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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21 views

As a current F1 student, would I need to pay taxes on ESPP stocks that I bought before I came over to pursue higher education?

I am foreign graduate student in USA. My previous employer had ESPP programs, and I bought some stocks under those programs when I was in my home country, India. The investments were made when I was ...
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41 views

How to write off taxes when returning the pre-tax amount of sign on bonus because the company refused to send corrected W2?

I received a sign on bonus which was included on the 2019 W2 from the company. But I quit on May 1st, 2020 and wrote them a check of the total pre-tax amount of the sign on bonus to return the money. ...
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1answer
42 views

Indian taxation on after-tax retirement accounts such as Roth

How does India tax US after-tax retirement accounts such as the Roth IRA for a person who is a US non-resident for tax purposes starting age 59.5?
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99 views

Crypto-cashback debit card tax (UK)

I have a pre-paid VISA card with a 2% cashback paid in cryptocurrency in every purchase. I was wondering how this is taxed?
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1answer
36 views

Traditional IRA distributions taxation as non-resident

I left the USA for India in 2019, and expect to be a non-resident for US taxation purposes when I turn 59.5. In the India-US tax treaty Article 20 Clause 1 states "Any pension, other than a pension ...
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2answers
43 views

Do IRS wash sale rules apply to gains as well as losses?

Consider the following two situations: Situation 1 5/1/2018 -- buy 10 shares XYZ at $100 5/1/2020 -- sell 10 shares XYZ at $50 (and claim a long-term capital loss of $50/share) 5/15/2020 -- buy 10 ...
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1answer
30 views

Taxation of foreign capital gains for Indian residents

How are capital gains on specifically foreign stocks taxed in India for Indian residents? Are they added to income and taxed at ordinary tax rates? If yes, can capital losses be deducted from ordinary ...
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2answers
4k views

How do some companies allow some of/all their employees to work remotely from a tax standpoint?

I sometimes see job offers that allow employees to work remotely anywhere in the world. However, reading answers on Why does a US company need to know the location of their employees for tax purposes?,...
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85 views

How do I file my US Federal Tax Return from India given that mail is blocked due to COVID? [duplicate]

Currently, I am in India and I have to file my US Federal tax return by July 15, 2020. However, the postal service from India to USA has completely been blocked due to Covid-19. I am seriously puzzled ...
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76 views

Client is offering to withhold tax from my payment

I recently started working in an arrangement neither me nor the person who hired me has done before. Someone who works as a contractor for a company got a budget to hire me as a (sub)contractor. He ...
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1answer
17 views

Withdrawal from ELSS in India

If I invest in ELSS under section 80 C, I am given to understand that I can withdraw the money after 3 years. Do I need to get my employer involved while withdrawing the money? Is the money tax-free ...
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47 views

why is it always advisable to file taxes at the end of the fiscal year?

For a student living in Germany and having only income a tax-free scholarship, why is it always advisable to file taxes at the end of the fiscal year, as suggested by this answer
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How to report a C corporation's post-dissolution expenses?

We're filing 2019 Form 1120 for a C corporation (XYZ Inc). In January 2017 my cofounder and I incorporated XYZ Inc in Delaware and registered it as a foreign corporation in Connecticut. We dissolved ...
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2answers
178 views

Shifting stocks into retirement account to mitigate taxes

Say you had a non-retirement account with a few different stocks. Some did well, others lost money. If you sold $6k of your worst performing stocks, then funded an IRA account for the year with $6k ...
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1answer
44 views

Tax situation for telecommuting (remote work)

I am a non-resident alien. I am in a similar situation as described here - How to determine the tax withhold for remote work? To quickly summarize, my official address of residence is in state A, I am ...
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34 views

Allowable depreciation for rental property with varying personal usage

I have a rental property (in the United States; Washington D.C.) that has not strictly been used 100% for business purposes over time. At various times I have occupied different portions of the ...
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1answer
77 views

How to legally make GoFundMe donations tax deductible?

I give a lot of money on GoFundMe every year to strangers (or online acquaintances/friends). I already exceed the standard deduction from other things, but it would also be nice to itemize these "...
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3answers
154 views

Sharing tax return with wife?

My wife and I have been separated for nearly 2 years, but are still legally married and filed our tax return jointly. All my income was on a W2, and totaled $140k. I had taxes withheld as normal, so ...
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How do find tax planning software for individuals [closed]

I'm aware that product recommendations are off topic, so I'm looking for a search strategy. I'm looking for tax planning software that allows to me run multi-year tax planning scenarios that can ...
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1answer
110 views

Can one 'pay' their son so he can contribute to his Roth IRA? [duplicate]

I'm a college student doing some part time work (for my school), and my dad very generously said that he would match my contributions to my Roth IRA if I maxed it out - ie. I pay in 3000 and he pays ...
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70 views

Publication 523 - “residency” on “Gain Exclusions” selling primary residence

Part of the Publication 523 from the IRS guides on Capitol Gains states the following: "If you were ever away from home, you need to determine whether that time counts towards your residence ...
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3answers
8k views

Why does a US company need to know the location of their employees for tax purposes?

I read in the news (mirror): [Facebook] would take a more “measured approach” with existing employees based on job function and past performance, he said, and set a January 1, 2021 deadline for ...
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19 views

How to approach a federal documentation while considering self-employment obligation/mismatches in info

Most people who work probably do so through normal employment where their incomes are readily apparent. If one works as a self-employed individual then the burden/obligation rests on them to report ...
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1answer
37 views

Government knowledge of tax filing from industry as a self-employed individual

Say I am self-employed and work through 'X' platform. The platform claims to only report and/or provide tax documentation if you meet a certain threshold. Given I do not reach this threshold and the ...
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1answer
54 views

How much do I need to pay as taxes for this investment? How to calculate it?

I am relatively new to both investing and doing your taxes in Germany. I have read many articles, none of which were official documents because I couldn't find them (also I don't know German). But I ...
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0answers
40 views

Claiming tax credit on non-US income

For tax year 2019, I meet the substantial presence test and so am planning to file my US taxes as resident alien. I left the USA on 1/31/2019, and started working for an Indian company in July 2019. ...
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1answer
36 views

Indian taxation on US assets after returning to India

I left for the USA in January 2008, and returned to India for an extended period of time on 1/2/2019 with earlier short visits of 15 days each in 2016 and 2018. I started working for an Indian company ...
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0answers
22 views

How to determine which Canadian investments are tax-efficient for US taxpayers in Canada?

How can a Canadian, who is also a US Citizen, determine which Canadian investments (stocks, bonds, mutual funds, ETFs, REITs, etc.) are tax-efficient (especially considering PFIC rules) for a) a post-...
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2answers
67 views

Can I donate investment income to charity without getting taxed

I'm wondering if I can donate stock cash dividends or bond interests to charities and make the donations tax deductible? Update: sorry I think I phrased my question poorly. What I really wanted to ...
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2answers
40 views

Cash Gift Taxes

My grandmother & grandfather (on my mothers side) recently both signed over a 5 acre lot in Texas to my name. I have since sold the property but am wondering, what is the cheapest way to give my ...
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1answer
80 views

What is the cost of an employee for a company vs hiring a contractor?

What is a typical cost for an IT company in California to hire employee with 300K/year base salary? The company offers full health insurance coverage and 401K matching, but these are variable. To make ...
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0answers
27 views

Year End Taxes for Property Sale

My grandmother & grandfather (who are now divorced if that matters) purchased a 5 acre lot in Texas in the 1980's for $30,000. In 2017 my grandmother signed her portion of the deed over to me and ...
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1answer
53 views

What is the CRA definition of income? Why not any payment counts as income?

Official acts and guides shed light on what kinds of income there can be and distinguish between taxable and non-taxable income. However, I could not find any definition or even a hint of what is ...
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2answers
74 views

Can items bought second hand be a tax write off? How does buying from an individual instead of a business work?

I am planning on buying a second hand computer monitor off Craigslist. I would use it for my work as a contractor. What steps should I take to be able to write it off as a business expense? I can take ...
2
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1answer
79 views

Can public scholarship holders in Germany invest in stock market without losing their scholarship?

In Germany, if a person (a German national or not) receives a public scholarship (i.e funded by the government), they cannot earn more than 400Euros addition to the money they are getting from the ...
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2answers
52 views

German taxes while working in two different countries in 1 year

So in 2019 I spent 6 months working in Germany, moved out, and then spent 6 months working in Thailand (completely different companies). My family lives in Germany long-term, I have most of my stuff ...
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0answers
24 views

Are US based Internet services subject to VAT for EU customers?

Backblaze is a company based in USA which provides Internet services. For its services EU customers are charged VAT based on their place of residence which is assumed to be the same as the one on ...
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0answers
93 views

1st stimulus check

I was wrongfully claimed as a dependent in 2018. In 2019, I filed my taxes as head of household on 4/7/20. I received my refund exactly 8 days later and according to the IRS website my 2019 tax return ...
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1answer
73 views

Provided a loan to business, can I write off the loan amount?

I provided a close friend of mine a loan to help his company through Covid-19 times. The loan has an annual interest rate of 6%. Am I able to deduct the loan amount from my taxes?
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1answer
52 views

How to determine the tax withhold for remote work?

I am a student of state A (resident) and my apartment lease in state A ended at the end of May. Then I went to my wife's state B during the summer. Also, I worked remotely for a company located in ...
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1answer
38 views

Is there any tax liability for non-residents who withdraw investment income into a UK bank account?

Let's say Bob is a resident and tax domiciled somewhere outside the UK, e.g. Singapore. Bob opened a stock brokerage account with a European broker, and the account is funded through a UK-based ...
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2answers
197 views

Death checklist

A relative of mine is in declining health and his wife fears he may die in the next few weeks. I would like to give him a checklist of things he needs to write down. Something a bit more detailed ...
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1answer
105 views

Are there any penalties when selling my stocks and withdrawing from my ROTH IRA during the 2020 COVID Crisis in May?

I know there is a penalty if I withdraw if I'm under 59 years old. But was there a new law that took effect to let us sell and withdraw from our ROTH IRA without a penalty or tax liability?
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1answer
89 views

My bank sold my brokerage accounts to another institution. What will happen next tax season?

USAA sold all of its brokerage / IRA accounts to Schwab. I am not a tax expert, I rely on TurboTax to do things for me. Entering cost basis, calculating actual gain and loss between two different ...
2
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1answer
124 views

Who is going to pay for the October furlough (UK) and ~1K/week (USA)? [closed]

Forgive me if this seems like a dumb question but I'm serious. Could someone point me to an answer? A US economist friend of mine told me "no, they won't raise taxes because they want to stimulate ...
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1answer
417 views

If I never cash my $1,200 stimulus check, can I claim it as a tax credit on my 2020 return?

The United States IRS does not have my direct deposit information (because I have never given it for a tax refund) or my current mailing address (because I have moved since my last return was filed). ...
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1answer
20 views

NRI loan return in India

One NRI took loan from me (also NRI) in Saudi, but about 2 months ago left for good to India. Now he has no option but to pay me in India, this money that he will transfer to my account may look as ...
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1answer
32 views

Do I need to pay Estimated Taxes on Qualified dividend income if I fall in the 0% Long-Term Capital Gains tax bracket?

Basically I make ~$21000 in income from work, and $1000 in dividends. So, being below $40k in income, I technically owe 0% on the qualified dividend income, but I'm not sure if I pay the IRS and get a ...
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4answers
299 views

Why do companies pay salaries rather than donations?

When I receive a 100€ salary net on my bank account after all taxes, my company had to actually cash out X€, split into their charges and my gross salary. After my charges and taxes are removed, I see ...
2
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1answer
442 views

Understanding the tax calculation based on brackets

Have been in the US for some time, but never had time to understand how taxes are calculated. Now that I am locked at home, I think it is a good time to learn it. Can anyone please take a look at my ...

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