Questions tagged [taxes]

For any question related to taxes and not otherwise covered by a more specific tag such as income-tax, sales-tax, etc. Whenever asking about taxes, please also specify a country tag such as united-states, canada, united-kingdom, etc.

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70 views

What does “Local IT Costs” refer to in the UK/Europe? [closed]

I'm filling out an year end report form and there is a field for Local IT costs. I was looking through the internet, but I can't find any explanation of what exactly does this field supposed to be ...
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1answer
121 views

Chances of paying U.S inheritance tax as a non U.S citizen

I want to invest in Vanguard's S&P 500 ETF. I am not a U.S citizen, but I'm married to an American woman (she got a passport but no SSN) and we are not living in the U.S. and got no other assets ...
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2answers
21k views

W4 --Additional amount withheld from my paycheck

I earn around 85k and my husband around 100k. Last year we paid around 5000$ in tax. Now my husband says to include 2500 as my additional withheld money from my each pay check. What does this mean? ...
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4answers
46k views

Visitor Shopping in the US: Would I get tax refund? Would I have to pay anything upon departure?

I plan to do some shopping when I'm in the US. I wanna know two things: What items will I get tax refund on? and in which states/cities? Will I have to pay anything at customs when I am leaving the ...
5
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1answer
1k views

If PF is withdrawn by an NRI staying in USA does it become taxable as per US laws?

I have been service in an Indian company for 10 years and now getting transferred to US. I want to keep the PF and not withdraw as I don't need money and it will earn good 8.5% interest for next 3 ...
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1answer
37 views

Does charity contributions come under itemized deductions of California state w4 form?

I am trying to understand why State of California has no line for charity contributions or I may be something. For example, in the Worksheet B of this form, line 1, it only talks about the itemized ...
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1answer
25 views

ESPP: Qualifying Disposition (18 mo. after purchase) vs. Long Term (12 mo. after purchase)

I've attempted to search for answers to this, but I'm just not understanding them, so wanted to post to see if I can get some clarity. I am part of a ESPP which has a 6 month lookback, 15% discount, ...
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2answers
99 views

Tax treatment when selling stock and donating to charity

I sold stock worth $100k (of which ~$40k was long term capital gains) with the intent to donate this entire amount to charity. I later realized that one can — with some effort — donate appreciated ...
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1answer
161 views

VAT on purchasing home abroad (Italy)

I am a US permanent resident considering buying a property in Italy. This will entail a 10% VAT on the home value. Can I declare this as a tax credit or as a tax deduction for my US taxes? (Please ...
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1answer
44 views

New York State withholding penalty

If I get a penalty from New York State, can I pay it and the withholding all at once? For example, my withholding tax in NYS is $1k, and my penalty is also $1k. Can I can pay all $2k at the same ...
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1answer
123 views

1099-Misc Box 3 income that maybe should be Box 7

As my main job, I am a college math professor (W2 wages). Last summer (2018), independent of my main employer, I worked teaching math to high school students and was paid 10K for it. I received a 1099-...
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1answer
36 views

India Income Tax Deduction questions AY 2019-20

I am a Resident Indian Sr. Citizen, I paid Mediclaim Insurance Premium of Rs.53808/- last FY (March 2019), by cheque, for my wife and myself (both senior Citizens) I was hospitalised in December ...
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0answers
64 views

Would I need to pay taxes for crossing border with a Violin outfit?

I want to buy a violin outfit (aka "set": violin, bow, and case sold as a unit) from India and take it back to Bangladesh. Do I need to pay taxes for the newly bought violin?
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0answers
56 views

Tax Calculation for 2019 Self Employed

Currently, I am self employed and I am going to file tax with my spouse. I have below questions on self employment tax. Do I need to pay 15.3 percent social and medicare self employment tax before or ...
2
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1answer
959 views

Filling in W-8BEN for a UK Ltd Company

I've recently started a UK Limited Company and I'm trying to fill out W-8BEN (Link here) so I can receive payments for showing ads provided by Facebook, but the terminology is totally foreign to me. I ...
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0answers
20 views

If I void paychecks in past quarters should I use IRS form 941 or 941x?

We did some paychecks through Intuit software for educational purposes to see How the process works. We voided them before the end of 2019 but after the quarter in which they were issued. I learned ...
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1answer
509 views

How is prize money taxed in India?

I have won a programming competition based in US, and i will be getting $800 from the US based company. They are telling me that they will pay the taxes already and will give me the full amount. Now, ...
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1answer
35 views

Will offsetting $x in long-term gains with the exact same $x in short-term losses of the same asset class result in no taxes on the gains?

As the title says, will I have any tax consequences (aside from paperwork) if I offset an equivalent value worth of long-term gains with short-term losses? Assuming no other externalities except an ...
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0answers
22 views

LLC (part assembly business) taxation

So I am starting a company for assembling computer parts (no change made to the components, just assembled). My company will be registered in Delaware but will work out of PA. My question is, do such ...
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0answers
51 views

Taking back your capital from your S-corporation

If I put 100k of my own money into my business, and now my business made 150k, can I take out my 100k without it being taxable? If so, how would that be inputted onto the k-1?
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1answer
428 views

How to file and pay income tax for ITR2 in India? What is the order?

I have following incomes Salary Interest income from fixed deposits Short term capital gains from sale of equity stocks Long term capital gains from sale of debt mutual fund Searching for it leads ...
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1answer
42 views

Tax benefit on home loan of under construction as well as ready possession property

I am from Pune, India and working in Ratnagiri. I have purchased a under constructed flat as a Co-Owner in FY 18-19 in Pune. Possession will be after four years i.e. 2022. First Owner is my wife. We ...
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1answer
117 views

Non Resident Indian taxes 2016

My husband is on F-1 OPT. We are filing Form 1040 NR (under married filing separately. Although I don't have any income. AM on F-2, not filing taxes). Together with the Form 1040 NR we are filing: ...
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1answer
73 views

Parceling a Violin from Japan to Bangladesh

I'm a student and saved some money with part time jobs for a violin. I want a friend of mine to parcel a violin purchased in Japan to Bangladesh. Will he need to pay taxes to send me that violin?
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1answer
29 views

Where to put Canadian-listed ETF that holds a US-listed ETF of US stocks?

Assume I have just three unused accounts – RRSP ($90 000), TFSA ($63 500 in 2019), and non-registered investment account. I'm Ontarian. I use another example like XUU. Where to put it first? I ...
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1answer
2k views

US resident with Canadian income via T4A-NR

I am a single person LLC in the US and I do a lot of contract work for a US company. In 2016 I was asked by them to do some work in Canada and spent about 30 days working in Vancouver. My LLC issued ...
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2answers
69 views

What's our option in filing tax return

I got married June 2019 to a US citizen, and recently filed for adjustment of status. We live together presently with her 9 year old daughter, and I can't work because I've yet to receive my EAD. ...
5
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2answers
316 views

Dual Citizen (US / CDN) wants to buy US equities in Canadian brokerage

I'm dual citizen (US & Canada) residing in Canada. I returned to Canada two years ago. I just started thinking about investing again in Canadian equities (either stocks, ETF's or mutual funds). ...
2
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1answer
79 views

How can I compensate a new owner for a special assessment without incurring income tax?

The dwelling in question is a Townhouse in Boulder County, Colorado I was the owner of a dwelling in Colorado when a fairly bad hail storm hit this last Summer. I received notice that there would ...
2
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1answer
49 views

Taxes For Expired Worthless Puts On Invested Positions

My question relates to the tax implications of purchased puts that expire worthless (no gain, but loss based on the purchase price). These puts exist to protect invested positions. Suppose I ...
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1answer
52 views

report: group account activity by accounting period instead of by month

I'm using GnuCash 2.6.12 and would like to create an annual report for tax reporting purposes. For that, I would like to create a report where transactions are grouped for the whole year, (the ...
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0answers
25 views

Locking in Capital Gains when in Lower Tax Bracket [duplicate]

I am a college student graduating this upcoming year. I have a decent amount currently invested in a taxable brokerage account. For the 2019 year I would be in the 0% long term gains bracket and 12% ...
2
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3answers
266 views

UK Pension transfer to the US

I'm a naturalized US citizen. When I lived in the UK, as a British citizen, I amassed a small pension pot (about 50,000GBP). Is there any way to get that money transferred to the US (into another ...
2
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0answers
107 views

Shared rent - home office expenses in partnership

I rent a 2 bed flat with my girlfriend (3 rooms inc combined living room and kitchen). The total rent is £1581. My girlfriend pays £650 and I pay £931 rent. The second bedroom I use exclusively as a ...
4
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2answers
188 views

Conflicting advice about what to do with my 401k / Roth IRA

I left a company that I was at for over 18 years about a year ago. The company I was at was using Fidelity and I had then opened a Roth IRA under Fidelity as well. My Roth only has around 15k and my ...
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1answer
134 views

Form 8843 - Statement for Exempt Individuals - Do I need to complete a closer connection form?

I am a Canadian citizen that has studied and worked in the US over the past 5 years. I am unsure how to complete Part III Questions 11 and 12 on the Form 8843. I was on an F1 from Aug 2010 - May ...
3
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1answer
251 views

Service performed in Brazil for customer in Spain, paid in US

I am a resident of Brazil and recently did a job for a Spanish customer who paid me in the US. I would like to know if I should pay tax on this job, and how I should do that. I do not have a social ...
2
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1answer
155 views

How Much Am I Losing On Dividend Tax?

I bought a Vanguard S&P 500 ETF that is issued in Ireland, yet my country of residence is the Netherlands (I'm doing this since from what I see there is no current Dutch ETF that follows the S&...
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1answer
94 views

L1 Visa US to India (and vice versa) transaction tax implications for Wire transfer and Cryptocurrencies?

My brother is moving to the United States with an L1 visa. What would be the tax implications for me and for my brother in the following scenario 1- I send $3000 as outward remittance to his account ...
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0answers
27 views

If a CFC is the sole shareholder of a foreign company, is the foreign company itself a CFC

More specifically, I'm interested in answering this from the point of view of the US Citizen owning the controlled foreign corporation. I think the main crux of this question can be restated as "Is a ...
5
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2answers
203 views

State pension from UK when a moving back to Spain after working only 10y in UK

I am a Spanish citizen who has been living in UK for the past 7 years. During this period I have always worked here and I haven't received any income from Spain. I have also regularly contributed to ...
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1answer
32 views

Which tax year for healthcare bill if incurred and paid in different years

If I get healthcare bills in 2018 but pay them in 2019 to which year’s tax returns do they belong?
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0answers
69 views

Ontario, Canada rules for tax rates for services

In Canada, various provincial and federal taxes are applied to goods and services. In the event that a tax rate changes, there can often be confusion as to which tax rate to use for services rendered. ...
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2answers
80 views

Will I actually use my Solar State & Federal Tax Credit?

I live in Iowa, and am considering a solar panel install on my house. It is likely the install will take place in 2020 making it eligible for the 2020 state and federal tax credits. I get that I will ...
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1answer
4k views

Do I have to file for tax if I don't work at all but just received 1098-T form from my college?

I don't work at all right now. So I thought I wouldn't have to pay for taxes. But then I got this 1098-T form from my college a month ago. So now I'm confused. Can I/Do I still have to file for tax ...
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0answers
63 views

Do dividends paid on short positions count when reporting taxes?

If I'm long Company A that paid me $100 in dividends and I'm short Company B that I paid $100 in dividends... do I report $0.00 to the IRS? Do I sum dividends in and out?
1
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1answer
47 views

Year end capital loss taking and wash sell rule

In order to offset some downside risk I have purchased SQQQ shares throughout the year. It’s almost end of 2019 and I find NASDQ is at all time high. As a result I would like to sell SQQQ share and ...
2
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1answer
184 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 ...
2
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2answers
112 views

Reclassifying income from passive to active for actively managed rentals

I own multiple rental properties and a property management LLC. I would like to start paying a 10% management fee (industry standard rate) on all my rentals to my property management LLC. My ...
2
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2answers
45 views

Tax Exemption on Foreign Currency Income in India

If a salaried person in India also makes 20,000 USD (in the entire financial year) from affiliate marketing and freelancing with US clients, would those 20,000 USD have any tax exemption in India? ...