Search found 130 matches

by ketanco
Fri Oct 25, 2019 5:11 am
Forum: Personal Finance (Not Investing)
Topic: US citizen marrying abroad
Replies: 6
Views: 633

Re: US citizen marrying abroad

ok so if the US citizen files as married filing separately, there is no paperwork required for the foreign spouse, and on his tax return, the US citizen writes NRA in place where it asks the foreign spouses ITIN SSN right? but the only thing is that the US citizen can not efile and can not get a cre...
by ketanco
Fri Oct 25, 2019 4:31 am
Forum: Personal Finance (Not Investing)
Topic: US citizen marrying abroad
Replies: 6
Views: 633

US citizen marrying abroad

When a US citizen lives and marries abroad, with a foreign person, during tax time, if he files as married filing separately, then is there still paperwork to do for the spouse in any way? or she becomes completely out of equation, and the US citizen just files just his return, as if he is doing sin...
by ketanco
Thu Oct 17, 2019 4:11 am
Forum: Personal Finance (Not Investing)
Topic: Planning to take some money out of roth ira
Replies: 22
Views: 2526

Planning to take some money out of roth ira

Hello, I am below 59 but I plan to take some money out of my roth ira. I contributed may be $15000 to that in total before, and the rest is earnings. I probably plan to take out around $5000 right now. As far as I know we can take out up to the money we contributed freely, without any penalty or tax...
by ketanco
Sat Sep 28, 2019 6:12 am
Forum: Personal Finance (Not Investing)
Topic: Other income
Replies: 1
Views: 238

Other income

When you have more than 1 items of different type, Let's say 3 different items, for line 21 schedule 1 "Other income", can you simply add them to each other and enter there? If so , do you say " various" to the explanation near it and that is it and you keep your records at home ? Or when you have m...
by ketanco
Wed Apr 03, 2019 2:55 pm
Forum: Personal Consumer Issues
Topic: verification problem when requesting credit report
Replies: 1
Views: 344

verification problem when requesting credit report

I am US citizen living in foreign country. I received a scam call last week and called equifax to put credit freeze but they said they could not verify me, even before asking any verification questions. I then wanted to get my credit report from annualcreditreport.com but also that system cannot ver...
by ketanco
Fri Mar 29, 2019 3:34 pm
Forum: Personal Consumer Issues
Topic: checking credit score / history and address
Replies: 2
Views: 324

Re: checking credit score / history and address

I tried
it says system can not verify me
by ketanco
Thu Mar 28, 2019 6:06 pm
Forum: Personal Consumer Issues
Topic: checking credit score / history and address
Replies: 2
Views: 324

checking credit score / history and address

I am US citizen living in foreign country since couple years. I wanted to check my credit report online but it wants a current US address where we live. So how can I do it? And so does it mean when /if I come back to US, when I want to rent an apartment, or obtain employment, and when they want to c...
by ketanco
Thu Mar 28, 2019 2:44 pm
Forum: Personal Consumer Issues
Topic: [On-going Scams - Post them here]
Replies: 221
Views: 10087

Re: scam caller asking SSN

are there any other instances that having a freeze may create inconvenience, if , assuming worst case, due to being in foreign country I can not remove it immediately somehow? or, the credit freeze is only for creditors anyway, and unless I apply for some type of credit in the US (which I will not d...
by ketanco
Thu Mar 28, 2019 1:53 pm
Forum: Personal Consumer Issues
Topic: [On-going Scams - Post them here]
Replies: 221
Views: 10087

Re: scam caller asking SSN

ok but if they will call me anyway by fraud alert, and I wlil not answer it anyway, then what is the advantage of credit freeze?
by ketanco
Thu Mar 28, 2019 1:41 pm
Forum: Personal Consumer Issues
Topic: [On-going Scams - Post them here]
Replies: 221
Views: 10087

Re: scam caller asking SSN

I put a fraud alert with transunion. They said they will notify the other two. But that is not enough? I must do credit freeze? I live in foreign country now. I can not get sms messages to my US phone, only voice mail . I gave my transunion my US voice mail number. I mean if with credit freeze that ...
by ketanco
Thu Mar 28, 2019 12:51 pm
Forum: Personal Consumer Issues
Topic: [On-going Scams - Post them here]
Replies: 221
Views: 10087

[On-going Scams - Post them here]

[Title was "scam caller asking SSN"] Scam discussions are now permitted in this thread only. Please see my post here . --admin LadyGeek Hello, I by mistake provided my SSN to a scam caller. They also asked my bank username (they pretended to call from my bank) but at that point I said wait a minute...
by ketanco
Sat Mar 23, 2019 9:21 am
Forum: Personal Finance (Not Investing)
Topic: ending inventory when finishing a schedule C business
Replies: 1
Views: 188

ending inventory when finishing a schedule C business

when you finish doing a business yourself, is it okay to have a non zero ending inventory (when there are unsold items) for the final schedule C of the business, and then afterwards it means all items in those inventory is your personal asset from that point forward? or we must reduce the ending inv...
by ketanco
Fri Mar 22, 2019 8:53 am
Forum: Personal Finance (Not Investing)
Topic: transferring traditional IRA
Replies: 1
Views: 187

transferring traditional IRA

When you transfer your traditional IRA from one bank to another (receiving no money, so just transfer as it is), is there a tax related document next year from either of the banks and how to deal with it?
by ketanco
Wed Mar 20, 2019 3:41 pm
Forum: Personal Finance (Not Investing)
Topic: royalty income from self publishing
Replies: 4
Views: 662

Re: royalty income from self publishing

and also look at page E-6 n schedule E instructions top right... it says "if you are in the business" use schedule C. so if you are not in the business anymore, you can use schedule E (or like you did, schedule 1 line 21 ) then . this sentence doesn't mean "if you were in the business when this acti...
by ketanco
Wed Mar 20, 2019 3:52 am
Forum: Personal Finance (Not Investing)
Topic: royalty income from self publishing
Replies: 4
Views: 662

royalty income from self publishing

I self published few books before 2018 and received royalty income from amazon from their sales, and they sent me 1099 misc for 2018. Now, where do I enter it? Schedule C or E? I was not engaged in writing business anymore in 2018. Just received royalty. Before I was doing schedule C but I was also ...
by ketanco
Thu Mar 14, 2019 9:55 am
Forum: Personal Finance (Not Investing)
Topic: schedule C line 36
Replies: 4
Views: 338

Re: schedule C line 36

What you ask is a time dependent thing... I don't have much of them, they are all either in a subject in my engineering field or in one other subject that highly interests me so theoretically i could make them website all, but it is also a matter of finding time for it and thinking good content and ...
by ketanco
Thu Mar 14, 2019 7:23 am
Forum: Personal Finance (Not Investing)
Topic: schedule C line 36
Replies: 4
Views: 338

Re: schedule C line 36

nolesrule wrote:
Thu Mar 14, 2019 7:10 am
Domain names aren't inventory unless you are in the business of reselling them.
i sold names yes.... and how about my question? especially question 1
by ketanco
Thu Mar 14, 2019 6:48 am
Forum: Personal Finance (Not Investing)
Topic: schedule C line 36
Replies: 4
Views: 338

schedule C line 36

Hello, Question 1) Can line 36 (purchases less cost of items withdrawn for personal use) be negative amount on schedule C? The tax software I am using doesn't allow it. Because the items I withdraw is larger than my purchases (so it means I withdraw from existing inventory in other words) so doens't...
by ketanco
Wed Mar 13, 2019 2:40 pm
Forum: Personal Finance (Not Investing)
Topic: reporting self employment income when living abroad
Replies: 7
Views: 415

Re: reporting self employment income when living abroad

ok all is fine then.... i didnt say there is no place for address on schedule C, i said the address on schedule C is in US address format, and no place for a foreign country name there. so if you still can enter a foreign address there (despite that format there), or can just leave it blank (since t...
by ketanco
Wed Mar 13, 2019 2:19 pm
Forum: Personal Finance (Not Investing)
Topic: reporting self employment income when living abroad
Replies: 7
Views: 415

Re: reporting self employment income when living abroad

When I had self-employed income as a resident of a foreign country, I filed a Schedule C. I also did the Foreign Income exclusion with Form 2555. Self-employment income: A qualifying individual may claim the foreign earned income exclusion on foreign earned self-employment income. The excluded amou...
by ketanco
Wed Mar 13, 2019 6:41 am
Forum: Personal Finance (Not Investing)
Topic: reporting self employment income when living abroad
Replies: 7
Views: 415

Re: reporting self employment income when living abroad

Ok so, just schedule c + foreign earned income exclusion Or Schedule c + credit on foreign tax paid Or Sxhedule c only , if my year total is below $12000 And nothing else (no other forms etc..) correct ? And since my residence country doesn't have totalization agreement with US, i will pay SE to US ...
by ketanco
Tue Mar 12, 2019 4:21 pm
Forum: Personal Finance (Not Investing)
Topic: reporting self employment income when living abroad
Replies: 7
Views: 415

reporting self employment income when living abroad

Do we still use schedule C to report self employment income (as a sole proprietor), when we live abroad (as a US citizen)? I looked at the Schedule C pdf directly given by IRS on internet, and there the address format is like a US address format, and there is no place for foreign country name. But i...
by ketanco
Mon Nov 12, 2018 1:04 pm
Forum: Personal Finance (Not Investing)
Topic: which way is simpler if NOL
Replies: 8
Views: 642

Re: which way is simpler if NOL

yes schedule C as a sole proprietorship but it means individual isnt it? i mean how else can an individual have NOL?
by ketanco
Mon Nov 12, 2018 11:55 am
Forum: Personal Finance (Not Investing)
Topic: which way is simpler if NOL
Replies: 8
Views: 642

Re: which way is simpler if NOL

wait i was talking about individually myself. are you talking about corporations?

and also when i use the NOL in the future year what do i do to show it and deduct it? where what form?
by ketanco
Mon Nov 12, 2018 11:10 am
Forum: Personal Finance (Not Investing)
Topic: which way is simpler if NOL
Replies: 8
Views: 642

Re: which way is simpler if NOL

thanks and after seeing your post i looked and saw similar news about it. i didnt know this . but the link https://www.irs.gov/publications/p536#en_US_2017_publink1000177379 is directly from irs site and it seems they updated it this year and it still talks about 2 year backward . confusing ok so we...
by ketanco
Mon Nov 12, 2018 9:44 am
Forum: Personal Finance (Not Investing)
Topic: which way is simpler if NOL
Replies: 8
Views: 642

which way is simpler if NOL

if we have a NOL, as far as i understand we have two options: 1-default is to start carry back period from 2 years before, which requires you to file amended tax returns for the past years along with form 1045 for NOL (and which form would that be? 1045?) 2-or , when you file that tax return which h...
by ketanco
Fri Nov 09, 2018 4:43 am
Forum: Personal Finance (Not Investing)
Topic: capital loss from stock reducing income
Replies: 5
Views: 589

Re: capital loss from stock reducing income

i did the worksheet thanks. and no matter it carries over or not, also i think capital losses do not cause any NOL in any situation as per the link that i just found: https://www.irs.gov/publications/p536
by ketanco
Thu Nov 08, 2018 10:48 am
Forum: Personal Finance (Not Investing)
Topic: capital loss from stock reducing income
Replies: 5
Views: 589

capital loss from stock reducing income

if i sell a stock now and realize a long term loss from it, (and i will not have any other capital gains or losses), will this amount reduce my overall income or taxable income? if overall income, and if it is more than my whole income, what happens? net operating loss? does it make a difference if ...
by ketanco
Tue Aug 14, 2018 12:28 am
Forum: Personal Finance (Not Investing)
Topic: sole proprietorship in foreign country
Replies: 4
Views: 524

Re: sole proprietorship in foreign country

You described exactly what i will do: " simply being paid for selling products and services". When you do like this here, you must register yourself with tax department, and an accountant must keep a notebook where he writes your plusses and minuses every month, and submit to tax department. That is...
by ketanco
Mon Aug 13, 2018 9:20 am
Forum: Personal Finance (Not Investing)
Topic: sole proprietorship in foreign country
Replies: 4
Views: 524

Re: sole proprietorship in foreign country

What do you mean by leg entity? This is not going to be a company. It is treated the same as its owner, as in the US sole proprietorship, with unlimited liability for the owner. It is not subject to entity tax here for example. It can have any name you choose or your personal name.
by ketanco
Mon Aug 13, 2018 4:09 am
Forum: Personal Finance (Not Investing)
Topic: sole proprietorship in foreign country
Replies: 4
Views: 524

sole proprietorship in foreign country

As a US citizen in foreign country, when I open a sole proprietorship here, I know that when doing US taxes I report this on schedule C as usual. Do i need to also file form 8858? Or that form doesnt apply to a sole proprietorship, and it would only apply if I would establish a company? Any any othe...
by ketanco
Fri Aug 10, 2018 5:23 am
Forum: Personal Investments
Topic: capital loss from stock
Replies: 2
Views: 319

capital loss from stock

i own only 1 stock now and if i sell it it will be at a loss of about 2000$. when i do my taxes for 2018 next year, do i have to enter this loss amount, or can i do it in another year later? so is it at our option to show a loss from a stock later? because this year my income may be low and it may b...
by ketanco
Mon Apr 02, 2018 2:33 am
Forum: Personal Finance (Not Investing)
Topic: Applying some of refund to next year
Replies: 13
Views: 1393

Applying some of refund to next year

Is there an advantage of applying some of your tax refund to next year, other than not having to remember to not miss the estimated tax payment dates? If I do this when filing my tax return now, is there another paperwork or form to be filed too because of this, or we do nothing else and when doing ...
by ketanco
Sun Apr 01, 2018 8:36 pm
Forum: Personal Finance (Not Investing)
Topic: state tax for capital gains and dividends
Replies: 16
Views: 1655

Re: state tax for capital gains and dividends

Do you have a U.S. drivers license? Do you have family in NJ or other ties that might make it appear that NJ is the state you plan to return to whenever you return to the U.S. (regardless of how long you'll be away)? no and no. my NJ drivers license expired as I no longer live there and didnt renew...
by ketanco
Sun Apr 01, 2018 7:42 pm
Forum: Personal Finance (Not Investing)
Topic: state tax for capital gains and dividends
Replies: 16
Views: 1655

Re: state tax for capital gains and dividends

Well, every state probably handles this differently. I think the default position the state would take is that you must file in the state you left. For your sake, I hope it is one of those states that don't tax income. But it is very easy to become a resident of a no-tax state if you truly don't wa...
by ketanco
Sun Apr 01, 2018 7:23 pm
Forum: Personal Finance (Not Investing)
Topic: state tax for capital gains and dividends
Replies: 16
Views: 1655

Re: state tax for capital gains and dividends

Well, every state probably handles this differently. I think the default position the state would take is that you must file in the state you left. For your sake, I hope it is one of those states that don't tax income. But it is very easy to become a resident of a no-tax state if you truly don't wa...
by ketanco
Sun Apr 01, 2018 7:19 pm
Forum: Personal Finance (Not Investing)
Topic: state tax for capital gains and dividends
Replies: 16
Views: 1655

Re: state tax for capital gains and dividends

samsoes wrote:
Sun Apr 01, 2018 4:55 pm
ketanco wrote:
Sun Apr 01, 2018 12:32 pm
JoMoney wrote:
Sun Apr 01, 2018 6:41 am
Are you a U.S. citizen?
Yes but i I have no connections left with any US state now
In which state do you vote via absentee ballot?
i never registered to vote. even if i did, would that alone be a reason to file resident tax return for a state while you live abroad?
by ketanco
Sun Apr 01, 2018 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: state tax for capital gains and dividends
Replies: 16
Views: 1655

Re: state tax for capital gains and dividends

Are you a U.S. citizen? Even though you are not a resident in the U.S. currently, What state are you "tax domiciled" in ? https://www.nolo.com/legal-encyclopedia/what-is-your-domicile.html Yes but i I have no connections left with any US state now, and in addition i can easily show that all my life...
by ketanco
Sun Apr 01, 2018 12:15 am
Forum: Personal Finance (Not Investing)
Topic: state tax for capital gains and dividends
Replies: 16
Views: 1655

state tax for capital gains and dividends

The internet company through which i am registered is located in TX, for stock trading online, and they sent me a 1099 DIV and 1099 B for the capital gains and dividends i had for 2017. I have no relation to TX otherwise. Do I need to make a non resident return to TX for this? I already show this in...
by ketanco
Sat Mar 31, 2018 3:36 pm
Forum: Personal Finance (Not Investing)
Topic: Form 1045 NOL
Replies: 0
Views: 1047

Form 1045 NOL

As my LLC schedule C had slight loss the software I am using generated a form 1045 which says do not mail, file copy and at the bottom it gives the same minus amount from schedule C as my operating loss. So this will carry to next year? and for the NJ return I file for last time, it also generated a...
by ketanco
Sat Mar 31, 2018 9:13 am
Forum: Personal Finance (Not Investing)
Topic: state tax to Washigton or not
Replies: 4
Views: 781

state tax to Washigton or not

Hello, When amazon sends a 1099 misc for royalty you earn for your books that are sold on amazon's site, in addition to showing this income for your federal and your own state return such as within your schedule C, do you need to also file a non resident tax return to washington state? or since wash...
by ketanco
Thu Mar 22, 2018 4:56 pm
Forum: Personal Finance (Not Investing)
Topic: Final schedule C for closed LLC
Replies: 2
Views: 392

Re: Final schedule C for closed LLC

Not an answer to your question, but a heads-up. I "closed" an LLC in Michigan a while ago. I simply stopped filing schedule C, there was no inventory. BUT, to actually have it closed, Michigan required some forms to be filed with the State Franchise Board. I don't know the legal ramifications here....
by ketanco
Thu Mar 22, 2018 3:13 pm
Forum: Personal Finance (Not Investing)
Topic: [foreign tax credit and income questions]
Replies: 14
Views: 554

Re: do you need to show a foreign tax as long as you show its income?

As a U.S. citizen, you are to report income from worldwide sources regardless of your residence. If you are not sure as to your U.S. tax liability, use the tax software to do your U.S. return and it should tell you. If the trades were done in 2017, you must report them on your 2017 tax return and s...
by ketanco
Thu Mar 22, 2018 3:00 pm
Forum: Personal Finance (Not Investing)
Topic: [foreign tax credit and income questions]
Replies: 14
Views: 554

Re: do you need to show a foreign tax as long as you show its income?

Two rules on FTC. (1) Your FTC is limited to the U.S. tax liability on the same income. (2) The FTC is a nonrefundable credit, meaning that your FTC is limited to your U.S. tax liability (with certain other adjustments which are not relevant here). Based on what you said, you will not have to fill ...
by ketanco
Thu Mar 22, 2018 7:22 am
Forum: Personal Finance (Not Investing)
Topic: [foreign tax credit and income questions]
Replies: 14
Views: 554

do you need to show a foreign tax as long as you show its income?

[Thread merged into here, see below. --admin LadyGeek] I live abroad and the foreign coutry i m at said even if my capital gain was entirely from US stock trades, i must pay taxes to them since i am their resident. Now, my whole income for the year is below 10k anyway so i will not owe any tax to U...
by ketanco
Thu Mar 22, 2018 2:56 am
Forum: Personal Finance (Not Investing)
Topic: Final schedule C for closed LLC
Replies: 2
Views: 392

Final schedule C for closed LLC

I am doing a schedule C one last time for the LLC I owned as single owner and closed at the end of 2017. Do i need to show the end of year inventory as the inventory value at the close date of business? Or, since I was the only owner and now everything that was in LLC inventory is automatically mine...
by ketanco
Wed Mar 21, 2018 4:38 pm
Forum: Personal Finance (Not Investing)
Topic: [foreign tax credit and income questions]
Replies: 14
Views: 554

Re: how does it work between foreign tax credit vs foreign income excl

For question one: you can take FEIE and FTC on the same return provided that they are on different types of income. For example, you can take FTC on dividends and capital gain income and take FEIE on foreign earning income and housing exclusion. For question two: you must make an election on form 2...
by ketanco
Wed Mar 21, 2018 6:33 am
Forum: Personal Finance (Not Investing)
Topic: [foreign tax credit and income questions]
Replies: 14
Views: 554

how does it work between foreign tax credit vs foreign income excl

[Thread merged into here, see below. --admin LadyGeek] A US citizen living abroad can take earned income credit for earned income. But what about other type of income which is not in earned income category but you still pay tax to the foreign country as you are resident there? For example, capital ...
by ketanco
Tue Mar 20, 2018 2:41 pm
Forum: Personal Finance (Not Investing)
Topic: [foreign tax credit and income questions]
Replies: 14
Views: 554

[foreign tax credit and income questions]

On form 2555 line 10, the start date for bona fide residence should be january 1st of the year that the taxes are being filed for (if you became a foreign residence before that date I mean)? or, the first date ever (which is prior) that your foreign residency started that still continues?
by ketanco
Tue Mar 20, 2018 12:40 pm
Forum: Personal Finance (Not Investing)
Topic: how to end residency with a state
Replies: 10
Views: 1556

Re: how to end residency with a state

Some states take the position that if you are a resident and you go overseas you remain a taxpaying resident since you haven't established residency in another US state. You have to take active steps to prove to the authorities that you do not intent do return to that state. Proving the negative is...