I am an NRI who is living in USA. I sold a property in India which I had inherited. Will United States Government forgive Capital Gain tax if I invest the sale proceeds to buy Indian Government bond to avoid Capital Gain Tax in India
I withdrew 10K from a traditional IRA in 2017. This is my only income for the year. The state/address on my 1099-R is a friends address in California as that is the address on my IRA account. I do not reside in the US anymore so I will be filing overseas taxes. I have never lived in CA, never worked there, nor have I had a license or property there etc. The last time I filed taxes in the US was for the 2016 tax year when I was a resident of Colorado. I did come to visit the US for 20 days in 2017 and spent maybe a week in CA. I guess I am not sure how to file the state part. Since I live overseas do I need to file taxes with a state. Will CA cause me grief about this? Thanks in advance for the help.
What is the tax implication if any immediately on my 2 sons(US citizens) & also on me(GC holder) if I make a Settlement Deed in their favor making them as the joint owners of the apartment(valued Rs. 80 Lakhs) owned by me in Chennai?
I am a resident alien and have a query around PF withdrawals and interest.
I have made a partial PF principal withdrawal in 2017 which is tax exempt in India.
1. Do I need to declare the withdrawal amount on my US return.
2. Do I need to declare the PF interest received last year on my US return. Or only declare the interest received on only the portion of amount that was withdrawn.
I and wife are currently US Green Card holders and 2 kids are USC. I am considering either R2I or work in India for a few years and then R2I.
If I live in India, then what is the tax rate?
Does this tax rate change if I live in India?
Do I pay taxes on the whole amount earned to both the local government and US government? If not, how is it done?
I am retired and living off of distributions from a tax deferred IRA. I plan on taking out 188,000 in January 2018 to cover all of my 2018 expenses. My estimated tax liability for 2018 is as follows: 188,000 minus 24,000(standard deduction, married file joint) = 164,000 * 22%(tax rate) = 36,080 tax liability. My question is: will I avoid the underpayment penalty by making quarterly estimated payments of 36,080 * 22.5% = 8,118 even though I did not withdraw the money evenly over the year, or would I be required to pay at least 90% of the 36,080 tax liability in the first quarter to avoid the penalty. Thank You
i have posted this enquiry with H&R block for myself, but post it for public knowledge here. An Indian worker that worked for a period in the US on H1B visa and returned with no change in citizen status – did not apply for permanent residency in the US. is it even possible to claim the US social security amount from india ?