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.
4,017
questions
1
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1answer
37 views
Are wash sales calculated by my broker?
For taxes, do I need to calculate wash sales myself, or are they typically reflected on the tax documents I will be sent by my broker?
1
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2answers
37 views
Income tax on paypal ( Australia )
I had some money in a foreign PayPal account which I earned before coming to Australia.
Later, I moved to Australia in July 2019 as an international student. And in order to withdraw the money to my ...
2
votes
1answer
21 views
Tax Exemption on Foreign Currency Income in India
If a salaried person in India also makes 20,000 USD (in the entire financial year) from affiliate marketing and freelancing with US clients, would those 20,000 USD have any tax exemption in India?
...
0
votes
1answer
98 views
maximum solo 401K contribution
My net profit from a freelancer job is $2656. The IRS "self-employment estimated worksheet" calculated that my SE tax is $375.27, and "Deduction worksheet" calculated that after SE tax deduction, my ...
1
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0answers
15 views
Service export through another service provider [closed]
If a person of one country provides services to another country using company outside the county of his residence should he pay income tax to the customer's country?
0
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0answers
20 views
As an Indian what are my tax liablities if I sell an In App Purchase for Android to any other country [duplicate]
If I use Google's In App Purchase Service to render them in Austrailia ,what are my tax liablities to USA Austrailia India including income tax and indirect tax or other direct tax if neccessary?...
1
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2answers
45 views
Accidental HSA Contribution to Previous Year
Never previously being eligible for an HSA, I switched to a new health care plan with an HSA effective at the start of 2019. I made a couple of contributions at the beginning of the year. Some time ...
0
votes
1answer
35 views
What other variables affect optimal contributions to RRSP now?
I already maxed my TFSA. I can't have and don't want kids. I want to create an Excel spread-sheet to work backwards to determine the optimal RRSP contributions now that'll minimize taxes when I start ...
0
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3answers
86 views
International Income Tax
Can a citizen of one country be charged income-tax by another country even if he/she has never resided in that other country based on income sourced through customers of that country?
0
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1answer
21 views
How to calculate tax liability for stock purchased through ESPP and then sold?
I'm going to be receiving some stock that I purchased through my Employee Stock Purchase Plan (ESPP) soon and I'm wondering how I would go about determining how much I would owe for taxes if I sold ...
-6
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0answers
116 views
IRS Little Known Secret [closed]
I recently had read about contributing I believe it to be $8,000 in salary deferrals which would trigger an additional tax break for that years taxes, any idea as to this?
2
votes
1answer
201 views
I plan to cash out my entire 401k within 2 years, should I maximize my contributions or should I minimize them and invest in money market/index funds?
I have a serious medical issue that makes collecting my 401k benefit a near impossibility. I have about 20k saved up in my 401k and we’ll call it $60k in the market mostly in index funds/ETFs. I ...
24
votes
11answers
15k views
How to pay less tax on a high salary?
I'm working as a software engineer in the Bay Area.
I file my taxes as "Single" and because of the high salary, I fall into the 32% bracket. Some of my salary goes into a 401(k).
What are some ways ...
1
vote
1answer
66 views
When businesses contract to other businesses, do they have to issue 1099s?
I run a small US-based LLC and am working with a client (another US-based LLC) who is about contract & pay our company around $300,000 for a software development project.
The company we're ...
1
vote
2answers
86 views
Paying Taxes for One-Time Contract Work
I completed a one-time technical writing project which paid me $250. I don't plan on doing more contract work this year and was wondering how I need to report and pay taxes for this income? Do I need ...
2
votes
4answers
216 views
What's the official reasoning behind “stepped-up basis” when selling inherited property?
Note: "official" here means "on-paper". Meaning: I'm not asking what's the true reason this stepped-up basis calculation exists, but rather how it's justified on paper. This is to prevent this from ...
0
votes
2answers
92 views
Taxes on 401k withdrawal
I’m a bit confused why my dad had so much in fees withheld when he pulled some money out of his 401k. He is 67 and his 401k is through ADP. He wanted to withdraw 5k dollars. We did all the paper work ...
4
votes
1answer
79 views
Can I deduct donations in full that no Gift Aid was claimed on
If I make a donation to a registered charity but they do not claim Gift Aid for it, can I deduct the full donation amount from my UK taxes?
Background: I do not like the 3% fees that are incurred by ...
0
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0answers
57 views
What does “your tax cost” mean in the context of inheriting wealth from a spouse?
Tax Planning for You and Your Family 2019 by KPMG. p 244.
16.2.6 Death of a partner
When an active or retired partner dies, the partner is subject to the tax rules that generally apply on ...
1
vote
0answers
50 views
If I accept payment through my spouse's paypal who gets taxed?
I have a few compound questions, some of which may border legal SE. So please feel free to defer areas that you feel are in the other category.
I have been spending time learning photography and ...
-1
votes
0answers
35 views
In Canada, can charitable donations never increase your after-tax income?
Note that charitable donations never increase your income-after-tax.
I want double-check this. I use a gray horizontal line for every separate Reddit thread. They probably didn't write with Ontarian ...
3
votes
0answers
61 views
Why a W9 is needed for firstinspires Kids Robotics
Some kids(including mine) are doing LEGO competition and for that they received $500 ( yet to actually receive) from a corporation for their expenses( about $3K) pooled between them.
To get this $...
0
votes
0answers
19 views
offshore vendors expense
I recently opened my single person LLC and just got my first contract to work on.
Part of the work will be outsourced to an offshore vendor (type Pvt. Limited similar to LLC in the US). The vendor ...
0
votes
1answer
59 views
How does depreciation deduction work in mortgages?
Home investors are said to be concerned that the depreciation deductions exceed mortgage amortization. This is because the depreciation remains flat but the amount of amortization rises, albeit slowly,...
1
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1answer
21 views
Where to put Canadian-listed ETF that holds a US-listed ETF of US stocks?
Assume I have just three unused accounts – RRSP ($90 000), TFSA ($63 500 in 2019), and non-registered investment account. I'm Ontarian. I use another example like XUU. Where to put it first?
I ...
0
votes
0answers
16 views
Why don't ETF providers calculate and report Level 1 and 2 Foreign With-holding Taxes on their sites?
As example, I'm comparing.VEE 0.24% MER, XEC 0.26% MER, and ZEM 0.27%. Why don't Vanguard, IShares, BMO just publish Level 1 and 2 Foreign With-holding Tax on their sites?
Calculating Level 1 and 2 ...
0
votes
0answers
14 views
In a taxed account, why inimical for capital losses to offset high-than-market distributions?
aughhhhh comments on Efficiently Allocating ETFs to RRSP, TFSA, and a Non-Registered Account?
First ask why you want to own bonds. Probably because you want their damping effect during a stock ...
3
votes
2answers
176 views
Question about plausibility of an iffy financial transaction in a crime novel
This is a question about a financial transaction in a novel.
At the denouement of the book, An elderly, naive, innocent, middle-class couple who have been bilked by a loan racket run by extremely ...
2
votes
0answers
41 views
What are the tax implications of a US account for a non-resident?
I've successfully opened a US checking bank account with Chase with my H1B-visa passport, listing the address of a friend of mine who is a national as my residence address. I've been wondering if ...
0
votes
1answer
62 views
What is the advantage of creating a new basis for a valuable asset during an inheritance?
I understand that when a person dies and leaves an asset as a bequest, then a new cost basis is established for the asset. This can possibly be advantageous for taxes, but I don't see exactly how.
...
2
votes
1answer
174 views
Should my wife start working in December or in January
My wife got a job offer and we need to decide if tax-wise it's better for her to start in December 2019 or January 2020. Does her status of being employed or unemployed as of December 31st affect ...
14
votes
3answers
6k views
Transferring $ from LLC to Personal account
So I have done some searching here but have not found a question that summarizes my specific position, so I decided to ask it here. I apologize if it has indeed been asked before. Just point me in the ...
1
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0answers
101 views
How much tax does a French taxpayer have to pay for donations received via crowdfunding platforms (e.g., GoFundMe)
How much tax does a French taxpayer have to pay for donations received via crowdfunding platforms (e.g., GoFundMe (mirror))?
0
votes
1answer
71 views
lowest tax bracket vs “Tax table” in United States
It is commonly assumed that there are a handful of tax brackets in the United States. For example, when filing as Single, up to a taxable income of 9,700, one is supposedly in the 10% tax bracket. ...
7
votes
3answers
560 views
What is a deductible?
New grad just out of college and working at a job that is asking me how much I want to contribute to my HSA.
My medical plan deductible is $3,000 and I am a single filer (when it comes to tax) so I ...
2
votes
2answers
43 views
Is the UK ISA's tax relief applied to ETFs that hold stocks of non British companies?
Is the ISA's tax relief applied to ETFs like VUSA (S&P 500 index tracker), which holds stocks of countries other than the UK?
1
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0answers
45 views
Covered Call With Stock At Loss
I bought shares of Macy's at $29. The stock is now $16 and I'm thinking of exiting the position and taking the loss.
I was thinking of writing 25 Nov 15th $16.50 covered calls at 11 cents. I'd ...
1
vote
1answer
64 views
“Mandatory Reorg Fee” tax deductible?
I was charged a $38 "Mandatory Reorganization Fee" by ETrade when a stock had a reverse split. Is this tax deductible? If not, do I add it to my tax basis?
17
votes
1answer
3k views
What is the relationship between taxes and annual liquidation of the markets? [closed]
I read this article on MarketWatch where they outline Elizabeth Warren's plan to tax the wealthy:
2% tax on every dollar above $50 million in assets
6% tax on households crossing the $1 billion ...
1
vote
2answers
194 views
Will I pay taxes twice if I move from eTrade to another platform?
I have vested shares at the company I work at. Somewhere around $40k worth, in an eTrade account. I've paid due taxes through share withholding, but have not sold yet because I believe in the company ...
2
votes
1answer
106 views
HSA and tax free investing
The below is a quote from another HSA question's comment:
I agree. To your point the best course of action would be to max out
your HSA contributions, not distribute them even if you can, invest
...
1
vote
0answers
25 views
I bought a car from a person who is licensed as a dealer and now they are asking me to pay tax days after the purchase [migrated]
I bought a salvaged car from a person with a dealer number. I paid cash in full. He gave me the title and I went went through the process of getting it registered with the DMV. The car is now ...
7
votes
3answers
275 views
When estimating what portion of home is used for work, how could government verify you're telling the truth?
I work as an independent contractor and sometimes do a little work from home. I can write of part of my home rent for working from home. I am trying my best to estimate accurately for what percent of ...
2
votes
0answers
33 views
Advice for Australian with dual citizenship (US/Australia) married to a US citizen and they move to Australia
If both myself (dual citizen usa/australia) and my husband (us citizen) are living in Australia and we each make over $150,000USD per year - are we really in a bad spot with US taxes and getting ...
3
votes
1answer
96 views
Wife's H4 is Pending. I am on H1B effective Oct 1 2019. Can I withhold taxes as 'Married'?
My Visa status changed from F1 to H1B effective Oct 31st this year. My wife came to USA in May 2019 on F2 Visa. Her H4 application is still in process and her F2 is invalid effective Oct 31st.
I ...
0
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0answers
70 views
What happened to my “Pre-Paids” on mortgage closing?
In August I closed on a home purchase (not refi), it's now November.
My closing included both prepaids and escrow.
My "Section F" Prepaids included
1-year home owners insurance
Prepaid interest ...
0
votes
1answer
31 views
How can I claim a Tax refund W8
I am a non us resident and I have invested in GE Bonds. I forgot to submit the w8 form and after i sold this bond i realized the irs withheld taxes. Now i have already submitted the w8 form. Will I ...
0
votes
3answers
183 views
US Tax Obligations for Multiple Trades of Stocks or Cryptocurrencies
Background
I am trying to understand potential tax obligations for trading stocks and cryptocurrencies in the US. I was able to find the following information online:
The IRS considers ...
2
votes
2answers
61 views
Can one file the US tax return (federal and state) electronically when they're no longer living in the States?
I am reading this from the IRS site:
https://www.irs.gov/individuals/international-taxpayers/taxpayers-living-abroad
… which says the following:
Where to File
If you are a U.S. ...
6
votes
1answer
262 views
Does giving money to your spouse to avoid tax make any sense?
In this well known scene from The Shawshank Redeption (content warning: language), Hadley is complaining because he is getting an inheritance, but he knows that the IRS is going to take a bunch of it ...
