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Recent Foreign Tax Credit questions

My wife has rental income in Peru that is taxed in Peru at

My wife has rental income in Peru that is taxed in Peru at two levels: property tax and income tax. Can both be deducted for US tax purposes? Do I just add the two together?

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Mark Taylor

Certified Public Accountant

Masters

1,296 satisfied customers
I sold my house in Argentina. I paid capital gain taxes

I sold my house in Argentina. I paid capital gain taxes there already. Do I have to also pay here? Thanks!

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Robin D.

Vocational, Technical or Trade School

21,234 satisfied customers
I started working in the US when I was twelve years old and

I started working in the US when I was twelve years old and moved away when I was around twenty. Should I be filling out tax forms for the US for any reason?

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Mark Taylor

Certified Public Accountant

Masters

1,296 satisfied customers
0, We are a family living in the US, we got our green cards

Hello:0JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: We are a family living in the US, we got our green cards last year and are considering selling our property in the UK now our tenants are moving. We have not lived in the UK property since July 2012. we purchased the property in 2001 for 128K sterling BUT remortgaged in about 2006 for 205K the value of the property is 225K. If we proceed and sell the house are we liable for tax in the US, and would it be calculated fron the original purchase price or the recent remortgage price. This is our only home. we have some costs to offset but our risk is we could owe more on tax than we would get from the sale of the property.JA: Is there anything else important you think the Accountant should know?Customer: If there are any other questions or information that might be needed to help establish our situation please let me know, many thanks

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Robin D.

Vocational, Technical or Trade School

21,234 satisfied customers
I have a new client who is a 70% partner in a privately

I have a new client who is a 70% partner in a privately owned manufacturing outlet in Bangladesh. My client is a US Citizen due to which I have advised him to file form 5471.When I prepare form 5471 is it true that I would take the line 5D number and report it on 1040 Other Income?Would I have my client pay taxes on 70% of his Income?Also for Depreciation for foreign assets would I calculate using ADS with Plant Equipment for 7 years and Real Property for 40 years?Thank you,Prashant

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Mark Taylor

Certified Public Accountant

Masters

1,296 satisfied customers
I worked abroad 2005 to 2012, I was lay off in 2015. Is a

I worked abroad 2005 to 2012, I was lay off in 2015. Is a portion of my layoff benefit considered foreign sourced income by the IRS?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,786 satisfied customers
I have a question redgarding NY state individual tax return,

Hi,JA: Hi. What is your issue regarding?Customer: I have a question redgarding NY state individual tax returnJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I have a K-1 presenting a federal passive loss (rental loss) of 14629. The NY addition (EA-16) is 14449, which means the NY loss is only 180. The PAL is not deductable this year. I would like to know whether on form IT-182 the NY loss to be presented is 180 or 14629. If the latter - does that mean there is a taxable NY income of 14449 (the addition)? And finally, next year, if PAL could be used on NY return - will I be using a PAL of 14629 or 180, or in other words do NY additions and subtractions of prior years have to be taken into account in the year when using the PAL.JA: Is there anything else important you think the Accountant should know?Customer: I think I gave the full information - hope its clear

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Dr. Fiona Chen

President

Ph.D.

578 satisfied customers
US Tax: How do I report my foreign employees provident fund

US Tax: How do I report my foreign employees provident fund (EPF) of India (www.epfindia.com)? What all forms I need to attach with my return and how to calculate any income/interest etc.? I moved from India to the US in 2013. My 2013 US tax status was Non-Resident. This is for tax year 2014. My 2014 US tax status is Resident (married filing joint). Both employee and employer contribution to the EPF stopped in 2013 due to my change of employer (move to US). However, my EPF receives a yearly interest on the cumulative amount. I.e. in 2014 the only activity in my EPF is interest credit.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,236 satisfied customers
I have a checking account in Italy where my taxed pension is

I have a checking account in Italy where my taxed pension is deposited monthly. I have dual citizenship and reside in the United States. I have never reported that income when filing income tax because I was told that I did not need to pay taxes on it due to double taxation.On the internet I just learned that I needed to file a FBAR. Then with more reading I learned that I needed to have been declaring that income in the US and paying taxes on it and it should not have been taxed in Italy at all.Is my understanding correct? What should I do now?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,236 satisfied customers
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