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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4
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1answer
205 views

Failed attempt to refinance my rental property, can I deduct the cost of appraisal?

I attempted to refinance my rental property in 2012, but the appraisal came in low making it impossible. Can I consider the cost of the appraisal and rent schedule (close to $600) to be a rental ...
8
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2answers
587 views

Received 1099-C from Discover for Bankruptcy Chapter 7

I was told by my Bankruptcy attorney that debt discharged is not income due to my being insolvent. Therefore, did Discover card err in sending a 1099-C Cancellation of Debt form to me that says "debt ...
3
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1answer
733 views

If a company goes private, does it still count as a capital gain/loss?

This is related to "What happens to public shareholders when a public stock goes private?" I am pretty sure the answer is yes, but: If you own stock in a public company which is bought out, does it ...
3
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1answer
617 views

How do I tell if employer tuition assistance is included in taxable income?

I am almost done with my taxes, however I have reached one spot that I cannot figure out. My 1098T shows my employer assistance credit as $4925. Also, my brother is using the assistance with a total ...
5
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2answers
406 views

Paid part of my state refund back last year; now must declare the initial amount as income?

Sorry for the terse title, here is a more fleshed out explanation: When I filed my 2011 taxes last year, I received a refund from my state of residence (Arkansas). Later last year I had to amend my ...
0
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1answer
670 views

Include all W-2 forms on a Part-Year-Resident State return?

I lived in State1 for the first 10 months of 2012, and then State2 for the remainder of the year. I've already e-filed my federal return and my state return for State1. However, my tax software ...
6
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3answers
1k views

Owning properties through an LLC - how to split the LLC expenses?

I own some rental properties through my LLC. While most of the expenses can be attributed to a property and find their way to schedule E, I'm puzzled about the LLC expenses... In California its ...
10
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1answer
8k views

I'm in the US on F1 visa, received a W2. Not sure what to do now

I came to the US a few months ago to pursue my higher education. So I worked as an RA in my university last year, and just today received a W2 form in mail. It doesn't say anything about what I need ...
4
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2answers
2k views

Capital Gains taxes on an inherited house

My grandfather passed away in 2011 and my father inherited his house. We are looking to sell the property now and are concerned with capital gains taxes. The property has a market value of around $...
1
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1answer
137 views

Equity or alternative compensation in an LLC?

I am currently working for a real estate startup (LLC) that wholesales REOs nationwide. I was one of the earlier employees to get hired. Since my time of employment, the company has been expanding ...
1
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1answer
434 views

Confused regarding filing taxes as a non-resident alien vs resident alien.

All, I am new here and have a rather puzzling (at least to me) situation: During 2012, I started off the year as an F1 Visa Holder till September 30. I then switched to an H1B on October 01 and ...
1
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1answer
2k views

Child care receipts and taxes

I live in Ontario. I made 33,000. For 2012 and am a single mother who paid out $6,540. In child care. How much of the child care expence can I expect to get back???
2
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2answers
11k views

Is an incorrect address on a W2 a problem?

I worked at a company in 2011, with address A, and in 2012, came back to the Company with Address B. There were no overlaps with the addresses from 2011 to 2012. However, payroll didn't update my ...
7
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1answer
287 views

New to working as an independent contractor, what do?

I'm already in the independent contractor boat. So my next steps are to learn how to pay quarterly IRS payments (fun). Should I just follow the form or do I need to use a software tool to better ...
2
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3answers
596 views

Do W2 employees pay medicare and ca disability employee?

I've been working as a hourly paid employee for a company for about a month now. I notice that there're 'Medicare' and 'CA Disability Emplyee' taxes on my pay statement. What are they and why do I ...
2
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1answer
217 views

How to Deduct Family Health Care Premiums Under Side Business

I am an employee of a company and I have health insurance through them, pre tax. My company only pays for me so I have private insurance for my wife and kids. I also have a side business, and was ...
1
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1answer
3k views

Travel expenses for an out-of-state rental

I currently live in Texas and own property in Colorado. I use it as a weekend retreat. I found another home in the area of my current property for sale that is a really good price, but until I can ...
4
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2answers
703 views

Tax implications of short sale with second mortgage?

I short sold my home this year and was told by my Realtor that the government forgives taxes which would normally be owed by selling a property for a loss. I had heard this before and assumed it would ...
2
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1answer
73 views

US taxes and refunding/returning payment

My friend is in an interesting situation. He paid in advance to a worker in December, but it doesn't look like the worker will finish the job. The worker is willing to refund the money, but in January....
0
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1answer
161 views

US - foreign tax credit - which year to claim in?

Capital gain occurred in 2010 (2009-2010 fiscal year of that country) in a foreign country. Tax will be paid in 2013 (with penalty and all, since it was due in 2010-2011). Since he would owe heft ...
1
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0answers
115 views

Are there tax implication on buying US stock while on a job transfer?

I work for a startup company in San Francisco and will be transferring to our London Office in April. Right now, I have vested a little over half of my allotted shares with the company, but have yet ...
5
votes
1answer
145 views

Apartment donation or gift for foreigner living in US

Some of my relatives would like to donate or move an apartment on my name. However, there are a few things... I am a Romanian citizen living in the US (on a non-immigrant visa) The apartment is in ...
4
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1answer
241 views

How much of my scholarship money do I need to pay Taxes on?

I started going to community college in order to transfer to a University. I am currently not trying to get a degree at the community college but I am from the University. I qualified for a reduced ...
0
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2answers
4k views

I'm living abroad, can I choose to not pay state taxes for that time?

I have a single US employer. I believe they are already withholding my state taxes at this point as I submitted a w-9 with my address being in the US. I would prefer that not to be the case because my ...
1
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1answer
749 views

How to set up my business as a self-employed contractor

I am a full time employee in New York City who does contract work on the side. Next year, I would like to set up a business for myself for this, with the expectation that I might become a full-time ...
0
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2answers
88 views

Will a contribution towards Traditional IRA be deductible for 2012?

I switched to a job in 2012 which didn't offer a retirement plan in October, 2012. Prior to this job, I was covered with an IRA account from my previous employer. I will be filing the returns with my ...
6
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1answer
321 views

Gains/loss calculation for staggered buys & sells?

I am completely new to this, so understand that I realize that I still have a lot to learn before I invest any significant sum of cash. I've bought a few shares of stock (let's call it ABC) through ...
5
votes
2answers
6k views

Optimal way for withdrawing vested company match from my 401k?

It's possible that I'll be laid off in a few months. Currently I have x + y in my 401k. x = my personal contribution y = my company match --> which is vested Soon I'll make a fairly big personal,...
2
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1answer
93 views

Deducting last years (undocumented) side business loss

Last year (January 2011-August 2011) I hired a company in Europe to build me a software product, which I intended to resell as a for profit business. I am a us citizen and have lived and worked here ...
3
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1answer
1k views

US tax - effectively connected income

I am confused about effectively connected income. I googled about it a lot, and I still not decipher what exactly it means, because different people said different things. For example, if I hire a ...
8
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1answer
10k views

My bonus is taxed at a higher rate than my regular paychecks, so should I contribute 100% of my bonus to 401k?

Is there a tax advantage to putting 100% of my bonus into 401k? From looking at my pay stubs, my bonus gets taxed at a higher rate than my regular paychecks. And since traditional 401k contributions ...
3
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1answer
157 views

How do online referal systems work?

There are sites on the internet which promise to pay money for just referring traffic. How trustworthy these are and what are their sources of income? Are these sites worthwhile to consider for ...
4
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1answer
447 views

Will ADR holder be taxed twice

Take STD ADR for example STD ADR Shareholder Remuneration Since I will invest through local broking firm from my home country (Malaysia), it is not possible for me to claim back tax from US and ...
6
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2answers
1k views

I work in both Sweden and Australia - should I declare Australian based income overseas?

I am an Australian citizen working in both Sweden and Australia. I have been in Sweden for just over 3 years, my partner is Swedish. I travel to Australia regularly, at least twice a year, where I ...
6
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2answers
916 views

What tax can I expect on US stocks in a UK ISA?

What are the tax implications of holding US stocks in a UK self-select trading ISA? Ordinarily I'd expect the UK-US tax treaty to cover any taxation issues, so that I'd pay the UK rates of tax. But ...
3
votes
1answer
8k views

Tax deduction helping a friend pay tuition

I'm helping a friend pay for tuition. On my taxes, will I be able to make any deductions or get any money back when I file my taxes? This is in the US.
4
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2answers
1k views

My friend found out about FBAR some time after the fact. What can he do now?

My friend sold a property in India and he has funds in his bank account in India. He was thinking about either buying another property with that money to avoid taxes or something like that. (You have ...
2
votes
1answer
2k views

Where can I find FBAR forms for prior years?

I was recently informed that I needed to complete the Report of Foreign Bank and Financial Accounts for the previous six years. I've been hunting on the IRS website for the last half hour and can only ...
3
votes
1answer
132 views

US Simple donation taxation question

If i take in 50k of income and donate 40k to a 501(c)(3) non-profit, how much money will have to pay taxes on? I am a sole proprietorship. Thanks!
3
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1answer
1k views

Recent permanent resident: Should I have filed Report of Foreign Bank and Financial Accounts (FBAR)?

I became a permanent resident of the United States in mid-June of this year (2012). Before that I was on an F1 student visa. I was a non-resident for tax purposes throughout 2011. I have an account ...
3
votes
1answer
119 views

What book or source of information can help me build a business from tax money?

My wife and I are both employed. We are in the middle class family tax bracket, but we don't own a house thus making our tax very high. I want to start a business to work it after hours and divert ...
6
votes
1answer
5k views

How does tax work for an overseas contractor on a split year contract?

I am currently working as U.S. DoD contractor in Afghanistan. I arrive in Afghanistan late October 2010. I will be over here until at least October 2011. I know that when working overseas for 330 days ...
8
votes
3answers
903 views

Changes in Capital Gains Tax in the US - Going to 20% in 2011?

I have made substantial gains in the stock market this year on stocks that I have held long term (> 1 year). I understand that when I sell this stock, I will pay 15% capital gains tax. I have heard ...
6
votes
2answers
2k views

Can I deduct the cost of licenses for tools/utilities and services come tax time?

I'm employed full-time (not a contractor). I own my own licenses for tools like ReSharper, Beyond Compare, etc. In addition, I pay for various training and learning resources like Safari Books ...
1
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2answers
86 views

Properly calculating personal taxes

When taking into account how much Federal/State income taxes, FICA and MED have to be removed from your income, do you calculate that based off of your Gross or AGI?
3
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1answer
5k views

What is Remittance vs. Arising basis in Tax?

What is remittance and arising basis with regard to tax? From here: http://taxaid.org.uk/situations/migrant-workernew-to-the-uk/income-from-abroad-arising-basis-vs-remittance-basis Arising basis ...
2
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1answer
723 views

What are the tax implications for doing accounting on the cash vs the accrual method?

What are the tax implications in the U.S. for doing ones accounting on the cash method versus the accrual method? As I understand it the main difference is in the timing (i.e. which period) of ...
1
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1answer
1k views

Penalties for cashing out on a SIMPLE IRA early

I want to know what are the penalties that an individual will face if they withdraw on a SIMPLE IRA outside of a hardship distribution? (Additionally) I noticed in another post someone mentioned a '2-...
5
votes
1answer
139 views

State taxes for nonresident international PhD students in Massachusetts?

Do I have to file state taxes (in addition to federal taxes) as a nonresident international PhD student in Massachusetts?
6
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3answers
795 views

What are the ins/outs of writing equipment purchases off as business expenses in a home based business?

I'm currently self-employed doing computer programming work. As part of self-employment I'm learning about filing taxes quarterly (not fun) and also writing things off as business expenses (...