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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taxes for LLC foreign partner

I'm a foreign partner in LLC in US (other partners are US citizens). I don't live there so as far as I understood I'm not a tax resident in States. I was planning to pay taxes at my home country as ...
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46 views

business expenses for previous year

It's my understanding that, right now (Feb 21) at least, I can put money into an IRA and have it count towards my 2019 taxes (if I haven't filed yet) instead of my 2020 taxes. Can I do the same for ...
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Dual citizen (US/French) always lived in France and extraterritorial taxes

Me, a dutch national living in France since 2005 and my girlfriend, a US and French national are planning to get PACSed (contract of civil union?/married without the religion part ?). My girlfriend ...
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178 views

Global poker taxes

Global Poker is a US facing site that uses sweepstakes laws as a "loophole" for online poker. The way it works is you can buy "gold coins" which are totally worthless. However, when you buy gold coins ...
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68 views

How to solve an IRA fiasco involving excess contributions and incomplete Roth conversion?

I have (what appears to be) a rather challenging situation involving failed backdoor Roth IRA contributions. At a high level, there were excess contributions for the previous tax year, and last year ...
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94 views

Does a small Bonus for an unpaid internship need to be reported or taxed?

I did an unpaid internship in fall 2019, at the end I was given an amount below $500 as a small bonus for my work their. It came from a personal account of my boss, so my question if that money needs ...
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1answer
93 views

Excess Roth IRA Contributions calculation?

Due to my income in 2019, I exceeded the Roth IRA contribution limits. Now I am trying to figure out how much to withdraw and how to report it. I have an account with Vanguard. So I have the ...
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2answers
103 views

Why am I not allowed to take the insurance premium deduction for a marketplace plan?

I just finished my 2019 taxes using TurboTax, and I'm pretty confused about one detail. I am self-employed, and during the portion of the process where I listed my business expenses and deductions, ...
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1answer
93 views

How does the “Subdividing Tax Lots” scheme work?

In an article that broke today, a Manhattan developer was charged with "subdividing tax lots" in order to get around zoning laws limiting the height of a skyscraper. What does it mean to subdivide a ...
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1answer
26 views

Tax deduct seller financed mortgage interest after sale of property?

I purchased a rental property several years ago from a relative and the seller financed the mortgage. Over the past several years I have claimed the interest deduction on my 1040 and the relative ...
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1answer
72 views

Getting Taxed for Income from Job and LLC

I would like to know how a person gets taxed for income from a job and separate income from a LLC that I operate as my own business in the US. For example, if I generate 100k from my job; and if I ...
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188 views

How long must I wait after buying a property to rent it out?

I bought a place as a first time buyer without mortgage. Consequently I paid a 3% stamp duty. Due to certain circumstances, I will have to rent it out. I would like to know how long before I could ...
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90 views

How do I document “cash” disbursements from an HSA?

Fairly simply question here - I had a (HealthEquity) Health Savings Account last year and, due to changing jobs, switched to a traditional plan just before the end of the year. Most of it was fairly ...
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28 views

french citizen living and paying tax in Germany : taxes applied to owned French bank accounts?

I am french citizen, but living and working in Germany. I pay taxes in Germany. I have with a French bank a "livret development durable" ("sustainable development bank account") on which interests are ...
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1answer
178 views

Do I need to register as a sole trader with HMRC to open an Etsy shop? (UK)

I'm very confused about this Hobby Business Tax thing. I want to open an Etsy shop to start selling my photo prints online. I wouldn't be doing the printing, Whitewall would, but I would be selling my ...
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51 views

Reversing an IRA contribution?

I contributed $6,000 to my IRA last year but turns out I made too much money to be able to deduct IRA contributions. I've read that I can reverse an IRA contribution if I withdraw the money before ...
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1answer
58 views

Holding companies to cancel out profits? [closed]

I have two companies: Company A is established and makes about 20k in profits Company B is lost 8k last year since it's new. If I were to create a holding company, Company C, and owned both ...
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18 views

tax exemption for a partner when one is working abroad all year long but other one stays in US

I have a green card and a US employer who could pay me abroad since we have offices in the EU and Asia. I have been working from these offices in EU and Asia for the past 6 months and came back a week ...
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1answer
42 views

Do I enter only the latest (corrected) 1099?

MY brokerage account sent me the first 1099 about 10 days ago, I entered it into my tax software, but did not file my taxes yet. Last night I received a corrected version. Do I just have to enter the ...
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62 views

Is there a combined Social Security wage base limit for married/joint returns?

I know that the wage base limit for 2020 is $137,700, but that is for one person. Is there a different limit for married couples filing jointly (e.g. double the $137,700 = $265,400, or something else)...
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178 views

Capital gains tax for US NRIs for stocks/MF in India

I am an NRI who is a tax resident of USA. I use TurboTax to file my taxes. Irrespective of the filing software, can someone help me understand my tax liability as well as reporting for MF redemption? ...
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1answer
93 views

Is an iOS app sale considered taxable income? [duplicate]

This year I sold an iOS app to a company in Sweden. I was wondering how taxes work 1 with a mobile app sale? 2 how does it being an international transaction affect its taxation? (I’m in the United ...
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66 views

What tax is owed on money inherited from the US, by a UK citizen?

A deceased aunt of mine who has lived in the US for most of her adult life (50+ years) has recently passed away and left a sum of money in an investment bank (schwab) to be divided up among 4 cousins. ...
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4answers
110 views

Claiming More Capital Losses

I saw a Dave R video where a woman said she was advised by an accountant to have brokerage income/gains to "utilize" (the woman's words from her accountant) $316,000 in capital losses. I was under ...
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1answer
117 views

Sweden: Tax in Sweden on Income from the US

Hej, During 2019, I've worked in Sweden for 9 months and temporarily in the US for < 3 months (during which I requested unpaid leave from my normal Swedish employment). I am aware that I need to ...
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1answer
76 views

Will I have to repay advance Premium Tax Credit?

I am $21 (400.13%) above the Federal Poverty Line pertaining to qualifying for the Premium Tax Credit (PTC). Will the IRS work with me or will I have pay back the entire advanced payment ($2,310) of ...
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2answers
283 views

Is there any country that gives tax residency without living there?

Is there any country that gives tax residency without the need to live there for most of the year? Most countries I've read about need you to live there a substantial part of the year (among other ...
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53 views

Getting paid by a Canadian company to a U.S bank account while paying taxes in my home country?

I’m an Argentine working from Argentina for a Canadian company. I’d like to receive my wages into a US bank account which I already have. I really do not want to bring the money into Argentina due ...
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1answer
63 views

Can I claim a tax refund if I payed too much through PAYE?

I worked as a full-time employee in the United Kingdom between January 2019 and June 2019. I noticed that the income tax and national insurance fees I paid for January-March were much, much lower than ...
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54 views

How should stablecoins be treated in UK tax reports?

Stablecoins are digital tokens that stay pegged to the value of fiat currencies like USD or GBP. Two examples of stablecoins are DAI and USDC, which are both redeemable for $1 on various exchanges. ...
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63 views

Does the UK self-employment allowance of £1,000 add up to the Personal Allowance?

I read these pages on gov.uk: https://www.gov.uk/income-tax-rates https://www.gov.uk/working-for-yourself And I understand that there are two types of income allowances: The Personal Allowance, ...
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1answer
52 views

Is the UK Personal Allowance different from the Capital Gains Allowance?

As per these two resources from the gov.uk website: https://www.gov.uk/income-tax-rates https://www.gov.uk/capital-gains-tax/losses The standard Personal Allowance for 2019/2020 is £12,500, while ...
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1answer
109 views

Filed taxes for 2016, 2017, then 2018. Now got the confirmation for 2018, is that order fishy?

I helped somebody else file their German taxes. We could go back until tax year 2016 and I know that you have to file them in chronological order. Therefore we sent off 2016, then 2017 and after that ...
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1answer
79 views

US Tax implications? Bought stock options, paid AMT, company acquired at a loss, options worthless

Scenario (numbers are for illustrative purposes only): 2017: I exercised options when I left my former employer (startup, not public). Exercised 100% of 10,000 ISOs, common stock. At a strike price of ...
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4answers
97 views

What are tax implications of being long and short stock at the same time?

Let's assume that I am expecting a dip in a stock that I own. In such cases the usual strategy is to sell stock and buy back at a later date during the dip. However, this would trigger a taxable event ...
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53 views

Can You Switch Between Actual Expenses and Per Diem Expensing For Meals / Entertainment?

I currently report the actual costs for my meals and entertainment expenses on business trips. I am thinking about switching over to the Per Diem method. Are there any regulations against using both ...
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1answer
25 views

How to file 8843 form not filed before

I was wondering how an F2 visa with no income who has not filed the 8843 in the last 3 years can file this. I have not been able to find the correct procedure to file these forms. I am trying to file ...
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1answer
49 views

What are the penalties for closing a 529 plan account?

At the end of 2019 I opened and funded a 529 plan account. Now in 2020, not having yet filed my federal or state tax return for 2019, I find that this was a poor decision. The account has earned a ...
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53 views

What is the process for filing individual income tax for income obtained without a W-2 or 1099?

Scenario We have a legal adult called Brittany who has obtained income of $4096.00 from a babysitting job last year. The mother of the children she has been watching has not withheld income taxes, ...
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12 views

Tax Implications of RSU in a Foreign Country

If a company were to grant me RSU's in an entity not based in the US, are their differences in how this would affect my taxes compared to if those RSU's were for a US-based company? Do I owe taxes to ...
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2answers
91 views

Are financial aid checks taxable and as a student how do I pay taxes on these checks?

I'm going to trade school and excelling grade-wise. Every so often I've been getting financial-aid checks from the community college. This is what was left after the most basic things were paid by ...
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1answer
66 views

Need to file Income Tax Return

If my total tax is remitted as withholding tax should I still file income tax return?
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1answer
71 views

Lottery Taxes and Relocation

If you reside in North Carolina, buy a winning lottery ticket in South Carolina in February, and you relocate to Tennessee in that same month of February, how much tax liability on the lottery ...
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1answer
152 views

Recently married someone with assets overseas - US tax implications?

This year, I am filing taxes jointly with my wife for the first time. In past years, she was working overseas and did not need to file taxes in the US. She started working in the US in 2019. She is ...
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1answer
51 views

Time Range to Offset Capital Losses Against Capital Gains

I am trying to better understand how long after a capital gains loss, you can offset value against a capital tax gain. The Government website states; When you report a loss, the amount is deducted ...
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0answers
103 views

Why does E-Trade plan to release some tax forms later than specified in IRS Publication 1220?

Why does E-Trade plan to release some tax forms later than specified in IRS Publication 1220? Example: 1099-INT is planned to be released on February 15, 2020 according to https://us.etrade.com/app/...
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2answers
142 views

Do financial institutions in the United States have a deadline to send out tax forms?

Must financial institutions in the United States abide by some deadlines to release tax forms (e.g., Forms 1099) to their customers? Or can they send them whenever they want?
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1answer
50 views

Multiple W2s, Traditional IRA Deductions

I changed jobs in the middle of 2019, which means I have multiple W2s. My job in the earlier part of the year did provide me with a 403b retirement plan, so there's a check in the "Ret plan" ...
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72 views

Applying a refund to avoid past debt

I am on a tax repayment plan for a previous year, but expect a sizable refund for last year. Can I apply the expected refund towards next years taxes to avoid the IRS automatically applying it to my ...
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1answer
31 views

Where can I report my Social Security retirement benefit from form SSA-1042S in the form 1040NR?

I started receiving my retirement benefits from SSA last October 2019 after 2 years of processing time. They paid me a large sum corresponding to all months (25) of back pay and I received also my ...

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