61
votes
Do I pay gift taxes in US, if I send money (>$15000) to my father in India?
What is considered a gift?Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return.
https://www.irs.gov/...
- 9,790
8
votes
Accepted
Can a F-1 student visa holder loan a car from bmw?
Most states do have a cooling-off period where the buyer can rescind the purchase as well as a legally allowed limit to how long the dealer has to secure financing when they buyer has opted for dealer-...
- 32.7k
7
votes
Do I have to pay a Health Care Tax Penalty for my F-1 spouse?
According to the IRS (look at the 11th question on this page) a nonresident alien is not covered by the individual mandate. If your wife has been in the country for less than 5 years on the F-1 visa, ...
- 32.7k
5
votes
Accepted
U.S. nonresident alien: Is my state tax refund taxable?
Federal income tax refunds received during 2016 are not taxable income for 2016 (or any other year) on either the Federal or the State tax return.
The State income tax refund for 2015 received during ...
- 31.6k
5
votes
Can an F1 student working on OPT with a STEM extension earn unrelated self employed income from a foreign employer?
From tax perspective, any income you earn for services performed while you're in the US is US-sourced. The location of the person paying you is of no consequence.
From immigration law perspective, ...
- 165k
4
votes
Is Stock Trading legal for a student on F-1 Visa in USA?
It is absolutely legal. While studying on a F-1 you would typically be considered a non-resident alien for tax purposes. You can trade stocks, just like any other foreigner having an account with a US-...
- 171
4
votes
Accepted
Is Stock Trading legal for a student on F-1 Visa in USA?
As an F1 student, I have been investing (and occasionally buying and selling within few weeks) for several years, and I have never had problems (of course I report to IRS gains/losses every year at ...
- 206
4
votes
Passive income for International student
I'm not sure how it relates to a F1-Visa. Nestor Ledon say's there aren't any restrictions, so I'm going to agree with him there.
There are a lot of different ways to make passive income. A quick ...
- 558
4
votes
Accepting money for college tuition from US citizen
The donor might need to pay gift tax if they give money directly to you. Paying the tuition on your behalf (giving the money directly to the school) is exempt from gift tax. But that's not your ...
- 165k
3
votes
F1 student and eBay selling tax
If you have income - it should appear on your tax return. If you are a non-resident, that would be 1040NR, with the eBay income appearing on line 21. Since this is unrelated to your studies, this ...
- 165k
3
votes
Accepted
Figuring out eligibility for Substantial Presence Test
The second one is likely to be correct. The days you spent on F1 status are exempt from the substantial presence test, for the first 5 years. You can read mode here.
I don't think you can use the "...
- 165k
3
votes
Non Resident alien income tax, moved from F1 to H1B on October 1st
Do I need to file 1040NR along with form 8889 in place of 1040NR-EZ.
Yes, because 1040NR-EZ does not support HSAs. (1040NR has it on line 25.)
If yes, can I use the Standard Deduction ...
- 16.9k
3
votes
Healthcare requirements for J-1 married to US Citizen
J-1s who are not students are considered teachers or trainees, who are exempt individuals (exempt from the Substantial Presence Test) during the time on J-1 unless they have been exempt individuals ...
- 16.9k
3
votes
Is filing taxes necesssary for a non-resident alien working remotely from abroad
From tax perspective - no, she doesn't have to pay taxes in the US. Without filing a tax return claiming her non-resident status, the IRS (and the State) will indeed think she is a US resident and is ...
- 165k
2
votes
Accepted
Investment options for f1 visa students in USA
There's no limitation on what you can invest in, including trading stocks (as long as trading is not a business activity, like day-trading or investing for others).
You just need to make sure you ...
- 165k
2
votes
Passive income for International student
There are no legal restrictions in regards to passive income for an F1-visa holder so long as you report gains to the IRS.
So any passive investment advice should apply to you.
- 121
2
votes
I filed my 2015 taxes with 1040 using TurboTax, but I am F1 student. How should I file for amendment
File 1040X. According to the part of 1040X instructions dealing with nonresident aliens, you can use 1040X if you filed the wrong form and need to file the right form. You would only fill out some of ...
- 16.9k
2
votes
Accepted
F1 - EAD OPT tax filing
If you're on F1 status then your days of presence are exempt from counting towards substantial presence test. Obviously you're neither a citizen nor a permanent resident in the US. As such - you're ...
- 165k
2
votes
F1 student in US, correcting mistake in wrong tax form filed
Yes, you need to file form 1040X, and you need to attach all the forms that changed to it. In your case, you'll need to redo your tax return entirely since the base form you used (1040) is incorrect ...
- 165k
2
votes
How do I file 2015 taxes for F-1 OPT till Sept 30, 2015 to H-1B from Oct 1, 2015?
You are a nonresident alien for all of 2015, because you do not satisfy the Substantial Presence Test for 2015. Time on F1 is as an "exempt individual" (exempt from the Substantial Presence Test) ...
- 16.9k
2
votes
Accepted
H-1b visa holder with F-1 spouse filling tax jointly
Yes, your wife will need an ITIN, according to the IRS General ITIN Information:
If you do not have a SSN and are not eligible to obtain a SSN, but you have a requirement to furnish a federal tax ...
- 166
2
votes
Previous Employer withheld FICA taxes. Gave me W2C after I filed for taxes
According to this, if your employer will not refund FICA taxes withheld in error, you need to file forms 843 and 8316 with IRS. Unfortunately, I have heard that it sometimes takes years for them to ...
- 16.9k
2
votes
What are the tax treaties between USA and India which I can mention in 1040 NR-EZ Item J?
There's only one tax treaty (the Indo-US tax treaty). You need to check what else may apply to you (probably nothing else, but you need to check based on your personal circumstances).
- 165k
2
votes
Accepted
Dual status tax filing and residency starting day
If you meet the Substantial Presence Test for 2016, then you are a resident alien for all of 2016, and if you don't meet the test for 2016, then you are a nonresident alien for all of 2016.
Dual-...
- 16.9k
2
votes
F-1 student investing in foreign markets
You cannot have off-campus employment in your first year, but investments are considered passive income no matter how much time you put into that effort.
Obviously you need to stay enrolled full-time ...
- 32.7k
2
votes
W-7 form for F-2 visa?
If you wish to file jointly, she does need an ITIN. (Edit: filing jointly is not possible according to your answer below and some comments.) If it would make a difference on your taxes to file form W-...
- 32.7k
2
votes
F-1 Visa expired - Unable to repay private student loan. What to do?
I would contact your loan servicing company explain the situation and see if you can renegotiate terms. They may be able to drop the interest rate or lengthen the schedule to reduce the payment amount....
- 23
2
votes
Is Stock Trading legal for a student on F-1 Visa doing CPT in USA?
There are no legal reasons preventing you from trading as a F-1 visa holder, as noted in this Money.SE answer.
Per this article, here are the things you need to set up an account:
What do I need ...
- 1,095
2
votes
Accepted
Is buying and selling Bitcoin (and other cryptocurrency) legal for a student on F-1 Visa doing OPT in USA?
Given your clarification that you re only intending to use cryptocurrency as a capital asset & a long term investment vehicle, and not as a business day trading or trading for others, I would say ...
- 4,107
2
votes
Can I work in US as well as India when on F-1 visa
An F-1 student can work in a few circumstances:
Working on campus
Working on CPT
Working on OPT once you get an EAD
Working on an EAD obtained for economic hardship
Remote online work wouldn't be ...
- 16.9k
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