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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2
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1answer
65 views

How do I find the correct address for mailing my LATE 2020 1040

My wife and I still need to file our 2020 federal taxes. It's now past the e-file deadline (d'oh). We don't owe anything, nor expect a big refund... just need to get the paperwork on file ASAP. Since ...
0
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2answers
178 views

Diverting work income through my unprofitable LLC

I have an LLC that doesn't make money, and I have a full-time job. I'm considering having part of my income from my employer go to my personal bank account (to save for retirement), and the rest go ...
2
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1answer
65 views

Should I wait until after my LLC's effective date to purchase equipment?

I'm starting an LLC with an effective date of January 1, 2022. I would like to purchase some computer equipment ASAP so I can hit the ground running in January, but I won't have my LLC's bank account ...
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1answer
110 views

Do I have to pay taxes If I withdraw from Paypal to other bank account than mine?

I have a Paypal account which is linked to my bank account (primary). In my country taxes are 40%. However, I want to withdraw money in Paypal to other bank account in other country (secondary). The ...
3
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2answers
284 views

can I retroactively make a Roth contribution based on an amended 2020 return?

In 2020, wife and I filed separately. She was unable to make an IRA contribution (a deductible one, at least) due to being highly-paid and covered by a retirement program at work, and I was unable, ...
1
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1answer
75 views

Do the French tax authorities require French Forms 5000 and 5002 to be original, or can they be copies/scans?

I wonder whether French Form 5000 (mirror 1, mirror 2) a.k.a. CERFA 5000 and French Form 5002 (mirror) a.k.a. CERFA 5002 need to be original when sent to the French tax authorities (a.k.a. the Fisc),...
0
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1answer
37 views

What are the minimum financial benefits a long-term care insurance must have to allow a Washington tax resident to opt out from the long-term care tax

Revised Code of Washington (RCW) 48.83.020 (mirror) states: "Long-term care insurance" means an insurance policy, contract, or rider that is advertised, marketed, offered, or designed to ...
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0answers
63 views

Wrong citizenship on my ETORO account

ETORO took my country of tax residency as my country of citizenship and this is not True. What should I do? Their customer support seems useless. Can I continue with it?
3
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0answers
168 views

Are there any legal risks/implications of this indirect gold purchasing process

Setup: My wife and I live in UK. My In-Laws are UK expats currently living in Switzerland. They are investing some of their savings into Gold Bullion. (not interested in any assessment of that ...
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0answers
40 views

How much taxes do resident and non-resident aliens need to pay for selling stocks they bought before they arrived to the US?

I'm not sure if resident and non-resident aliens need to pay taxes for selling stocks they bought before coming to the US. Meaning, the alien bought those stocks before coming to the US, and then sold ...
0
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0answers
96 views

Are indexed universal life insurances of any use from a tax mitigation standpoint (= looking at after-tax returns) vs. a regular investment account?

I am a US lawful permanent resident. I am interested to know whether indexed universal life insurances have any upside from a tax mitigation standpoint compared to a regular investment account. I.e., ...
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1answer
87 views

Can being categorized as a "US resident" by the bank make me a tax resident in CA or US?

According to IRS, I was never a US tax resident. But there is a US bank that thinks I'm a resident in the US. I didn't update my info after leaving. I did fill out W8. I also filled out after leaving, ...
1
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1answer
73 views

Does a resident alien need to pay taxes for cashing out crypto gained before moving to the US?

Let's assume that an alien who's never been to the US before moves there and becomes a resident alien for that financial year due to fulfilling their substantial presence. The alien owns crypto funds ...
19
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6answers
5k views

What are the tax implications of being paid for work in company shares?

I completed a project for a private limited company. They want to pay me in company shares worth £100K (as it is stated in our contract). I am trying to figure out what tax implications would I face ...
0
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2answers
114 views

Would like to keep paying our parents after retiring from our small business

Several years ago me and my brothers bought the company that our dad and mom started. We agreed to pay them a monthly amount until we had bought out the company. At that time they both continued ...
0
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0answers
16 views

Paying country-specific tax from foreign bank account in Wise or Revolut

Portuguese legislation requires a company to pay a specific kind of Social Security, "Taxa Social Única" or TSU, every month for each salaried person. Portuguese banks are used to this ...
2
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1answer
90 views

Do American brokers and banks report client information (account size, balance, yearly profit) to client's country?

Do American brokers and banks report client information (account size, balance, yearly profit) to client's country? Question is ONLY for NON-US citizens. Client's country refers to Where client lives....
2
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0answers
157 views

I'm a nonresident alien who won and claimed a $50 giveaway through the internet before I realized this could give me a headache, please help

This might be a silly question but: I think I'm not obliged to file a tax report since my income from a U.S. source is only $50 (please correct me if I'm wrong). But what about paying the actual tax (...
2
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1answer
110 views

Will I get tax savings for donating my entire salary as charitable donation this year?

Due to various circumstances I have a huge amount of money stock piled and available to donate to charity this year. I'd like to maximize the amount donated, which means maximizing my tax savings as ...
2
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1answer
64 views

Beginner capital gain tax on shares in Australia

I am thinking about depositing some of my money (500-800 AUD) into eToro and buy some shares, just for building good money habits. But I am unfamiliar with the tax implications that I have to face (if ...
2
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1answer
60 views

Roth Conversion over ACA Cliff

Since the ACA Cliff is eliminated for 2021 (& 2022), it appears to be a good time to do an extra large Roth Conversion. Assuming the individual is already close to the ACA cliff (and not on ...
2
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1answer
66 views

VAT for imports from UK to EU for private customers after Brexit

Suppose I am a private person living in an EU country (in my case in Germany) and I want to order some products from a shop resided in UK. Suppose that I request the product via email and the UK shop ...
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1answer
151 views

Create LLC to invest and make big purchases?

If I want to do the following: Make a few big purchases (laptops, cars, etc) Invest in public and private equities, cryptocurrency, NFTs Will a vehicle (e.g. LLC) be useful to accomplish all of ...
0
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1answer
167 views

Receiving money to send to other people: do I have to pay any taxes?

As a US lawful permanent resident, I'm filing for my taxes in the US. If I receive x USD and the source of the money is expecting me to entirely redistribute this x USD to a few other people, which I ...
0
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1answer
53 views

Wash Sale for stocks and FIFO taxes

I have a situation where I'm trying to avoid a wash sale and am trying to realize some losses by year end. Here's the situation: Jan 1st - purchase 100 shares of XYZ at $100 per share - $10,000 March ...
5
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1answer
660 views

Do you have to pay taxes on the free stock you get from a Robinhood referral link if you don't sell it?

I signed up for a Robinhood account with a referral link and got a free stock. I've searched all over the internet to see if I have to pay taxes on the gifted free stock. I can confirm 100x over that ...
2
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1answer
188 views

Is my calculation of gross income correct?

I have made $7200 working for a temp service this year, then I was hired in straight into the company and hope to gross about $3700 for the previous last two weeks and the remainder of the year. I ...
5
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1answer
338 views

Do freelancers who receive a W2 qualify for home office tax writeoffs in the US?

Last year I freelanced year round in the U.S. For work performed from Jan-Oct I received a 1099-NEC (Non-employee compensation tax form) from my clients. However, from Nov-Dec I worked for a new ...
0
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1answer
69 views

SAFE Notes and taxes

If you are an advisor or a software developer and the company that you advise/consult for, pays you 10K USD, then you pay tax on the 10K received eventually. But if you chose to opt for 10K USD worth ...
0
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1answer
91 views

Why the tax on stocks dividends differs between the types of companies?

Why some types of companies, like a limited partnership LP deduct more percentage on the dividends (for me it was 37%) than the regular percentage (30% for inc,lmt for example)?
1
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1answer
53 views

When are premiums received for selling covered calls/naked puts realized?

For example, if I were to buy 100 shares in APPL today and sell a covered call option with an expiration year of 2022, would the premium that I receive be realized upon sale or when the option expires ...
3
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2answers
273 views

If I live in Maine but work in New Hampshire, do I owe income tax in Maine on my New Hampshire-based income?

If I live in Maine but work in New Hampshire, do I owe income tax in Maine on my New Hampshire-based income? I do not believe that Maine and New Hampshire have any tax reciprocity agreement.
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1answer
74 views

If I lose money one year, and make them back the 2nd, can I still be at a net loss due to taxes? [closed]

Say I invest 100 dollars and lose 10 dollars in year 1. I then make those 10 dollars back in year 2. If this is taxed, then I will get less than 10 dollars back, therefore currently having less than ...
2
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1answer
173 views

selling old electronics for a loss and form 1099-K

Let's say I sold a drone that I paid $10,000 for a year ago for $5,000 on eBay and that the buyer pays via a credit card. Starting in 2022 you're supposed to get a Form 1099-K whenever you make credit ...
1
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1answer
30 views

QSBS for restricted stock options

The below applies to a US company I have started at a company where I have received stock that has a 1 year cliff and a 4 year vesting schedule. I earlier exercised my stock and filled out a 83b form. ...
-1
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1answer
122 views

How can increasing the max of SALT deductions from 10kUSD to 72.5kUSD cause an average tax cut of 145kUSD for the top 0.1% earners (>1MUSD) in the US?

I read an article from Fox Business (mirror 1, mirror 2) about the proposed change to the State and Local Tax (SALT) deductions: Under the latest proposal currently being considered by the House ...
0
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1answer
126 views

Implications of changing address of my credit card temporarily? [closed]

A gym that I attend requires a yearly contract with the option of breaking it if moving out of the state. A change address of a credit card can be accepted as a proof. Is it possible to change the ...
0
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0answers
25 views

Do non-resident aliens have to pay tax on a gift from foreign source?

I am a non-resident alien (not a US person), temporarily working in the USA. I will be receiving a monetary gift from a foreign entity. The source of the cash does not originate in the US. Do I have ...
2
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4answers
234 views

Would allowing my company to pay me less in order to donate that money to charity lead to net increase in charitable donations?

To give context for this question I first need to explain that I am lucky enough to make very good salary, and also live like I'm on minimum wage, which allows me to donate a pretty decent percentage ...
7
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3answers
3k views

Is US capital gains tax progressive?

As has been answered on many questions, people pay 0% capital gains if their taxable income is below $40,000, 15% capital gains tax if between $40,000 and $441,450 and 20% if over $441,450. My ...
1
vote
1answer
189 views

How does the IRS define non-compliance?

How does the IRS define non-compliance? If an individual taxpayer makes a typo of $1 on a tax form, does the IRS consider that person to be non-compliant? Is there a scope of actions that the word ...
1
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0answers
99 views

Can "Family Cottage" LLC contributions be taxed?

I and a handful of relatives inherited a "family cottage" (a recreational cabin in the woods) from my Grandparents, who organized it into an LLC before passing it onto us in the form of ...
2
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1answer
61 views

Do state payroll taxes qualify for SALT deductions?

Some states in the United States such as Washington state disguise income taxes as payroll taxes. Do payroll taxes qualify for State and Local Tax (SALT) deductions?
0
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1answer
36 views

For IRS form 8938, how is interest in specified foreign financial assets determined?

The instructions for IRS form 8938 for 2020 state the following, and only the following, under the heading "Interests in Specified Foreign Financial Assets": You have an interest in a ...
4
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1answer
376 views

What does "22/30" mean when talking taxes and selling an apartment?

I really tried to think through this and search before asking. I hate having to ask questions. On this webpage, on the Swedish IRS' website. It says: Om du säljer en privatbostadsrätt med vinst ska ...
0
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1answer
43 views

What is a "non-UK resident" for the purpose of paying SDLT?

It is stated here: https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property#sdlt-rates-for-non-uk-residents that There is a 2% surcharge on residential properties in ...
-1
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1answer
82 views

Is it allowed to change one's qualifying long-term-care insurance after opting out from the long-term care payroll tax in Washington?

After opting out from the long-term care payroll tax in Washington by purchasing a qualifying long-term-care insurance, one has to keep a qualifying long-term-care insurance, other one may get in ...
4
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1answer
33 views

Does Contributions To A Simple 401K Plan Count Toward The Yearly "Normal" 401K Contribution Limit?

I work two jobs and have a "normal" 401K plan from one of the two jobs. The contribution ceiling for a "normal" 401K plan in 2021 is $19,500. I know that contributing to a SEP ...
0
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1answer
58 views

To opt out from the long-term-care payroll tax in WA, does the LTC insurance have to be active by Nov 1, 2021, or simply be purchased by Nov 1, 2021?

To be allowed to opt out from the long-term-care payroll tax in Washington state, does the long-term care insurance have to be active by November 1, 2021, or simply be purchased by November 1, 2021? ...
2
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4answers
92 views

How does tax-deferred pension savings carry any long-term benefit over taxable accounts?

In terms of the total post-tax savings value, I don't see how taxable (e.g. Roth) vs. tax-deferred (e.g. 401(k)) makes a difference. Let me be specific. Suppose tax rate is s, and you dedicate X of ...