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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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2answers
70 views

What's our option in filing tax return

I got married June 2019 to a US citizen, and recently filed for adjustment of status. We live together presently with her 9 year old daughter, and I can't work because I've yet to receive my EAD. ...
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1answer
80 views

How can I compensate a new owner for a special assessment without incurring income tax?

The dwelling in question is a Townhouse in Boulder County, Colorado I was the owner of a dwelling in Colorado when a fairly bad hail storm hit this last Summer. I received notice that there would ...
2
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1answer
49 views

Taxes For Expired Worthless Puts On Invested Positions

My question relates to the tax implications of purchased puts that expire worthless (no gain, but loss based on the purchase price). These puts exist to protect invested positions. Suppose I ...
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0answers
25 views

Locking in Capital Gains when in Lower Tax Bracket [duplicate]

I am a college student graduating this upcoming year. I have a decent amount currently invested in a taxable brokerage account. For the 2019 year I would be in the 0% long term gains bracket and 12% ...
2
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0answers
107 views

Shared rent - home office expenses in partnership

I rent a 2 bed flat with my girlfriend (3 rooms inc combined living room and kitchen). The total rent is £1581. My girlfriend pays £650 and I pay £931 rent. The second bedroom I use exclusively as a ...
4
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2answers
189 views

Conflicting advice about what to do with my 401k / Roth IRA

I left a company that I was at for over 18 years about a year ago. The company I was at was using Fidelity and I had then opened a Roth IRA under Fidelity as well. My Roth only has around 15k and my ...
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1answer
32 views

Which tax year for healthcare bill if incurred and paid in different years

If I get healthcare bills in 2018 but pay them in 2019 to which year’s tax returns do they belong?
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0answers
27 views

If a CFC is the sole shareholder of a foreign company, is the foreign company itself a CFC

More specifically, I'm interested in answering this from the point of view of the US Citizen owning the controlled foreign corporation. I think the main crux of this question can be restated as "Is a ...
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1answer
26 views

Advance Tax on Fixed Deposit Interest in India

Lets say a person makes 30,00,000 INR in a year. So he falls under 30% tax slab. Lets say he also earns 1,20,000 INR from Savings Account Interest and FD Interest. This means, an additional tax of ...
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1answer
42 views

FD in 10 banks v/s Mutual Funds

This question is to be answered in terms of security of the money as well as how profitable the investment is. Let's say a person is in India under 30% tax slab. In India, FDs are more secure than ...
2
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1answer
157 views

Should I file every stock I sell when I do my tax report?

As a way of saving money for future I started investing into the stock market 1.5 years ago. I do not think much of it, I usually play around rather than treating this seriously. I didn't invest much ...
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2answers
80 views

Will I actually use my Solar State & Federal Tax Credit?

I live in Iowa, and am considering a solar panel install on my house. It is likely the install will take place in 2020 making it eligible for the 2020 state and federal tax credits. I get that I will ...
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0answers
64 views

Do dividends paid on short positions count when reporting taxes?

If I'm long Company A that paid me $100 in dividends and I'm short Company B that I paid $100 in dividends... do I report $0.00 to the IRS? Do I sum dividends in and out?
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1answer
47 views

Year end capital loss taking and wash sell rule

In order to offset some downside risk I have purchased SQQQ shares throughout the year. It’s almost end of 2019 and I find NASDQ is at all time high. As a result I would like to sell SQQQ share and ...
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0answers
69 views

Ontario, Canada rules for tax rates for services

In Canada, various provincial and federal taxes are applied to goods and services. In the event that a tax rate changes, there can often be confusion as to which tax rate to use for services rendered. ...
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1answer
50 views

What is a “final” excise tax return?

Looking at the article here on quarterly excise tax returns form 720 it says You must always file when you collect any excise tax during the current quarter or if you were responsible for ...
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1answer
41 views

Can I take capital loss here? (Wash sale) And how to calculate cost basis?

Lets say I have the following trades of CompanyA stock: Jan 1st - bought 5 for $10 Jan 15th - bought 3 for $12 Jan 25th - bought 3 for $15 Apr 15th - sold 11 for $18 -- Gain May 5th - Bought 5 for ...
2
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1answer
102 views

What happens when the Medicare deductions on one's Social Security (SS) check are larger than the SS benefit?

This is probably going to happen to me in 2021. For 2020, my net monthly SS benefit will be $8.00 (eight dollars). A little more IRMAA (income related monthly adjustment amount, which is a surcharge ...
2
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2answers
112 views

Reclassifying income from passive to active for actively managed rentals

I own multiple rental properties and a property management LLC. I would like to start paying a 10% management fee (industry standard rate) on all my rentals to my property management LLC. My ...
2
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3answers
2k views

Are there tax benefits in the U.S. for buying a first house? [duplicate]

Does a mortgaged home purchase impact your federal U.S. tax return in any way?
2
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1answer
372 views

Buy Land Using Old 401K?

I have a 401K from a job I left ~7 months ago. I'm looking to buy some land and do construction on it. I need to put about $40K down on the land, but I only have ~$30K in savings. What's the best way ...
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1answer
79 views

How to depreciate in terms of taxes?

So, Let's say I have a very small business and I make about 10,000 USD in sales. Let's assume there are 0 expenses. So, my profit is about 10,000 USD for that year. Assume the tax rate on the ...
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1answer
66 views

Are wash sales calculated by my broker?

For taxes, do I need to calculate wash sales myself, or are they typically reflected on the tax documents I will be sent by my broker?
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2answers
62 views

Income tax on paypal ( Australia )

I had some money in a foreign PayPal account which I earned before coming to Australia. Later, I moved to Australia in July 2019 as an international student. And in order to withdraw the money to my ...
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2answers
46 views

Tax Exemption on Foreign Currency Income in India

If a salaried person in India also makes 20,000 USD (in the entire financial year) from affiliate marketing and freelancing with US clients, would those 20,000 USD have any tax exemption in India? ...
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1answer
129 views

maximum solo 401K contribution

My net profit from a freelancer job is $2656. The IRS "self-employment estimated worksheet" calculated that my SE tax is $375.27, and "Deduction worksheet" calculated that after SE tax deduction, my ...
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0answers
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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0answers
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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2answers
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
42 views

What other variables affect optimal contributions to RRSP now?

I already maxed my TFSA. I can't have and don't want kids. I want to create an Excel spread-sheet to work backwards to determine the optimal RRSP contributions now that'll minimize taxes when I start ...
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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
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 ...
2
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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 ...
25
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11answers
16k views

How to pay less tax on a high salary?

I'm working as a software engineer in the Bay Area. I file my taxes as "Single" and because of the high salary, I fall into the 32% bracket. Some of my salary goes into a 401(k). What are some ways ...
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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 ...
2
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4answers
224 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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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 ...
5
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1answer
92 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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0answers
59 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 ...
3
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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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0answers
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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1answer
59 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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1answer
29 views

Where to put Canadian-listed ETF that holds a US-listed ETF of US stocks?

Assume I have just three unused accounts – RRSP ($90 000), TFSA ($63 500 in 2019), and non-registered investment account. I'm Ontarian. I use another example like XUU. Where to put it first? I ...
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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 ...
2
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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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1answer
63 views

What is the advantage of creating a new basis for a valuable asset during an inheritance?

I understand that when a person dies and leaves an asset as a bequest, then a new cost basis is established for the asset. This can possibly be advantageous for taxes, but I don't see exactly how. ...