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I am now physically located outside the USA (in India) and am not a student, but have financial assets in the USA generating income. I purchased these assets while I was in the USA and continued to trade later after I left the USA. I know I have to fill out 1040 NR or 1040 NR-EZ, and I was hoping to be able to use the standard deduction but I see no provision for using it on the form. Can I use standard deduction given that I am/was not a student in the tax year in question? Does the India-USA tax treaty still allow me to take the standard deduction?

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No.

The Tax Cuts and Jobs Act of 2017 reduced Personal Exemption to $0 since 2018 Tax Year and reduced Standard Deductions to $0 (for nonresident) and $12,000+ (for resident Student or Apprentice/Trainee from India; Article 21 of the Treaty).

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