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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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59 votes
5 answers
17k views

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 ...
Cillier's user avatar
  • 693
17 votes
1 answer
4k views

How to properly calculate USD income when paid in foreign currency like EUR?

Say I live and work in the United States, but mostly do contract work for European organizations. This would mean that I very often invoice and get paid in EUR, which initially might go into a EUR ...
Donuts's user avatar
  • 178
9 votes
2 answers
3k 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 ...
Will Vousden's user avatar
7 votes
1 answer
182 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?
Azucena's user avatar
  • 71
7 votes
1 answer
352 views

Filing world-income for taxation in UK as a non-citizen

First a brief background: I’m a citizen of an EU country where up to recently I’ve resided and been employed as a PhD student at a state institute. After finishing the PhD, I’ve moved to UK to work at ...
wanderer's user avatar
7 votes
1 answer
114 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 ...
Murph's user avatar
  • 71
7 votes
1 answer
392 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 ...
MisterStrickland's user avatar
6 votes
1 answer
4k views

Transferring money from Foreign Account to NRO Account in india - is it taxable?

I'm working in Maldives. I'm transferring money from my Maldives savings account to my Indian Savings account(NRO). Will it be taxable in India? Again I'm transferring the money from my Indian ...
Palanikumar's user avatar
6 votes
1 answer
150 views

Tax exclusion for American Expats

I am an American Citizen. I work remotely for a company based in the US. Working remotely means that I can live wherever I want. If I move to a foreign country and live full-time there and ...
Bear Bile Farming is Torture's user avatar
6 votes
1 answer
2k 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 ...
Tijana's user avatar
  • 61
5 votes
1 answer
4k views

UK tax self assessment:- how to report currency gains from between when a cheque is issued and cashed?

Can anyone tell me what should happen when a delay between foreign income arising and being converted into sterling results in an extra gain from the exchange rate? For example: A USD cheque is ...
user avatar
5 votes
1 answer
104 views

AMS points as taxable income when living and paying taxes in EU

I have been invited by Mathematical Reviews to perform reviews of articles. As compensation, I received some AMS points, which are redeemable as credit toward future purchases of books, etc, from the ...
Konrad Burnik's user avatar
4 votes
1 answer
789 views

sold property in the Philippines and asked money to be sent here in US

Parents sold their property in the Philippines and asked their money to be sent to their bank account here.They have their green card. Will they have to pay taxes on that?
maria's user avatar
  • 41
4 votes
2 answers
6k views

Remittance of gift money from Indian bank account to UK bank account

I was born in India and came to the UK 11 years ago when I was 20 years old. I'm a British Citizen and hold a UK bank account. I also have an Indian bank account which is managed by my father in ...
Daisy's user avatar
  • 43
4 votes
1 answer
217 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 ...
Audus's user avatar
  • 275
4 votes
1 answer
337 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 ...
Nimrand's user avatar
  • 143
4 votes
1 answer
105 views

Social Security and other liabilities for foreign employers of US citizens working remotely

I have the following situation: I am a US citizen employed (or about to be employed, depending whom you ask) outside the US in a country that is currently under lockdown. I've asked permission to work ...
jdc's user avatar
  • 141
4 votes
1 answer
2k views

Online Hackathon prize money taxation and exceptions

I've participated in one of the Hackathon competition on DevPost and won the prize amount of $3000 USD. However, the claiming section asked me to fill-up the W-8BEN tax form as I'm not a US resident. ...
Div's user avatar
  • 171
4 votes
1 answer
205 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 ...
Midavalo's user avatar
  • 163
4 votes
1 answer
66 views

Would a UK resident who pays tax to a foreign country on dividends (of less than <£2,000) need to file Self Assessment for this reason?

Suppose an American expat taxpayer living in the United Kingdom earns dividends on U.S. stocks that fall below the UK's tax-free dividend allowance of £2,000, and this is the only income they have ...
Gabriel's user avatar
  • 227
4 votes
1 answer
243 views

Tax consequences (future or present) of giving up US citizenship

I am a Norwegian citizen by birth, and have lived here all my life. Some years ago, I learned that I am - by virtue of a US parent - also a citizen of the latter country. The amusement of learning ...
a5f2ef5d's user avatar
4 votes
0 answers
57 views

When is the latest that I can move out of the US to qualify for FEIE based on physical presence test

As I understand it, to qualify for the physical presence test, the last date that you can use is the date you file your tax return. So suppose that I will file my tax returns on April 1st 2022. Does ...
Bear Bile Farming is Torture's user avatar
4 votes
0 answers
109 views

Working remotely for a Japanese company as a non-resident outside Japan

As the title suggests, I am currently performing remote work as an intern for a Japanese company. I am non-Japanese nationality residing outside of Japan. Am I subject to the flat non-resident tax of ...
iamlorkkurdleak's user avatar
4 votes
0 answers
270 views

Foreign Earned Income Exclusion when working for a US company remotely

I'm a US citizen who lives and works in California. I've been looking at a possibility of working remotely and living abroad. My understanding is that when it comes to state taxes, you pay income tax ...
dsp_099's user avatar
  • 41
4 votes
0 answers
779 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 ...
user avatar
4 votes
1 answer
601 views

got some money on topcoder, possible tax rate calculation?

I competed in topcoder and got some money around ~500 $ and may get more If I'm really lucky in not yet reviewed submissions. But I found out that 30% of that money will be withheld as tax. I didn't ...
thkang's user avatar
  • 149
3 votes
3 answers
1k 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://...
CodyBugstein's user avatar
  • 1,290
3 votes
1 answer
170 views

Am I exempt from taxes if I worked overseas, however generated income from US-based customers?

I am a U.S. citizen and have been living overseas for already couple years and easily can pass the IRS physical presence test. However, what is not clear to me is that nevertheless I worked out of my ...
Nick's user avatar
  • 133
3 votes
3 answers
746 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 ...
Redefiner's user avatar
3 votes
1 answer
139 views

Should I avoid month-end for my foreign salary payments?

I get paid from South Africa into the UK and get to choose which day of the month I want to be paid. I was wondering whether avoiding month-end might give me a better chance of getting a better rate (...
Justin Lawrence's user avatar
3 votes
1 answer
94 views

As a U.S. citizen, how does income tax work for income from non U.S. companies?

I've done freelance work online previously mainly for U.S. companies, and the tax forms were either 1099-MISC or 1099-NEC. 2020 was my first time doing freelance work online for foreign companies. ...
user3667089's user avatar
3 votes
1 answer
340 views

Getting money transferred from abroad from my parents, would I get taxed?

I'm originally from Japan but living in the UK permanently on spouse visa now. My parents transfer money from Japan to my British bank every now and then like £8000 every year as a gift, does this ...
user99739's user avatar
3 votes
1 answer
311 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 ...
Kurt Peek's user avatar
  • 499
3 votes
1 answer
336 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 ...
user2879929's user avatar
3 votes
1 answer
190 views

Switzerland taxation over income derived from foreign businesses

I'm considering moving to Switzerland permanently (I'm Italian, currently living in Italy), but I would like to know if my income derived from an US LLC (foreign-owned single-member LLC) is exempt ...
Paulo Coghi's user avatar
3 votes
1 answer
61 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 ...
Michael Jarret's user avatar
3 votes
1 answer
392 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 ...
Kurt Peek's user avatar
  • 499
3 votes
1 answer
76 views

Income Tax- Short term Job in Vietnam

I have come Vietnam for short term- 6 months only and having certain questions about taxes, 1) Will I have to pay tax in India, if I transfer my salary from here to my India account? 2) I have not ...
VIshal Rajput's user avatar
3 votes
0 answers
31 views

Can a tax treaty be limited by other provisions in the internal revenue code even if the saving clause does not apply?

I am a US resident. In 2019, I had some income from a short employment in Finland. I know I can claim the Foreign Tax Credit, which is equal to the minimum of the taxes I paid to Finland and the taxes ...
user121664's user avatar
3 votes
0 answers
71 views

Using a US state for payroll while not being a resident

I'm an American currently living in France with my wife (also an American). She has a part-time job working remotely for an American company. This company uses a US-only payroll company, so my wife ...
awelkie's user avatar
  • 131
3 votes
2 answers
86 views

Liability for US taxes on foreign company held by non-US citizen spouse?

I am a U.S. citizen, but my wife is not. If I own a foreign company, I am subject to Section 965 Transition Tax, Form 5471 and Self Employment Tax regardless of where I live. If we are living outside ...
user avatar
3 votes
0 answers
69 views

Taxes: Form 1116 income is both Passive and Treaty

Mostly valid for Americans living abroad. I have income that qualifies as both Passive and Treaty (triple taxation) and would appreciate any advice as to whether I can claim both credits. The ...
sean.mcgrath's user avatar
3 votes
0 answers
110 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 ...
turnip's user avatar
  • 730
3 votes
0 answers
244 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 ...
Aaron Wild's user avatar
3 votes
0 answers
198 views

Living abroad with Mexican insurance and HSA contribution

I am United States Citizen. I lived in Mexico all of 2015, I had a high deductible health plan (HDHP) from a Mexican insurance company all of 2015 as well. My plan meets United States IRS HDHP ...
Brian Ogden's user avatar
2 votes
2 answers
394 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 ...
Kurt Peek's user avatar
  • 499
2 votes
1 answer
836 views

Taxes for selling property in foreign country

I've been owning half of the house in Russia before I immigrated to the US and I recently inherited the 2nd part of it. Now I'm thinking to sell it. Should I pay any taxes in the US if I sell it? I'm ...
Rainmaker's user avatar
  • 135
2 votes
1 answer
999 views

Maternity payments taxable income?

Paid maternity leave in my country of residence is paid by the government as a social security insurance benefit, rather than by the employer. Is it treated as taxable income on my US return? Edit: ...
Yosef Weiner's user avatar
2 votes
1 answer
192 views

Independent contractor taxes with J1 visa

I have a J-1 visa as Research Scholar to pursue full-time research at an American university. The visa is sponsored by the university and expires on June 2023. I am planning to move back to Europe ...
apt45's user avatar
  • 121
2 votes
1 answer
61 views

Specific Foreign Earned Income IRS form 2555 question

I live in a western European country and qualify under the IRS Form 2555 Bona Fide Residence Test. While living overseas, I continued to work for a US small company. My work had nothing to do with ...
fanoPaul's user avatar