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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How can I get credited for stock losses I took in 2018?

I was employed by a company from February 2011 - September 2013. When my employment terminated in September of 2013, I purchased stock of the company for $1100 In 2018 the company was liquidated and ...
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4 votes
2 answers
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Does the wash sale rule apply in reverse?

What if I sold an asset that will result in a profit, instead of a loss, but then buy it back within 30 days. Will this profit be taxable?
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14 votes
3 answers
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Would I be able to avoid the wash sale rule if I buy back the security on January 1st after selling it on December 31st?

It would definitely be within 30 days, but it would be of next year. So would this successfully by pass the wash sale rule?
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1 vote
0 answers
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Tax on cheques that are yet to be encashed

I have a cheque issued with a date 20/01/2021 and validity of 3 months. I forgot to encash it and now the cheque is expired. I want to know if I need to identify this as a source on income for the ...
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1 answer
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Doing contracting work in a foreign country, who are taxes owed?

I have a question about taxes in relation to the following: A British citizen has a work permit in a foreign country (Ukraine). They work full time here. They also do contracting work remotely for an ...
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45 votes
4 answers
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Is Elon Musk really exploiting a loophole to avoid taxes?

I've been loosely keeping up with some of the news about Elon Musk selling TSLA shares to pay for an upcoming tax bill (for exercising options from 2012). There is a lot of discussion surrounding this ...
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13 votes
3 answers
2k views

Tax implications of large gift

My father received an inheritance from my late grandfathers estate, and he decided to gift me and my brothers an extremely generous check as a Christmas gift. The amount of money is significant enough ...
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0 votes
1 answer
76 views

How do I deduct this donation that I made to change.org?

I just donated $100 to a cause through the Change.org website. And I will continue to donate before this year ends. How do I put that on my tax returns so that it can be deducted from my taxable ...
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0 votes
2 answers
117 views

How does getting a mortgage help with taxes? [closed]

If one opts to buy a home with a mortgage, how does it reduce taxes and which taxes? I.e. income tax, capital gains? Is it always a good idea to purchase a home with a mortgage vs. paying in cash with ...
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2 votes
1 answer
55 views

How early can I claim the federal/state tax credit for solar installation?

So after a few supply chain delays, I was finally able to get my solar installed at the beginning of December. Now that the city has finished their inspection, I am awaiting the utilities permission ...
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Is the IRA early withdrawal penalty less than benefit from EITC?

I am hoping someone could check my math on this. If my income is about $45,000 with two children and I put $1000 into a pre-tax IRA my understanding is that it ups my EITC by about $210. That is ...
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1 vote
1 answer
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Amended tax return (child tax credit). Received refund of $1207 instead of $1500

Due to lost SSN mail I was unable to claim full child tax credit on my original 2018 and 2019 tax returns. So I was getting $500 child tax credit instead of $2000. After finally learning the SSN for ...
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2 votes
2 answers
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Tax Implications of employee education assistance reimbursement the following year

The company I work for offers an Educational Assistance Plan and I took classes over the Spring and Fall semesters of 2021. The company requires final grades before reimbursing the expense and so I ...
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2 votes
2 answers
522 views

If you sell stocks within a 401k but don't pull the money out of your account, is it taxed?

If I have say a 401k account, and say I sell some of my stocks in there, but I don't pull the money out of my account, is the only tax involved the capital gains tax? Or will I pay my income tax on it ...
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0 votes
1 answer
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Do I need to sell all stocks before new year in order to claim money lost in stocks? [closed]

For example, I made $1000 dollars in stock market on the first half year. I sold $500 worth of stock. So I have $500 still in the market and $500 in cash. Then I bought $4000 new stocks in the 2nd ...
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2 votes
1 answer
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How do I find the correct address for mailing my LATE 2020 1040

My wife and I still need to file our 2020 federal taxes. It's now past the e-file deadline (d'oh). We don't owe anything, nor expect a big refund... just need to get the paperwork on file ASAP. Since ...
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0 votes
2 answers
183 views

Diverting work income through my unprofitable LLC

I have an LLC that doesn't make money, and I have a full-time job. I'm considering having part of my income from my employer go to my personal bank account (to save for retirement), and the rest go ...
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2 votes
1 answer
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Should I wait until after my LLC's effective date to purchase equipment?

I'm starting an LLC with an effective date of January 1, 2022. I would like to purchase some computer equipment ASAP so I can hit the ground running in January, but I won't have my LLC's bank account ...
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-1 votes
1 answer
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Do I have to pay taxes If I withdraw from Paypal to other bank account than mine?

I have a Paypal account which is linked to my bank account (primary). In my country taxes are 40%. However, I want to withdraw money in Paypal to other bank account in other country (secondary). The ...
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3 votes
2 answers
289 views

can I retroactively make a Roth contribution based on an amended 2020 return?

In 2020, wife and I filed separately. She was unable to make an IRA contribution (a deductible one, at least) due to being highly-paid and covered by a retirement program at work, and I was unable, ...
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1 vote
1 answer
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Do the French tax authorities require French Forms 5000 and 5002 to be original, or can they be copies/scans?

I wonder whether French Form 5000 (mirror 1, mirror 2) a.k.a. CERFA 5000 and French Form 5002 (mirror) a.k.a. CERFA 5002 need to be original when sent to the French tax authorities (a.k.a. the Fisc),...
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0 votes
1 answer
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What are the minimum financial benefits a long-term care insurance must have to allow a Washington tax resident to opt out from the long-term care tax

Revised Code of Washington (RCW) 48.83.020 (mirror) states: "Long-term care insurance" means an insurance policy, contract, or rider that is advertised, marketed, offered, or designed to ...
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0 votes
0 answers
77 views

Wrong citizenship on my ETORO account

ETORO took my country of tax residency as my country of citizenship and this is not True. What should I do? Their customer support seems useless. Can I continue with it?
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3 votes
0 answers
178 views

Are there any legal risks/implications of this indirect gold purchasing process

Setup: My wife and I live in UK. My In-Laws are UK expats currently living in Switzerland. They are investing some of their savings into Gold Bullion. (not interested in any assessment of that ...
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How much taxes do resident and non-resident aliens need to pay for selling stocks they bought before they arrived to the US?

I'm not sure if resident and non-resident aliens need to pay taxes for selling stocks they bought before coming to the US. Meaning, the alien bought those stocks before coming to the US, and then sold ...
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1 vote
0 answers
116 views

Are indexed universal life insurances of any use from a tax mitigation standpoint (= looking at after-tax returns) vs. a regular investment account?

I am a US lawful permanent resident. I am interested to know whether indexed universal life insurances have any upside from a tax mitigation standpoint compared to a regular investment account. I.e., ...
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1 vote
1 answer
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Can being categorized as a "US resident" by the bank make me a tax resident in CA or US?

According to IRS, I was never a US tax resident. But there is a US bank that thinks I'm a resident in the US. I didn't update my info after leaving. I did fill out W8. I also filled out after leaving, ...
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1 vote
1 answer
106 views

Does a resident alien need to pay taxes for cashing out crypto gained before moving to the US?

Let's assume that an alien who's never been to the US before moves there and becomes a resident alien for that financial year due to fulfilling their substantial presence. The alien owns crypto funds ...
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19 votes
6 answers
5k views

What are the tax implications of being paid for work in company shares?

I completed a project for a private limited company. They want to pay me in company shares worth £100K (as it is stated in our contract). I am trying to figure out what tax implications would I face ...
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0 votes
2 answers
120 views

Would like to keep paying our parents after retiring from our small business

Several years ago me and my brothers bought the company that our dad and mom started. We agreed to pay them a monthly amount until we had bought out the company. At that time they both continued ...
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0 answers
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Paying country-specific tax from foreign bank account in Wise or Revolut

Portuguese legislation requires a company to pay a specific kind of Social Security, "Taxa Social Única" or TSU, every month for each salaried person. Portuguese banks are used to this ...
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2 votes
1 answer
91 views

Do American brokers and banks report client information (account size, balance, yearly profit) to client's country?

Do American brokers and banks report client information (account size, balance, yearly profit) to client's country? Question is ONLY for NON-US citizens. Client's country refers to Where client lives....
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2 votes
0 answers
160 views

I'm a nonresident alien who won and claimed a $50 giveaway through the internet before I realized this could give me a headache, please help

This might be a silly question but: I think I'm not obliged to file a tax report since my income from a U.S. source is only $50 (please correct me if I'm wrong). But what about paying the actual tax (...
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2 votes
1 answer
114 views

Will I get tax savings for donating my entire salary as charitable donation this year?

Due to various circumstances I have a huge amount of money stock piled and available to donate to charity this year. I'd like to maximize the amount donated, which means maximizing my tax savings as ...
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2 votes
1 answer
68 views

Beginner capital gain tax on shares in Australia

I am thinking about depositing some of my money (500-800 AUD) into eToro and buy some shares, just for building good money habits. But I am unfamiliar with the tax implications that I have to face (if ...
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2 votes
1 answer
61 views

Roth Conversion over ACA Cliff

Since the ACA Cliff is eliminated for 2021 (& 2022), it appears to be a good time to do an extra large Roth Conversion. Assuming the individual is already close to the ACA cliff (and not on ...
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2 votes
1 answer
66 views

VAT for imports from UK to EU for private customers after Brexit

Suppose I am a private person living in an EU country (in my case in Germany) and I want to order some products from a shop resided in UK. Suppose that I request the product via email and the UK shop ...
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-1 votes
1 answer
155 views

Create LLC to invest and make big purchases?

If I want to do the following: Make a few big purchases (laptops, cars, etc) Invest in public and private equities, cryptocurrency, NFTs Will a vehicle (e.g. LLC) be useful to accomplish all of ...
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0 votes
1 answer
167 views

Receiving money to send to other people: do I have to pay any taxes?

As a US lawful permanent resident, I'm filing for my taxes in the US. If I receive x USD and the source of the money is expecting me to entirely redistribute this x USD to a few other people, which I ...
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0 votes
1 answer
148 views

Wash Sale for stocks and FIFO taxes

I have a situation where I'm trying to avoid a wash sale and am trying to realize some losses by year end. Here's the situation: Jan 1st - purchase 100 shares of XYZ at $100 per share - $10,000 March ...
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5 votes
1 answer
751 views

Do you have to pay taxes on the free stock you get from a Robinhood referral link if you don't sell it?

I signed up for a Robinhood account with a referral link and got a free stock. I've searched all over the internet to see if I have to pay taxes on the gifted free stock. I can confirm 100x over that ...
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2 votes
1 answer
194 views

Is my calculation of gross income correct?

I have made $7200 working for a temp service this year, then I was hired in straight into the company and hope to gross about $3700 for the previous last two weeks and the remainder of the year. I ...
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5 votes
1 answer
347 views

Do freelancers who receive a W2 qualify for home office tax writeoffs in the US?

Last year I freelanced year round in the U.S. For work performed from Jan-Oct I received a 1099-NEC (Non-employee compensation tax form) from my clients. However, from Nov-Dec I worked for a new ...
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0 votes
1 answer
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SAFE Notes and taxes

If you are an advisor or a software developer and the company that you advise/consult for, pays you 10K USD, then you pay tax on the 10K received eventually. But if you chose to opt for 10K USD worth ...
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0 votes
1 answer
92 views

Why the tax on stocks dividends differs between the types of companies?

Why some types of companies, like a limited partnership LP deduct more percentage on the dividends (for me it was 37%) than the regular percentage (30% for inc,lmt for example)?
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1 vote
1 answer
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When are premiums received for selling covered calls/naked puts realized?

For example, if I were to buy 100 shares in APPL today and sell a covered call option with an expiration year of 2022, would the premium that I receive be realized upon sale or when the option expires ...
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3 votes
2 answers
819 views

If I live in Maine but work in New Hampshire, do I owe income tax in Maine on my New Hampshire-based income?

If I live in Maine but work in New Hampshire, do I owe income tax in Maine on my New Hampshire-based income? I do not believe that Maine and New Hampshire have any tax reciprocity agreement.
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-2 votes
1 answer
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If I lose money one year, and make them back the 2nd, can I still be at a net loss due to taxes? [closed]

Say I invest 100 dollars and lose 10 dollars in year 1. I then make those 10 dollars back in year 2. If this is taxed, then I will get less than 10 dollars back, therefore currently having less than ...
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2 votes
1 answer
363 views

selling old electronics for a loss and form 1099-K

Let's say I sold a drone that I paid $10,000 for a year ago for $5,000 on eBay and that the buyer pays via a credit card. Starting in 2022 you're supposed to get a Form 1099-K whenever you make credit ...
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1 vote
1 answer
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QSBS for restricted stock options

The below applies to a US company I have started at a company where I have received stock that has a 1 year cliff and a 4 year vesting schedule. I earlier exercised my stock and filled out a 83b form. ...
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