pay taxes. Can I get all the money from the account and then move the necessary ...
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 ...
7
votes
1answer
147 views

Relocation to US

I am relocating to Texas from India along with my family in the month of July 2019 to pursue a Phd. In order to effect a smooth transition, would like some advice on how to setup things to manage my ...
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 ...
1
vote
2answers
187 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 ...
4
votes
1answer
482 views

How does service tax work for Indian app developers selling through an app store?

I'm an app developer based in India, and I will be selling my apps through an app store. As I understand, developers are subject to a service tax of 15% once their revenue crosses a threshold of ₹10 ...
5
votes
1answer
1k views

Whats the difference between a qualified and an unqualified covered call?

I own various shares that I want to start writing covered calls on but I've heard about differences between "qualified" and "unqualified" covered calls. What's the difference? All I can find is that ...
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 ...