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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3 votes
1 answer
299 views

US Social Security taxes while working for Canadian employer but living in third country

https://stackoverflow.blog/2021/02/19/podcast-314-how-do-digital-nomads-pay-their-taxes/ got me thinking, how would a United States citizen, living in Taiwan (which has no Social Security totalization ...
29 votes
2 answers
8k views

How to split bills without it showing as income?

I take dance lessons with one other person: we share the teacher's time 50:50 and pay half the cost each. Currently, my partner pays this money into my bank account and then I pay the teacher. However,...
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3 answers
82 views

Can W-2 form be verified using QR code or something relevant? [closed]

I'm not familiar with US or how its tax system works Some countries provide forms similar to US' W-2. Here's how it works in one country I'm familiar with. On the form there's a government website ...
4 votes
2 answers
481 views

Can I convert interest income to capital gains by selling t-bills before maturity?

I've been buying 6-month treasury bills. The interest is taxed at maturity as interest income. If however it could be taxed as short-term capital gains, I could avoid paying any taxes on it because I ...
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1 answer
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How do I contact the IRS about my tax return from a non-US phone number?

I am a Canadian living in the US temporarily. I filed my taxes and got my tax return, but the Canada Revenue Agency (CRA; the Canadian equivalent of the IRS), requires that I get some "proof"...
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0 answers
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Why don't preferred stocks have the same holding period as common stocks to be considered as qualified dividends?

I read on https://en.wikipedia.org/wiki/Qualified_dividend: You must have held the stock for more than 60 days during the 121-day period that begins 60 days before the ex-dividend date. The ex-...
1 vote
0 answers
28 views

Why does First Time Abate penalty relief not apply to certain tax penalties? [closed]

(If this is not the appropriate SE for this question, I apologize and would be happy to be directed elsewhere. Thank you.) I recently found out that I didn't declare a distribution from an inherited ...
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0 votes
1 answer
100 views

How do I reflect discount on a Treasury Note

I bought Treasury Note for long duration, for $1000 par I had huge discount, i.e i only had to pay $800 How do I reflect this $200 discount in tax return? Will I be sent an INT form? Or do I ...
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12 votes
2 answers
3k views

How bad would a leaked tax return be?

If my entire tax return was somehow leaked, how bad would that be? What potentially harmful information is included other than my name and social security number?
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1 answer
27 views

Am I taxed on the capital passed to my personal account when closing the company in Estonia?

I am a freelance software developer from France. I lead a few others which I hire as contractors to work for companies. I am thinking about opening a company in Estonia as it seems I would be less ...
0 votes
2 answers
56 views

How does dividend tax between countries work?

I am investing through degiro in stocks from usa, europe etc. I have noticed that there is a 30% deducted from any us dividends and 15% from europe. Why is there a need for the platform to tax the ...
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-2 votes
1 answer
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Is it possible to get a tax refund that for a gift that turns into a loan?

Sometimes, we may give money as a gift to a person, but then later they pay us back, sort of turning a gift into a loan. How is this handled tax wise? For example, if the gift giver were to pay the ...
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0 votes
2 answers
67 views

When are Tax Specials (i.e. road construction, street lights, etc.) added to mortgage?

I live in a new residential development, so new that only 5 of the 16 houses on my street are finished. The city has sent us letters saying that our specials are going to go up as they install street ...
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1 vote
2 answers
182 views

Voluntarily treat scholarships as taxable income to get AOTC?

Our AGI is less than $160K and we therefore qualify for the AOTC for our child's college education. However, due to scholarships our child receives and that are paid directly to the school, qualified ...
0 votes
0 answers
52 views

What is my Tax Liability Germany when working in multiple countries?

I am currently working for a Company in Germany for 1 month and after that I will be working for another 5 months in Greece (from distance for the same company) where my permanent residence is. I was ...
-2 votes
1 answer
153 views

Does it a matter for big companies which state they register their company?

If a new company wants to establish in the US, with lots of branches all around the country, is it a matter where (in what state) they register their company, in regard to tax and other costs? For ...
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0 answers
23 views

How can I get a EIN Tax ID of a company that hasn't sent me tax docs

I invested in a Qualified Opportunity Zone (QoZ) that sent me a SAFE agreement (Simple Agreement for Future Equity). I know the name of the company. I even have the contact info of the company but no ...
0 votes
1 answer
164 views

Who pays taxes if a minor sells an item on eBay using a parent's account?

If a minor sells his/her computer at a gain on eBay using a parent's account (with the parent's permission), who pays taxes on the sale price? I (16 years old) bought a cheap computer for about $20 ...
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0 votes
1 answer
71 views

How does tax on stocks/crypto work? How are they calculated?

I am wondering how tax is calculated on stocks or cryptos esp if you buy them in batches or sell them in batches. Here is my example Jan - I spend 3000$ to buy CRO coin for 0.6$ each (buying 5000 ...
2 votes
1 answer
32 views

Specific Foreign Earned Income IRS form 2555 question

I live in a western European country and qualify under the IRS Form 2555 Bona Fide Residence Test. While living overseas, I continued to work for a US small company. My work had nothing to do with ...
1 vote
1 answer
57 views

Investing Accounts -- Does the total "acquisition cost" matter for taxes? Or does only the "realized gain" matter?

If I buy and sell the same stock or ETF many times throughout the year (basically day and swing trading), to the point where by the end of the year the total "acquisition cost" or "cost ...
1 vote
0 answers
38 views

Is it smart to keep my TFSA when moving on a J1 visa to the US?

I am an Austrian citizen, who just finished his PhD in Canada (on a study permit) and will now move to the US on a J1 Visa as a researcher. I have some investments in my Canadian TFSA and was ...
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2 answers
89 views

Pennsylvania taxation on large monetary gift

I live in Washington State. I received a large, one-time monetary gift from my parents (>>$15k) who live in Pennsylvania. My question is to ask if Pennsylvania taxes the giver of funds. Both ...
2 votes
3 answers
83 views

Personal contracting versus LLC

I am taking on a side project where I will be making a little under $100 US an hour for a few (5-10) hours a month. I do have a LLC already established in the same industry (fitness/teaching) in ...
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1 vote
1 answer
58 views

Tax help with personal allowance used in one month

I’m looking for some tax advice, I have recently finished university and am going into my new job from the start of September and getting paid on the 28th of the month, I haven’t worked at all this ...
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0 votes
1 answer
127 views

"Moonbag" Profit Taking Strategy (Tradfi/Crypto) vs Alternatives?

I just got off the phone with an agent at my tradfi institution and when i told them i was planning on taking profit on some stocks following the “moonbag” crytpo strategy (remove your principal + a ...
1 vote
1 answer
181 views

Why federal tax seems deducted same amount every paycheck?

I notice that no matter how much pay I receive, my Federal Tax is always deducted the same amount. On my regular paychecks, around $2000, it is $65 for "Federal Tax". But I received other ...
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0 votes
1 answer
104 views

will I be taxed on money wired into my savings account [closed]

a friend is paying me back a 200,000 loan by wiring the 200,000 into my savings account. Will I be charged tax. I live in NYC . All this money was originally given to me by relatives and sitting ...
1 vote
0 answers
55 views

Tax implication receiving a payment in US from a company

I want to sell a property located in Asia. The buyer for whatever random reason wants to pay a part of the payment (500k usd) from a US corp account. I do have a personal US bank account, that is, it ...
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1 vote
1 answer
103 views

Moving from Robinhood to TD Ameritrade: Can I use specific-lot-matching method?

I've been using both TD Ameritrade and Robinhood for a while. I just learned that on TD Ameritrade, you can use the specific-lot-matching method when you sell your shares. It's in My Account -> ...
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0 votes
1 answer
20 views

In Indian ITR e filing, can I include the advance amount for rent declaration?

I'm trying to submit an ITR efiling for fY 21-22. I have rented a house from March to December 2022 with rent at 10500. I then moved to another house from January and am still residing in that house ...
0 votes
1 answer
45 views

Tax Implications - Dissolve partnership w/ property

My business partner and I purchased a house two years ago in an LLC we co-own. He does not want the house and I want to improve and live in it. We have agreed that I would buy him out at the price ...
0 votes
0 answers
103 views

Spending Money Before Taxes

So I had a query and was wondering if you could help me out. I was about to get a substantial sum of money from somewhere which would definitely be taxed by authorities however I would rather invest ...
19 votes
3 answers
4k views

Do I have to pay short-term capital gains tax on crypto currency if I only withdraw the principal and not the profits?

Say that I bought $5000 USD worth of Bitcoin, and a month later its value grows to $6000 USD. Now, if I were to withdraw only my $5000 USD principal worth of bitcoin, while keeping $1000 USD worth of ...
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-4 votes
3 answers
165 views

Can one gift an apartment to a child outside the U.S. and it not be considered gifted from the IRS perspective?

Background: We live outside the U.S. and file a 1040 each year. We have an apartment outside the U.S. which is slated to be razed and rebuilt over 3-5 years time starting in a few months. (yes, the ...
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1 vote
1 answer
39 views

Relocation gross receipt taxed or pretaxed

Company $A$ is providing me relocation package of certain amount for every mile travelled for a certain total amount of miles. Say they pay me $X. https://www.irs.gov/newsroom/irs-issues-standard-...
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0 votes
0 answers
52 views

Germany Taxes on ETF

I use DEGIRO broker, and I live in Germany. I bought some (leveraged 2x) ETFS during March 2020, and sold them in March of 2021. How do I calculate my tax on this? this was an accumalating ETF. Please ...
1 vote
2 answers
79 views

Are there any tax/general implications to adding my fiance on employer sponsored insurance?

I recently started a new position and am working on declaring/electing benefits with my employer. To my surprise this employer allows "domestic partners" to be insured for various forms of ...
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3 votes
1 answer
39 views

Taxes on certain retirement income in Canada for a US citizen / resident of Canada

I receive US military retirement, and Veterans Administration Disability and Social Security. What is taxed in Canada? Is anything exempt such as the Veterans Disability?
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2 votes
1 answer
67 views

Portability of estate tax exemption after sunset

This is a question about the federal estate tax in the United States. Suppose a married man died in (let's say) 2021, when the estate tax exemption was $11.7 million. He leaves his entire estate to ...
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1 vote
1 answer
59 views

Taxes for U.S. citizen doing remote freelance work for Canadian

I am a U.S. citizen with residency in Florida and am setting up a freelance contract as a sole proprietor with a Canadian government agency. The work will be done remotely from my home in Florida. In ...
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0 votes
0 answers
36 views

Taxation on Fixed Annuities?

I was currently looking at investing into annuities, specifically through the current Canvas offer of 4.3% for 3 years (https://www.annuityexpertadvice.com/annuity-rates/). In signing up I was ...
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0 votes
3 answers
343 views

Entity donates to a charity in exchange for my work: do I need report this to the IRS when filing for my taxes?

I'm doing some work in the US for some entity also located in the US, and I've been told: We will donate xxx USD on your behalf to one of several non-profits that you can choose. I am a US tax ...
0 votes
1 answer
51 views

When we calculate "net income" of the S-Corp, do we take out "Profit sharing contribution 25%" as deduction?

I am trying to understand the "net income" for S-Corp (in case of opting for Solo 401(k). When we calculate "net income" of the S-Corp, do we take out "Profit sharing ...
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0 votes
1 answer
86 views

Are software development and consulting services tax-exempted for a newly registered company in Ireland?

TL; DR: I am moving from an "auto-entrepreneur" situation in France to opening a business and I am looking for the best country between the UK and Ireland that could host my business in ...
3 votes
1 answer
146 views

Any tax disadvantage from paying out mortgage earlier in The Netherlands?

I am an expat in NL, and not from an EU country (not sure if that is important though). I got a mortgage to buy a house, and now I can pay some money extra. I understand that the interest I pay is tax ...
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1 vote
1 answer
99 views

Exercised stock options, the company was bought/merged after several years, my stock was sold - what are my tax implications?

I bought the options I had vested in the Company upon leaving (United States). After several years the Company was bought/merged into another, and my stock was paid out. From my understanding: The ...
2 votes
1 answer
195 views

When are capital gains realized if I sell a house and do owner financing?

I am selling an investment property without doing a 1031 exchange and would like to minimize, or at least spread out the tax burden of the capital gains. Especially given that I expect to be in a ...
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10 votes
4 answers
4k views

What prevents me from making one big estimated Federal tax payment on Jan 15?

Many places claim that I must pay estimated tax, preferrably in equal installments, throughout the year. There are two weird issues around this that I am trying to make sense of. My tax situation is ...
0 votes
1 answer
217 views

Can I use a friend's bank account while living abroad?

I've been living abroad for 2 years and work as an expat independent contractor. A friend is willing to open a bank account, on his name, exclusively for my use - so my client will send payments to ...