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.
5,481
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Buy and sell the same put option contract between taxable account and Roth IRA?
What are the consequences (tax and otherwise) of simultaneously buying a put option contract long in a taxable brokerage account and selling the same (cash-secured) put contract short in my Roth IRA?
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Does the idea of undistributed profits tax exist in HK and Singapore?
I tried to search but couldn't find anything similar, all the links were for the USA.
Does the idea of undistributed earnings tax (for Personal Holding Company) exist in Hong-Kong and Singapore?
...
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1
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114
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Is it a good idea? A company to "buffer" income to be withdrawn in the future
Before talking to a tax advisor, I'd like your inputs and your experience.
This is very important:
I'm a permanent resident in Japan, French-citizen
My marginal rate is high, I'd pay 50+% on any ...
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1
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154
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Can I claim the tax back from my lawyer's fee?
I received a settlement from a car accident of 285000.
I have a personal GST number, so can I claim the tax from my lawyer's 30% fee which seems high?
I haven't worked since this accident in 2012. I ...
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1
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104
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Keeping personal and business finances separate, tax-wise, in two different countries inside Britain?
I live in Scotland and am about to start a very small business that will print books and sell them using Amazon as a dropshipper. The business will take the form of a company registered in England and ...
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1
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Form 8843 - Statement for Exempt Individuals - Do I need to complete a closer connection form?
I am a Canadian citizen that has studied and worked in the US over the past 5 years. I am unsure how to complete Part III Questions 11 and 12 on the Form 8843.
I was on an F1 from Aug 2010 - May ...
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Split App Revenue 50/50 Google Play
I have a single member LLC and a friend and I are developing an app together. We will put the app on the Google Play store and we want to split the money 50/50.
I'm wondering what the best way to do ...
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1
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Can an individual in Britain sell through Amazon with no government registration (see details) other than their National Insurance number?
If you are an individual – not a one-person company, not a partnership, not an HMRC-registered sole trader, not self-employed, not VAT-registered – and you want to register in Britain with Amazon as a ...
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1
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529 distribution pro-rata with multiple accounts
With multiple Roth IRA accounts, distribution ordering rules treat all accounts as one. Does this rule generally also apply to 529 accounts?
That is, if I am the owner on multiple 529 accounts, are ...
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1
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341
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Income Tax rebate on Housing Loan on rental property and HRA rebate?
I had purchased an under construction Flat with loan of 30 lacs in Indirapuram, Ghaziabad in Year 2011 for which I got possession in June,2015.
I am staying on rent in East Delhi and claiming HRA ...
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Reduce income to get tax credits by making IRA contributions or "fill up the bucket"?
Let's assume my wife and I have $10K in free cash. We are in the 12% bracket, married filing jointly.
Here are the options we are looking at, and we are trying to figure out which one makes more sense ...
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Tax treatment for India (stay over 182 days)/Hong Kong salary income in a single year
What is the tax treatment for salary earned in India (stayed over 182 days) and Hong Kong? Hong Kong tax rules provide for some standard deduction before computing net chargeable income.
What is the ...
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2
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Contractors IR 35 tax burden: is it less than people thought?
With the introduction of the new IR35 legislation in UK, many contractors caught inside IR35 are going to pay more taxes.
The most popular tool for the calculation of the tax burden among ...
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59
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In a divorce is there a benefit to selling stocks?
During a divorce when splitting up an account holding stocks is it better to sell all stocks and split the proceeds or to split the stocks? My husband sold all the stocks in the account which caused a ...
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If the highest federal tax rate is 33% and the highest provincial tax rate is 25.75%. why is the marginal tax rate 53% rather than 58.75% (Quebec)?
If I understand correctly, the total tax is basically the sum of federal taxes and provincial taxes, so for Quebec this should give a marginal tax rate of 58.75% (33% federal and 25.75% provincial). ...
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1
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German employee with stock options for a NASDAQ-listed company: eligible for Tax Treaty Benefits?
I am a German employee (German citizenship, living and working in Germany, no connections to the US) of a NASDAQ-listed company and have received stock options (more exactly RSUs, Restricted Stock ...
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1
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67
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transferring amount between saving and NRO
I want to transfer some amount from my mom saving account to my NRO account to pay my utility bills. I am managing my mother's account as she lives with me overseas. Will this amount will be taxable?
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2
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104
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Where should I report HSA contributions from insurance (not me or my employer)
I make regular contributions to my HSA through my employer payroll, which is reported in my W2 at the end of the year. I also occasionally make contributions from my bank account up to the annual max, ...
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How can I retrieve money from my company being resident in a different country?
Let's say I own a Limited company in Hong-Kong and I'm also an employee of different company abroad (outside HK).
My HK company will pay the profit tax (~8% on first 2 million HKD) every year.
How can ...
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398
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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 ...
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1
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334
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In the UK, if I pay tax on both PAYE and Self-Assessment, where will my savings interest be taxed?
Like a lot of people in the UK fortunate enough to have savings, the higher interest rates mean that I will be getting more than the £1000 tax-free allowance on savings interest. Unlike a lot of ...
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Can buying mortgage points reduce a rate below the applicable federal rate?
And if that is possible how does this prevent the bank from avoiding paying imputed interest. Additionally could points be purchased to bring a rate to zero or a negative number?
- 165k
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1
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Can a prior-year deposit be included in a current-year tax credit?
I'm hoping to replace some older windows with energy-efficient ones. The new windows would qualify for the Energy Efficient Home Improvement Credit. The concern I have is timing: the company I'm ...
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1
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If I forfeited my entire dependent care FSA, can I claim dependent care credit?
I missed the deadline to claim my dependent care FSA for a previous year.
Since the entire FSA amount was forfeited, can I claim dependent care credit instead for that year ?
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Wash Sales for Non-US Citizens
I am an Indian citizen residing in India. I will be opening a cash account through IBKR and day trade in the US markets(cash only, no margin). Will the wash sales law be applicable in my case, even ...
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1
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133
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1099 MISC for elder care? She isn't required to file a return
If I received income from an elderly relative for elder care yet she does not file a tax return is it possible to obtain a 1099-MISC for that income I earned?
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How to handle US financial accounts after leaving?
I moved out of USA in Oct 2023 after living there for 8 years as a temporary worker. I am not working in USA anymore (physically or remotely). I have the following accounts:
Robinhood brokerage: ...
- 165k
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2
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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 ...
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How would investing in fractional real estate affect my tax situation? If I invest in properties in multiple states, do I need to file tax in each?
Based on our personal experience, we've had to file separate state taxes while managing rental properties from out of state. I'm curious whether the same situation applies if we invest in REITs or ...
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1
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I inherited a Roth IRA less than 5 years after a conversion, can I wait then take qualified distributions?
I inherited a Roth IRA from a parent. I am a designated beneficiary but not an eligible designated beneficiary.
IRS Publication 590-B for 2022, Distributions that aren't qualified distributions, ...
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0
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Does Dependent Care FSA/DCAP have an income phaseout?
In the past, dependent care expenses could be deducted through either a Dependent Care FSA/DCAP (an employer program) or a Dependent Care Tax Credit (aka Form 2441). On the surface, they seem like two ...
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52
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Delay Self Assessment Return
I am a international student holding a residence visa.
A month ago, I began my degree program, and I have some income from a non-ISA savings account. I recently noticed that the deadline for filing my ...
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2
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How are various types of income taxed differently in the USA?
From Dilip's reply
when you make a withdrawal from your Traditional IRA, no matter which
of your various IRA accounts you take the money from, part of the
money is deemed to be taken from the ...
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1
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Can closing a covered call and opening a new covered call trigger a wash sale?
In Jan 2019, I bought 200 QQQ (ETF) at about $160 and also wrote two covered calls for June 2019 at 170 (higher than the last day price) netting a small premium. Now QQQ is at about 185 so it will be ...
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2
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Disclaiming part of an Inheritance
Say a relative passes and leaves all of his money to two of his three children.
His original will split the estate evenly among his three kids but before he passed he had several strokes, and in a fit ...
- 136k
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1
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In the US, are taxes collected upon lien claims?
I watched an instagram video that got me very curious about this possible tax evasion method. (Link at the end)
Say I own shares of a company, which I bought for an insignificant amount compared to ...
- 165k
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0
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Why is the UK Corporation tax payment deadline before the company tax return filing deadline?
I've returned to contracting (as a software engineer) after 8 years of full time employment and am now working through my own LTD company.
I mistakenly thought - as is the case with self assessment - ...
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Filing a UK Company Tax return for 22/23- is it possible to bring back a trading loss from 23/24?
Whilst filing my UK company tax return for the financial year covering 22/23 in the section 'Trading losses', under 'Bring back a loss from a later period' is states the following:
You can only bring ...
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Exercised stock options, the company was bought/merged after several years, my stock was sold - what are my tax implications?
I bought the options I had vested in the Company upon leaving (United States). After several years the Company was bought/merged into another, and my stock was paid out.
From my understanding:
The ...
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Understanding S-Corp election timeline
I started a business on February 2nd of 2023, and my Tax Year will be 1st January, 2023 to 31st December, 2023, and the business tax filing deadline will be 15th April, 2024. Will I be in compliance ...
- 165k
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Who should I ask for help with nasty tax problems?
I have some nasty tax problems caused by my Certified Public Accountant (CPA; who I have fired) and my own lack of oversight. I think I need to file a 1040-X and go over thousands of transactions from ...
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1
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219
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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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How to decrease AGI below $300K for EV tax credit?
My total 2023 household income before tax or any deductions will be $321,000. If we both max out our 401(K) and HSA, can we bring our AGI below $300,000? I plan on buying a Tesla, and for me it makes ...
- 69.1k
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1
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61
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Should I form a General Partnership? [US-CA]
A friend and I are planning on going into business together in California. We plan to purchase $20k worth of parts to build a computer to rent out on vast.ai. We project that our revenue will be $2500 ...
- 31.7k
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2
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103
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Can a company with a non-citizen/not green card holder board member taxed as an S-Corp?
If a company has 2 or 3 shareholders, and one of them is neither a US citizen nor green card holder, is it possible for this company to be considered as a S-Corp in the tax season?
Or at least citizen/...
- 130k
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2
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67
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Can a LLC company with citizen(s)/resident(s) of the US and non-citizen/non-resident board members be filed for tax as a S-Corp?
If there is a startup consists of citizen/resident and international(non-citizen/non-resident) students in the US who they want to create a company and get funding from investors, can they using S-...
- 165k
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2
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112
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Can you choose to pay tax twice under a double-taxation agreement?
I'm finding myself in a very unusual situation where I want to opt to claim tax residency in both Portugal and the UK, while there is a double-taxation treaty in place.
I want to stay in the UK for ...
- 33.1k
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1
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114
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Tax liability for non-US person living outside of the US for US-source income
My situation is as follows:
In 2017 I've received an ~$18k income from US sources while living in Ireland (also I'm not a US citizen and was not a US resident at that time).
I have moved to US since (...
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UK global consultant, living and working in different EU countries
I am due to move to Barcelona after living in Paris for 3 years, as property is cheaper there, but still close to international airport, which is ideal for my work.
I now find myself in a situation ...
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1
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700
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Wash Sale - Selling RSU Shares Before Another RSU Vest
I currently have RSUs that vested three months ago where the the current market price is lower than the value of the stock when I acquired it. I'd like to sell these RSUs (at a loss of about -$5,000) ...
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