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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 7220
Experience:  15years with H & R Block. Divisional leader, Instructor
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I have a friend that has a business in Japan. She lives hear

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I have a friend that has a business in Japan. She lives hear in the States and buys product hear in the states but sells them through a web based portal in Japan. She ships the product from the states and pay the export tax. She is paid in Japan yen and then converts the money into dollars and brings it back to the US. Is the money she brings back to the states subject to US income tax?
Submitted: 8 months ago.
Category: Tax
Expert:  Robin D. replied 8 months ago.

Robin D. :

Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.
As your friend lives here in the US she is either a resident alien, a nonresident alien, or a citizen. If she is a resident alien or citizen she is taxed on her worldwide income. It does not matter if she brings the money back into the US or not.

Robin D. :

Her business type (sole proprietor, LLC,....) will determine how she is to report her income.

Robin D. :

Can you tell me more about the business type (incorporated or not) and if she is a US person?

Customer:

She is a sole proprietor not incorporated and yes she has us citizenship. How would the income be reported to The IRS.

Robin D. :

She should report her business income on Schedule C. She will also use the same to report her expenses. SHe will have self employment tax also for any Net over $400

Customer:

got it thank you!

Robin D. :

You are most welcome.
Your positive rating is always thanks enough.


 

Robin D. :

I really enjoyed working with you – please feel free to request me again when you come back to ask another question.
You will find the request feature when you come back under your MY QUESTIONS section.


 

Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 7220
Experience: 15years with H & R Block. Divisional leader, Instructor
Robin D. and 2 other Tax Specialists are ready to help you

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