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.
5,484
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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 ...
- 227
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vote
1
answer
86
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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.
...
- 161
0
votes
0
answers
104
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Can a 501(c)(7) social club receive donations from a political organization?
We are a 501(c)(7) social club. We are doing a fundraising event and a political organization would like to donate to our program. Is this permitted?
1
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1
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62
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How to correct excess contribution to Roth IRA?
IRS has income limits for Roth IRA as given on https://www.irs.gov/retirement-plans/amount-of-roth-ira-contributions-that-you-can-make-for-2023. It is hard for me to guess what would be my modified ...
- 181
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2
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142
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Can I make a trip tax deductible if it is for personal development?
I'm a part-time software engineer, and I want to go to the Bay Area to meet people I've only met online, do networking, meet my employer and former employer in-person, etc. However, it's a trip I'm ...
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2
votes
1
answer
84
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Are employer contributions to RRSP part of one's own contributions in tax forms?
Context: working for a company in Quebec (Canada) that matches RRSP contributions.
When contributing to one's RRSP, the company contributes an additional amount on top (a percentage of the employee ...
- 131
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votes
1
answer
61
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As an overseas company owner, what are my tax obligations to the UK?
I'm a dual resident of the UK and Country X for tax purposes. I'm not employed in the UK or Country X. However, I have a single company registered in Country X, which has regular income. The income ...
2
votes
2
answers
626
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Do retirees need to pay social security and medicare after retirement?
Once you have retired, assuming you are only living off a government pension and 401k, 457 and IRA savings do you still have to pay social security taxes and medicare taxes?
I usually see these taxes ...
- 207
3
votes
0
answers
37
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Tax deductible expenses in Canada when moving for work
My husband and I moved for work in Nov. 2022 from Ontario to BC. We own a home in Ontario which has been vacant since (could not be rented due to slow demand in winter time although we had been trying)...
- 175
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0
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50
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Tax obligation for money transfer to France for non French residents
My wife and I are both US citizens and live in the US. My wife is also French citizen. We have a joint account held in a French bank. We also own an apartment in France that we never lived in (it is ...
- 195
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1
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638
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Work for NZ employer but want to live in Australia and work remotely
I am presently working for a NZ employer and plan to move to Australia and continue working for same NZ employer remotely in Australia for at least 6 - 12 months or more.
Can it be possible (assume ...
- 11
0
votes
2
answers
180
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Establishing South Dakota Residency: Alternatives to Leasing or Using a Friend's Address
I'm considering relocating to South Dakota due to its advantageous tax environment compared to my current high-tax state. I plan to use a mail-forwarding service for to obtain a South Dakota driver's ...
- 111
7
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2
answers
3k
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I would like to donate my IRA to a certain charity. Will that charity be able to withdraw the money from the IRA tax free?
I don't want to withdraw and pay taxes on the cash in the IRA for obvious reasons. Hopefully the face value of the IRA will be the amount I can count as a charitable gift, but I'm more concerned with ...
- 71
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1
answer
42
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Is carryforward / NOL derived from operating income (EBIT) or taxable income (EBT)?
From Strategic CFO
A net operating loss occurs when a company’s operating expenses and
allowable tax deductions exceed its operating income for an accounting
period.
From Investopedia
A net ...
- 115
1
vote
0
answers
32
views
Import duties if fulfillment by seller on Amazon
Just to be clear, I am not talking about FBA, but rather fulfillment by the seller. Let's also assume the seller is based on a country other than the buyers' or the registered Amazon marketplaces.
In ...
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2
votes
1
answer
45
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How to calculate the cost basis of a company share that was received in an acquisition? (UK)
This is something I've been wondering about for some time now, and I think it's best if I explain my question through an example (I'm going to make this example hypothetical and very extreme just to ...
- 157
2
votes
1
answer
372
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Can employers know employee age given a W-9 form?
The W9 doesn't specifically ask for age info, but given the other things like name, address, and TIN, would it possible (and legally viable) for the employer to perform some more research on you? This ...
- 311
17
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3
answers
6k
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What are the repercussions of letting your relatives live in your second house for free?
I already have a house which is my primary residence. State of Arkansas. I want to buy a second house as an investment and let my brother, his wife and kids live there as long as they need rent free.
...
- 351
6
votes
2
answers
3k
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Filling out W-4 for a second job, the first job is self-employed gig work
I'm starting a second job that's asking me to fill out a W-4. I have been self-employed with a highly variable, small income, and I receive a 1099 from it -- I don't think they are withholding from my ...
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7
votes
1
answer
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Will my daughter, a USA resident, owe Taxes on a UK inheritance?
My daughter, who now lives in the USA, has inherited some money from her grandmother in the UK. It is approx £25k.
Will she be liable for any tax when it gets transferred to her USA bank account?
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18
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5
answers
4k
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What is the most tax efficient way to give a real estate gift in Arkansas?
I want to buy a new house for my dad. I will pay all cash. No mortgage. Small $300,000 house. As a gift. We live in AR.
Ideally, I want this to be a surprise. I was thinking to buy a house in my name ...
- 351
3
votes
1
answer
796
views
What is the time zone used for US tax filing deadlines?
IRS webpage "When to File" says that April 18, 2023 is the last day for me to file taxes for the 2022 calendar year. From my understanding, this means that I won't be considered late as long ...
- 16.9k
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0
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48
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Do I need to file Form 8990 if my partnership has Box 20 Code AE?
The partner's instructions for Schedule K-1 states the following:
Code AE. Excess taxable income. If the partnership was required to
file Form 8990, it may determine it has excess taxable income. ...
- 527
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votes
1
answer
134
views
Stock how to add borrow fees to taxes
When doing taxes, how to account for stock borrow fees for hard to borrow stocks. Can you deduct this from your income?
Say I short Company abc
Cost: $5000
Proceeds: $6000
Borrow fee: $3000
So is ...
- 2,003
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1
answer
43
views
On Schedule K-1 (Form 1065), is Box 10 (Net section 1231 gain) a superset of Box 9c (unrecaptured section 1250 gain)?
In other words, is the amount in 9c included in the amount of 10, or do they have to be added to get the overall gain for the property?
- 527
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0
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23
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On disposition of an entire interest from Schedule K-1, are we required to report on only one of Schedule D or E?
The IRS instructions for Form 8582 states the following for "Disposition of an Entire Interest":
If you have an overall gain, report the income, losses, and prior year
unallowed losses on ...
- 527
2
votes
1
answer
71
views
What does Identifying number mean on Form 4797?
At the top of Form 4797, there is a section for "Identifying number", but I was unable to find anything in the documentation about it.
Is this just my SSN, or is it some other identifying ...
- 527
2
votes
1
answer
47
views
Filing a nonresident return when married
A married couple has to file a US federal return as nonresidents aliens (they are not US-persons). They have a US joint bank account, one of them has a high-income job and the other is unemployed and ...
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votes
1
answer
61
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H4 visa spouse Taxes : Joint or Separate
I'm working on H1B visa since Oct 2019 in the US and married in 2022. My spouse (on H4 visa) is working in Canada and has income in Canada. She doesn't have any income in the US and has no W2 and SSN/...
0
votes
2
answers
223
views
Can I change my Permanent Address for taxes if I live in NYC for a year?
Suppose I am living in an Airbnb in NYC for a year but my permanent address is listed as being in another state. In TurboTax, is it okay to submit a change of address form since the federal tax return ...
-1
votes
1
answer
104
views
Can my S Corp pay my personal tax liability and can my S Corp be able to deduct the taxes?
I understand S Corps are flow through entities so if I am paying the net income on my personal taxes then can the S Corp pay for the taxes due? Also can the S Corp be able to deduct the taxes paid as ...
- 1
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1
answer
2k
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Would it benefit me to file taxes this year?
Neither my wife or I have worked in over a year. She needed a liver transplant and we left our home in Alaska and moved to the East Coast for better health care. During this entire time my family has ...
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28
votes
1
answer
5k
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If I overpay estimated taxes in Q1, am I allowed to underpay in the other quarters?
I'm an independent contractor and I sent in my first quarterly estimated federal tax payment for 2023, but I realized that I went way over. Is it possible to pay less in the coming three quarters (...
- 283
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votes
1
answer
56
views
Tax: When filling out a Schedule C for a partnership, do I report the total sales or just my share as a partner?
Say I'm part of a 2 person partnership in which I own 50% of the business. When filing my personal Schedule C income related to this business I'm asked to report the "total receipts and sales&...
- 177
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vote
1
answer
76
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For an 83(b) election, do I need a 1099-MISC if I am not a W-2 Employee?
I am working as a contractor with a startup company. The only compensation I am getting is RSU's. I was given the RSU's last year and made the 83(b) election within 30 days.
I have been trying to ...
- 135
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1
answer
71
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Taxes: What is the correct way to file freelance income?
I've been living and working remotely as a freelance software developer in America, but for European clients. Each month I write them an invoice for my contract hours and they pay me (in EUR, if that ...
- 177
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1
answer
103
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Do we need to file Form 8958 when we do Federal return, even though all our income are only from employment and interest?
We moved to Washington State last year which is Community Property State. We (myself and spouse) don't have any community income (income generated by shared assets) ; We both have income reported in ...
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1
answer
29
views
Should Box 1 and Box 2 of Schedule K-1 be combined on Form 8582 or Schedule E?
I received a K-1 with a positive value X in Box 1, and a negative value Y in Box 2.
The partner's instructions for K1 seem to treat them completely independently, even if both are passive, although ...
- 527
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vote
0
answers
24
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Where should the sale of a 506(b) real estate syndication be reported on a limited partner's tax return?
I am a limited partner in a 506(b) real estate syndication, and the property was sold in 2022.
Over the past few years, I have reported passive losses using Form 8582 and Schedule E.
If the property ...
- 527
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vote
1
answer
2k
views
Whose responsibility is it for paying SS and Medicare?
My previous company never deducted Social Security and Medicare taxes for the last 6 years. In all these years, I have been filing the taxes using the exact W2 information that they provide. I think ...
- 147
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vote
1
answer
57
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form 2555 entry in OLT (online tax)
I am using, or rather trying for the first time, OLT for my taxes. I am running into a problem with filling out form 2555 that lists more parts than buttons to accomplish those parts. Additionally, in ...
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4
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1
answer
505
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Amending Taxes To 'Cheat' Student Loan IBR Payments?
I can find a lot of resources that talk about the impact that different filing statuses have on student loans (example1, example2). My wife is pursuing a Public Service Loan Forgiveness, meaning the ...
- 1,065
3
votes
1
answer
273
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Reporting taxes withheld from social security check on 1040. Do I need to attach SSA-1099? They only send one copy and it says do not return to irs
I have a question about reporting taxes withheld from my social security check. At present, I have 10% deducted for federal tax. Do I need to attach SSA-1099 to form 1040 like I do with 1099-R? They ...
- 83
7
votes
1
answer
1k
views
Can I offset short term capital gain using short term and long term capital losses?
What is the IRS rule on how to use short term and long term losses?
Let's say, My tax situation is as below. Can I offset my entire short term capital gain using both short term and long term capital ...
- 285
3
votes
0
answers
82
views
Mortgage interest deduction limit: omit house?
We have an unusual situation with the mortgage interest deduction limit. We moved late in the year; as a result, we had two mortgages, #1 and #2. #1 was most of the year and had a typical amount of ...
- 31
0
votes
1
answer
63
views
Do employers in CA submit the DE4 form to the state?
The DE 4 is used to compute the amount of taxes to be withheld from
your wages, by your employer, to accurately reflect your state tax
withholding obligation.
My question is, do employers simply use ...
- 660
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votes
1
answer
85
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Question about taxability of fellowships in academia
I asked a similar question here and was redirected to this site. I am a postdoctoral trainee (not a student) on a fellowship at a US university. I have no documentation of my fellowship money other ...
user122431
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1
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140
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Where can I find the form, schedule and line where the interest/dividends/royalties etc from foreign accounts are reported, when those values are 0?
I am a US resident. I have a non-US bank accounts. Therefore, I fill form 8938 on Turbotax.
In form 8938, I need to indicate the "schedule and line" and the "form and line" where ...
- 11.2k
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3
answers
1k
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Do wash sale rules apply for partial sales within 30 days?
I have already looked at this question and its answers, but I have a slightly different question.
Suppose I buy 100 shares of a stock on July 1, and two weeks later, on July 15, sell 50 of those 100 ...
- 527
2
votes
1
answer
315
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AirBNB not in the US being paid in a US bank
I have a question about the use of W8ECI requirements.
I am a foreign nonresident noncitizen living in South America. I have opened a savings account in a US bank filing a W8BEN as I do not live in ...
