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
73 views

Is it possible to make my home and household a business?

I know it's possible to run a business from home. What I mean is rather to create a business whose sole purpose is to maintain a family & associated household, that would have expenses such as ...
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2answers
564 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 ...
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2answers
40 views

Selecting lots when rebalancing

I'm about to rebalance my portfolio of ETFs. For the selling part, I have several lots to choose from, and I'm not sure if it matters much which one I pick. All lots have long term capital gains. ...
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1answer
57 views

What record determines my residence for local taxes?

I am a US citizen working in the US. Not looking to evade or trick any tax offices here. Just legitimately curious what form where indicates what my primary residence is for the purposes of local ...
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2answers
70 views

What's the point of filing taxes after paying for them?

https://www.ftb.ca.gov/file/when-to-file/due-dates-personal.html (mirror) states: California grants you an automatic 6-month extension to file your state tax return. No form is required. You must ...
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0answers
11 views

1042-S in the mail after staying the US as J-1

Last year I stayed in the US for one month with a J-1 exchange visitor visa. This was part of my job (following an educational bootcamp at a higher educational institution), so my own employer still ...
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1answer
630 views

If I own some stock, then buy more and then sell, is that a wash sale?

I use Robinhood for stock trading that uses FIFO (there is no other selectable option). If I.. Bought 10 shares of SSS 1/1/2019 at 1:00 pm at $100 each = $1000 Bought 10 shares of SSS 9/1/2019 at 2:...
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1answer
31 views

CA state taxes when spouse is part year resident but I'm full year resident

I'm a full year CA resident for 2019 living and working in California. My spouse was working in PA from Jan 1 - July 2019 and moved to CA after her employment ended in PA. She did not work in CA, and ...
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1answer
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+100

I received a PhD stipend that was not under a fellowship. How do I report it if it was meant to be research funding?

Normally my research advisor and professor gives me my stipend through the school, which processes it as a W-2 form. However, he moved to another university in 2018. To give me my funding for research,...
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3answers
50 views

Changing funds in Roth IRA - Tax implications?

I have the following funds in a Roth IRA in a Fidelity account, and am determining if it is worth switching funds for a few of them. I mainly picked these because they have low expense ratios. I'm in ...
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1answer
35 views

Calculate how much tax a corporation owes

You often see articles about corporations that use tax loopholes to pay less tax. I'm not very experienced in the subject, but these articles must get the information from somewhere right. Where do ...
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1answer
20 views

Tax- Treaty benefits for USA-India for an Individual who earned Royalty

I have received a royalty from one of the projects I worked on when I was a student at USA University. For the last 5 years, I have moved back to my home country India where I now live and work. I ...
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1answer
40 views

How can I manually delete or regenerate California Schedule D (540) in TurboTax?

How can I manually delete or regenerate California Schedule D (540) in TurboTax? I'd prefer not to have to start over the California tax section in TurboTax. Motivation (TL;DR: incorrect cost basis ...
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1answer
113 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 ...
3
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1answer
51 views

How much do I need to pay as taxes for this investment? How to calculate it?

I am relatively new to both investing and doing your taxes in Germany. I have read many articles, none of which were official documents because I couldn't find them (also I don't know German). But I ...
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1answer
31 views

Rollover IRA question [duplicate]

I have a quick question. I had 401K from 2 different past employers - Employer A and Employer B. I opened 2 Rollover IRA accounts - one in Brokerage A and another one in Brokerage B in early 2020. I ...
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0answers
21 views

Corporate income tax on investments in equity from starting capital [closed]

I'm really not even close to an expert in accounting, but I know basics and am trying to get to this conundrum. Imagine I open a brand new company, it doesn't really matter what kind of corporation or ...
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1answer
63 views

Ideal country for limited liability company (Ltd.) [closed]

Looking for and ideal country for an Ltd. with the following conditions: English is an official language It's creation and maintenance is at low cost You don't have to be resident of the country You ...
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1answer
28 views

How to file 8843 form not filed before

I was wondering how an F2 visa with no income who has not filed the 8843 in the last 3 years can file this. I have not been able to find the correct procedure to file these forms. I am trying to file ...
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1answer
39 views

Indian taxation on after-tax retirement accounts such as Roth

How does India tax US after-tax retirement accounts such as the Roth IRA for a person who is a US non-resident for tax purposes starting age 59.5?
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2answers
51 views

Interpreting a W2 form

Suppose a person receiving $3,000 every 2 weeks (gross pay). Assuming he works for 12 months, then the total amount he makes 72,000 (gross). Is this how Box 1 is calculated in the W2 form? Could a W2 ...
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0answers
44 views

IRA Inheritance

In 2017, my great aunt passed away and she left her estate and retirement account (an IRA) in a will to myself and family members. She was nearly 80 years old and she lived in California. Within one-...
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3answers
63 views

Filing taxes without one of my W2s?

My former employer (UC Berkeley) told me to download the two W2s it has issued for me from two websites. I downloaded the first one, but the second website doesn't work. I cannot download the second ...
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1answer
25 views

Converting a personal business into a Company & its taxation advantages

I've often read opinions about taxation advantages of converting a personal business to a company but a point which confuses me is wouldn't the lower corporate tax rate be offset by the income tax ...
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2answers
37 views

IT Contractor Working for UK Client

How does an IT contractor provide consulting services from India to a UK Client? Do we need to open a IT Services Private Limited Company in India or are there other options, also helpful on how much ...
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1answer
38 views

Paying taxes as a non-immigrant that will leave for 6+ months?

I'm in the US on an H1B visa (I'm a citizen of Serbia) and plan on leaving the US for the next 6 months (maybe longer). If I stay in Serbia during that time, work for a UK company (that doesn't take ...
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1answer
30 views

Taxation of foreign capital gains for Indian residents

How are capital gains on specifically foreign stocks taxed in India for Indian residents? Are they added to income and taxed at ordinary tax rates? If yes, can capital losses be deducted from ordinary ...
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0answers
21 views

LLC in Wyoming as a holding company for a UK based company

What would be the tax obligations of the following structure. Opening a non resident (not a citizen of the US) LLC in Wyoming and this company being the main entity in a UK based LTD company. All ...
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1answer
36 views

Personal income tax and new company

For someone living in the US who owes personal federal income tax. Is it possible to open a new company in such a way to protect the company/financials from personal taxes owed?
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4answers
2k views

Understand 401k contribution

I decided to add 5% in the 401k from this month and thought it will reduce my tax income but I don't see the much difference in Tax. Can someone help me understand that. My FITW Tax reduced from $459....
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0answers
11 views

J1-Trainee California Tax Residency status

I am a Russian citizen and at the end of 2019 I came to California for a traineeship. I have income in both Russia and the United States (California). From the point of view of US federal tax law, I'm ...
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2answers
73 views

Is property tax assessed on real estate transaction fees as well (California)?

In California seller usually factors in many of the fees in the listing price, such as the seller and buyer agent fees. To best of my understanding these fees can amount to around 3% for each agent. ...
3
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1answer
1k views

Taxation of foreign currency arbitrage

I live near the border with Mexico have found a way to make some money trading currencies when I go over for the afternoon. Basically, I can withdraw money in pesos at an atm machine from a checking ...
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1answer
52 views

How to determine the tax withhold for remote work?

I am a student of state A (resident) and my apartment lease in state A ended at the end of May. Then I went to my wife's state B during the summer. Also, I worked remotely for a company located in ...
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0answers
26 views

When do I need to make a tax payment on money I receive once a year as a member of an LLC?

I will receive a one time distribution from an LLC that I am a member of in July, 2020. When and how do I need to pay taxes on this money? I don't receive any other income from the LLC throughout the ...
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2answers
29 views

Wash sale and Options?

I'm confused on what it means to for security to be substantially equal? For example say I buy a call and then sell it for a loss before expiration. If I buy another call in the same underlying at a ...
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1answer
42 views

Should I file two Schedule C when I hire employees?

According to the IRS, sole proprietor must apply for EIN the moment he hires first employee and must use this EIN for tax purposes. How Schedule C(s) should be filed if first employee is hired on June ...
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0answers
24 views

Is the 83(b) election deadline inclusive of the start date?

In 2014 I early exercised 10,000 unvested options and filed an 83(b) with the IRS. The stock from the exercise transferred on January 1st, 2014. I called the IRS and confirmed they have the 83(b) on ...
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0answers
15 views

Estate Tax - K-1 form

I received a K-1 after filing my taxes. It is for a family trust final K-1. Line 4a had an amount of 2,580 and line 12 A - $269 & J -$269, Line 14 A $64 To amend my return what amount is used ...
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3answers
3k views

Can donations to Canadian charities be claimed on US taxes?

This seems like it would be easily Google-able, but because I am located in Canada, all results are along the lines of "how to claim a US donation on your canadian taxes". My question is, if someone ...
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1answer
42 views

What are Spanish Compliant Bonds

I'm investigating about the 'Spanish Compliant Bonds', an investment product that is tax-friendly for Spanish tax residents. The most detailed report I have found about them is here. Still, I don't ...
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2answers
15k views

How can I avoid being fined or penalized because my accountant might have failed to file my taxes on time?

I decided to use a CPA because my tax situation got complicated this year. I have attempted to contact my accountant several times and cannot get a response from him at all. It is now after the ...
2
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1answer
192 views

Is it usual for a payer's CPA to ask (demand) that I verify amounts on the 1099 he just issued me?

I do $4000 to $5000 worth of consulting work annually for a small 503(c) non-profit. They sent me my yearly 1099-MISC last week. A few days after I received it, the CPA that handles their books ...
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0answers
54 views

What is the penalty, if any, for mistakenly paying US federal taxes as US tax resident instead of a non-US tax resident?

Determining the US tax residency can be slightly tricky and as a result I wonder what the penalty is, if any, for mistakenly paying US federal taxes as US tax resident instead of a non-US tax resident....
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1answer
49 views

Declaring partnerships or companies abroad in the US

As a tax resident of the US, if I plan to start a company with a relative (Aunt, Parent, Sibling, Cousin) in a foreign country with informal funds that we manage in the family (for ex: by pooling ...
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5answers
4k views

Is the money that you get back from deposits or rebates taxable?

Please help me understand if the following two items are taxable or if they should be included at all on the tax report: Rent deposit. A few years ago, when I moved in my previous apartment I put a ...
2
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0answers
27 views

Tax taking out pension exceptional circumstances (UK)

I used to live overseas where I had a private pension pot. Due to covid19 exceptional circumstamnces, the country has allowed to take out 25% which I've just received in my UK bank account. How this ...
2
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0answers
33 views

529 withdrawal tax implications

I have a 529 account in Michigan for my children. It is tax free on withdrawals for higher education cost. I recently moved into another state, so I am still debating whether I should keep the ...
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0answers
33 views

Can I deduct anything from my Taxes if I send money back home for my educational loan?

For the tax year, I was on an F-1 visa. I routinely send money back home to India for my educational loan/ family purposes. Can I deduct this from my taxes?
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2answers
62 views

Are shareholders and tax collectors shown the same financial statements?

Companies publish annual financial statements directed at shareholders. Are these financial statements the same as those given to the tax collector? Do companies report the same profits to their ...

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