• Is borrowed money considered taxable income?

    Example: I want to study fulltime, and I take out a personal loan for $30,000 to last over two years while making small monthly payments. Would it need to be reported to the IRS, and would it be considered taxable income? Just something I was wondering.
    Example: I want to study fulltime, and I take out a personal loan for $30,000 to last over two years while making small monthly payments. Would it need to be reported to the IRS, and would it be considered taxable income? Just something I was wondering.
    11 answers · United States · 13 hours ago
  • If I live in another country why do I still have to pay taxes for USA?

    Best answer: Are you a US citizen? If you are, your worldwide income must be reported to the IRS. You won't necessarily have to pay any tax to the IRS. You get credit for any tax you pay to the foreign country, against the US tax you would owe. Let's say you are single, no children, and you earned $100k working in... show more
    Best answer: Are you a US citizen? If you are, your worldwide income must be reported to the IRS.

    You won't necessarily have to pay any tax to the IRS. You get credit for any tax you pay to the foreign country, against the US tax you would owe. Let's say you are single, no children, and you earned $100k working in Japan. You would owe, for 2017, with no additional US deductions or tax credits, on $89,600 of that $100k, $18,133 in federal tax.

    I don't know if Japan has the same system of deductions or credits, but calculated as if there aren't any and the full $100k is taxable (almost 19 million yen), the overall tax rate is something around 28%. The initial bracket is 5% and the top bracket for you (#5 of 7) is 33%.

    So in Japan you would pay about $28,000. The IRS will credit you for that against your $18k here, and you would owe no tax in the US.

    You would only owe US tax if the foreign tax you paid is less than what you owe here.

    You absolutely benefit 'from where I'm at'. If you get in trouble in that country, you can turn to the US consulate at the US Embassy in that country for help. As long as you retain your US citizenship, you may come back here at any time and pick up where you left off, and all of the infrastructure those tax dollars pay for will be here for you to use. That you choose to not use them now is on you.
    11 answers · United States · 22 hours ago
  • Don't work but get huge tax refunds do you think they need to change the law?

    I'm not an accountant but it seems crazy to me that people who don't work or make very little seem to get huge refunds back. I have seen people on fb posting their estimated tax return amount and getting all excited about it. How can u make $12,000 and get a refund of $5,000-$7,000? U didn't even pay... show more
    I'm not an accountant but it seems crazy to me that people who don't work or make very little seem to get huge refunds back. I have seen people on fb posting their estimated tax return amount and getting all excited about it. How can u make $12,000 and get a refund of $5,000-$7,000? U didn't even pay that amount into taxes, how do you get it out? I'm really curious it not far to people like mine self that work for a living paying taxes I don't get even thousand back on mine refund I think congress should make these people work most of the money don't even go to the kid they clam which it sad.
    10 answers · United States · 21 hours ago
  • Tax question?

    My husband and I are not on good terms. but he insisted we file taxes jointlythis year. The tax refund came he said I don’t have any share. He earns 3 times more than me but still I didn’t have any share? Is there a way to find what was my share of the refund. Now I have a contract job that pays me every week on 40... show more
    My husband and I are not on good terms. but he insisted we file taxes jointlythis year. The tax refund came he said I don’t have any share. He earns 3 times more than me but still I didn’t have any share? Is there a way to find what was my share of the refund. Now I have a contract job that pays me every week on 40 hours the deductions every week are sky rocketing. We are still married. What can I do to evade such a high number deduction?
    11 answers · United States · 1 day ago
  • Do you live paycheck to paycheck?

    I have for 20 years, how about you?
    I have for 20 years, how about you?
    18 answers · United States · 3 days ago
  • I m a us citizen who worked in Canada for 3 months and made about 2000 Canadian dollars, do I have to declare this on my us tax return?

    since 2000 Canadian comes out to even less in American, do I have to declare this on my us tax return or can I just do both tax returns separately
    since 2000 Canadian comes out to even less in American, do I have to declare this on my us tax return or can I just do both tax returns separately
    9 answers · United States · 3 days ago
  • Can my mom claim taxes on my daughter?

    My baby is a month old and my mom has been begging me for her birth certificate cause she says she needs it for her housing but she’s been telling me she’s going to be claiming her taxes since she lives under her roof but I don’t want that happening neither does the father of the baby, we support our child my mom... show more
    My baby is a month old and my mom has been begging me for her birth certificate cause she says she needs it for her housing but she’s been telling me she’s going to be claiming her taxes since she lives under her roof but I don’t want that happening neither does the father of the baby, we support our child my mom doesn’t pay for any of her stuff so that wouldn’t be fair. My mom stole my hospital copy of her birth certificate from me so I’m kind of worried that she might have claimed her taxes since she just told me she’s getting money to move out
    9 answers · United States · 3 days ago
  • Do he need to file an amended return?

    My kids and i are living with my kids dad brother (their uncle) he is the one supporting us since i had to quit my job. He filed my daughter on his taxes but the tax preparer put that she is his child and shes not. He was audited due to filing his son (19) as well (he called the irs to find this out) well im... show more
    My kids and i are living with my kids dad brother (their uncle) he is the one supporting us since i had to quit my job. He filed my daughter on his taxes but the tax preparer put that she is his child and shes not. He was audited due to filing his son (19) as well (he called the irs to find this out) well im guessing now they want paper work for both kids but my question is do he need to file an amended return since she is not his child and he doesn t have paper work to support that?
    6 answers · United States · 2 days ago
  • Is paying rent count as deduction?

    Best answer: No. That's why it's useful to own a home - you can deduct the interest on the mortgage payments - and that can really add up.
    Best answer: No. That's why it's useful to own a home - you can deduct the interest on the mortgage payments - and that can really add up.
    16 answers · United States · 5 days ago
  • Taxes: This is the first year I've had to pay in since the Clinton administration. Why?

    Combined, my husband and I made less money last year. Our donations and property taxes had no effect. I thought the new tax law doesn't go into effect until next year.
    Combined, my husband and I made less money last year. Our donations and property taxes had no effect. I thought the new tax law doesn't go into effect until next year.
    4 answers · United States · 4 hours ago
  • Am I entitled to half of my now ex fiancés tax return since he claimed me and our daughter as dependents ?

    We just recently broke up, and he’s received the tax return.. but is refusing to split it and his reason is that it’s his money and not for me or my daughter.
    We just recently broke up, and he’s received the tax return.. but is refusing to split it and his reason is that it’s his money and not for me or my daughter.
    10 answers · United States · 4 days ago
  • Which will take less out of my paycheck? "Married witholding single or "married"?

    I am married and we both file our taxes separately. I make 64K gross income she makes 40K I want less taken out of my paycheck. I always put "O" witholdings/exepmtions
    I am married and we both file our taxes separately. I make 64K gross income she makes 40K I want less taken out of my paycheck. I always put "O" witholdings/exepmtions
    8 answers · United States · 3 days ago
  • Tax Return ?

    My mom claimed me on her taxes because im 20 and a college student. On my taxes can I claimed someone?
    My mom claimed me on her taxes because im 20 and a college student. On my taxes can I claimed someone?
    9 answers · United States · 4 days ago