Ask Tax Questions
Hendrik DuijnTax Professional Level: Tax Enthusiast
Because of the specific US/NL tax treaty residency clause (as an American) you would still qualify as a US tax resident instead of a Dutch resident. Non Americans who live in The Netherlands would be regarded to be... Read More
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Blair DwyerTax Professional Level: Tax Enthusiast
In any tax treaty, the rules depend on the residence of the entity in question for purposes of the treaty. Most treaties treat a dual-resident corporation as resident in the jurisdiction of incorporation. As a... Read More
Hugo Van ZylTax Professional Level: Tax Enthusiast
First point to make is that unlike most treaty countries, the first year's physical presence in SA, will in itself not result in you becoming a taxpayer or a tax resident. (See comment on SA interest earned by non-... Read More
Chuck Heyde, CPA, CGMATax Professional Level: Tax Wizard
I love the SEP. I have one... SEP = Simplified Employee Pension plan You can contribute up to $50K in 2012. Chuck Heyde, CPA Read More
Steven Potts JD EA IARTax Professional Level: Tax Enthusiast
The return of principal complicates your calculation of your basis when it comes time to determine your cost basis when you sell the mutual fund. Generally, your basis in a mutual fund is the original purchase... Read More
William KeatsTax Professional Level: Master Tax Advisor
If you received the extra stock as a result of a stock split, and still possess the shares, you do not report it. It is reportable when you sell those shares. Read More
Vincenzo VillamenaTax Professional Level: Tax Enthusiast
If its public stock then yes. If it is a c corp then it may qualify for small business stock and a loss may be deducted. In order to qualify there are a few steps - (1) the corporation is a "qualified small... Read More
Chuck Heyde, CPA, CGMATax Professional Level: Tax Wizard
A loss on the sale of your home is NOT deductible. Chuck Heyde, CPA www.GEMMS.us Read More
William KeatsTax Professional Level: Master Tax Advisor
There are various methods in determining cost basis when selling stock. The most used is FIFO. This is the method used if the shares sold cannot be identified. The next method is Average basis. Used only if... Read More
Steven Potts JD EA IARTax Professional Level: Tax Enthusiast
Assuming that you are single and under the age of 65, if you have earned in excess of $9,750 you must file a tax return. Be sure to coordinate with your parents, if you are still potentially on their tax return, to... Read More
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