Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev Thread | Next Thread
Author: bajrang Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121338  
Subject: F-1 student Date: 1/6/1999 9:20 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Hi
I am an F-1 student at the university of Illinois.I have been in this country for about 4 months.So I am a non-resident alien.I don't have any of these retirement accounts and my employer is the University which has given me a research assistantship.Could somebody tell me about the tax implications of my investing in the stock market and how I can save on it.The money is entirely mine and I have no relatives in the States.I have never invested before.
I am planning to choose Waterhouse as my discount broker.Hope that is a foolish decision.
Thanks a lot.

Anand
Print the post Back To Top
Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 8074 of 121338
Subject: Re: F-1 student Date: 1/7/1999 11:24 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
[[Hi]]

Hello...

[[ I am an F-1 student at the university of Illinois.I have been in this country for
about 4 months.So I am a non-resident alien.I don't have any of these retirement
accounts and my employer is the University which has given me a research
assistantship.Could somebody tell me about the tax implications of my investing
in the stock market and how I can save on it.The money is entirely mine and I
have no relatives in the States.I have never invested before.]]

Your best bet would be to read IRS Publications 519 and 901 at the IRS web site.

Generally, if you are a non-resident alien, you'll pay taxes on your interest and dividends. You'll not be subject to taxes on any capital gains. But if you become a resident alien, you'll pay taxes on worldwide income just like any other US citizen. But Pub 519 will provide you with much more specific details.

TMF Taxes
Roy

Want to learn more about taxes and investing? Then we have a deal for you!! The Motley Fool Investment Tax Guide is now available through Fool Mart. Be the first one on your block to own this masterpiece. There is still time available to do that tax planning (and tax saving) before the end of the year. So just click on this link (http://www.foolmart.com/market/product.asp?pfid=MF+013+I) to read more about this amazing collection of tax information. (Apologies for the shameless plug…but it is a pretty good book…if I do say so myself). In addition, if you would like to visit the Taxes FAQ (Frequently Asked Questions) area, click on http://www.fool.com/school/taxes/taxes.htm and you'll be right at the home page. Pay special attention to the "archives" section. Check it out. Finally, if you need to get to the IRS web site, click on http://www.irs.ustreas.gov to go directly there.

I am planning to choose Waterhouse as my discount broker.Hope that is a
foolish decision.

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post Back To Top
Author: ksuzuki Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 13539 of 121338
Subject: Re: F-1 student Date: 4/3/1999 12:34 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
"Generally, if you are a non-resident alien, you'll pay taxes on your interest and dividends. You'll not
be subject to taxes on any capital gains.

TMF Taxes
Roy"
-------------------------------------
Is this true? Does that mean I (non-resident alien) can be a crazy day-trader & not have to pay a dime in capital gains tax?

I read Pub 519, but I wasn't too sure about this.

K.


Print the post Back To Top
Author: JABoa Big gold star, 5000 posts Feste Award Nominee! Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 13541 of 121338
Subject: Re: F-1 student Date: 4/3/1999 1:29 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
I am going to stick my neck out here. Beware, I am uninformed. But "resident alien" and "non-resident alien" are legal terms. If you are are a resident alien, you have a green card (by the way, green cards are pink these days). That means you have pretty much all the rights a U.S. citizen does, except you cannot vote.

If you are a nonresident alien, your rights are more restricted. For example, if things are as they used to be, if you are a student and married, your wife may not hold a job.

Either way, if you make money here, Uncle Sammy is going to want his cut. Now, I could see there could be exceptions. For example, I believe the Bank of Nova Scotia is trying to take over some bank in Chicago. So maybe if you lived in Chicago for 2 months as a Canadian and were paid by the Canadian bank all that time, that would not count.

Otherwise, it would.

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev Thread | Next Thread
Advertisement