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.

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When is the UK Gift/Inheritance tax levied?

This page sets out the rules for UK "gift tax" (a subset of inheritance tax) UK Gift tax is specifically designed to prevent people circumventing inheritance tax by giving gifts to their ...
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Separate bank account / finances from Schedule C sole-proprietorship for single member "disregarded entity" LLC

If having a Schedule C business and then starting a single member LLC (i.e. which the IRS views as a disregarded entity for tax purposes), should a separate bank account / expense tracking need to be ...
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Claiming Educational expenses for my spouse - married filing jointly

My spouse is preparing for the CPA and I am wondering if I can claim her course related expenses while filing 2021 taxes? Q1. In 2021, there were only exam related and books related expenses. Are ...
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Can you substract business expenses that increases good will? [closed]

Can you subtract business expenses that increases good will? Can you gain a tax advantage if you spend money to make a non-profit product that may increase good will for your company? Let's say you're ...
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1answer
3k views

Can I pay my partner’s income tax (Canada)

I net approx. twice what my spouse does. At income tax time can I pay her income tax for her so she has more money to invest in her retirement savings account (RRSP)? I know that if I were to give her ...
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1answer
46 views

Paying cash for home and gifting a percentage to brother

Background: I live in Washington state, but was purchasing a home in California; for my mother to live in (rent-free). I was tentatively planning to gift my brother and his wife $30,000 in equity of ...
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46 views

Switching from manual cryptocurrency tax calculations to cryptocurrency tax software [closed]

I've been doing my crypto taxes manually via spreadsheets etc then entering the transaction with their cost basis in TurboTax. I trade on three exchanges (Coinbase Pro + Kraken + Robinhood) and ...
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2answers
195 views

Prior to COVID-19, had any country fiscally targeted unvaccinated individuals? [closed]

Upon reading that Quebec may impose a health tax on unvaccinated Canadians, I wondered the following: Prior to COVID-19, had any country fiscally targeted unvaccinated individuals?
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Wash sale question about repeated buying and selling at a loss

I got into investing last year and there is a repeated trade on a stock I made that is bothering me. I'm not sure I fully understand the wash sales rule. Most of the examples online discuss selling a ...
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2answers
1k views

Is it correct for employer to not take out federal taxes with 2 dependents?

My wife and I each make $50k in the USA at the same employer. I noticed on her pay stubs the line for federal taxes said "$0", while mine is closer to $70, so we contacted her employer. They ...
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9answers
3k views

My ignorance keeps me awake at night (specifics below) [closed]

I feel like a financial idiot, and I'm worried that I might be overlooking opportunities and making big mistakes that I will regret later. So, I'm looking for a sanity check on my finances from people ...
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2answers
87 views

Taking temporary loan from my relative to invest in an LLC in USA

This question is in context of USA. Background: My brother and I plan to invest money in an LLC that will invest in a startup. I will take a temporary loan at 0% interest from my brother to invest in ...
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1answer
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Taxable Benefits in Self Assessment when taxed at source

I am presently completing my self-assessment for 2020/21 and due to my very simple financial situation I was expecting it to be easy. I was (and still am) a single person, employed by a single large ...
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36 views

UK capital gains tax for international student moving between countries

I am an international student who moved to the UK on 01/10/2018 and stayed there till 31/12/2020. I then moved to my home country of Singapore which has no capital gains tax on 31/12/2020 and will ...
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Pros/Cons of Foreign Ordinary Shares vs International Markets

As a US investor I have several options to invest in foreign equities: Direct investing in a foreign market (ASX, TSX, TSXV, etc.) ADRs (Y-class shares on OTC, not always a 1:1 ratio) Foreign ...
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Can you get a tax advantage for hiring a freelancer?

Can you get a tax advantage for hiring a freelancer without setting up a LLC? The issue is the following. Let's say I crowdfund 100k for a project, I have to declare this amount in my tax earnings, ...
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135 views

Are amounts of less than a cent legally valid amounts in currencies like EUR or USD?

The following can be applied to any currency but let's consider EUR/USD for simplicity. In the context of cryptocurrency exchanges, one can hold assets for the value of thousandths of a dollar or even ...
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2answers
115 views

Asset allocation and tax efficiency

Common advice for asset allocation to increase tax efficiency is to: Put bonds in tax-advantaged accounts (401k, Roth IRA, etc) Put stocks (e.g., S&P 500 ETF) in regular brokerage accounts The ...
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1answer
57 views

IRA rollover to meet minimum income for ACA subsidy

Can I use a rollover from a traditional to Roth IRA to meet the minimum income necessary to qualify for ACA subsidies in 2022? I do not qualify for Medicaid, and am buying insurance for a family of ...
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1answer
61 views

IRS 10% penalty on gains from an annuity

I consider myself a reasonably proficient investor but annuities are new to me. For my short-term cash needs, I've been CD laddering. As I look to invest for 2026 maturity (5 year), CDs are returning ...
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2answers
52 views

How does wash sale rule affect protective puts?

TLDR: Do sales of long puts at a loss and purchase of underlying stock within 30 days qualify as wash sale rule? Let's say I am a long term investor on SPY, and I buy $1,000 of SPY every month on the ...
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2answers
57 views

Can the employer correct a W-2 withholding amount after December 31st?

Suppose an employer overpaid and withheld the correct amount for all items with respect to that (overpaid) amount for this year. If the adjustment occurs after December 31st and a few days into next ...
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2answers
175 views

How much do I have to pay tax for selling stock?

Say for example I am Bill Gates and I have $10 Billion in my bank account. Then I decide to buy Tesla stock, at a current price of $1,000 per share. Then, after 2 or more years, the share price is ...
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1answer
68 views

How can I get credited for stock losses I took in 2018?

I was employed by a company from February 2011 - September 2013. When my employment terminated in September of 2013, I purchased stock of the company for $1100 In 2018 the company was liquidated and ...
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2answers
1k views

Does the wash sale rule apply in reverse?

What if I sold an asset that will result in a profit, instead of a loss, but then buy it back within 30 days. Will this profit be taxable?
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3answers
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Would I be able to avoid the wash sale rule if I buy back the security on January 1st after selling it on December 31st?

It would definitely be within 30 days, but it would be of next year. So would this successfully by pass the wash sale rule?
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Tax on cheques that are yet to be encashed

I have a cheque issued with a date 20/01/2021 and validity of 3 months. I forgot to encash it and now the cheque is expired. I want to know if I need to identify this as a source on income for the ...
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1answer
53 views

Doing contracting work in a foreign country, who are taxes owed?

I have a question about taxes in relation to the following: A British citizen has a work permit in a foreign country (Ukraine). They work full time here. They also do contracting work remotely for an ...
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4answers
7k views

Is Elon Musk really exploiting a loophole to avoid taxes?

I've been loosely keeping up with some of the news about Elon Musk selling TSLA shares to pay for an upcoming tax bill (for exercising options from 2012). There is a lot of discussion surrounding this ...
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3answers
2k views

Tax implications of large gift

My father received an inheritance from my late grandfathers estate, and he decided to gift me and my brothers an extremely generous check as a Christmas gift. The amount of money is significant enough ...
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1answer
62 views

How do I deduct this donation that I made to change.org?

I just donated $100 to a cause through the Change.org website. And I will continue to donate before this year ends. How do I put that on my tax returns so that it can be deducted from my taxable ...
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2answers
112 views

How does getting a mortgage help with taxes? [closed]

If one opts to buy a home with a mortgage, how does it reduce taxes and which taxes? I.e. income tax, capital gains? Is it always a good idea to purchase a home with a mortgage vs. paying in cash with ...
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1answer
52 views

How early can I claim the federal/state tax credit for solar installation?

So after a few supply chain delays, I was finally able to get my solar installed at the beginning of December. Now that the city has finished their inspection, I am awaiting the utilities permission ...
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61 views

Is the IRA early withdrawal penalty less than benefit from EITC?

I am hoping someone could check my math on this. If my income is about $45,000 with two children and I put $1000 into a pre-tax IRA my understanding is that it ups my EITC by about $210. That is ...
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1answer
72 views

Amended tax return (child tax credit). Received refund of $1207 instead of $1500

Due to lost SSN mail I was unable to claim full child tax credit on my original 2018 and 2019 tax returns. So I was getting $500 child tax credit instead of $2000. After finally learning the SSN for ...
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2answers
41 views

Tax Implications of employee education assistance reimbursement the following year

The company I work for offers an Educational Assistance Plan and I took classes over the Spring and Fall semesters of 2021. The company requires final grades before reimbursing the expense and so I ...
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2answers
499 views

If you sell stocks within a 401k but don't pull the money out of your account, is it taxed?

If I have say a 401k account, and say I sell some of my stocks in there, but I don't pull the money out of my account, is the only tax involved the capital gains tax? Or will I pay my income tax on it ...
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1answer
114 views

Do I need to sell all stocks before new year in order to claim money lost in stocks? [closed]

For example, I made $1000 dollars in stock market on the first half year. I sold $500 worth of stock. So I have $500 still in the market and $500 in cash. Then I bought $4000 new stocks in the 2nd ...
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1answer
53 views

How do I find the correct address for mailing my LATE 2020 1040

My wife and I still need to file our 2020 federal taxes. It's now past the e-file deadline (d'oh). We don't owe anything, nor expect a big refund... just need to get the paperwork on file ASAP. Since ...
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2answers
178 views

Diverting work income through my unprofitable LLC

I have an LLC that doesn't make money, and I have a full-time job. I'm considering having part of my income from my employer go to my personal bank account (to save for retirement), and the rest go ...
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1answer
64 views

Should I wait until after my LLC's effective date to purchase equipment?

I'm starting an LLC with an effective date of January 1, 2022. I would like to purchase some computer equipment ASAP so I can hit the ground running in January, but I won't have my LLC's bank account ...
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1answer
105 views

Do I have to pay taxes If I withdraw from Paypal to other bank account than mine?

I have a Paypal account which is linked to my bank account (primary). In my country taxes are 40%. However, I want to withdraw money in Paypal to other bank account in other country (secondary). The ...
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2answers
283 views

can I retroactively make a Roth contribution based on an amended 2020 return?

In 2020, wife and I filed separately. She was unable to make an IRA contribution (a deductible one, at least) due to being highly-paid and covered by a retirement program at work, and I was unable, ...
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1answer
72 views

Do the French tax authorities require French Forms 5000 and 5002 to be original, or can they be copies/scans?

I wonder whether French Form 5000 (mirror 1, mirror 2) a.k.a. CERFA 5000 and French Form 5002 (mirror) a.k.a. CERFA 5002 need to be original when sent to the French tax authorities (a.k.a. the Fisc),...
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1answer
37 views

What are the minimum financial benefits a long-term care insurance must have to allow a Washington tax resident to opt out from the long-term care tax

Revised Code of Washington (RCW) 48.83.020 (mirror) states: "Long-term care insurance" means an insurance policy, contract, or rider that is advertised, marketed, offered, or designed to ...
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59 views

Wrong citizenship on my ETORO account

ETORO took my country of tax residency as my country of citizenship and this is not True. What should I do? Their customer support seems useless. Can I continue with it?
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168 views

Are there any legal risks/implications of this indirect gold purchasing process

Setup: My wife and I live in UK. My In-Laws are UK expats currently living in Switzerland. They are investing some of their savings into Gold Bullion. (not interested in any assessment of that ...
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0answers
40 views

How much taxes do resident and non-resident aliens need to pay for selling stocks they bought before they arrived to the US?

I'm not sure if resident and non-resident aliens need to pay taxes for selling stocks they bought before coming to the US. Meaning, the alien bought those stocks before coming to the US, and then sold ...
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95 views

Are indexed universal life insurances of any use from a tax mitigation standpoint (= looking at after-tax returns) vs. a regular investment account?

I am a US lawful permanent resident. I am interested to know whether indexed universal life insurances have any upside from a tax mitigation standpoint compared to a regular investment account. I.e., ...
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1answer
87 views

Can being categorized as a "US resident" by the bank make me a tax resident in CA or US?

According to IRS, I was never a US tax resident. But there is a US bank that thinks I'm a resident in the US. I didn't update my info after leaving. I did fill out W8. I also filled out after leaving, ...

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