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.
5,482
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Working around IRA contribution limits using options
Lets say I have a taxable brokerage account with $1k of shares for ABC. I'm reasonably sure ABC will go down over the short term but don't want to sell it so I buy puts.
But since I just opened a Roth ...
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Does an employer need to know his contractors'/employees' birthdate to correctly file taxes?
If so, then how to verify a birthday and what if a contractor or employee lies about his/her birthday?
Sometimes a payroll software will automatically do the taxes, but certain payroll software only ...
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Employer not sending corrected W-2. What can I do?
For USA tax year 2022: I got my W-2 via ADP in February 2023. It had a mistake and I requested a corrected version (W-2C) in March 2023. Tax filing was due in April 2023 so I filed an extension (...
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Can I include the costs incurred for adding landscaping to the cost basis of my house?
Although there is a $250,000 gain exclusion for those who qualify, it's probably a good idea to track costs beyond original purchase price to track a more accurate cost basis. I've read that expenses ...
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Are Meals part of expenses?
I drove from Pittsburg to Philly to meet with customers. I left my home at 6:00 A.M. and did not get back from Philly until 11:45 P.M. that night. I was very busy and all 3 of my meals were takeout ...
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Taxes for selling property in foreign country
I've been owning half of the house in Russia before I immigrated to the US and I recently inherited the 2nd part of it. Now I'm thinking to sell it.
Should I pay any taxes in the US if I sell it?
I'm ...
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44
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Non Resident Alien with a W2 and a 1099B - What are the obligations here?
I worked in the United States between the 1st of January 2023 and April 15th 2023. In addition to salary I had some RSUs and my company would sell some of the RSUs to cover tax obligations. The broker ...
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Can I buy I-bonds with my tax refund, as a non-resident?
I want to own American I bonds, but I'm not a US citizen/resident so I don't have a SSN (I live in Canada). As such, I can't just create a TreasuryDirect account and buy I bonds there.
Here's my plan:
...
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IRA withdrawal for new construction home and 120-day rule
As per IRS Section 72(t)(2)(F) (paragraph (8)) one can withdraw up to $10,000 for a qualified first-time home purchase penalty-free. The withdrawn funds must be used within 120 days.
If one is buying ...
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Which REIT dividends are eligible for QBI deduction?
There seems to be a lot of conflicting information about this so I thought I would ask here.
I am wondering if all REIT dividends are eligible for QBI deduction. And by ALL, I literally mean ALL.
I ...
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Can an IRA contribution with after tax money be deductible?
I am trying to make an amendment for 2020 tax year. In December 2020 I contributed $6000 for Roth Ira and $6000 for traditional Ira (I did not know any better). I used after tax money in both ...
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Question about the specifics of the safe harbor rules for underpayment penalties
For the safe harbor rule for underpayment penalties, you don't have to pay a penalty if:
You expect your withholding and tax credits to be less than the smaller of:
a. 90% of the tax to be shown on ...
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Figuring out the tax basis of property inherited 15 years ago
In 2008 my father died. 15 years later I just sold the property that I inherited from him. Now I need to pay capital gains on that property, but what do I use as the tax basis?
I could just assume the ...
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(Canada) How does a trust help with tax burden?
My company is offering me share options. I'm trying to understand what the tax implications are.
My understanding is that as soon as I convert the options into shares, I must pay tax because the ...
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What legal dictionary does the CRA use for business and tax terminology?
I am currently looking for the technical definition used by Canada's Revenue Agency for these words:
Payment
Capital Debt Obligation
To determine whether payments made towards my margin loan in my ...
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Tax benefit of custodial brokerage account
If my understanding is correct, then the tax benefits of a custodial brokerage account are (in 2023):
Sheltering of up to $2200 of unearned income / year
Avoid gift taxes on gifts up to $15,000 / ...
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How to determine which dividends are qualified vs non-qualified when calculating quarterly estimated taxes?
I have enough dividend income that I need to pay quarterly estimated taxes. When I look at my monthly statements, I'm not seeing any indication of which dividends are qualified vs not, but I need to ...
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Need help understanding Estimated Tax payments and safe harbor rules
I have not worked for the first half of this year and have some modest dividend/interest income that would end up being less than $1000 in taxes by the end of the year, so I have not been paying any ...
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is the treasury bill portion of a bond fund subject to state/local taxes?
Assume we have some fund (like a money market fund) with x% of the capital in treasury bills. Treasury bills are not state or local taxed.
If I invest some capital into this fund, is my entire portion ...
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IRS publication 936 weirdness. Deductible home mortgage interest limits and zero-pay or cash-out refinance
There is a 750,000 home acquisition loan limit for deducting mortgage interest. This limit only applies to "home acquisition debt" (excludes the cash-out part). However this is used to ...
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Tax Implications of Forex Transactions when Changing Country of Residence
I have a somewhat complex tax question related to forex transactions and moving to a different country. Here's the scenario:
I'm a UK resident, and I sold GBP to buy USD in order to purchase American ...
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Selling shares of a publicly traded partnership?
I invest in individual stocks and some ETFs through a stockbroker. Last year, I bought less than $200 worth of shares in a company, which I did not realize was a publicly traded partnership until I ...
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Can a non-refundable tax credit be used to negate an early withdraw penalty from Traditional IRA?
I'm considering buying a new electric vehicle which would qualify for the US Federal Clean Vehicle Tax Credit.
In theory, I could be eligible for up to a $7500 tax credit.
My current paycheck tax ...
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Built a house on property. Florida residence when can we sell the property and avoid fed capital gains?
Sold primary house in 03/2021, and then bought land in 05/2021, address assigned same month. Lived on the property in RV. Built a house on the property. Florida residence, when can we sell the ...
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Income tax principles when moving countries
I am currently in Germany and moving from there to Singapore in April next year. I am a remote worker and continue to be paid by the same employer. After quite a lot of searching, I am quite confused ...
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Will there be any incoming & outgoing taxes on $40,000 money transfer from USA to India and possibly back from India to the US between siblings?
I am an Indian citizen and future UK postgraduate student (September 2023). To fund my studies and living expenses in the UK, I have applied to for a local government scholarship, the result of which ...
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239
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Deducting mortgage zero-cost refinance points from taxes when using the money for home improvement NEXT year
I have refinanced a mortgage and paid for quite a lot of points. The refinance was zero-cost, so the points came from the increased loan amount. I used the money I saved due to zero-cost refinance to ...
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ongoing tax implications of 1031 exchange out of California
I'm considering a 1031 exchange of a rental property to a different property out of California.
I assume that I will owe tax to California if I sell the property after the 1031. But will I have to do ...
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How to calculate tax for Precious Metal Sales in Ohio
So recently Ohio did away with tax on precious metal sales. I've been wanting to produce precious metal items for a while and decided I want to open an online store.
I'm trying to understand how to ...
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Do tax professionals have a special phone number to get through to the IRS?
I have an ongoing audit since July 2022. I hired a tax professional to take care of the audit as I was not able to get a person on the phone when I tried calling many times. It's now almost July 2023.
...
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Best way to pay myself from a C-Corp
I am a US citizen, and I own a C Corporation that is used to receive payments for contract work that I do.
I estimate that I will earn about $250k this year in it.
What is the best way to pay myself ...
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I don't want Social Security Benefits, how do I not pay it's taxes?
Very simple: I don't want any Social Security Benefits, I don't want the taxes or the benefits, and am aware of the risks. For 2023 the max taxable income for Social Security Tax is $160k and 12.4% of ...
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Minimizing tax liability in business purchase w/ personal loan from other partner
I'm purchasing an existing business with a business partner. They're in a better position than I am regarding liquid assets. I've got most of my assets in positions where I'd be paying high short term ...
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Should I amend my tax return to include my foreign bank account (US)?
I live in Asia. I made a wire transfer of about 50k from a US account to my spouse's account here. I filed taxes with TurboTax and did not click 'yes' to the question, 'Did you have a bank account in ...
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Should I consider tax deductions for interest when choosing a loan to pay off?
My situation is that I'm receiving a one time lump sum. I have two debts to pay off.
Debt A, interest rate 3.5%, smaller installments
Debt B, interest rate 4.5%, bigger installments
From this, the ...
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UK reg business (not vat reg) paying consultancy fee to the EU consultant (not vat reg)
My limited company is registered in England (not vat registered though). I need to make a payment to a consultant abroad in the EU who is not vat registered.
Do I need to pay anything to the HMRC and ...
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US Dividend LLC Taxes for Non-US residents and non-US business activities
We are considering creating an LLC in the US (Delaware or Wyoming), here as "Mother LLC" that will own another LLC in another country here as "Local LLC." The Local LLC will fully ...
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Consequences of frequent share holder loan and repayment to and from my Ontario Corporation?
Let's say I have an Ontario Corporation in Canada. My corporate fiscal year is from July 1 to June 30. I also have a personal line of credit with my personal bank and I owe $50k to the bank. The ...
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I gave items to a Charity Shop to sell, and signed up for Gift Aid on the donated items when sold. Should I put this on my Self-Assessment?
I gave items to a Charity Shop to sell, and signed up for Gift Aid on the donated items when sold. This increases the profit to the charity, who send me an annual letter informing me how much Gift Aid ...
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What are my options against an accountant who has botched an IRS audit?
About 8 months ago, I asked on this list what to do when I received a notice from the IRS that I was being audited but I only got the paperwork 2 weeks after the deadline to reply. I was advised to ...
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Does it make sense to sell stocks to pay off part or all of my mortgage loan?
My mortgage went through the roof since the increase in interest. I am considering selling my stocks that I have had for decades. My question is, the total value of the stocks is just under the value ...
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Tax obligations for deemed non-residents in Canada
I live (and I'm resident) in a European country (Austria, that has a tax agreement with Canada) and spent 8 months in Canada last year (2022) due to a research stay (I worked on my Master Thesis in a ...
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Are losses inside a stocks and shares isa tax refundable in anyway?
I invested 40k in stocks and shares isa. They lost value by 15k.
Is there any way to make this tax deductible somehow?
I hear rich people do stuff like this often.
I'm still holding onto the shares ...
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How to estimate "estimated" taxes?
I am trying to figure out how to estimate quarterly tax payments. After some wonderful help on this forum, it seems I'll need to do this for my state, but not for the federal government.
From what I ...
user122431
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How to best forecast tax liability for the purposes of estimated tax payments?
How can you "expect" to know if you need to pay quarterly taxes? I am on a university fellowship where there is no withholding. I am married, filing jointly. To file quarterly, my ...
user122431
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Do I need to make quarterly estimated tax payments for a post-doc fellowship?
I am a postdoc in the US, paid on a fellowship from my university for which there are no withholdings.
Do I need to pay quarterly taxes, both federally and to my state?
I expect that I will owe a ...
user122431
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362
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Can I hold gold as much as I like at home in the US?
Is it legal to store physical gold at home in the US? If so, what taxes may be applied on the gold held at home, in form of both jewelry or raw gold?
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Late filing with overwithholding, coupled with unexpected income in more recent years
TL;DR-ish
Can I use any part of my situation to carry forward any amount of refund to next years? It seems so silly to have so much locked up in refunds and then owe penalties when they've had excess ...
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UK taxes on rental income from abroad (Italy)
I have a property in Italy that is currently rented. I'm paying 10% in taxes as rent is at a rate agreed with the local council. According to the UK/Italy double taxation convention, it seems to me ...
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How split LLC income between spouses in tax form?
My spouse and i formed an LLC in a community property state. We file taxes as MFJ . I have $200k earned income from LLC and my spouse has $0. In an LLC operating agreement, we have a 50/50 split.
...
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