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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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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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 ...
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1answer
523 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 ...
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1answer
101 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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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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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
131 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 ...
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1answer
213 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 ...
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4answers
226 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 ...
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1answer
172 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 ...
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1answer
206 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 ...
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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
100 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 ...
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1answer
101 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 ...
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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
60 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 ...
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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 $...
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1answer
60 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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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 ...
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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 ...
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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 ...
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2answers
186 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 ...
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3answers
569 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 ...
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0answers
45 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 ...
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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 ...
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1answer
184 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 ...
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0answers
90 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 ...
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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
75 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. ...
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2answers
48 views

Is the UK ISA's tax relief applied to ETFs that hold stocks of non British companies?

Is the ISA's tax relief applied to ETFs like VUSA (S&P 500 index tracker), which holds stocks of countries other than the UK?
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2answers
371 views

How can I force my sister to sell my father's property? [closed]

Since my dad passed away in 2009 my sister has been living on the property. There is no mortgage and all she needs to pay are the taxes. Back in 2014 my cousin pay $2500 for back property taxes. My ...
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0answers
45 views

Covered Call With Stock At Loss

I bought shares of Macy's at $29. The stock is now $16 and I'm thinking of exiting the position and taking the loss. I was thinking of writing 25 Nov 15th $16.50 covered calls at 11 cents. I'd ...
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2answers
419 views

Does the Netherlands tax citizen's wealth?

This question implies that the Netherlands government taxes citizens' wealth year after year; even well beyond it originally being earned by the citizen. Is that true?
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1answer
3k views

What is the relationship between taxes and annual liquidation of the markets? [closed]

I read this article on MarketWatch where they outline Elizabeth Warren's plan to tax the wealthy: 2% tax on every dollar above $50 million in assets 6% tax on households crossing the $1 billion ...
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2answers
198 views

Will I pay taxes twice if I move from eTrade to another platform?

I have vested shares at the company I work at. Somewhere around $40k worth, in an eTrade account. I've paid due taxes through share withholding, but have not sold yet because I believe in the company ...
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1answer
80 views

“Mandatory Reorg Fee” tax deductible?

I was charged a $38 "Mandatory Reorganization Fee" by ETrade when a stock had a reverse split. Is this tax deductible? If not, do I add it to my tax basis?
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2answers
367 views

Any capital gains taxes owed for non-residents selling stock in Canada?

I own stock of a company outside of Canada. Recently, the company was bought out by a Canadian company with newly issued shares listed in Toronto. As a shareholder of the company, I received new ...
2
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1answer
109 views

HSA and tax free investing

The below is a quote from another HSA question's comment: I agree. To your point the best course of action would be to max out your HSA contributions, not distribute them even if you can, invest ...
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3answers
280 views

When estimating what portion of home is used for work, how could government verify you're telling the truth?

I work as an independent contractor and sometimes do a little work from home. I can write of part of my home rent for working from home. I am trying my best to estimate accurately for what percent of ...
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3answers
183 views

US Tax Obligations for Multiple Trades of Stocks or Cryptocurrencies

Background I am trying to understand potential tax obligations for trading stocks and cryptocurrencies in the US. I was able to find the following information online: The IRS considers ...
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4answers
674 views

Post Tax 401k or Taxable Brokerage Account?

I max out my pre-tax 401k, HSA, and do a roth IRA or backdoor Roth IRA. With my additional savings is there any reason i would want to do a post-tax 401k instead of keeping it in a regular taxable ...
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1answer
266 views

If I own some stock, then buy more and then sell, is that a wash sale?

I use Robinhood for stock trading that uses FIFO (there is no other selectable option). If I.. Bought 10 shares of SSS 1/1/2019 at 1:00 pm at $100 each = $1000 Bought 10 shares of SSS 9/1/2019 at 2:...
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1answer
79 views

Taxation of capital gains by USA from cryptocurrency of Russian student on an F-1 visa

I am from Russia and I currently study in the US on F-1 visa. Last year I did some cryptocurrency trading which is taxed as capital gains in the US. US-Russia tax treaty says that: Capital gains on ...