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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questions with no upvoted or accepted answers
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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 ...
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1
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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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1
answer
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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 ...
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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 ...
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1
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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 ...
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0
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138
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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 ...
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103
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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 ...
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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 ...
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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 ...
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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 ...
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0
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154
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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 ...
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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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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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1
answer
107
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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? ...
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134
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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 ...
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241
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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 ...
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4
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2
answers
464
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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 ...
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4
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1
answer
307
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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 ...
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4
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0
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91
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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 $...
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470
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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 ...
user12515
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104
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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 ...
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4
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0
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165
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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 ...
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4
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0
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92
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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 ...
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4
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0
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87
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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 ...
- 151
4
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0
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116
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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 ...
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4
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0
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96
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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 ...
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4
votes
1
answer
341
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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 ...
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290
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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 ...
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4
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771
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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 ...
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4
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1
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442
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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 ...
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3
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0
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104
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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 ...
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37
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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)...
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82
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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 ...
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105
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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?
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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 ...
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3
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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)?
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188
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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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3
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0
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67
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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 ...
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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 ...
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3
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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: ...
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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 ...
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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 ...
3
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0
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74
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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 ...
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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 ...
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142
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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 ...
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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% ...
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3
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0
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33
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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 ...
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3
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217
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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/...
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3
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0
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116
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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 ...
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3
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46
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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. ...
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