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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3
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1answer
302 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 ...
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3answers
428 views

Does IRS charge interest for underpaid taxes?

There is a rule that if no taxes are owed on last year's tax return, the IRS will not impose a penalty, but will interest be charged? Example: assume no federal taxes have been withheld during 2018. ...
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1answer
75 views

Tax treatment for India (stay over 182 days)/Hong Kong salary income in a single year

What is the tax treatment for salary earned in India (stayed over 182 days) and Hong Kong? Hong Kong tax rules provide for some standard deduction before computing net chargeable income. What is the ...
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1answer
102 views

What happens when the Medicare deductions on one's Social Security (SS) check are larger than the SS benefit?

This is probably going to happen to me in 2021. For 2020, my net monthly SS benefit will be $8.00 (eight dollars). A little more IRMAA (income related monthly adjustment amount, which is a surcharge ...
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1answer
79 views

How to depreciate in terms of taxes?

So, Let's say I have a very small business and I make about 10,000 USD in sales. Let's assume there are 0 expenses. So, my profit is about 10,000 USD for that year. Assume the tax rate on the ...
2
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1answer
372 views

Buy Land Using Old 401K?

I have a 401K from a job I left ~7 months ago. I'm looking to buy some land and do construction on it. I need to put about $40K down on the land, but I only have ~$30K in savings. What's the best way ...
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1answer
41 views

Can I take capital loss here? (Wash sale) And how to calculate cost basis?

Lets say I have the following trades of CompanyA stock: Jan 1st - bought 5 for $10 Jan 15th - bought 3 for $12 Jan 25th - bought 3 for $15 Apr 15th - sold 11 for $18 -- Gain May 5th - Bought 5 for ...
2
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1answer
571 views

Does an extended stay hotel qualify as “living quarters” for New York tax form IT-203?

I was in New York City for about 3 months last summer for an internship. During that time, I lived in an extended stay hotel (in NYC). Item H of the New York tax form IT-203 asks whether I "had ...
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3answers
2k views

Are there tax benefits in the U.S. for buying a first house? [duplicate]

Does a mortgaged home purchase impact your federal U.S. tax return in any way?
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1answer
66 views

Are wash sales calculated by my broker?

For taxes, do I need to calculate wash sales myself, or are they typically reflected on the tax documents I will be sent by my broker?
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2answers
62 views

Income tax on paypal ( Australia )

I had some money in a foreign PayPal account which I earned before coming to Australia. Later, I moved to Australia in July 2019 as an international student. And in order to withdraw the money to my ...
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11answers
16k views

How to pay less tax on a high salary?

I'm working as a software engineer in the Bay Area. I file my taxes as "Single" and because of the high salary, I fall into the 32% bracket. Some of my salary goes into a 401(k). What are some ways ...
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2answers
54 views

Accidental HSA Contribution to Previous Year

Never previously being eligible for an HSA, I switched to a new health care plan with an HSA effective at the start of 2019. I made a couple of contributions at the beginning of the year. Some time ...
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1answer
70 views

Business taxes to an Italian citizen with an online business outside Italy

As an Italian citizen, if I open a company outside Italy (for example, a LLC in US) and operate strictly online, will I still have to pay business taxes on the income of this foreign company to the ...
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1answer
1k views

W8BEN of Indian individual

I need help in filling W8BEN form. I will use this to reduce (or zero) my 401K withholding (whenever I withdraw money) as there is a treaty between India & US. I am not sure what should I fill in ...
7
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1answer
522 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 ...
3
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1answer
100 views

Wife's H4 is Pending. I am on H1B effective Oct 1 2019. Can I withhold taxes as 'Married'?

My Visa status changed from F1 to H1B effective Oct 31st this year. My wife came to USA in May 2019 on F2 Visa. Her H4 application is still in process and her F2 is invalid effective Oct 31st. I ...
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0answers
15 views

Service export through another service provider [closed]

If a person of one country provides services to another country using company outside the county of his residence should he pay income tax to the customer's country?
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0answers
21 views

As an Indian what are my tax liablities if I sell an In App Purchase for Android to any other country [duplicate]

If I use Google's In App Purchase Service to render them in Austrailia ,what are my tax liablities to USA Austrailia India including income tax and indirect tax or other direct tax if neccessary?...
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3answers
89 views

International Income Tax

Can a citizen of one country be charged income-tax by another country even if he/she has never resided in that other country based on income sourced through customers of that country?
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1answer
127 views

Did Schwab's Emerging Market ETF really pay no foreign tax related to the final distribution in 2018?

According to the 1099 from my broker, the Schwab Emerging Market ETF (SCHE) did not pay any foreign taxes associated with its final dividend for 2018, declared 12/28/2018. I'm quite skeptical as ...
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1answer
24 views

How to calculate tax liability for stock purchased through ESPP and then sold?

I'm going to be receiving some stock that I purchased through my Employee Stock Purchase Plan (ESPP) soon and I'm wondering how I would go about determining how much I would owe for taxes if I sold ...
2
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1answer
212 views

I plan to cash out my entire 401k within 2 years, should I maximize my contributions or should I minimize them and invest in money market/index funds?

I have a serious medical issue that makes collecting my 401k benefit a near impossibility. I have about 20k saved up in my 401k and we’ll call it $60k in the market mostly in index funds/ETFs. I ...
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1answer
75 views

payments received in one year paid out the next year (US IRS tax question)

If you have an agreement that 70% of the profits from an activity will go to a contractor, and you receive the 100% of profits in year 1, but to protect against credit card fraud, you hold those ...
2
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4answers
223 views

What's the official reasoning behind “stepped-up basis” when selling inherited property?

Note: "official" here means "on-paper". Meaning: I'm not asking what's the true reason this stepped-up basis calculation exists, but rather how it's justified on paper. This is to prevent this from ...
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1answer
66 views

When businesses contract to other businesses, do they have to issue 1099s?

I run a small US-based LLC and am working with a client (another US-based LLC) who is about contract & pay our company around $300,000 for a software development project. The company we're ...
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2answers
88 views

Paying Taxes for One-Time Contract Work

I completed a one-time technical writing project which paid me $250. I don't plan on doing more contract work this year and was wondering how I need to report and pay taxes for this income? Do I need ...
0
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1answer
163 views

On my tax status and the substantial presence test for F1 student on OPT

I have done much reading on the matter but I find myself still uncertain regarding my current tax status, because of how the exemption days count for F1 students. I got my F1 visa and have been ...
2
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1answer
197 views

Formula to Calculate FIFO VS LIFO for Financial Instruments

Suppose an individual partakes in some mixture of short term trading and long term investing. Is there a multivariate formula that expresses under what conditions (average/variance of time in a ...
2
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1answer
5k views

Is there something equivalent of a 1031 Exchange for the UK

I recently learned that in the US you can defer capital gains on a property sale, and use the capital to buy another without paying taxes using a 1031 exchange. Is there something similar to that in ...
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2answers
98 views

Taxes on 401k withdrawal

I’m a bit confused why my dad had so much in fees withheld when he pulled some money out of his 401k. He is 67 and his 401k is through ADP. He wanted to withdraw 5k dollars. We did all the paper work ...
5
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1answer
88 views

Can I deduct donations in full that no Gift Aid was claimed on

If I make a donation to a registered charity but they do not claim Gift Aid for it, can I deduct the full donation amount from my UK taxes? Background: I do not like the 3% fees that are incurred by ...
63
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2answers
15k views

I won a car in a poker game. How is that taxed in Canada?

For the sake of title transfer and taxes, is this a gift or a sale? This was a private game. We both tossed our keys into the pot. I won and the vehicle is now sitting on my driveway. I live in ...
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0answers
59 views

What does “your tax cost” mean in the context of inheriting wealth from a spouse?

Tax Planning for You and Your Family 2019 by KPMG. p 244. 16.2.6 Death of a partner When an active or retired partner dies, the partner is subject to the tax rules that generally apply on ...
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0answers
54 views

If I accept payment through my spouse's paypal who gets taxed?

I have a few compound questions, some of which may border legal SE. So please feel free to defer areas that you feel are in the other category. I have been spending time learning photography and ...
3
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0answers
63 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 $...
0
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1answer
59 views

How does depreciation deduction work in mortgages?

Home investors are said to be concerned that the depreciation deductions exceed mortgage amortization. This is because the depreciation remains flat but the amount of amortization rises, albeit slowly,...
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0answers
21 views

offshore vendors expense

I recently opened my single person LLC and just got my first contract to work on. Part of the work will be outsourced to an offshore vendor (type Pvt. Limited similar to LLC in the US). The vendor ...
0
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0answers
16 views

Why don't ETF providers calculate and report Level 1 and 2 Foreign With-holding Taxes on their sites?

As example, I'm comparing.VEE 0.24% MER, XEC 0.26% MER, and ZEM 0.27%. Why don't Vanguard, IShares, BMO just publish Level 1 and 2 Foreign With-holding Tax on their sites? Calculating Level 1 and 2 ...
0
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0answers
14 views

In a taxed account, why inimical for capital losses to offset high-than-market distributions?

aughhhhh comments on Efficiently Allocating ETFs to RRSP, TFSA, and a Non-Registered Account? First ask why you want to own bonds. Probably because you want their damping effect during a stock ...
3
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2answers
185 views

Question about plausibility of an iffy financial transaction in a crime novel

This is a question about a financial transaction in a novel. At the denouement of the book, An elderly, naive, innocent, middle-class couple who have been bilked by a loan racket run by extremely ...
7
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3answers
566 views

What is a deductible?

New grad just out of college and working at a job that is asking me how much I want to contribute to my HSA. My medical plan deductible is $3,000 and I am a single filer (when it comes to tax) so I ...
0
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1answer
63 views

What is the advantage of creating a new basis for a valuable asset during an inheritance?

I understand that when a person dies and leaves an asset as a bequest, then a new cost basis is established for the asset. This can possibly be advantageous for taxes, but I don't see exactly how. ...
2
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0answers
44 views

What are the tax implications of a US account for a non-resident?

I've successfully opened a US checking bank account with Chase with my H1B-visa passport, listing the address of a friend of mine who is a national as my residence address. I've been wondering if ...
14
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3answers
6k views

Transferring $ from LLC to Personal account

So I have done some searching here but have not found a question that summarizes my specific position, so I decided to ask it here. I apologize if it has indeed been asked before. Just point me in the ...
2
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1answer
179 views

Should my wife start working in December or in January

My wife got a job offer and we need to decide if tax-wise it's better for her to start in December 2019 or January 2020. Does her status of being employed or unemployed as of December 31st affect ...
2
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0answers
89 views

Obtaining Figures For Australian GST Business Activity Statement From GNUCash

I have been entering all my financial records into GNUCash, and now I need to find the most efficient way to extract all the needed figures for the BAS. The Income & GST Statement looks like the ...
9
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2answers
3k views

Company is requesting W-9 before refunding purchase

My significant other purchased a spa day-pass from one of those deal-a-day sites (similar to Groupon, but done locally). The spa wouldn't accept the day-pass, so she's trying to get a refund from the ...
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0answers
103 views

How much tax does a French taxpayer have to pay for donations received via crowdfunding platforms (e.g., GoFundMe)

How much tax does a French taxpayer have to pay for donations received via crowdfunding platforms (e.g., GoFundMe (mirror))?
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1answer
74 views

lowest tax bracket vs “Tax table” in United States

It is commonly assumed that there are a handful of tax brackets in the United States. For example, when filing as Single, up to a taxable income of 9,700, one is supposedly in the 10% tax bracket. ...