Questions tagged [taxes]

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

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12
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2answers
4k views

Will I have to repay some of the 3rd stimulus check?

I got the full amount for the third stimulus check. ($5,600 for a family of 4) I just did my taxes for the 2020 year and an online calculator shows that I would have gotten $4,000 less if I had filed ...
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1answer
44 views

Advantages of incorporating in Canada for reselling

I'm looking into reselling (flipping) retail merchandise on Amazon with FBA. I'm in Canada, I expect profit margins to be tighter. One thing I'd like to know is if incorporating could save me from the ...
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0answers
107 views

My 52 year-old husband owns a rental property. Sell? When?

My husband owns a house we rent. The tenants are great, but my husband is taking a cash flow loss (less than $400/mo). However, the equity is rising nicely - 14% last year, 54% over the last 5. I want ...
8
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2answers
167 views

*Remote* internship for a UK company as a Spanish resident — they want me to go to the UK?

Background My permanent residence is in (mainland) Spain I'm studying at a university in the UK (specifically, Scotland) At the start of this academic year (September 2020), I moved to the UK for ...
4
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2answers
84 views

Can I pay equal amounts of quarterly tax if my income is uneven?

My money manager typically reallocates my portfolio early in the year. That means the majority of my capital gains occur in Q1. Am I required to adjust for this in my quarterly taxes, trying to pay ...
0
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1answer
112 views

If I invest in my friend's trading based company that signs a contract to a fixed RoI can the gains be treated as long term if I leave it for a year?

So my friend has a company that seeks investments from friends and family (possibly other acquaintances too). They invest these funds into stocks, etfs, derivatives, etc using their patented ...
2
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1answer
57 views

How to avoid the $800 minimum franchise tax as a California resident with out-of-state business?

Assume a California resident sets up an out-of-state trust, which in turn is the only member (and manager) of an out-of-state LLC for business in another state (e.g. holding rental properties outside ...
7
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3answers
1k views

Put lump sum into HSA

I have an HSA account that I currently have setup through my employer to do that max bi-weekly contribution possible, however, I have recently had some medical issues come up, and I have nearly ...
1
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1answer
47 views

If I quit my job, will I be able to deduct IRA contributions if I file jointly for 2020

I'm working on filing my 2020 taxes (married filing jointly) and realized that I will owe about $5000 due to reducing 401k contributions last year. I researched and found that it may be possible for ...
2
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1answer
47 views

Does the simplified flat rate for meals already reflect the 50% deduction?

In Canadian taxes for the self employed, they offer a simplified method for meal deductions with a flat rate per meal and/or a max per day. Do the amounts mentioned already factor in the 50% you're ...
0
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1answer
53 views

Determining Virginia Capital-Gains on Collectible Cards

How do I determine what the capital-gains tax is on an item like Collectible Cards, in the state of Virginia? (one-time sale of cards older than a year, not a businessman). Additionally, how does this ...
2
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1answer
31 views

Tax and managerial implications surrounding professional service retainers

I am a software engineer that has several clients that need me to do simple ad hoc tasks throughout the year for various projects. I have began considering setting up a retainer-based service for them ...
0
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1answer
51 views

NY state tax when living in NY and working 100% remotely for a company in WA

I got taxed for NY state(when residing in NY state) and working for a IT company in WA state(WA is my work state). Notes: I lived in NY for less than 184 days. 1 Jan 2020 - 15 March 2020 - India - ...
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1answer
63 views

Can I appeal the tax year used to calculate qualification for the 3rd covid stimulus check?

My in-laws retired last year and filed taxes early this year. As part of this, their 401(k) was cashed out and represented on their 2020 tax report. Because of this, they did not qualify for the 3rd ...
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0answers
41 views

Does Canada have regulations regarding “shorting against the box”?

If you hold a long position in a stock and believe it will go down but don't want to realize any gains, you can a open short position in that same stock to hedge against any drops in the price. This ...
0
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2answers
103 views

UK Stamp Duty - Me and my wife want to buy our first house, how much tax do we have to pay?

We are in the process of buying our first home in UK with a price of less than 250K but I have on my name another 1/2 apartment in my country of origin (values at less than 40K) so technically we don'...
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2answers
74 views

TurboTax behavior for married filing jointly with different income levels

I observe behavior whenever we file our taxes that I do not understand. It's not that I think TurboTax is making a mistake, I am just wondering why it behaves this way. Let's say these are our (made ...
1
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1answer
26 views

J1 teacher resident vs non resident

I would like to find out if I need to do my taxes as resident or non resident. I would really appreciate if anyone can take a look at my particular case and let me know their opinion, before I choose ...
0
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1answer
27 views

Carry over of North Carolina foreign tax credit

Referencing North Carolina income tax form D-400TC, Part 1 seriously limits the amount of foreign tax credit (FTC) I can take (line 7a is considerably smaller than line 6). I am wondering if it is ...
2
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1answer
58 views

Can charitable donations offset W-2 income taxation?

This is a bit specific for my situation but I thought giving some context could clarify what I'm trying to achieve. I live in the United States. I've always dreamt of funding my own non-profit (501c3) ...
1
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1answer
29 views

Overpayment at time of 401k withdrawal, during 2020

If, during 2020, one did an early withdrawal funds from a 401(k) and/or IRA, and one elected for extra withholding (above its final tax rate), when would that get returned? Is it handled with the tax ...
2
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1answer
57 views

Taxes: Selling covered calls at a loss

Let's say I own 100 shares of X with a holding period of >1 year and I have 1 covered call option written against those shares. On the day of expiry, it's looking like the stock is up much higher ...
0
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0answers
23 views

Can Mylan stockholder claim capital loss on Ciatris merger? [duplicate]

What is the consequence to Mylan stock holders. Can they claim a capital loss? When does their starting date begin? They seem to have different rules than Pfizer stockholders in some instances.
2
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2answers
94 views

What is the best time to exercise stock options?

I work for a small company and was granted some stock options with a strike price of about $2.50. Now that the company has gone public, the stock prices hover between $15 and $20. I'd like to get ...
0
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1answer
33 views

Expense of precious metal ETFs and tax implications

I am trying to understand how precious metal ETFs actually collect their fees. I know that for a stock ETF, expenses are collected by charging the shareholder's brokerage account a cash amount on a ...
0
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1answer
171 views

Parents did not receive 3rd stimulus wait or?

My parents got the first and second stimulus. Most americans got the third one today. For some reason my parents did not get the third one today. When I check the Get My Payment status site it says ...
2
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2answers
1k views

Stimulus 2021 double payed for dependent that's no longer dependent

I haven't filed 2020 taxes yet. On my last return (2019) my adult daughter was on my return as a dependent. When I file 2020, I will not put her on my return as a dependent, because she finished ...
3
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1answer
118 views

Taxes for deceased parents

Parents passed. Was told I need a CPA for final filing. I gave a $350 retainer. Because my siblings were on the deed to protect the house from nursing home I'm told I need to file a gift return for 3 ...
3
votes
1answer
119 views

Tax deduction working from grandparents home

I am a self employed freelancer, and received several 1099-NEC from my clients. I live and work from my grandparents home (for free), and also care for them (for free), and was wondering if this would ...
1
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1answer
24 views

Can I file tax for both F1 and H-1B partially the first year?

Last year I started working at a company as F-1 OPT around Jul, and then I turned into H-1B on Oct. So, I have to file as a non-resident alien. However, somehow the company withhold FICA tax from my ...
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0answers
20 views

non resident of Canada , taxes due on sale of shares in Canada

I am a resident of a EU country with a double tax treaty with Canada. I pay dividends at source on shares I own in a Canadian bank. What happens when I sell the shares, am I taxed on any gains in ...
0
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0answers
21 views

Reporting correct Qualified Dividend - if an amount is subtracted

A certain broker, in the tax info guide shows in line 1b it "will not determine if applicable holding periods have been met" So, according to instructions in 2020 1040 "Dividends you ...
1
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2answers
90 views

IRS accepted my e-file but the IRS website can't find a record of it

I e-filed my 2020 taxes seven days ago and it was accepted by the IRS. However, when I visit the IRS's "Get Refund Status" website, it cannot find my return. I have never had this occur in ...
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2answers
89 views

Trade stocks for stocks without involving cash [closed]

As I'm trading stocks, most of my transactions are selling stocks that have gains and immediately investing in other stocks. I wonder why there isn't a platform that allows you to just trade stock for ...
3
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0answers
67 views

Bringing life savings from KSA to Germany

I recently moved to Germany and my partner is planning to join me in a couple of months. We used to work in KSA and have a sum of money greater than 10 000 euros saved up from our work back in KSA. I ...
8
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1answer
4k views

What is the likelihood I get in trouble for forgetting to file cryptocurrency taxes? What should I do?

PayPal had a promotion without fees a long time ago, they also did it December 2020 and I just sold crypto again through paypal. This time they mentioned some sort of tax form, which somehow I was ...
0
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0answers
22 views

Dependent status [duplicate]

So, if I don't claim my 17 year old as a dependent, then she is eligible for the first 2 stimulus pymts totaling $1800 (versus only a $500 savings on my taxes if I claim her as a dependent) Except ...
2
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0answers
53 views

Uk Tax year and limited companies

I want to open a uk private limited company but wondered if there are any advantages to wait a month so it will be registered in the new tax year. I know the financials have to be submitted 12 after ...
1
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1answer
55 views

Why on PPP application lenders distinguish between sole proprietor, partnership, independent contractor or self-employed?

Lenders on PPP applications call these "Entity types" without further defining this term. However, best to my knowledge: Sole proprietor is someone who owns 100% of business and files ...
2
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1answer
45 views

Computing state taxes on back dated salary

I began 2020 working abroad, but then began working (very) remotely from the US due to the pandemic. It was not until several months later that it became clear that I would not return abroad for the ...
2
votes
1answer
58 views

Can an LLC be used to pay for expenses incurred before any revenue?

I want to establish an LLC for contract/consulting work, but there will be a fair amount of expenses incurred before I can hope to get some revenue. (e.g. hosting to build website, cost of software, ...
1
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0answers
60 views

How can one plan ahead to avoid the taxes stemming from becoming/being a "covered expatriate”?

When discussing the indication of renouncing one's US citizenship or US lawful permanent residency (= green card), I was told that: There will be an exit tax if you relinquish and you were 1) a US ...
1
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1answer
111 views

Canadian Taxes: Can I claim the full flat rate (currently $23) for a meal even if the meal costs less?

Here's the link to the CRA website but it doesn't seem to specify this. It seems to say $23 but I am not clear on this and it would seem odd to me to claim $23 for a $10 meal. Thanks in advance. https:...
0
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1answer
48 views

As non resident alien receiving grants from Google would I be elligible to receive stimulus checks if I register an itin?

Because of my studies and my past work, I’m earning grants from Google for amounts less than $4000 per year (earned as a not‑employed individual). Funds are wired in usd from their a/p account at ...
0
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1answer
44 views

Recharacterization due to Roth IRA overcontribution

In early 2020, I contributed $6000 to my Roth IRA. At the time, my salary was lower, so I didn't think my 2020 AGI would go above 125k. Then I got a new job in mid-2020, which came with a big raise. ...
2
votes
1answer
22 views

How to Correctly Split Federal Loss From Stock/Options (1099B) Investments Between Two States?

I have been actively investing in the stock market, and received my 1099B. Mid-year, I moved states. For the sake of simplicity, Jan-Jun in State A, and Jul-Dec in State B. I have more than enough ...
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0answers
14 views

What will the following year tax burden be on partial repay of an premature 401K withdrawal?

What will the following year tax burden be on partial repay of an premature 401K withdrawal? I quit my job. I have a 401K from the previous employer -- and took out a partial money due to COVID ...
1
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1answer
33 views

US - Non-resident for tax purposes married before 31st December

I am a non-resident for tax purposes for 2020. I had 1 allowance set in my W4 throughout the year. I got married before 31st December of 2020. My spouse accompanied me to the US in the following year(...
1
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1answer
36 views

Amending previous years tax return without filing a whole new return

I filed my 2019 tax return, but realised that I omitted about $40 of account interest. My account has said it'll cost $1000+tax to make the amendment. I'd rather just give IRS the whole $40. Is there ...
1
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1answer
43 views

Average cost basis for tax

Trying to understand how average cost basis works. What I didn't find is if after a sale the computation of cost basis will change for a security: I calculate the cost basis as average cost during all ...

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