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
95 views

Taxes for “on the job” training for non U.S. Citizens and the W-8BEN

The Story: Two years ago two students from Germany went to U.S. to recieve a 4.5 months long "on the job" training at an international company. They each get a monthly allowance of 850$ via checks. ...
6
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4answers
9k views

Can I be my own administrator for an Individual/Solo 401k?

I'm interested in creating a company and rolling my 401K into a Solo or Individual 401k so that I can have more control over my investments. From what I've seen so far, it looks like you need an "...
0
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1answer
120 views

IRA Rollover Past 60 Days Because of Bank Mistake

I took out a 60 day rollover for a Roth IRA. About 50 days in I went into the bank and asked them to deposit the money back into the account. The bank ended up depositing the funds into the wrong ...
3
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1answer
196 views

Do I need to pay taxes if I receive money from my family (foreign country) in UK?

Actually this is for my sister, she lives in London and I want to send her money from USA to her bank account. Will that transfer affect the taxes she must pay?
3
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2answers
191 views

Reporting stock that can't be sold

I'm in the US. I understand that I can report stocks I sold for a loss and claim some deductions. What if the stock can't be sold, no one buys it or the company is under? Is there any way to get ...
2
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0answers
79 views

2018 tax refund applied to 2019 estimated tax

For 2018 Fed tax refund, I elected applied it to 2019 estimated tax. Internet said it need to be applied to 2019 1st quarter by 4/15.? But I missed this date. Can I apply it to the 2nd and 3rd quarter?...
7
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5answers
371 views

Does selling shares within 30 days of purchase count as a wash sale?

Quoting IRS publication 550, A wash sale occurs when you sell or trade stock or securities at a loss and within 30 days before or after the sale you: Buy substantially identical stock or ...
46
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12answers
23k views

How much more than my mortgage should I charge for rent?

We're considering moving at some point in the future, and right now we have a mortgage on our home. So far we've been here about 3 years, and we're considering renting out our home. Obviously there ...
2
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1answer
70 views

What are the implications of employer increasing allowances on W-4?

When I started my job, I filled out a W-4 and claimed 3 allowances. While going over my pay check information, I noticed at about 1 year ago, they stopped taking out federal taxes each check. I went ...
0
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1answer
66 views

Tax system on savings account in India

I would like to know if the money in the bank is taxable. Let's say I have deposited some x amount in my savings account and the yearly interest is y amount. I know that this y amount is taxable, but ...
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0answers
21 views

Can I deduct DC Unemployment Insurance on D-20?

Where would,if possible, a D.C.-based for-profit corporation (S-Corp at federal level) be able to deduct Unemployment Insurance on the D-20 for? I've looked at the 2018 D-20 District of Columbia ...
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1answer
89 views

EU: Receive income in a country and pay taxes in another

There are already 2 similar questions but my case is a bit different so I believe it requires different answers. Other questions: Taxes for citizen of EU country #1 living in EU country #2 and ...
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1answer
68 views

What is Tax Return document and where to search for it ONLINE? [closed]

I am wondering whether so called "Tax Return" document for X time period has any alternative definition or form code (form id number)? If yes, what is it? I am trying to find it online for wanted Inc ...
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2answers
182 views

Approximate cost of making a shell company

Hi. I was thinking about making a company to hide a plane I am thinking of buying. A helpful person suggested to make a shell company since planes can be registered to companies and FAA site doesn't ...
1
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1answer
79 views

Tax rate on miscellaneous income

Where would I find US tax rates on miscellaneous income that does not have an associated W2 or 1099? For example, let's say I start mowing lawns for my neighbors and a make a few thousand dollars for ...
1
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0answers
29 views

Do I need to file taxes or can I file taxes educational credit refund purpose with 1098T?

I did not work at all but I received a 1098T for my online school. The 1098T has $12,070.04 on box 1 and $2,529.53 on box 5. I will like to know if I should file taxes with the 1098T only to get ...
2
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1answer
248 views

Got an internship offer while working a student job. How do I fill my w4 for the internship?

Long story short: I am a non immigrant with a permit to work in campus, already filled a w4 with the university and I earn less than 10k a year. I got an internship for 90 days and I got another w4 ...
3
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2answers
130 views

What form should I keep my tax records in?

... and for how long? I have many years of IRS tax records taking up space. I wanted to do one of two things. Throw some or all of them out. Convert them to electronic form by taking pictures of ...
3
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2answers
140 views

Is it possible to deposit stock into a Solo 401k?

Towards the Solo 401k limit, is it possible to deposit stock held in an investment account, and have that count towards the limit? For example, if my 401k contribution limit is $20,000 annually, can ...
7
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1answer
156 views

Relocation to US

I am relocating to Texas from India along with my family in the month of July 2019 to pursue a Phd. In order to effect a smooth transition, would like some advice on how to setup things to manage my ...
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2answers
198 views

Are wages from a corporation always immediately tax deductible? [closed]

Suppose a corporation which constructs apartments and rents out those apartments expects to start earning money in its fifth year. Can it then just increase construction in that fifth year to create ...
5
votes
1answer
592 views

How does service tax work for Indian app developers selling through an app store?

I'm an app developer based in India, and I will be selling my apps through an app store. As I understand, developers are subject to a service tax of 15% once their revenue crosses a threshold of ₹10 ...
5
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1answer
1k views

Whats the difference between a qualified and an unqualified covered call?

I own various shares that I want to start writing covered calls on but I've heard about differences between "qualified" and "unqualified" covered calls. What's the difference? All I can find is that ...
0
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1answer
52 views

What are the downsides (impacting returns) of a short-term purchase & sale to cut the loss (other than wash sales rule)?

In the US, IRS wash sales rules indicate that a loss in security exchange cannot be claimed tax deductible in the same year income tax filing, if the transaction of purchases & sales takes place ...
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4answers
138 views

Do my stock earnings from selling stock get double taxed from short term gains and then from my 1040 tax filing?

I'm curious to how my taxes work when I am trading with my own personal stock account at E*trade. Suppose I buy XYZ stock at $100 and it goes to $1,100. My profit is $1,000. I read that the $1,000 ...
8
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1answer
528 views

How can I trade my 20% inheritance equity to a sibling for real property in their name?

My father passed away in July 2014. His residence was willed equally to his 5 children. One of my siblings wants to buy the property from the rest of us but needs a bigger equity share to get a loan. ...
3
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1answer
171 views

Should I rent out a home I own outright or one with a mortgage?

If I have two homes of equal value ($300K each) and one is paid off and other has a mortgage balance of $235K. I'd like to rent one of those out. Which one should give me the most advantages with ...
13
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3answers
3k views

Is it wise to pay off mortgage with 401k?

I've been considering paying off my mortgage with my 401k balance. Some particulars, I'm in WA state in the US, and I'll turn 60 in about a week. I have enough in my 401k with my current employer to ...
2
votes
1answer
45 views

How would I calculate my taxes for a post-Chapter-11 distribution?

Situation: I held N shares of a company "JUNK", average cost basis $C/share. Cost basis for the shares was $C * N. Some time later, company "JUNK" filed for Chapter 11 bankruptcy. At this point, the ...
5
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1answer
349 views

Client did not pay taxes on $400k stock

I'm a tax advisor with a client who did independent consulting work and was granted stock back in 2016, but never claimed the value of the stock of $400,000 as income in 2016. He never received any ...
0
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0answers
190 views

How much will my property taxes go up after new construction

Here is the situation: This is in California My family's home was bought 10 years ago at $1,000,000, they are paying over $10,000 in taxes every year. The current market value of the home is around ...
0
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0answers
22 views

Opportunity Zone 180 Day Reinvestment Rule With S-Corp Sale

I sold stock in a S-Corp on Jan. 1 2018. I was reading up on the latest guidance from the IRS regarding the 180 days reinvesting cut-off. The regulations say that you have 180 days from the date of ...
2
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1answer
73 views

ISO exercise limit before triggering AMT

With recent 2018 changes to AMT, I wanted to understand how much ISO options can I exercise without making a material difference in AMT Scenario Current income 200k Claiming standard deduction for ...
1
vote
1answer
876 views

Handling expenses for corporate tax in GnuCash

I am very new to the whole concept of book-keeping (Read GnuCash help - that's it) at the moment and was wondering if I could get some pointers in here. I am running a micro limited company (One ...
1
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1answer
131 views

California Prop 13 question

Can someone help me clarify how max property tax increase is calculated via prop 13? Prop 13 limits it to 2% yearly. Does this mean the tax increase can be a max of 1% of the 2% of the assessed ...
0
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1answer
49 views

Method of Earning Calculation For Early Roth IRA Withdrawal

I have a question on how the IRS would calculate earnings on an early Roth IRA withdrawal. Assume Taxpayer is under 59 and doesn't meet any specific exceptions to cash out early. Taxpayer ...
36
votes
6answers
17k views

Holding rent money for my friend which amounts to over $10k?

My close friend has just moved into an apartment with me and due to some circumstances he would like to pay me the rent money for a year upfront. The total amount will be about $11k total, and we as ...
6
votes
2answers
2k views

Will there be more tax deductions if I put the house completely under my name, versus doing a joint ownership?

I currently live with my mother, and the house is under her name. However, I pay for the property tax (house paid off). In regards to property tax reductions. If I will be continuously paying the ...
0
votes
1answer
657 views

Tariff on purchase from China on Ebay

If I order a knit hat on Ebay directly from China, how is the 10% (increasing to 25% on Friday per Donald Trump's tweet) tariff paid? It's possible that the Ebay seller pays the tariff and tariff ...
1
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1answer
118 views

Single, worked part-time job all year while in school, recently got full-time job but continue the part time job on side

While in school I worked a part time job from January to Current (October) and two weeks ago I recently started a full-time job. The kicker is that I am currently helping out part-time on the side for ...
35
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8answers
7k views

What are the differences between capital gains and other forms of income?

It appears that capital gains are treated differently than other forms of income. What are the differences in how capital gains are earned compared to other forms of income? How does the tax code ...
1
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0answers
46 views

Does S-Corp owned 100% by single-member LLC re-create SE tax?

LLCs with an S-Corp's election eliminate SE Tax. If that S-Corp is owned by a single-member LLC which should be seen as a disregarded entity, would that flow through money have SE tax again? The ...
2
votes
0answers
111 views

Why do SaaS apps not pay sales tax in my state?

I have noticed many SaaS apps I use do not include sales tax on their invoices in my state (New York). For example, on a recent Heroku invoice, I see this written: Heroku is not required to, and ...
2
votes
2answers
622 views

What does “Carry the decimal to four places” on line 47 “Deduction percentage” mean in 2016 Schedule CA NR?

If I get 0.93342 after "Divide line 37, column E by line 37, column D", then should I put down 0.9334 or 1.000, given the "Carry the decimal to four places" instruction? When I read "Carry the ...
38
votes
4answers
10k views

Why is there a cap on 401k contributions?

In theory, the government wants everyone to save up as much as possible for retirement so that citizens don't end up starving when they're no longer able to work. But in practice there is a limit of ...
0
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1answer
24 views

Can I report all my taxable interest in Schedule CA NR Column E even if I wasn't a resident for the entire year?

Filing 2016 taxes. The place I having a savings account in reported $12 in 1099-INT. I started living in California at the end of January. Will my taxes get rejected if I report all $12 in column E ...
2
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1answer
124 views

Understanding how the german tax system works [duplicate]

I hope that you can help me understand how the German tax system works. I recently found a job in Berlin with a yearly gross salary of 68000. I am married (we are both Spanish) but my husband is ...
1
vote
1answer
191 views

After-Tax Deductions Concerning my RSUs

My Restricted Stock Units were included in my Income on my W-2 (Box 1) and End of Year Paystub. However, my company also deducted from my paystubs a substantial amount as After-Tax Deductions. I do ...
1
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1answer
31 views

HMRC Tax Returns for following year

If my startup business is running at a loss after adding costs of supplies and money come in, how would this affect income tax in the following year? As any gains in the following year would need to ...
1
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1answer
63 views

Penalty or Fee for Filing a Return, When a Refund Is Due

Working on my 2016 Federal tax return, and I've reached the Estimated Tax Penalty line on Form 1040. I'll get a refund, so my guess is that I won't owe tax penalties on taxes I owe, since I don't ...