All Questions
Tagged with tax-law income-tax
19 questions
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Do U.S. PFIC reporting and taxation laws apply to assets held and/or traded in a 401(k) or HSA account?
U.S. persons who hold (directly or indirectly, as defined in the IRS instructions) financial assets called "passive foreign investment companies" (PFICs) may be required to file Form 8621 ...
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3
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1
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260
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In which state will your income be taxed?
If you do work in Austin, Texas, as a remote online customer care specialist for the Augusta National Resort (situated in Georgia) do you pay Texas or Georgia income tax?
- 5,515
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Tipped Wages: What is a Tip
I am asking this question in relation to recent talk about exempting tipped wages from income tax. This is something that seems to be supported by both Kamala Harris and Donald Trump in their ...
- 861
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2
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What are the federal tax consequences of the repossession of a property where the FMV is less than the value of the loan?
This is a conceptual question, but I have included a sample set of facts to set the stage:
Bank loans $200k to Individual A to purchase home.
Individual A pays the loan down by $20k, but eventually
...
user56567
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2
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68
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How does gift tax work for unmarried households?
Say Ash, Bret, and Charlie decide to form a household.
Ash has a house that would rent for $10,000 a month, Bret has three extremely expensive cars, and Charlie has a huge collection of very valuable ...
- 3,847
2
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2
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161
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Final Income tax Return due to death
If a person dies in 2023 and he has significant income in 2023 he has to file an income tax return. Would that income tax return cover the entire year or would it just cover Jan 1 to the date of death?...
- 1,661
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2
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339
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Can you keep money from an unknown source?
I have recently rewatched Breaking Bad, and something that happened in the last season had me wondering. Jessie tries to give $2.5M each to Mike's granddaughter and the family of the boy that was ...
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14
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What is the maximum number of countries in which one can simultaneously be tax resident?
Inspired by this Reddit thread and other stories of people working remotely from all over the world, apparently without giving too much thought to the legal implications,
Working abroad remotely and ...
- 395
2
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1
answer
65
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Tax year for spending when bank transfer begins and ends in separate years
As a business expense, Alice initiates a bank transfer to a company on 30 Dec 2022 and the money reaches the company some business days later, in 2023. For U.S. tax purposes - assuming Alice files ...
- 259
1
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Is the effective tax rate for a digital nomad living in portugal 10%?
I read online that someone who earns over ~2800 euros per month can live on a digital nomad visa in Portugal and:
There are several advantages: no taxes on foreign income; 20% tax on income earned in ...
- 151
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45
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When exactly does UK self-assessment tax accrue?
In the UK, "Self-assessed income tax (for those who pay by instalments) will be deemed to accrue evenly over the tax year in which the relevant accounting period ends. The accrual will be
based ...
- 259
7
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How can employer and union agree to tax-free payments?
The German news reports that the employer and employee representatives have reached a new collective labour agreement covering metal and electricity industries. I was surprised by on aspect of the ...
- 1,566
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130
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Bavaria (Germany) - Double Taxation of Immigrants [closed]
I moved to Bavaria, Germany, in late march 2021 from Australia. I have paid income tax for that year in Australia.
I recieved letters from the Bavarian state government asking for income tax ...
0
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1
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40
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Are business expenses put into escrow by a freelance marketplace deductible before they are released from escrow?
Say that a U.S. person is a sole proprietor, and pays a contractor to do some work to support his business. This would normally count as a business expense, deductible on the U.S. person's taxes. But ...
- 259
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How Would A Sweepstakes Sponsoring Company Avoid Paying Taxes on Sweepstakes Entries and Winnings?
Lets say I were to host a service that allows for businesses to use me to handle their sweepstakes promotions. I would handle paid entries, alternate entry methods, use a third party to pick winners, ...
2
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Startup business what can I deduct in Ohio
Per Ohio law I see that it shows taxable income can be deducted up to $250k.
If I have a small startup business and make less than $250k a year as a side business, is it true that this 100% deductible?...
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How do billionaires get out of paying taxes? Can "normal people" do the same thing?
How do billionaires avoid having to pay taxes? Can "normal" people with average incomes do the same thing?
- 17.3k
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How could you commit tax fraud in the UAE where income tax does not exist?
UAE does not have income tax but it has another form of tax.
https://www.bdo.ae/en-gb/insights/new-tax-evasion-court-uae-en says that the UAE created a new court for tax evasion in November 2020. How ...
2
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169
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Tax treaty between UK and USA: Article 20A
I am a UK citizen who has just finished working in the US after <2 years. I have claiming tax treaty benefits using article 20a as I am a J1 research scholar. However, I wasn't present in the UK ...
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