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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.

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1answer
32 views

Reporting crypto currency transactions to IRS

I have made 300+ crypto currency transactions in 2018. Do I need to report all these 300+ transactions to IRS? If yes, what is the procedure? My tax consultant is saying we need to report only ...
2
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1answer
132 views

What state do I pay taxes to, if I'm nomadic?

Let's say I live in an RV and move camps every week or month, moving between states frequently. When tax time comes, which state do I pay?
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1answer
402 views
+50

My girlfriend has lived with me the entire year of 2018, with no job. Does she need to file a State tax return?

I work in a contracting company, so I sometimes have to move and work every few months. I have been in NC, then IL, and now in AZ. My girlfriend lives with me, and she is a full-time student (since ...
3
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0answers
54 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 ...
3
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4answers
307 views

Can a regular salaried (w2) employee opt to pay quarterly taxes?

As a consultant, I got used to paying quarterly taxes. Now that I'm a regular w2 salaried employee, I'm subject to normal withholding on each pay statement. I would like to keep making exact quarterly ...
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0answers
27 views

US Taxes Free Fillable Forms Error [duplicate]

I'm getting an obscure error using FreeFillableForms. The error does not appear to be on the standard table of X000-005 errors. Issue : Business Rule X0000-005 - The XML data has failed ...
5
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3answers
772 views

Why UK bank charges are not taken account when looking on interest for taxation?

In UK when filling-in self-assessment, HMRC is asking for amount of interest received during the tax year. But bank charges are not taken into account. See example here: my bank charges me £5 ever ...
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2answers
285 views

Condo Loss Carryover to offset IRA Distribution

I recently sold my condo with carryover loss exceeding $100,000. Can I use that loss to offset the distribution from an IRA account(regular income) during the same year? I am 66 years old. The ...
3
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1answer
61 views

Schedule C vs. Schedule E for rental income

I own a few residential rental properties in the United States. I actively manage all of them, although this is not my full-time job. The properties are owned by an LLC of which I am the sole member. ...
4
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1answer
624 views

Meaning of capital gain distribution

How is capital gain distribution calculated? I wonder what differences and relations are between capital gain distribution and capital gain/loss? Line 13 of IRS Form 1040 asks for capital gain and ...
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2answers
11k views

How to report specified private activity bond interest dividends?

From http://voices.yahoo.com/how-report-amounts-form-1099-div-2439-11819489.html, I learned that Specified private activity bond interest dividends reported in box 11 of 1099-DIV is the portion ...
1
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1answer
506 views

Freelance Contractor / Foreign Company / Taxes

How do I pay my taxes if I’m working from inside the US and being paid by a foreign company? I’m technical writing by the hour. I under bid my rate since I didn't consider how much tax I’d have to ...
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0answers
16 views

California depreciation options for Rental house landscape

I can use Bonus depreciation (100% for 2018) on my federal taxes for my rental house landscape project, or depreciate it over 15 years. What are my options for California taxes, since they don't do ...
1
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1answer
35 views

Do scholarships and PhD stipends count as taxable compensation for Roth IRA limits?

The maximum amount you are allowed to contribute to a Roth IRA in a given year is either a certain dollar amount or your “taxable compensation”, whichever is lower. Now I am a PhD student who gets ...
0
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0answers
10 views

How do Rent Concessions affect the DC Renter Tax Credit?

I live in a rent-controlled apartment in Washington DC, and my landlord engages in a scheme to get around Washington DC’s rent control laws. How it works is that my nominal rent is $2000, but I get a ...
3
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2answers
5k views

Tax difference in working in New York City compared to NJ

Because of taxes, everyone says that you make less money if you work in New York City compared to New Jersey. Is there a way to estimate the difference? Edit: I should have specified that I am trying ...
5
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1answer
50 views

What is the earliest I can file a self-assessment tax return in the UK after the tax year ends

I have overpaid tax in the UK this tax year, and for cash flow reasons, it would be best to get this back as soon as I can by filing a tax return as soon as possible after the year ends. How quickly ...
2
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0answers
38 views

How can I notify the CRA of intent to contribute to an RRSP?

I currently have an RRSP through work that I contribute to. However, the amount is significantly smaller than my annual limit. I have a self-managed RRSP separately and contribute sizable amounts. ...
1
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3answers
105 views

Sequential Wash Sales

Consider these transactions all with the same stock: Buy 100 shares for $1000 on Jan 20, 2016 Sell 100 shares for $ 200 on Feb 20, 2018 Buy 100 shares for $ 100 on Feb 21, 2018 Sell 100 shares ...
3
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1answer
1k views

Loan from friends living abroad

My friends living abroad [non Indians] are ready to provide me financial loan for the purpose of education of my children. If this money comes via inward remittance, what should be the appropriate ...
2
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0answers
51 views

TN VISA Tax+ Spouse F1 Visa Taxes

My husband is a Canadian citizen and he is working in USA on a TN visa. I am in Canada on a Work Permit and I am not a PR yet. I have two questions: Am I considered as a tie for my husband to Canada ...
4
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2answers
816 views

Does TurboTax mail my state forms for me?

I just filed with TurboTax, and it mentioned along the filing process that my state taxes (for Idaho) have to be filed by mail, though they didn't show the forms to actually mail in. Does that mean ...
9
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4answers
2k views

Gift house to parent then inherit it back to increase basis?

(Question for USA taxes.) Let's say that I have one remaining parent who is quite advanced in age. I own an investment house that has appreciated in value significantly. I want to sell it eventually, ...
2
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2answers
2k views

Is Form 1040, Line 13 always populated from Schedule D, Line 16?

On schedule D, line 22, it says to Complete the Qualified Dividends and Capital Gain Tax Worksheet in the instructions for Form 1040, Line 44. If I have reached line 22 on Schedule D, because Line ...
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1answer
151 views

What are tax implications of short vs long term capital losses?

I have read in multiple places that you can use investment losses of up to $3,000/year against your taxes. Is this as a deduction or credit? Does it count as an addition to itemized deductions or is ...
3
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1answer
78 views

How/when to take loss in private company that re-orgs post-Chapter 11 and converts to new/fewer shares?

My wife's company is private. We bought 60 shares x $1k/share 5+ years ago. This past year they (OldCo) went Chapter 11 bankrupt re-emerged from bankruptcy as a new LLC (NewLlc) "There were assets ...
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1answer
26 views

Business taxes to an Italian citizen with an online business outside Italy

As an Italian citizen, if I open a company outside Italy (for example, a LLC in US) and operate strictly online, will I still have to pay business taxes on the income of this foreign company to the ...
0
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2answers
68 views

What is the purpose of an RSU Tax Offset?

I'm reviewing the year to date figures on my last paycheck stub for 2018. There's this entry for RSU Tax Offset I'm trying to discern here. I can trace it back as a line item of a check stub 6 months ...
0
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3answers
133 views

Why Wash-sale rule makes a difference?

I have been reading the wash-sale rule. I get the concept, but I do not get why this rule exist or needed. To me, in the end, a person would pay the same amount of taxes with or without create ...
28
votes
3answers
8k views

Accountant/ lawyer will not return my call

I have an accountant who is also a lawyer who did my taxes for about 7 years. I received a notice from the IRS for the years that he filed the taxes saying that I owed $5,000. I sent him the notice ...
3
votes
0answers
40 views

Can I deduct mileage if I'm a contractor who works at home and at an office?

I am a contractor and get a 1099. I perform some work at home, but much of my work is done at the office of the company I contracted with, and I drive to and from this office several times a week. ...
1
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1answer
48 views

Did Schwab's Emerging Market ETF really pay no foreign tax related to the final distribution in 2018?

According to the 1099 from my broker, the Schwab Emerging Market ETF (SCHE) did not pay any foreign taxes associated with its final dividend for 2018, declared 12/28/2018. I'm quite skeptical as ...
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3answers
611 views

Can you explain how this disallowed wash sale loss is calculated?

I can see that the first row of the data shows $120.00 in cost and $76.93 in proceeds, which results a -$43.07 gain. With only this set of trades, how is it determined that $43.07 is the wash sale ...
2
votes
1answer
85 views

Is my sister entitled to a refund for IRS over-withholding? If so, how does she get the refund?

My sister has a taxable brokerage account with Interactive Brokers and invested in GE stocks (which collapsed, resulting in a massive capital loss written off on Line 132 of Schedule 3 on her T1 ...
8
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4answers
3k views

Should I file my taxes? No income, unemployed, but paid 2k in student loan interest

This question is hypothetical. I was unemployed for the entire year of 2018 and had no income. I lived with a parent and had enough savings from a previous job to pay for myself and make all of my ...
1
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2answers
62 views

How are FSAs handled when you change jobs?

For my 2019 benefits from my company I enrolled for $1000 in an FSA account. So as of Jan 1 I have $1000 available to spend, but in late Feb. I changed jobs and I have one more check being issued to ...
15
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2answers
14k views
1
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1answer
55 views

UK tax residency - how is it checked?

I am just reading RDR3 Statutory Residence Test document from HM Revenue & Customs. It says that you have to be in the UK at midnight in order for the day to be counted as the UK taxing day. I ...
1
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1answer
49 views

In the US, is cancer medication (for a parent living in South America), tax-deductible?

The cancer medication of my parent costs 10,000 USD a month. I would like to pay for this, but I wouldn't have enough money to live off of myself. I was wondering, would the expense would be tax ...
1
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0answers
22 views

Capital gain tax on stocks for nonresident alien under USA-German tax treaty

I am trying to understand the tax treaty between USA and Germany but this is a pain. I am in the USA on a student visa and considered to be a nonresident alien for tax purposes. I had some gain from ...
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0answers
13 views

Form 1116 Part II column U does not calculate

Entered tax paid in foreign currency in column P, but form does not allow me to enter US dollar equivalent in column U. Supposedly this will be calculated automatically, but can't see how it could ...
0
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2answers
45 views

Employee’s Withholding Allowance Married

I'm filed with payroll as married with three allowances (I have no kids). I make $80,000/yr, and file as "Married filing jointly". Wife doesn't work. What is the optimal Employee’s Withholding ...
2
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2answers
79 views

How does the US wash sale rule work in this specific case?

I have a question about wash sales. Here's the scenario: let's say I'm trading XYZ with the following transactions: December 10, 2019, Buy 100 shares of XYZ [Lot 1] @ $100 each December 17, 2019, ...
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1answer
32 views

What to consider Cash Flows in DCF analysis [closed]

When evaluating a project using discounted cash flow analysis, are cost savings (such as lower utility bills) as a result of taking on a project considered cash flows? Also, should the increase in ...
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0answers
17 views

filing inactive (no business activity) s-corp return 1120s

In 2017 my s-corp had activity and I used an accountant to file the return. In 2018 I did all the business under my own SSN, and the s-corp had no business activity. I understand that I still have ...
1
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1answer
38 views

Mismatched cost basis on 1099-B form for ESPP shares

I have a question about my 1099-B form regarding ESPP sales. My company allows me to buy shares at a 15% discount through an ESPP program. I buy-and-hold for 1 year 1 day so my sales are taxed at ...
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0answers
46 views

Does a French citizen living in the US owning stocks in a brokerage account in France have to pay taxes on dividends to the French tax authorities?

Does a French citizen living in the United States and owning stocks in a brokerage account located in France have to pay taxes on dividends to the French tax authorities (fisc)? Additional ...
0
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1answer
17 views

On my tax status and the substantial presence test for F1 student on OPT

I have done much reading on the matter but I find myself still uncertain regarding my current tax status, because of how the exemption days count for F1 students. I got my F1 visa and have been ...
2
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1answer
94 views

Over-collection of FICA (social security and medicare) taxes

I have been non-resident alien in the last year 2018, and I have switched to a new employer in the last few months of last year. Last month, I discovered that my new employer was collecting FICA (...
1
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1answer
45 views

Formula to Calculate FIFO VS LIFO for Financial Instruments

Suppose an individual partakes in some mixture of short term trading and long term investing. Is there a multivariate formula that expresses under what conditions (average/variance of time in a ...