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.

Filter by
Sorted by
Tagged with
0
votes
1answer
122 views

Wash sale regarding “one bite of the apple” rule

following is a wash sale example I am confused about(all trades are on the same stock): Day 1: Buy 100 shares at $110 Day 2: Sell 100 shares at $100 Day 3: Buy 200 shares at $95 Day 4: Sell 100 ...
1
vote
0answers
26 views

After moving out of the US, should I wait until I'm no longer a resident for tax purposes before investing in EU-domiciled accumulating ETFs?

I'm a EU citizen (and US non-citizen) who recently moved back to EU from the US. I liquidated my US investments and my plan is to invest in EU-domiciled accumulating index fund ETFs (such as VUAA). I'...
1
vote
1answer
75 views

If an employee works from outside California but is declared by the company as working in CA, from how many days outside CA does it become an issue?

US companies need to know the location of their employees for tax and benefit purposes, while some US and non-US companies manage to allow some of/all their employees to work remotely. Assume that the ...
2
votes
1answer
139 views

Suppose that you have no home address. Which state would you pay income taxes too?

Suppose that Sarah has a job which requires near constant travel on airplanes. Also suppose that Sarah does not own a house, or rent an apartment. Sarah lives out of hotels, motels, air-BnBs, etc... ...
0
votes
1answer
67 views

How can I find resources on intelligent ways to preserve wealth on large stock gains and pay minimal taxes? [closed]

I am unable to easily find resources on smart trades to help preserve wealth. Are there good resources to find historical accounts of people making smart moves to avoid taxes or increase wealth by ...
1
vote
0answers
78 views

need tips on how to reduce capital gains of primary residence sold for $2.2M this month in California

What all can we do to reduce the long term Fed & Calif cap gains tax on our primary residence for 21 years? All we can think of is: depreciation and expense of original landscaping. DETAILS... ...
0
votes
0answers
47 views

U.S. Expat living in Poland working remotely for a U.S. Institution: How to classify myself for taxes?

Briefly, I am a U.S. citizen living in Poland. Recently, I was offered a paid remote position at a research group with a U.S. university. Due to the nature of the work, I can either be considered an ...
1
vote
1answer
47 views

H4 visa spouse: resident alien or non-resident alien

I am a resident alien for tax purposes (H1B visa). My wife is on H4 dependent visa in the USA. She has been in USA for 189 days in 2019. 0 days in 2018 and 2017. She cannot apply for an SSN. She doesn'...
0
votes
2answers
126 views

Do businesses make a profit on VAT?

According to my understanding, VAT is the tax paid by the consumer on value added at each step. For example, suppose VAT is 10%. A farmer produces tomato and sells for $10 to a packaging company. ...
0
votes
0answers
29 views

Money Transfer to UK

I bought a holiday apartment in Goa some years ago. I had an NRI account. The bank then changed it to an NRO savings account. I sold it three years ago and the money was paid into this account. I wish ...
0
votes
2answers
195 views

With the Presidential “Payroll Tax Holiday” being imposed, should I invest the money in ROTH IRA or Regular Brokerage?

We've had a Presidential order creating a "payroll tax holiday", and the best information I can find about this can be read at Forbes and summarized as follows: No/Reduced federal tax from ...
2
votes
1answer
64 views

What are the tax implications of paying back taxable relocation?

In a situation where you start a job: $30k taxable relocation benefits $18k tax grossup (FICA/federal/state income tax) Relocation owed back decreases 1/24 monthly until 2 years pass Relocation all ...
3
votes
0answers
42 views

Annual Bonus causing penalty under section 234C in India

My company pays bonuses in March because of which my taxable income also increases quite a lot. Because of this, I am being charged penalty fee under section 234C due to shortfall of meeting - 15% ...
1
vote
0answers
34 views

What are Fringe benefit employee contributions?

While preparing my company tax return, i came across this curious phrase in the Australian Company income tax return guide (link here) Fringe benefit employee contributions Employee contributions ...
0
votes
0answers
21 views

Is the signature of a non-US branch of a US financial institution accepted by the French tax authorities for French Form 5000 a.k.a. CERFA 5000?

I am a US tax resident and I am currently outside the United States. I have to complete French Form 5000 (mirror 1, mirror 2) a.k.a. CERFA 5000, which requires to obtain the signature of a "US ...
1
vote
2answers
93 views

Tax liability of living in a property that is owned by the company you work for

If the CEO of company A lives not-permenantly (1yr) in a property that is currently owned (mortgaged) by company A which they are an employee of, will there be a tax liability implied for said CEO ? ...
1
vote
1answer
38 views

F1 OPT, marriage to Canadian citizen, FICA taxes and tax filing status

This year is a complicated one for me for tax purposes. I've been in the US since mid 2015, with F1 status. I currently still have F1 status, with OPT. If I've understood everything correctly, I ...
0
votes
1answer
36 views

What is the deadline for a US bank and the IRS to sign French Form 5000 a.k.a. CERFA 5000?

What is the deadline for a US bank and the IRS to sign French Form 5000 (mirror 1, mirror 2) a.k.a. CERFA 5000? According to the Form 5000 instructions (mirror): Unless otherwise stipulated in the ...
0
votes
0answers
12 views

Should a retail financial advisor firm give me foreign tax credit information?

I invested in an Irish ‘offshore’ fund through this firm. The fund invest in assets all over the world but 50% is US equities. I am not an US person. I read offshore funds gets tax withholdings for ...
1
vote
0answers
27 views

Is there public information indicating that a company is multinational?

I’m in transfer pricing and I’m wondering if there are any filings that indicate that a company is multinational? If so, is there any information on the number of subsidiaries the multinational ...
1
vote
0answers
74 views

Parcel stuck at customs. Further instruction should be requested from “Buyer” or from “Seller”?

I have an issue where a package is stuck at the logistic company customs offices because the seller has apparently misdeclared the content value. I am not going to pay the fine they want me to pay so ...
0
votes
0answers
59 views

Do the French tax authorities make exceptions regarding the deadline to complete Form 5000 in case of force majeure (e.g., closed IRS center)?

The IRS currently doesn't give any US Residency Certification Program (a.k.a. Form 6166, which can be obtained by filing Form 8802), according to https://www.irs.gov/forms-pubs/about-form-8802 (mirror)...
2
votes
0answers
15 views

Puerto Rico Tax on Pension Income

I am considering purchasing a permanent residence in PR. I am retired. Based on my 3 sources of income below, what would be taxable in PR? Primary - pension from NYS government not subject to NYS ...
1
vote
1answer
38 views

1031 exchange and cash boot

My question is about 1031 exchange and whether I can get rid of the mortgages from my life once and for all, by investing only with the equity I got? Looks like this great idea is not possible. The ...
2
votes
1answer
60 views

How can I get the government to withhold less money via the new W4 in 2020?

I have a bit of an issue I can't figure out. I am single, and my annualized salary would be about $140,000 as I make about $70 an hour. The issue is that I'm realistically only going to make about $...
2
votes
1answer
101 views

Setting up a church to house all personal funds

There are a few examples displaying how easy it is to set up a church (John Oliver) that is exempt from taxation. Would it be beneficial and/or possible to set up one's own church to deposit all one's ...
1
vote
1answer
44 views

Employee share purchase plans,exit options, IRS

I am investigating the options for what to do with an Employee Share Purchase plan upon retirement that do not result in having to pay a big tax to IRS. I understand that I will have a taxable event ...
4
votes
1answer
79 views

Do unearned income taxes stack on top of income tax in Philadelphia?

I am a US citizen living in the US. I am employed and make a salary. I have also had some short term capital gains, which I expect to pay regular federal and state income taxes on. Additionally, I am ...
27
votes
7answers
11k views

Tax consequences of paying “rent” to romantic partner that owns the house

I moved in with my romantic partner nine months ago. My partner owns 100% of the property and pay about $1000 per month to the mortgage (minimum is something like $300). Partner had no intention of ...
1
vote
1answer
355 views

Can I bring a large sum of inheritance money into the U.S. through an airport?

I'm an international student in the United States. I inherited around 1 million USD from my father. Can I bring that money into the U.S. through an airport?
1
vote
1answer
64 views

Do i have to pay capital gains tax if i sell ESPP stock from ESPP account and bought same stock from individual broker account

Do i have to pay capital gains tax if i sell ESPP stock from ESPP account and bought same stock from individual broker account? Here is an example: I have 100 shares of ESPP stock allocated at 50$ in ...
0
votes
1answer
105 views

To which country to pay the taxes if providing services online internationally? [closed]

If I provide services online to the international clients, do I have to pay the taxes only to the country of which I am a tax resident or I may have some tax obligations in other countries too? I ...
2
votes
1answer
91 views

is there a process for ending tax residency in the US / Massachusetts

I worked in the United States (Massachusetts) under an H1B visa for three years (2017, 2018 and 2019). In December 20th 2019 I quit my job (which immediately terminated my H1B Visa) and permanently ...
5
votes
1answer
263 views

Does a retired person need to file taxes if they made money on stocks

If a person is retired and married in the USA. Then this person makes less than $1000 in capital gains on the stock market. Does this person need to report income tax? Normally this person doesn't ...
4
votes
0answers
99 views

What are “Tax Relief Fees” on American Depositary Receipt (ADR) dividends?

I noticed that a "Tax Relief Fee" is usually deducted from ADR dividends. Consider AXA ADR's (OTC: AXAHY) 2020 cash dividend announcement, which includes a "Tax Relief Fee" of $0....
2
votes
1answer
98 views

UK Stamp Duty - corona virus changes

I am about to buy my first house in UK with my girlfriend (price is £250,000) I also own a house in Poland, that my dad gave me in his will (its value is over £40,000) Recently it was announced in UK, ...
0
votes
0answers
29 views

Are the Depository Trust Company (DTC) fees paid on American depositary receipts (ADR) tax-deductible?

Are the Depository Trust Company (DTC) (mirror) fees paid on an American depositary receipts (ADR) tax-deductible (mirror)? I am a US tax resident owning some ADRs (e.g., AXAHY) via a US brokerage ...
2
votes
1answer
80 views

Expenses on a vacation rental

We bought a vacation house in 2020, which we plan on renting out in 2021 after some renovations. I think I understand the tax implications for the renovations. Furniture under $2500 is considered an ...
3
votes
0answers
27 views

US Tax treatment of dividends from single member consulting firm, a UK Private Limited Company

US citizen in UK has a salary from one firm which includes National Insurance withholding, and also owns a UK Private Limited Company to which client payments are made for his consulting work. UK tax ...
0
votes
1answer
38 views

Actual Expense method vs mileage method self-employed

If I were to fill up gas for Postmates does the actual expense method mean whatever I paid for gas, that exact money will be returned back to me when filing for taxes? If I do this method could I also ...
3
votes
1answer
79 views

Cash ISA restrictions in the UK

I'm trying to understand the restrictions on putting money into cash ISAs in the UK. Currently, the government homepage says "Every tax year you can put money into one of each kind of ISA. The ...
0
votes
1answer
31 views

How to declare taxes as a UK contractor working remotely for a US company

I'm a resident of the United Kingdom, and I work remotely for a US company. I have a contract, and I get paid monthly, but I choose my own hours, usually working about 20 hours a week. I provided a W8-...
2
votes
0answers
74 views

Child account investment options (EU)

So, having two little ones, I decided to set up investment accounts for them. The idea is that these would be focused on long term buy&hold (mostly dividend growth stocks). Since I live in Austria/...
7
votes
2answers
695 views

What is my AGI for 2020, and do I have to pay back the stimulus payment?

Due to the fun of some sudden life changes as well as Covid-19, I literally have no idea what my AGI will be for 2020, and therefore whether or not I may have to pay back the stimulus prepayment. ...
3
votes
0answers
50 views

Can a UK citizen work remotely in the UK for a Spanish company?

I am looking for a job in Spain working remotely from the UK. Do you know how this works? Will I need to pay income tax both in the UK and Spain? This will change after the Brexit? Thank you in ...
4
votes
1answer
133 views

I am a Canadian, living in Canada, doing an internship remotely for a U.S. company. Do I pay U.S. taxes?

Main question in the title. I already received a "bonus" (was supposed to be a relocation stipend before the internship got moved to virtual). For that check, the following taxes were ...
0
votes
1answer
41 views

What's the point of filing the FBAR in addition to one's US tax returns, which include Form 8938 (“Statement of Specified Foreign Financial Assets”)?

What's the point of filing the FBAR (FinCEN form 114) in addition to one's US tax returns, which include Form 8938 ("Statement of Specified Foreign Financial Assets")? FBAR seems to contain ...
1
vote
0answers
75 views

The best/cheapest way to get money from Moldova to pay bills in UK

I would like to withdraw money from my foreign account outside Europe (Chișinău (Moldova)) and deposit it in a UK bank account, as it has become clear I will be staying in the UK for a longer time ...
1
vote
1answer
366 views

Am I in trouble if in my taxes I didn't declare that I sold 1 bitcoin and immediately bought it back losing a little money?

I am a US resident and (a few years back while I was living in Europe) I bought 1 BTC for about 6,000 €. For the first time this year, I filed my 2019 taxes in the US and I used TurboTax. I asked ...
0
votes
1answer
51 views

How to pay taxes if I intend to amend my return

I will need to file an amended return this year. I will owe $36 in federal taxes. My original return had zero tax owed (and zero returned). I would like to make a payment for $36 to prevent any issues ...

1
2
3 4 5
91