How can I claim the tax while filing ITR2 in India on the Joining Bonus...
I am a salaried person in India, so Indian Income Tax laws are applicable on me.In the 1st financial year 2018, the company pays the joining bonus (in month: August 2018). The company includes the...
View ArticleHouse property loss adjustment with carry forward loss from previous year
I have a query regarding situation below for tax implication : Carry forward loss from previous year under head house property loss : 60000 Current year house property loss : 120000 With above, does it...
View ArticleWill I be taxed if I bet at least $1 on a prediction market app?
It's my first time into a trade prediction app like Kalshi and pretty soon DraftKings as well, and my only question is that if I only make just $1 bet and I win $5, $10, or even $15, will I be taxed...
View ArticleGerman employee with stock options for a NASDAQ-listed company: eligible for...
I am a German employee (German citizenship, living and working in Germany, no connections to the US) of a NASDAQ-listed company and have received stock options (more exactly RSUs, Restricted Stock...
View ArticleHow to handle unavailable information for Tax Return
About a year ago, I received a lump sum inheritance from the estate of a family member.In the lead up to receive the disbursement, the solicitor managing the distribution of the estate asserted that...
View ArticleTax Reporting of options on GLD
It seems to me that buying GLD is not buying an equity. As such, an options on it should be govern by section 1256 of the tax code.In support of my position, I cite the following which is from section...
View ArticleIs there any downside to using tax-deferred account with the intent of...
Imagine someone subject to taxation by the federal republic of germany (unbeschränkt steuerpflichtig) and planning to invest over a 20-year horizon.On a typical account used for buying and holding...
View ArticleConverting Resident ICICI Account & Demat to NRO/NRE – Need Advice
I’m an NRI living in the UK. I still have a resident savings account with ICICI linked to a resident demat account. The portfolio is small (current value around ₹1.4 lakh), and I don’t actively buy or...
View ArticleTax implications of the interest earned in India
I have some questions regarding tax implications of the income in India from the following sources.NRE Account (FD and Savings)NRO Account (FD and Savings)Mutual FundsInterest in NRE account is...
View ArticleReceived 1042-S instead of 1099-INT
I was in the US from 2018-2020 on J1 (I filled for three years). This time I have been in the state from 2022-present on F1 (I filled for two years so far).For 2024 tax year, Sprintax identified me as...
View ArticleHow to pay remaining tax after notice u/s 139(9) of income tax act 1961?
I got notice u/s 139(9) of income tax act 1961 due to tax payable issue.Now, I need to pay payable tax online.Here, my question is :How to pay remaining tax online even after notice u/s 139(9) of...
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How to pay remaining tax? How to clear Intimation u/s 143(1) India ITR?
For FY18-19 or assessment year AY19-20, I received intimation u/s 143(1) on 12th Dec, 2019.The mail attachment PDF had "Net Amount Payable" of 10 INR.At the bottom of PDF, it saysI should have paid 10...
View ArticleAre miles driven for business deductible expenses if the travel expenses are...
I completed some work for an organization. I was paid as an independent contractor and expect to be issued a 1099. For one part of the work, I was required to travel a significant distance (by car)....
View ArticleCan Uber drivers deduct daily car washes on their income tax?
Imagine a person who drives for Uber every day. Before driving passengers, he takes his car to the car wash to be washed. Is the cost of the car wash deductible on the person's income tax?I am thinking...
View ArticleAllocation of mortgage interest deduction between joint homeowners
Two US taxpayers, A and B, own a home together as joint tenants. They both live in the home, and it is their "main home" for tax purposes. A and B are not married to each other and never have been, and...
View ArticleDoes this work for a qualified covered call?
Imagine an investor has owned the XYZ company (not a real company) for a long time with a low cost basis. He then writes an out of the money qualified call option against it.The stock continues to go...
View ArticleReceiving Freelance Payments as an NRI: NRE vs. NRO Account
As an NRI residing in Singapore, I completed freelance work for an acquaintance in India. Now, I'm seeking advice on the most suitable method to receive payment: Should I use an NRE or NRO account in...
View ArticleSelling a stock and then selling a put and the wash rule
If an investor sells a stock at a loss and then immediatly sells a put on the stock, is the wash rule triggered? The investor wants to take the loss on the stock so he does not want to trigger the wash...
View ArticleWhen selling an investment for tax-loss harvesting does the holding period...
I am thinking about dumping some losers from my portfolio to offset some taxable gains on other investments.Does the holding period (short term/long term) of the investments with losses matter similar...
View ArticleHow were these values calculated for Federal and State Income tax on my pay...
My pay stub says:Gross Pay $5,833.96 Federal Income Tax $681.00. <== ?Employee Social Security $361.71Employee Medicare $84.59GA State Income Tax $295.20. <== ?How did Square Payroll calculate...
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