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.
4,629
questions
4
votes
2answers
51 views
Adult Entertainment Taxes; Independent Contractor, SMLLC, LLC, S-corp, etc?
I've been dancing for a few years. I've been filing taxes as an independent contractor. I do not receive any 1099s. All my earnings are cash, received that day. I pay a house fee (rent for being ...
2
votes
0answers
29 views
Passing a property from parent to (adult) child in Australia (NSW)
My father is retiring and would like to pass on the family home to my sister and me. We are both adults now and do not live in the home. I should also so mention, we are based in Sydney, Australia.
...
8
votes
5answers
2k views
UK - Can I buy things for myself through my company?
this is a UK-based question.
I understand that there are certain purchases that you can make using the revenue of your limited liability company, and this is beneficial as you are using money that has ...
2
votes
1answer
28 views
IRS sale of main home form entry notation
In the instructions for IRS Form 8949, it lists out a table of codes that you can put on the form. For the main home sale exclusion, the code is "H". It further explains:
"Report the ...
0
votes
1answer
35 views
Option trader with wash sales at the end of the year
I day trade options and I understand that wash sales at the end of the year can really screw you.
I have not traded any position in 2021 that I traded in the last 40 days of 2020 in either my day ...
-1
votes
0answers
21 views
How does FEIE work when it comes to state tax?
I am from Illinois, but I will move out of the USA at the end of January 2021. I will remain out for the whole year.
Do I owe any state taxes to Illinois?
1
vote
2answers
23 views
Is the FEIE tax reduction, based on Physical Presence Test, prorated based on how many days you were outside of the country in the year?
Let's suppose that I am out of the USA from January 1st 2020 to December 31st 2020 for 335 days of the year.
So I do qualify, but instead of the full ~100k reduction, would I only get (335/365) * 100k ...
2
votes
0answers
22 views
Why is the second lowest cost silver plan (SLCSP) premium reported as $0 when no advance premium tax credit (APTC) was taken?
In the instructions for Form 8962 (Premium Tax Credit), it says:
If no APTC was paid for your coverage, Form 1095-A, Part III, column B, may be wrong or blank or may report your applicable SLCSP ...
3
votes
3answers
121 views
How do you pay other countries' sales taxes when selling internationally?
All OECD countries have a broadly based consumption tax of varying rates:
They go under different names, for example, in Australia it's the 'Goods and Services Tax (GST)', and in Denmark it's the '...
1
vote
1answer
64 views
Eligibility for stimulus payments
In 2020 I became a resident for tax purposes via the substantial presence test. I also got married in 2020. My wife is from Canada, moved to the US mid to late 2020, but has not yet passed the ...
1
vote
3answers
76 views
Wash Sale Question
It's Jan 1st and I buy 1 share of XYZ for $10.
Jan 2nd I sell it for $9.
Jan 3rd I buy it back for $9.
Jan 4th I sell it for $8.
Final loss: -$2
I understand this is a wash sale. But in my year end ...
2
votes
1answer
36 views
How broadly are qualified expenses defined for the Lifetime Learning Tax Credit?
The IRS allows 20% of up to $10,000 of "qualified education expenses" to be applied to one's tax bill via the Lifetime Learning Credit (LLC). I've been searching for more information ...
2
votes
0answers
30 views
Foreign earned income exclusion for PhD student income
I am a US citizen. I live abroad and am enrolled in a PhD program at a foreign university, for which I receive ~20kUSD/year.
I will refer to the money received from the university non-specifically as ...
-1
votes
2answers
62 views
Options trading and wash rule
For example, I buy a PUT option on TSLA for 3000 dollars and realize it's not working and sell it to close for 2000 dollars. Thus I have lost 1000 dollars on this transaction.
Within thirty days of ...
1
vote
1answer
45 views
Employee health insurance before vs after tax deduction
The employee insurance I am being offered gives a choice deduction being taken out before or after tax. Which of these choices would result in overall more money saved?
Cost of insurance is ~ $60 a ...
0
votes
1answer
33 views
What should I do if my Dependent Care FSA amounts are inconsistent?
Box 10 (for dependent care FSA) shows $4423. I elected, contributed, and was reimbursed 5000 according to the benefit provider, but only actually had 4423 withheld according to the payroll provider. ...
8
votes
1answer
87 views
Should I Charge Customers VAT Before Receiving My VAT Number?
I am very close to surpassing the VAT threshold. I’ve currently taken £80,525, and my next payment is due on Thursday.
I told my client that I will have to charge them VAT on the next payment, which ...
0
votes
0answers
12 views
What forms for filing a federal annual tax return for privately-owned companies in the United States? [closed]
What's a list of forms for filing federal tax returns in the United States of America for a private company?
5
votes
0answers
83 views
What taxes does an Eritrean-American-Canadian citizen Canadian resident pay first?
I am a Canadian born to an American-born Canadian father and an Eritrean mother. We live in Canada, where I was born. I am a citizen of all three countries mentioned.
Because of insane laws, I am ...
1
vote
1answer
63 views
About to inherit assets located in Italy as a UK resident. Any tax liabilities, and if so, where?
I live, work, and pay my taxes in the UK.
Sadly, my mother recently died. I am about to inherit some of her assets, which are all located in Italy, where she lived. I'll be inheriting a 25% share of ...
1
vote
1answer
34 views
I need help with ITIN
I would appreciate you help with my question.
I opened a DBA in Texas for my rental property a year ag. The DBA is coming without any identification number, what's mean that I can't pay my tax return.
...
1
vote
1answer
37 views
Question on form 1042-S
Some context
I'm not an US citizen, but since December 2020 I'm selling some ebooks on Amazon.com.
In December 2020 I had some sales, and from what I understood, I should be getting a payment in late ...
2
votes
2answers
42 views
Which Tax Year for Return of Excess Roth Contributions?
In January of 2020, I fully funded my and my wife's Roth ($6,000 and $7000 respectively). Little did I know back then, that I'd get a sizable bonus at the end of the year, which put me over the ...
0
votes
1answer
38 views
H4 Visa Spouse Tax Filing
I’m Resident alien on H1B visa, got married in Jan 2019.
My wife visited USA in 2019, she stayed for 133 days in USA for
2019 year and in November 2019 she returned back to home country.
In 2020 year ...
1
vote
2answers
110 views
My disabled brother as dependent
My brother was disabled and i claimed him on my 2019 taxes. If i amend my taxes and take him off, can he receive the stimulus to help out the family? If he's not a dependent in 2020, and files his own ...
0
votes
0answers
20 views
Please help me determine my SEP IRA Contribution
I'm the sole owner of an S-Corp in California. I'm an employee of the company. I need help please determining how much my company should contribution to my SEP IRA for 2020. Because of the pandemic ...
2
votes
0answers
23 views
How to calculate depreciation and tax burden
I am having some issues figuring out to calculate how depreciation affects my tax for a rental property. I have an example below. Is it correctly calculated correctly?
Example:
Purchase price: $1,...
0
votes
0answers
13 views
how to record my business tangible personal property tax bill . should it be an expense or should it be to my drawing account
I have a LLC business. I received a bill for Tangible personal property(taxes on business equipment). Should I record this payment as an expense for my business or should I record the payment to my ...
4
votes
1answer
68 views
Do I need to pay tax or declare money my parents send me from abroad?
I'm EU national, I've been living in UK for the past 10 years, I'm a permanent resident here, working full time. My parents live abroad, they've never lived in UK and they will never move here. They'...
2
votes
1answer
54 views
Setting up a LLC in Wyoming as a non-resident to invest in stocks
I would like to open a LLC in the US in order to have access to some online brokers, like Interactive Brokers and Robinhood. I understand I will need to file an annual report with the state (Wyoming ...
4
votes
0answers
48 views
When is the latest that I can move out of the US to qualify for FEIE based on physical presence test
As I understand it, to qualify for the physical presence test, the last date that you can use is the date you file your tax return.
So suppose that I will file my tax returns on April 1st 2022.
Does ...
1
vote
0answers
21 views
how to transfer ownership of private illiquid shares and what is cost basis?
I own a few shares of a private firm. The shares are registered at Carta, but trading is not allowed.
How can I transfer the ownership to my son so that the cost basis would be the price I bought them ...
31
votes
1answer
4k views
When I sell only a portion of my shares of a stock, which shares actually get sold
Two years ago, I bought 100 shares of XYZ.
Yesterday, I bought another 100 shares of XYZ.
Today, I sold 100 shares of XYZ.
Which 100 shares did I actually sell? If it were the 100 shares from 2 ...
6
votes
0answers
47 views
Tax exclusion for American Expats
I am an American Citizen.
I work remotely for a company based in the US.
Working remotely means that I can live wherever I want.
If I move to a foreign country and live full-time there and ...
0
votes
1answer
80 views
How much money can be gifted tax-free as “étrennes” (~Christmas/NY/BD gift)?
The French tax authorities allow parents to give some money tax-free to their children around some special dates, such as Christmas, new year eve, the child's birthday or the child's success at some ...
1
vote
2answers
44 views
Do ETFs issue their own 1099 forms?
I, this year, traded some ETFs that track US stock market indices; like SPY, QQQ, DIA. Do these ETFs issue their own 1099 forms for reporting Gains/Losses, or are those ETF transactions just reported ...
1
vote
0answers
37 views
Which country is better to start a business, UK or Germany? [closed]
I am looking to create an online shop in Europe that sells different things from safron to handicrafts. I think UK and Germany have more relations and business opertunitis for doing this but I am not ...
2
votes
0answers
81 views
Living with a zero-income partner, what offers the best Tax considerations?
If I am living with a partner, currently unmarried, who cannot work what would yield the best tax situation in the US:
Marrying them and filing as Married - Joint Filing with just the one income to ...
1
vote
1answer
56 views
How to contribute to HSA with after-tax income and regain taxes paid?
The payroll department screwed up at my company and didn't withdraw the final HSA contribution from my check for the purpose of depositing it into my HSA account. Their solution: just deposit into ...
2
votes
2answers
82 views
Hardly making money do I need to pay capital gains tax [closed]
I'm a college student and I've made around 5k in the past 3 months trading. Do I even need to pay capital gains tax? I don't know anything about taxes
5
votes
4answers
656 views
Closing stock position on Dec 30
When closing a stock position on Dec 30, 2020, with T+2 settlement, is the P&L booked for 2020 or 2021? TIA.
2
votes
1answer
22 views
Gifting Stocks to a dual citizens of Canada and US
I am a US citizen thinking of gifting stocks valued at $15K to a niece who has a dual citizenship of US and Canada. What are the tax implications for her as a residence of Canada.
-1
votes
0answers
71 views
Should I sell cryptocurrency towards the year end?
I live in USA. I had a loss of X amount of money a few years back in Cryptocurrencies. From that year on, I am seeing some Y amount of capital loss carryover in my yearly returns. I haven't done any ...
2
votes
1answer
73 views
Checking one's status with the IRS
I'm not American. I was a resident alien and worked legally for 9 weeks in the US a few years ago. I received a US SSN. The job turned bad and I went back to Canada.
I never filled a US tax form, but ...
0
votes
3answers
62 views
What tax benefits do people gain from donating to 501(c)(3)s?
Isn't the tax system progressive, so that your first (rough numbers from memory most likely inaccurate) say, $12000 gets taxed at X%, while your next, say, $8000 gets taxed at Y% (Y>X), and your ...
0
votes
0answers
40 views
How do I write a letter to HMRC claiming higher rate tax relief?
I understand I can write to HMRC to get tax relief on my pension contributions instead of waiting to do a tax return.
Would this letter do the trick? and what address to I sent it to?
Date: [Current ...
4
votes
2answers
94 views
Tax Return: How to account for money that was paid to you in a year (e.g., 2020) and that you paid back next year (e.g., 2021) in your tax return?
I was paid $1,000 by company X as part of a contract in 2020. I am deciding to cancel the contract and have to pay back $1,000. What happens if I pay back this amount in 2021? The company will issue ...
33
votes
12answers
9k views
Case against home ownership? High income, no home, don't necessarily want one
All numbers are in USD and my tax situation pertains to US taxes.
I am at a crossroads and am seeking help. I am a single man who has always made a good living and generally enjoy my life as I please. ...
3
votes
0answers
79 views
What are the tax implications for my family if someone from China deposits $50k into their account and they transfer to my U.S. account
I have a Chinese wife and we live in China.
She inherited a house and money and we are moving to the United States. We have started transferring large amounts into my personal account in America with ...
1
vote
1answer
35 views
Which type of organization should I choose to register in Germany to minify taxes for a non-profit software products
I'm (being a resident of Germany) going to introduce a software foundation - keep in mind though that I'm using term "software foundation" in a non-legal sense; and actually the goal of this ...
