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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9
votes
1answer
580 views

With the Fringe Benefits Tax, should I even salary sacrifice for a car?

In Australia, some employers offer an option to salary sacrifice a car purchase. The cost of the car is taken from your pre-tax salary, so your gross income will be less, and therefore, your income ...
8
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1answer
7k views

Tax treatment of dividends paid on short positions

If a retail investor holds a short position when the stock goes ex-div, they must therefore pay a dividend to the buyer of the short. What is the tax treatment for this dividend payment the investor ...
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234 views

What is my cost basis for a stock I received when my insurance policy was demutualized?

Background: My brother and I are co-beneficiaries of a trust that held an insurance policy with The Principal Financial Group, which Demutualized on October 26, 2001. At which time the trust was ...
6
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2answers
306 views

In which country do I pay capital gain taxes, as a German with a US Internship?

This year, I did an internship in the US, and during that time I bought some stocks. Now I am back in Germany, and got dividend payments on these stocks, and also want to sell some of them soon. ...
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0answers
132 views

I just mailed my 2020 federal tax return with my NRA spouse's SSN left blank. What outcome should I expect & what course of action should I take?

I am a US citizen living in the UK with my British husband. I file my taxes as married filing separately and my husband is not required to file with the US so has no SSN or TIN. I sealed up and mailed ...
5
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0answers
94 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 ...
5
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0answers
68 views

I'm a Canadian citizen and now a US resident. How do I close my Canadian RRSP and TFSA?

I am a Canadian citizen who moved to the US in 2009. I am now a US resident and Canadian non-resident. I still have a Canadian RRSP, TFSA, and bank account. I've filed FBARs since becoming a US ...
5
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1answer
92 views

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 ...
5
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0answers
904 views

Donating winning lottery ticket to 501(c)3 Private Foundation: cost-basis deduction + full tax free redemption for foundation?

US 501(c)3 Private Foundations are typically controlled by the primary donator, so that is a nice perk, but in exchange for that perk I realize the tax deductions for donating are significantly ...
5
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1answer
3k views

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 ...
5
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2answers
485 views

Tax implications of receiving Bitcoin as a gift from abroad

What kind of taxes I would need to pay for receiving bitcoin gift (>100k USD) from foreign relative (Russia -> USA)? As I understand, I would not need to pay any tax at the receiving date, as ...
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0answers
36 views

West Virginia Taxpayer aged 61 with IRA distribution from Puerto Rico

I am a permanent resident of West Virginia age 61 unemployed and receiving health and food assistance from the State...thankfully. I have very limited investment income, not enough to pay taxes of ...
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0answers
78 views

Bringing life savings from KSA to Germany

I recently moved to Germany and my partner is planning to join me in a couple of months. We used to work in KSA and have a sum of money greater than 10 000 euros saved up from our work back in KSA. I ...
4
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0answers
53 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 ...
4
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0answers
53 views

Renting out property - individual Vs company

I live in England and have a flat in Scotland that I now want to rent out. I am a higher rates tax payer. What is my best option for maximising the money I keep after tax from this rental property? ...
4
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0answers
56 views

Does a Lawful Permanent Resident have to pay a tax when buying real estate?

The Alleged Tax Two years ago, my wife (US Citizen) and I (Permanent Resident) bought and moved into a house in Colorado (Greeley, Weld County). At closing, we were just about to put both our names on ...
4
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1answer
244 views

What are "Tax Relief Fees" on American Depositary Receipt (ADR) dividends?

I noticed that a "Tax Relief Fee" is usually deducted from ADR dividends. Consider AXA ADR's (OTC: AXAHY) 2020 cash dividend announcement, which includes a "Tax Relief Fee" of $0....
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0answers
237 views

How long must I wait after buying a property to rent it out?

I bought a place as a first time buyer without mortgage. Consequently I paid a 3% stamp duty. Due to certain circumstances, I will have to rent it out. I would like to know how long before I could ...
4
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0answers
80 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 $...
4
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0answers
224 views

Do you have to pay taxes on a Unison "investment"?

I keep getting these Unison solicitations in the mail. Another question discusses whether or not this is a good deal in general, but one thing I don't see mentioned is taxes. I have searched quite a ...
4
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0answers
91 views

Does a French citizen living in the US owning stocks in a brokerage account in France have to pay taxes on dividends to the French tax authorities?

Does a French citizen living in the United States and owning stocks in a brokerage account located in France have to pay taxes on dividends to the French tax authorities (fisc)? Additional ...
4
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0answers
159 views

IRA rolled over mistakenly to 401k

In a previous tax year I rolled over some money from a former employer's traditional IRA (TD Ameritrade) to a non-Roth 401k plan (Milliman). I didn't report this on my federal tax return at all ...
4
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0answers
86 views

Understanding Nexus as a small business owner

I'm interested in becoming a 3rd party Amazon FBA (fulfilled by Amazon) seller. I recently learned about a rule called "nexus". Basically, I understand I have nexus (tax liability) in the state ...
4
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0answers
84 views

Should I create a simultaneous Part-time Sole Proprietorship and Part-time single-member S-Corporation?

I am self-employed and my business has two distinct parts: Engineering and Design - which makes $50k income / year Manufacturing and Sales - which makes $150k income / year I am currently running ...
4
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0answers
113 views

What's the tl;dr investing rules for married Canadian citizens when one partner happens to have US citizenship?

Canadians with US citizenship have several things to consider regarding investments: Canada's Tax-Free Savings Account (TFSA) is not considered tax free by IRS, and filing taxes may significantly ...
4
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0answers
95 views

State tax withholding election

I live in Connecticut but work in New York. My employer wants to know what state I wish to be "taxed in". I understand that CT gives a credit for taxes paid in NY. Which state should I elect to have ...
4
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1answer
289 views

Excess Roth IRA contributions and taxes

My wife and I contributed the maximum for our age ($11,000 combined) to a Roth IRA for the 2015 tax year. It turns out we unexpectedly made too much money to be eligible at all. I shouldn't have ...
4
votes
1answer
329 views

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 ...
4
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0answers
286 views

Inheriting funds from a U.S. trust where you are not the trustee

I am a U.S. citizen trustee and executor of my mom's trust. My brother is a Canadian citizen and lives in Canada and not a trustee. I will be dividing the trust funds or investments between the two ...
4
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1answer
391 views

Salary vs. dividend when a company is closing down?

Let's say I have a small business that has been in operation for 10 years and it no longer makes any money. I've told all my customers that we will no longer take on any new business. So for the ...
3
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0answers
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 ...
3
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0answers
44 views

Germany - Nebenbeschäftigung under 450 EUR classified as Steuerklasse 6 instead of Minijob all the time. Retroactively fixable?

I started a second employment in November 2019, with a monthly pay below 450 Euros, and I don't have any other second employments. I'm now doing my tax declarations, and I have just realized that all ...
3
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0answers
69 views

How is long-term vs short-term capital gains calculated for USA resident aliens?

Let's say I am a foreigner who bought $1,000,000 worth of Microsoft in 2010. I have just arrived in the USA on May/01/2021 and after 6 months pass the substantial presence test and qualify as a ...
3
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0answers
54 views

Living in France & working remotely in Germany - Tax class

I am working remotely from France for a German university. The HR department is claiming they need to put me in class VI. They say that since I am a remote worker (I have a normal public sector ...
3
votes
1answer
76 views

A 501c3 Church sharing a venue with a 501c7

Can a 501c3 Church that owns or leases a venue it only uses one day or two days a week allow a 501c7 social club to use the rest of the week? The Church strongly supports the Arts and the 501c7 will ...
3
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0answers
72 views

Selling apartment, what taxes do I have to pay?

If I understand the tax laws in Germany correctly, it is as follows: Case 1: If I owned the apartment at least 10 years I don't have to pay taxes if I sell at a higher price than I bought it. Case 2: ...
3
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0answers
51 views

Can I reduce the capital gain on which I have to pay taxes if the previous year I had big losses?

Suppose this year I have a capital gain of 200 thousand pounds, but last year I had a loss of 50 thousand pounds... this year can I pay taxes only on 150 thousand pounds of capital gain? And what if ...
3
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0answers
69 views

401K withdrawal while leaving the country

I see this question has been asked before but it seems not from this angle. I'm leaving the country soon and I will not be able to continue contributing to 401K here. While some may argue that it is ...
3
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0answers
66 views

Is personal allowance used up by being paid in America?

I have just started a limited company in the uk and I’ve been contracting my services since jan 1st 2021. Previously I was being paid by an American company. All tax etc. was done in America and I was ...
3
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0answers
43 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
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1answer
259 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 ...
3
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0answers
55 views

Annual Bonus causing penalty under section 234C in India

My company pays bonuses in March because of which my taxable income also increases quite a lot. Because of this, I am being charged penalty fee under section 234C due to shortfall of meeting - 15% ...
3
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0answers
33 views

US Tax treatment of dividends from single member consulting firm, a UK Private Limited Company

US citizen in UK has a salary from one firm which includes National Insurance withholding, and also owns a UK Private Limited Company to which client payments are made for his consulting work. UK tax ...
3
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0answers
149 views

Child account investment options (EU)

So, having two little ones, I decided to set up investment accounts for them. The idea is that these would be focused on long term buy&hold (mostly dividend growth stocks). Since I live in Austria/...
3
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0answers
104 views

Can a UK citizen work remotely in the UK for a Spanish company?

I am looking for a job in Spain working remotely from the UK. Do you know how this works? Will I need to pay income tax both in the UK and Spain? This will change after the Brexit? Thank you in ...
3
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0answers
45 views

How to write off taxes when returning the pre-tax amount of sign on bonus because the company refused to send corrected W2?

I received a sign on bonus which was included on the 2019 W2 from the company. But I quit on May 1st, 2020 and wrote them a check of the total pre-tax amount of the sign on bonus to return the money. ...
3
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0answers
83 views

Client is offering to withhold tax from my payment

I recently started working in an arrangement neither me nor the person who hired me has done before. Someone who works as a contractor for a company got a budget to hire me as a (sub)contractor. He ...
3
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0answers
77 views

Publication 523 - "residency" on "Gain Exclusions" selling primary residence

Part of the Publication 523 from the IRS guides on Capitol Gains states the following: "If you were ever away from home, you need to determine whether that time counts towards your residence ...
3
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0answers
83 views

Received the US corona virus relief fund check in error, cannot get a hold of IRS to give it back

I lived in the US for about 3 years on a work visa and obtained a SSN (which i actually got from a previous stint there). Once my visa expired I left and am now back in Australia since end of 2018. I ...
3
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1answer
156 views

Understanding UK split years and double taxation agreements

From Residence, Domicile and Remittance Basis Manual 12010: If during a year the individual starts to live or work abroad, or comes from abroad to live or work in the UK, the tax year will be split ...

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