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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How to resolve my unearned income issue with the IRS?

On Friday Sept 16, someone in the building gave us mailing from the IRS. They were holding it for us and claim that they have been holding it for about 2-3 weeks. The paperwork informs us that the IRS ...
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Taxes for retired American expat in Egypt?

I'm not in Egypt currently; I'm just researching the implications of many possible countries. NO plans of working: my retirement income¹ is more than enough to live on in many countries. I've found ...
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When does an exchange of gifts become taxable?

My wife and I are purchasing a house where her parents will live rent-free. We are in the U.S. Obviously (?) this is a gift from us to them, which by my understanding will not be taxable. The house ...
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Does calculating Crypto taxes need previous year numbers?

During 2020, I did 100 crypto trades: buying/selling many type of crypto currencies. I used an online service (Bitcoin.tax) to calculate my tax liability for 2020 tax year. It processed all my trades ...
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How much should be invested in PPF to claim 1.5 Lakhs tax

I have a salary range of 10-11 Lakhs. How much should I invest in PPF overall and claim a total of 1.5 lakhs maximum amount. Do I need to calculate tax according to old regime or new regime? And are ...
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How does a company with remote workers pay tax? [closed]

If there is a company with remote workers all around the US/Globe, for example the CEO lives in California and registers his company in Texas or Nevada, then hires/works with people in WA, NY, FL, MA, ...
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How do they calculate online businesses taxes in the US? [closed]

I am wondering to know if I want to establish an online business like Udemy, Amazon, Youtube, Facebook or Coinbase, how do they calculate the tax of such a company? Is it important for such a company ...
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Can I get a refund of taxes paid from a 990-T Roth IRA account.? [closed]

I sold shares in Sunoco in 2021 held in my Roth IRA. In July 2022 I received a 990-T from the brokerage firm holding the account. I paid $6652 as computed by the brokerage firm. Can I claim a refund ...
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How can one explain tax laws to another government without looking bad? [closed]

This question is tied to https://law.stackexchange.com/questions/84288/is-it-illegal-to-be-in-a-position-to-use-varlik-barisi Instead of adding all the post here, I'm just linking it. Please check it ...
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Will I pay taxes twice after doing a Roth IRA -> IRA recharacterization?

I am planning to recharacterize the excess amount of contributions I made to my Roth IRA this year to a traditional IRA account. But, I am worried that, since my Roth IRA contributions are after-tax, ...
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Avoiding taxes on a money gift in Germany

I'll come to Germany for the first time in 2023 to study in a German university as a foreign student. I am from the country of Georgia. My mother will soon give me a money gift by transferring it from ...
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How does adjusted cost basis work with RSU? And should I use it?

I've got an 1099-b for some RSUs sold. I've also got a Stock Plan Transactions Supplement form. The Stock Plan Transactions Supplement shows the 'adjusted cost basis'. The 1099-b does not. The ...
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US Social Security taxes while working for Canadian employer but living in third country

https://stackoverflow.blog/2021/02/19/podcast-314-how-do-digital-nomads-pay-their-taxes/ got me thinking, how would a United States citizen, living in Taiwan (which has no Social Security totalization ...
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How to split bills without it showing as income?

I take dance lessons with one other person: we share the teacher's time 50:50 and pay half the cost each. Currently, my partner pays this money into my bank account and then I pay the teacher. However,...
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Import duties paid then export to 3rd country [closed]

I am importing items to the US from Greece and selling them on our shopify e-commerce site. On import we pay approximately 4% tariff. HTS code is 7117.19.3000 Things to note: We are small business ...
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Can W-2 form be verified using QR code or something relevant? [closed]

I'm not familiar with US or how its tax system works Some countries provide forms similar to US' W-2. Here's how it works in one country I'm familiar with. On the form there's a government website ...
4 votes
1 answer
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Can I convert interest income to capital gains by selling t-bills before maturity?

I've been buying 6-month treasury bills. The interest is taxed at maturity as interest income. If however it could be taxed as short-term capital gains, I could avoid paying any taxes on it because I ...
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How do I contact the IRS about my tax return from a non-US phone number?

I am a Canadian living in the US temporarily. I filed my taxes and got my tax return, but the Canada Revenue Agency (CRA; the Canadian equivalent of the IRS), requires that I get some "proof"...
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Why don't preferred stocks have the same holding period as common stocks to be considered as qualified dividends?

I read on https://en.wikipedia.org/wiki/Qualified_dividend: You must have held the stock for more than 60 days during the 121-day period that begins 60 days before the ex-dividend date. The ex-...
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Why does First Time Abate penalty relief not apply to certain tax penalties? [closed]

(If this is not the appropriate SE for this question, I apologize and would be happy to be directed elsewhere. Thank you.) I recently found out that I didn't declare a distribution from an inherited ...
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How do I reflect discount on a Treasury Note

I bought Treasury Note for long duration, for $1000 par I had huge discount, i.e i only had to pay $800 How do I reflect this $200 discount in tax return? Will I be sent an INT form? Or do I ...
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2 answers
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How bad would a leaked tax return be?

If my entire tax return was somehow leaked, how bad would that be? What potentially harmful information is included other than my name and social security number?
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Am I taxed on the capital passed to my personal account when closing the company in Estonia?

I am a freelance software developer from France. I lead a few others which I hire as contractors to work for companies. I am thinking about opening a company in Estonia as it seems I would be less ...
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How does dividend tax between countries work?

I am investing through degiro in stocks from usa, europe etc. I have noticed that there is a 30% deducted from any us dividends and 15% from europe. Why is there a need for the platform to tax the ...
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is www.alphapreb.com bank site Fraud or real as keep asking money to transfer money [duplicate]

Court is real and my friend which is an account manager have attended the court for the hearing dates with the defendant .We have paid Court fees 4500 $ and also it was paid by same friend to the our ...
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Is it possible to get a tax refund that for a gift that turns into a loan?

Sometimes, we may give money as a gift to a person, but then later they pay us back, sort of turning a gift into a loan. How is this handled tax wise? For example, if the gift giver were to pay the ...
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When are Tax Specials (i.e. road construction, street lights, etc.) added to mortgage?

I live in a new residential development, so new that only 5 of the 16 houses on my street are finished. The city has sent us letters saying that our specials are going to go up as they install street ...
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Voluntarily treat scholarships as taxable income to get AOTC?

Our AGI is less than $160K and we therefore qualify for the AOTC for our child's college education. However, due to scholarships our child receives and that are paid directly to the school, qualified ...
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What is my Tax Liability Germany when working in multiple countries?

I am currently working for a Company in Germany for 1 month and after that I will be working for another 5 months in Greece (from distance for the same company) where my permanent residence is. I was ...
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1 answer
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Does it a matter for big companies which state they register their company?

If a new company wants to establish in the US, with lots of branches all around the country, is it a matter where (in what state) they register their company, in regard to tax and other costs? For ...
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How can I get a EIN Tax ID of a company that hasn't sent me tax docs

I invested in a Qualified Opportunity Zone (QoZ) that sent me a SAFE agreement (Simple Agreement for Future Equity). I know the name of the company. I even have the contact info of the company but no ...
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Who pays taxes if a minor sells an item on eBay using a parent's account?

If a minor sells his/her computer at a gain on eBay using a parent's account (with the parent's permission), who pays taxes on the sale price? I (16 years old) bought a cheap computer for about $20 ...
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1 answer
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How does tax on stocks/crypto work? How are they calculated?

I am wondering how tax is calculated on stocks or cryptos esp if you buy them in batches or sell them in batches. Here is my example Jan - I spend 3000$ to buy CRO coin for 0.6$ each (buying 5000 ...
2 votes
1 answer
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Specific Foreign Earned Income IRS form 2555 question

I live in a western European country and qualify under the IRS Form 2555 Bona Fide Residence Test. While living overseas, I continued to work for a US small company. My work had nothing to do with ...
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1 answer
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Investing Accounts -- Does the total "acquisition cost" matter for taxes? Or does only the "realized gain" matter?

If I buy and sell the same stock or ETF many times throughout the year (basically day and swing trading), to the point where by the end of the year the total "acquisition cost" or "cost ...
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0 answers
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Is it smart to keep my TFSA when moving on a J1 visa to the US?

I am an Austrian citizen, who just finished his PhD in Canada (on a study permit) and will now move to the US on a J1 Visa as a researcher. I have some investments in my Canadian TFSA and was ...
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2 answers
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Pennsylvania taxation on large monetary gift

I live in Washington State. I received a large, one-time monetary gift from my parents (>>$15k) who live in Pennsylvania. My question is to ask if Pennsylvania taxes the giver of funds. Both ...
2 votes
3 answers
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Personal contracting versus LLC

I am taking on a side project where I will be making a little under $100 US an hour for a few (5-10) hours a month. I do have a LLC already established in the same industry (fitness/teaching) in ...
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1 answer
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Tax help with personal allowance used in one month

I’m looking for some tax advice, I have recently finished university and am going into my new job from the start of September and getting paid on the 28th of the month, I haven’t worked at all this ...
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"Moonbag" Profit Taking Strategy (Tradfi/Crypto) vs Alternatives?

I just got off the phone with an agent at my tradfi institution and when i told them i was planning on taking profit on some stocks following the “moonbag” crytpo strategy (remove your principal + a ...
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Why federal tax seems deducted same amount every paycheck?

I notice that no matter how much pay I receive, my Federal Tax is always deducted the same amount. On my regular paychecks, around $2000, it is $65 for "Federal Tax". But I received other ...
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will I be taxed on money wired into my savings account [closed]

a friend is paying me back a 200,000 loan by wiring the 200,000 into my savings account. Will I be charged tax. I live in NYC . All this money was originally given to me by relatives and sitting ...
1 vote
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Tax implication receiving a payment in US from a company

I want to sell a property located in Asia. The buyer for whatever random reason wants to pay a part of the payment (500k usd) from a US corp account. I do have a personal US bank account, that is, it ...
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Moving from Robinhood to TD Ameritrade: Can I use specific-lot-matching method?

I've been using both TD Ameritrade and Robinhood for a while. I just learned that on TD Ameritrade, you can use the specific-lot-matching method when you sell your shares. It's in My Account -> ...
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In Indian ITR e filing, can I include the advance amount for rent declaration?

I'm trying to submit an ITR efiling for fY 21-22. I have rented a house from March to December 2022 with rent at 10500. I then moved to another house from January and am still residing in that house ...
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Tax Implications - Dissolve partnership w/ property

My business partner and I purchased a house two years ago in an LLC we co-own. He does not want the house and I want to improve and live in it. We have agreed that I would buy him out at the price ...
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Spending Money Before Taxes

So I had a query and was wondering if you could help me out. I was about to get a substantial sum of money from somewhere which would definitely be taxed by authorities however I would rather invest ...
19 votes
3 answers
4k views

Do I have to pay short-term capital gains tax on crypto currency if I only withdraw the principal and not the profits?

Say that I bought $5000 USD worth of Bitcoin, and a month later its value grows to $6000 USD. Now, if I were to withdraw only my $5000 USD principal worth of bitcoin, while keeping $1000 USD worth of ...
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Can one gift an apartment to a child outside the U.S. and it not be considered gifted from the IRS perspective?

Background: We live outside the U.S. and file a 1040 each year. We have an apartment outside the U.S. which is slated to be razed and rebuilt over 3-5 years time starting in a few months. (yes, the ...
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1 vote
1 answer
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Relocation gross receipt taxed or pretaxed

Company $A$ is providing me relocation package of certain amount for every mile travelled for a certain total amount of miles. Say they pay me $X. https://www.irs.gov/newsroom/irs-issues-standard-...
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