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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65 views

Tax implications of swapping/gifting real estate between me and my sister

I have property in a foreign country and my sister lives in and is a citizen of that country. I am a citizen of the USA. She in turn has property in the USA. Can we swap properties if they are within ...
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34 views

Do I need to pay capital gains on real estate purchased in india from funds provided by my father?

My dad purchased a flat for me in 2006 when I was an NRI, resident country USA. The money came from his bank account in India. The title of the flat was always in my name. I would like to sell the ...
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1answer
163 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. ...
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66 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 ...
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2answers
51 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 ...
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89 views

How does a US citizen residing in the US file taxes for earnings in an Estonian Company?

As an e-resident of Estonian, I worked for my Estonian company in the US working with US contracts. I earned income (say $100k) that was partially distributed to myself as the sole owner (say $50k ...
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2answers
96 views

Taxes & Work Authorizations for US Citizen Working in US for Ireland-based Company

I'm applying to a remote job that is based in Ireland. I live in and would work from the US. One of the questions on the application made me pause: "Do you require visa sponsorship?" Obviously, I ...
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2answers
48 views

Tax Exemption on Foreign Currency Income in India

If a salaried person in India also makes 20,000 USD (in the entire financial year) from affiliate marketing and freelancing with US clients, would those 20,000 USD have any tax exemption in India? ...
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44 views

Source of Income for Google [duplicate]

Suppose I am in India, I have an app that has In App Purchases, and I sell a purchase to someone in Australia. Google India pays me the amount and takes a 30% cut. Since Google is an American ...
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134 views

Can I send money to indian saving account from Canada bank account?

I am confused about how to send money from Canada bank account to my Indian Saving account since I came to Canada only for work assignment for 1 year. I came to Canada in November,2018 and moving ...
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Do foreign entities earning money via US marketplace platform have to pay US taxes?

I registered a one-person LLC in my country of stay (Taiwan) that I use to receive income from a US-resident online marketplace platform that connects me (offering services) to international customers ...
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497 views

Where to pay tax when working remotely from the UK for a foreign company?

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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Previously Taxed Earnings and Profit (PTEP) Definition

Schedule P of IRS form 5471 requires documentation of Previously Taxed Earnings & Profit (PTEP), defined as: Earnings and profits (E&P) of a foreign corporation attributable to amounts ...
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36 views

NYS Part-time return and Federal Foreign Earned Income Exclusion

I have a hard time to understand how to report the Foreign Earned Income Exclusion on New York State form IT-203 when filing as a part time resident. Specifically, I was living in NYC, accepted a job ...
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18 views

Tax on foreign sourced income while residing in Bolivia

I am an Australian citizen with permanent residence in Bolivia. I plan to sell PDFs on Canada and USA-based websites which will take commission and pay me monthly and quarterly respectively. Do I pay ...
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83 views

Loan forgiveness and increased income, living abroad

I am intending to pursue student loan forgiveness at the end of my 20 year period and am currently enrolled in the PAYE plan. My AGI on my income taxes for the past few years while living abroad was $...
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23 views

Tax treatment of PFIC when investment is done monthly

I work in the US. Towards the end of 2016 I started investing in Indian Mutual Funds through an investment management acquaintance of mine. This has been with my income that is already taxed in the US....
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1answer
82 views

Foreign inheritance subject to U.S. taxes for permanent resident?

My wife is a permanent legal resident (I am a U.S. Citizen), is the money brought into the United States in the form of an inheritance subject to taxes? Her mother recently passed away in Taiwan and ...
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3answers
258 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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164 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 ...
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76 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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81 views

Bank account signup bonus - foreign national in US

I'm a foreign national in the US (came here mid-August 2018 on valid non-immigrant US visa and it's been more than 180 days from then) and recently I signed up for a bank account and got a signup ...
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68 views

Taxation after money received into UK bank account while not living/working there

I've lived and worked for a year in the UK, received salary and paid taxes there, but I returned to my home country. I'm about to receive money for a work I've conducted for a foreign entity who'll ...
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32 views

Problem with NY State IT-201 Amended

In 2017 on my IT-201 NYS return I checked "D1 Did you have a financial account located in a foreign country?" as "No". That's a mistake, it supposed to be "Yes". So I want to file an Amended, it's an ...
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164 views

Do I have to report empty bank accounts on form 8938 “Statement of Specified Foreign Financial Assets”

I have empty bank accounts that I no longer use. It's unclear to me if I should report those accounts on form 8938.
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Interpreting double-taxation agreements

I'm preparing to do my taxes for the first full year after migrating from New Zealand to Canada, and am now a tax resident of Canada. The countries do have a double taxation agreement in place (https:...
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1answer
32 views

Tax on foreign income paid the year after

I was a self employee and worked for company in Oct 2017 in France, but only received the salary the year after, Jan 2018. It was my only foreign income. I didn't count it for 2017 as I thought I ...
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40 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 ...
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2answers
51 views

How is the tax levied if I am earning from abroad?

I am an Indian citizen and I work remotely for a company based in Hong Kong. I have a fixed salary in USD which then gets converted to INR according to the exchange rate during the time of transaction,...
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1answer
58 views

I had a tax return completed in Australia and New Zealand and have been taxed in both. How does this work?

I moved of to Australia part way through the tax year and then returned to New Zealand and worked. When I filed my tax return, it was automatically complete in New Zealand due to the IR3 file, but a ...
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1answer
123 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 ...
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1answer
76 views

Does Chinese Contractor Need to File US Return?

My US based LLC hired an independent contractor from China for some film work. Taxes were not withheld from the contractor’s payment. They will get a 1042-S to indicate this. As a nonresident alien ...
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1answer
40 views

Canadian scholarships of a spouse

This a hugely helpful site, and I did my best to research my question before asking it, but my situation seems to be a bit too specific. My wife is a full-time PhD student at a Canadian university ...
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175 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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140 views

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
86 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
164 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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1answer
175 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
3k 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 ...
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747 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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53 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
199 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
106 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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2answers
215 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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1answer
101 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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5answers
15k 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 ...
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1answer
426 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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34 views

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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1answer
184 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
545 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 ...