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Questions tagged [foreign-income]

To be used for questions related to income received from outside the country in which you reside or claim as a primary residence for tax purposes

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Does investing global mutual funds with 15.4% foreign income tax worth it?

I'm living in Korea and already investing in global mutual funds with foreign income tax reduction benefits. But there is no investment with such benefit anymore. So I'm considering normal global ...
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2answers
78 views

How do I prepare for a year long trip as an employee trying to qualify for the FEIE via the physical presence test?

I am going to be traveling to 12 different countries next year. I will be staying for a period of one month in each one. I will be employed by my current employer while traveling. I will not have a ...
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1answer
82 views

How would I need to prove to the IRS I paid foreign taxes if I take the Foreign Earned Income Exclusion?

I'm a US citizen (I have no other citizenships) who's been living in Ukraine for several years. I've passed the 330 days out of US test. I have a permanent Ukrainian residency permit, and I'm married ...
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40 views

Should I use 403b while filing 2555

I am a US citizen and have started a new job working at a US university. However, I live outside of the US and am considered domiciled permanently abroad (I have a "Bona Fide" residence outside of ...
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1answer
157 views

Working remotely in U.K for a Japanese company - want to get mortgage

I have been living in Japan with my husband for the past 3 years. We are both British. I work for an IT consulting firm with only a handful of staff where I am the only foreigner. I'll be turning 30 ...
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1answer
50 views

Can I qualify for the foreign earned income exclusion if I am employed by a US based company?

I am a US citizen considering living abroad for a full year, staying in 12 different countries for a month each (Remote year). I am planning to remain employed by the US based company I currently work ...
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2answers
129 views

Am I required to pay taxes on my U.S. freelancing income in France?

Similar to this question (and the question that OP linked to), I will be living abroad (in France) and working there, but I also do freelancing for U.S.-based companies. There are other questions ...
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US Tax non-resident aliens - ECI

I'm generally confused about what is considered to be ECI for non-resident aliens living in the US (under specific visa that allow this). Examples of situations in which I cannot figure out whether ...
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5answers
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Borrowing money in one country to pay off debt in another

I'm currently living in Germany and can borrow a substantial amount of money at almost no interest, effective 3.4%. In my home country I have several mortgages, basically at the moment funding ...
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1answer
103 views

Investing proceeds from foreign vacation home sale

We bought a vacation home in the UK in 2006 for 182000 pounds, including purchase price, closing costs and improvements, when the pound was stronger ($1.8/pound), and wired $327000 directly to the UK ...
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1answer
125 views

What to do about ETN distributions not included on 1099?

As a US citizen, in a US taxable brokerage account, I received distributions from MORL, a UBS (Swiss)-sponsored exchange-traded note (ETN). The brokerage account statements label the distributions as ...
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1answer
30 views

What is the current cap for the US IRS FEIE?

According to https://www.irs.gov/individuals/international-taxpayers/figuring-the-foreign-earned-income-exclusion, dated 2 October 2017, the 2015 cap for Foreign Earned Income Exclusion was $100,800. ...
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192 views

What is “high taxed” defined as by the IRS?

On form 1116 Foreign Tax Credit form there are references to HTKO yet the acronym is never defined. Googling leads me to believe that it stands for "High Tax Kick-Out". But I haven't been able to find ...
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29 views

Can sales tax in a foreign country be used as credits to offset US taxes?

Say you are an American citizen living in the UK. You are required by [draconian] U.S. law to pay full taxes on your income as though you are resident in the U.S. However, there are several treaties ...
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117 views

IRS: 330-day physical presence test for Foreign Earned Income Exclusion and international waters

I'm going crazy trying to understand how to consider time spent on/over international waters (by flying or taking a ferry) with regards to the physical presence test to qualify for Foreign Earned ...
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29 views

How to check status of application for extension (Form 2350)

I want to use the Foreign Earned Income Exclusion when doing my U.S. taxes, but I have not yet been present in a foreign country for the required 330 days. Because of this, I used Form 2350, "...
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80 views

US tax: Dual-status alien foreign income

Profile (I'm adding some extra details just in case): I was an international student in Australia from 2012-2016. I spent part of 2015-2016 in the US as a visiting scholar (J-1). I returned to ...
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Last year dual status return: can foreign income be excluded for the resident part?

I will need to file year 2018 with the IRS as a dual status return, because I decided I will give back my green card (probably some day late April, or in May). I have had a new job in a foreign ...
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Is late income from foreign job before becoming a US resident subject to US tax?

I became a US resident (Green Card holder) in the summer of 2012, so the first tax return ever filed with the IRS was a dual status return for 2012. I used to have a job in my country, that I quit ...
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1answer
151 views

How to cash ACH vouchers to my French account without paying more banking fees than sending a postal package containing cash?

I worked for a company based in the United States as part of a non-commercial activity (I mean the income is not taxable to the IRS and thus I can’t get an itin or ssn in order to open a bank account)....
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91 views

Value to report for mutual funds/stock in FBAR (Fincen 114)

I have a some mutual funds and stock (in addition to a bank account) in a foreign country. I haven't sold anything in 2017, but I got dividends as new stock shares. I have over $10.000 on shares and ...
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0answers
24 views

CA taxes on invesment income for part time-resident

I lived outside of the US from July 2016 - November 22d of 2017. All my income from this period is investment income. My understanding is that because it is investment income it does not qualify for ...
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1answer
157 views

Do I need a Social Security Number?

I am a New Zealand citizen, and legal resident of Mexico (not the US - I have only B1/B2 visa for the US). I have funds in the US in an American bank account (in my name). Recently I have considered ...
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1answer
311 views

maternity leave - taxable income for U.S. citizen?

I am a dual U.S./Serbian citizen living in Serbia and currently on maternity leave, fully paid by the Serbian government. I cannot find any information on whether I’m supposed to report that as a ...
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1answer
51 views

Carrying forward a 'personal loss' due to itemized deductions

I have $0 AGI this year, after claiming the Foreign Earned Income Exclusion, and have repaid some student loan interest. The additional itemized deduction from the interest payment creates no benefit ...
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3answers
588 views

How did the IRS know that Boris Johnson sold his house?

According to several articles, Boris Johnson, the British foreign minister who was born in the U.S., was hounded by the IRS for taxes on the sale of his house in the U.K. For example here: https://...
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0answers
77 views

What is the most cost efficient way to invest in overseas stocks as a UK citizen?

I wish to invest in multiple US-based mutual funds and companies. I already have an account with Charles Stanley Direct for my UK-based funds and was disappointed to see that I couldn't use their ...
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1answer
125 views

Work for US Healthcare company from India - Tax forms [duplicate]

I have question regarding work arrangement for remote work from India for US company. My scenario. I am currently employed on H1B with a Healthcare organization based out of Indiana, US. My work ...
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1answer
281 views

GST & TDS for international money - advertisement platform

Am from India and I've created an online platform(a webbased application) where ADVERTISERS can list ads(or campaigns) and PUBLISHERS can use this ads and promote them. So when ADVERTISERS pays me, ...
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1answer
145 views

Non Resident Alien Spouse Treated As Resident - Self Employment Income

I live abroad in South Korea/Japan, and got married to a South Korean last year (2016). We plan to move back to the US after I've finished graduate school. We are both self-employed: I'm a software ...
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1answer
180 views

How to avoid double taxation of self-employment income for a U.S. citizen living in Italy?

I'm a self-employed U.S. citizen living in Italy. According to http://www.expattaxprofessionals.com/wp-content/uploads/pdf/Tax-Handbook-Understanding-the-US-Tax-Basics.pdf, the rules for paying self-...
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2answers
191 views

How do I avoid double taxation of dividends and capital gains?

I'm a U.S. citizen living abroad claiming the Foreign Earned Income Exclusion (FEIE). According to https://www.americansabroad.org/us-taxes-abroad-for-dummies-update/, The exclusion applies only ...
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1answer
100 views

Do I have to include a form 1099-INT with form 8938 even if I didn't earn any interest?

I'm currently filling out form 8938, "Statement of Specified Foreign Financial Assets", and have come to Part III: Broadly speaking, there is an "Amount" column and a "Where reported" one. I have ...
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1answer
302 views

Over what period is the “Maximum Value of All Deposit Accounts” on Form 8938 to be taken?

I'm looking to fill out Part I of Form 8938 for 2016, "Statement of Specified Foreign Financial Assets". On line 2 there is a Maximum Value of All Deposit Accounts Should I fill in the maximum ...
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1answer
134 views

Is it possible to claim the Bona Fide Residence test for part of the year?

I currently live in Italy but expect to move to the U.S. in September to start a new job; however, I would keep my apartment in Italy till the end of the year. Is it possible to claim Bona Fide ...
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372 views

Where to pay tax when working for foreign company remotely from Uk

There are similar questions but I believe my circumstances are slightly different. I am a British citizen, from birth, and have been living in Malta for over a year while working for several ...
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1answer
43 views

What are the tax rates for an Ireland-based ltd for invoices to company in foreign countries

I'm currently working as an IT consultant in Italy (self-employed) but I'm thinking of moving to Ireland next year and open a ltd company there. I was trying to understand the tax rates and as per my ...
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1answer
170 views

Germany Tax Question - Non-Resident and not employed in Germany

I'm planning to open a personal bank account in Germany very soon and I need this clarified before I do that. Some info: I don't have German Citizenship I do not live in Germany and I don't plan on ...
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1answer
400 views

Can an Indian citizen/resident invest in a US company and collect the profits in India?

I have Indian residence and want to invest money by investing in an existing business in the USA. The total investment is $650k USD under a single name or $350k under two names. I / We are procuring ...
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1answer
61 views

Do I need to pay taxes in the US as an Alien Resident for my Canadian stock capital gains

I'm about to pull the trigger and get some Canadian stock BBI:CA, but first I want to know if I need to pay special taxes, or If I'll be double taxed by this capital gains. I'm a US alien, got the ...
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1answer
360 views

How long can I spend on a trip abroad without tax impact?

I am from Brazil and live and work in the US. I am a Brazilian citizen and not a US citizen or permanent resident. I can work from home for a few weeks if I want to. I still own a house in Brazil ...
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1answer
597 views

L1-B visa, received W-8BEN from bank

I've been living in the US for two years on an L1-B visa. I bought a house and changed my address with my bank. A week later, I received a form W-8BEN and a letter requesting additional information, ...
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543 views

Capital gains while living abroad?

Let's say I'm a U.S citizen and have money in a brokerage account at a U.S institution, but I have moved to Germany. Let's imagine that this money generates capital gains. Assuming that I have to pay ...
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2answers
229 views

working temporarily in UK but living in Germany. How my UK income is taxed in Germany?

I plan to work like 1 week/month in UK (self-employed) and live in Germany, do I have to pay taxes in Germany as well? if so, how much? Let's say I am in the UK tax bracket below 32K GBP gross, ...
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Online HMRC self-assessment: How to apply the 10% deduction for foreign pensions?

Foreign pensions are only 90% taxable. HMRC guidance (Foreign Notes, page 7) for the Foreign Pages of a paper return is to put the full amount into column B ('Amount of income arising or received ...
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889 views

Taxation of US prize money for UK citizen

I've recently been awarded some prize money for scientific research. The awarding body is based in the US, while I'm a UK resident. I've never visited the US nor worked outside the UK or for a US ...
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1answer
147 views

Money saved from the Philippines

I have saved up $45,000.00 in the bank in the Philippines and I would like to bring them back to US as a returning US Citizen. Will I be taxed for this money I saved up?
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1answer
263 views

Tax question for US citizen with postdoctoral fellowship in Europe

I have received an offer for a postdoc in Europe. The postdoc gets paid a scholarship that is not taxed in the European country. I will be living in this country 12 months out of the year and will ...
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1answer
64 views

US Company paying for services provided by a foreign company

I (Company) have been paying a foreign company for their work on few of our software products. I expected that it is a expense from our end, The payments over the times roughly adds up to 150K and I ...
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0answers
199 views

Paying taxes as foreigner for working as freelancer for US company

I am a german citizen and live in Germany, and want to work as a freelance-translator for a company called "gengo" , that seems to be registered in the US (quoting from the website: "a Delaware ...