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USA Tax Laws

The United State of America imposes taxes on its citizens at both the federal and state level. There may be different kinds of taxes like income tax, sales tax, property tax, etc that are levied on the citizens of the country. There are various laws and rules that have been formulated by the federal and state governments for tax purposes. Answered below are some of the commonly asked questions about US tax laws.

Can people deduct medical expenses from their tax returns even if they were incurred abroad?

A person may deduct medical expenses that were incurred abroad in their US tax returns. The individual may have to itemize his/her deduction in order to do so and report the expenses on the first line of Schedule A.

Would a US citizen get taxed for income that has been received from a property sale in a different country?

A US citizen or resident can be taxed for any kind of income that is received from anywhere in the world. Including income from a property sale in a different country. However, the individual may be eligible for the Foreign Tax Credit if he/she was taxed in the country where the sale took place.

Would an individual be taxed on any income that he/she earns from money that is gifted to him/her?

If an individual earns any income from money which has been gifted, he/she may have to report this investment on his/her tax returns.

Would a non US resident be taxed for income that he/she may earn outside the country?

If an individual has lived in the US for a period of 183 days in 3 years, this individual can be considered to be a resident alien for tax purposes. As a result the tax laws that apply to a US citizen may apply to them. Therefore, all of the individual’s income, no matter where they earn it, will be taxed in the US. The individual may have to report all of their income in the US. If the individual has been paying taxes in the other country where they have earned this income, then they may get a tax credit for the amount that has been paid as taxes in the other country.

What is Kiddie Tax?

Kiddie tax is a rule that reduces a family’s income tax liability when property is transferred within the family. It applies when such a transfer shifts any income earned through the property from a parent’s high income bracket to a child’s low income bracket. In order to qualify for the kiddie tax, the child must be listed as a dependant and should earn more than $1,900 from the property. The parent may include this tax on his/her Form 8814.

Where should income earned by a child be reported?

Income earned by a child may be reported on the tax returns of the parent with the highest marginal tax rates.

How much income should a US citizen earn to qualify for filing their tax returns?

If a US citizen is single, the individual may qualify to file tax returns once he/she starts earning more than $9350.

The tax laws that apply to you may depend on various aspects. Whether you are a citizen or resident of USA, the state you live in, the kind of income you earn, and the different sources from where you earn an income may determine how you will be taxed. You must be aware of the various laws that govern taxation in the US in order to understand what kind of taxes apply to you and how much money you may have to pay in the form of taxes. You may ask an Expert if you are confused about the tax laws in your state and need more information on them.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
characters left:
6 Tax Professionals are Online Now

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Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Recent USA Tax Questions

  • HI I am a green card holder since March 2001. I worked consistently

    HI
    I am a green card holder since March 2001.
    I worked consistently until I fell pregnant in 2008.
    My mother fell ill (cancer) at the same time. I returned to Australia to help her through treatment.
    Since then, I have been flying to and fro Australia more and more. Esp since 2012 when my mother was diagnosed with recurrence of cancer (which was declared terminal and inoperable). For nearly three years, my daughter and I have been here in Australia, flying back to USA every 6 months or so (staying for a couple of weeks) in order to satisfy green card.
    I had not intended to 'abandon' my green card but since my child was born and my mother fell sick, my life has been predominantly here. I now realize, I do not want to go back.
    Facts:
    1. I began to work here from 2011 (paying tax as I earned)
    2. I filed my income tax return here as a resident (as I'd been here more days then in the USA)
    3. The only income I have in the USA is income from renting out my house.
    Q: I would like to file my 1 407 but am unsure what date to put on it as having 'abandoned' my green card.
    1. If I date it as 2011, do I have to file an 8854 and date it as as of 2011 or should I wait til the USCIS give me an 'expatriation date?
    2. Will the exit tax be based on the 5 years prior to 2011 or now?
    3. is the exit tax based on NET worth?
    4. If I have not satisfied my federal tax obligations, how do they calculate my exit tax?
    Thank you
  • My computer message has been altered from the message that I

    My computer message has been altered from the message that I sent your web site, the word amp has been typed through out my message into my message, this has happened to my computer messages once before with the same word amp typed over my message at another
    internet web address,I am going to have my computer worked on tomorrow, I apologize to the the web site just answer for this problem. I have several USA tax code questions questions &amp; I will check back in tomorrow to get the answers &amp; to speak with a Tax Professional
    via email, I do not have time tonight to go over answers. 1. I am doing a internet crowd-funding donation individual project fundraising campaign to fund the editing/publishing &amp; marketing of a book I wrote this past summer. The $ will go into a LLC bank account.
    Some of the funds will be for the books business expenses &amp; other business expenses. Other funds will be to recoup money that I have already spent in writing the book (example 1 year off work to write &amp; publish &amp; market this book, I will specify in the campaign
    to potential donors how I plan to spend all the $ &amp; how excess funds will go to the next business project, &amp; 18,000 will be used to recoup one year of expenses for being off work one year to write/publish/market this book). How do I correctly get money out
    of the LLC bank account to me, for personal use/rent food etc., &amp; to reimburse me for expenses already spent on book-like filing for a copyright lawyer costs etc. 2. How much money do I need to raise in my campaign to keep $55000.00 after tax dollars. 3. Also
    this past year I sold my house &amp; my half of the equity share was $23000 (this $ went into my/a separate personal bank account) how will this effect my taxes with &amp; also without the $55k after tax dollars goal donation being raised &amp; not being raised. 4. How
    will the above answers differ if the account is a LLC account or a personal account, &amp; a LLC is not obtained for this book project (In other words, I have not yet obtained a LLC &amp; I am planning on getting a LLC, however it has not been done yet, &amp; I may or
    may not get a LLC). Thank you
  • I'm citizen of Belarus.I was Swiss resident in Sep

    I'm citizen of Belarus. I was Swiss resident in Sep 2010-Aug 2012 when I was paying pillar 1 & 2 pension contributions. Then moved to Belarus. I withdrew Swiss pensions: Pillar 1 (USD ~3.5k) and Pillar 2a (USD ~30k) in March (tax paid to Switzerland). In Oct 2013 moved to California and have an option to be a full year resident (H1B + first year choice). This is beneficial to me (family, 2 kids, standard deductions, lower tax brackets as married filed jointly) if I don't have to pay taxes for Swiss pension in US.

    If I execute First Year Choice to be a full year resident + filing married jointly in 2013, how these pensions are taxed on federal and CA state return? (Pillar 1 is covered with US Swiss pension tax treaty, not sure about Pillar2 - paragraph 'b' is unclear to me)

    Different sources say different info. Most say this is nonqualified plan and need to be taxed on contributions (employee + employer) + dividents. My current local tax adviser (probably not experienced with Swiss expats) is saying this is taxed fully as income and I can take foreign tax credit).

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