Skip to main content

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.

674 questions with no upvoted or accepted answers
Filter by
Sorted by
Tagged with
11 votes
1 answer
755 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 ...
Zaenille's user avatar
  • 4,334
8 votes
1 answer
8k 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 ...
SMeznaric's user avatar
  • 798
6 votes
1 answer
276 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 ...
arcyqwerty's user avatar
  • 1,281
6 votes
0 answers
884 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 ...
JohnFx's user avatar
  • 53.1k
6 votes
1 answer
5k 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 ...
riya's user avatar
  • 1,245
5 votes
0 answers
154 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 ...
button007's user avatar
5 votes
0 answers
103 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 ...
rashpinducknam's user avatar
5 votes
0 answers
99 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 ...
Canuck's user avatar
  • 51
5 votes
0 answers
860 views

Is there non taxable investment account (like UK ISA) equivalent in Switzerland? How does one make tax-efficient Swiss investments?

While we were living in the UK, we were using our extra money to invest in index funds via ISA accounts. On these specific accounts, you do not pay Captial Gain Tax and they are excellent for long ...
Matas Vaitkevicius's user avatar
5 votes
0 answers
4k 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 ...
CQM's user avatar
  • 20.2k
4 votes
1 answer
324 views

How to report losses on Treasury Bill sales?

I have an account at Fidelity. Last year I sold some Treasury Bills before they matured. Some of the sales were gains and others were losses. When I got my Fidelity tax package, it showed the gains as ...
sam's user avatar
  • 141
4 votes
0 answers
38 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 ...
Jay's user avatar
  • 41
4 votes
0 answers
57 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 ...
Bear Bile Farming is Torture's user avatar
4 votes
1 answer
177 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? ...
Aleks G's user avatar
  • 765
4 votes
0 answers
165 views

Does a Lawful Permanent Resident of the US 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 ...
Rob Stening's user avatar
4 votes
1 answer
335 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/...
quetzy's user avatar
  • 226
4 votes
0 answers
245 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 ...
ems's user avatar
  • 41
4 votes
2 answers
541 views

Contractors IR 35 tax burden: is it less than people thought?

With the introduction of the new IR35 legislation in UK, many contractors caught inside IR35 are going to pay more taxes. The most popular tool for the calculation of the tax burden among ...
user1883212's user avatar
4 votes
1 answer
367 views

Fixed deposits in 10 banks vs Mutual Funds

This question is to be answered in terms of security of the money as well as how profitable the investment is. Let's say a person is in India under 30% tax slab. In India, FDs are more secure than ...
maverick's user avatar
  • 267
4 votes
0 answers
96 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 $...
Raj's user avatar
  • 3,492
4 votes
0 answers
487 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 ...
user avatar
4 votes
0 answers
119 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 ...
Franck Dernoncourt's user avatar
4 votes
0 answers
165 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 ...
ErikE's user avatar
  • 226
4 votes
0 answers
92 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 ...
P.Brian.Mackey's user avatar
4 votes
0 answers
90 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 ...
Adam B's user avatar
  • 151
4 votes
0 answers
70 views

Declaring income made in a foreign country

I was in the US from 2010 - July, 2016. In July I moved back to my home country (India) and have been working here ever since. I still count as a resident alien for 2016 in the US for tax purposes (...
ganduG's user avatar
  • 123
4 votes
0 answers
117 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 ...
shorea2's user avatar
  • 141
4 votes
0 answers
97 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 ...
user40429's user avatar
4 votes
1 answer
347 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 ...
Vishwajeet's user avatar
4 votes
0 answers
290 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 ...
user27477's user avatar
4 votes
0 answers
773 views

401k strategy for non-resident Indian planning to return to india

Scenario is for L/H visa holder who is earning salary in USD. The person also has employee sponsored 401k plan. The visa expires in 5 years and person would like to return at that time to India ...
Anirudh Goel's user avatar
4 votes
1 answer
594 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 ...
learningtech's user avatar
3 votes
0 answers
67 views

Non-resident for UK tax for years, ~£2000/yr UK bank interest, should I have reported to HMRC somehow?

Summary: I am a UK citizen but not UK tax resident, I earn £2,000 a year in interest from UK bank accounts, (and foreign income), do I need to submit a self-assessment to HMRC? Did I need to before ...
Martin Home's user avatar
3 votes
0 answers
135 views

UK taxes on rental income from abroad (Italy)

I have a property in Italy that is currently rented. I'm paying 10% in taxes as rent is at a rate agreed with the local council. According to the UK/Italy double taxation convention, it seems to me ...
Blue Moon's user avatar
  • 227
3 votes
0 answers
45 views

Tax deductible expenses in Canada when moving for work

My husband and I moved for work in Nov. 2022 from Ontario to BC. We own a home in Ontario which has been vacant since (could not be rented due to slow demand in winter time although we had been trying)...
systemdebt's user avatar
3 votes
0 answers
108 views

Mortgage interest deduction limit: omit house?

We have an unusual situation with the mortgage interest deduction limit. We moved late in the year; as a result, we had two mortgages, #1 and #2. #1 was most of the year and had a typical amount of ...
sideband's user avatar
3 votes
0 answers
324 views

Will the IRS seize My refund if my dependant has child support arrears?

My adult son is now disabled and lives with me. His child support is in arrears, but half of his SSDI is garnished for child support. Will the IRS take my refund if I claim him as a dependent?
Renee Miller's user avatar
3 votes
0 answers
37 views

Trust Question with IHT (UK)

This is a fictional scenario but I'm trying to get my head around it. Say if we had the following. James had a discretionary trust with £600,000 in cash and shares on March 2011. James agreed to pay ...
James's user avatar
  • 31
3 votes
0 answers
123 views

Do I have to report my T-Bills on taxes if they haven't yet been matured?

Do I have to report on taxes for 2022 year my 4 week T-bill if I buy them on Dec 6, 2022 (Maturity date Jan 3, 2023)?
Dzianis Sudas's user avatar
3 votes
0 answers
192 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 ...
Brondahl's user avatar
  • 2,395
3 votes
0 answers
81 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 ...
user98941's user avatar
3 votes
0 answers
83 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 ...
Gago-Silva's user avatar
3 votes
0 answers
77 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: ...
simplemind's user avatar
3 votes
1 answer
1k views

Google Play Console - Fill tax information

I appreciate any help anyone can give me with this. I believe many other people are facing the same problem so this question could act as a reference point for them. I am trying to fill my tax ...
Anonymous's user avatar
  • 131
3 votes
0 answers
52 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 ...
user1883212's user avatar
3 votes
0 answers
85 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 ...
Charbel Wakim's user avatar
3 votes
0 answers
107 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 ...
Lucas's user avatar
  • 71
3 votes
0 answers
72 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 ...
CiaranWelsh's user avatar
3 votes
0 answers
200 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 ...
Craig W's user avatar
  • 16k
3 votes
0 answers
79 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% ...
maverick's user avatar
  • 267

1
2 3 4 5
14