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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Zeuspaul who wrote ()12/29/1998 5:50:00 AM
From: Jerzy Malec  Read Replies (1) of 5810
 
Hello!

I have a number of questions regarding U S taxes related to stock trading.

1) Suppose the person buing and selling stocks is a non-resident alien. His only income in the United States is from this single source (buing and selling stock). What tax rate applies? I have
not been able to answer this one by reading the IRS publications, since all examples are based on
people having other sources of income.

Suppose such a person (non-resident alien, the only US-income being the capital sales gain) had
a 6000 dollars net profit during the year. Does he owe any taxes? How to figure these taxes?

2) Suppose the same person is a resident alien (still without any other income then the profit he
makes on the stock market).
How does this alter the situation?
This so-called standard deduction - is it applicable also to "unearned income", such as capital gain?

3) What form should be used in order to inform the IRS of changes in status (resident/nonresident)
and address (country of residence)?

I have tried to get these answers by calling the IRS. However, after spending more than $200 on the phone costs
(an 800 number is free only if you call from the U.S.) I am still in the dark.

Perhaps somebody had the same problem and knows the answer?

Regards

Jerzy Malec
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