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Recent Foreign Tax Credit questions

Immigration tax situation. TP came to the states on an

immigration tax situation. TP came to the states on an immigration visa tyee DV1. My understanding is that this visa converts to a Green card on arrival. For the entire year 2016, he spent 6 days in US to do job interview & immigration stuff and left to return to Israel and take care of personal business and will not return to the US until the spring of 2017. He is married W/2 kids. his wife's immigration status is the same as his - green card. He was not present in the US at any other time during the year. I need to determine his & his wife's filing status(es). On the face of it, they seem to have dual status - non res & res. According to pub 519, they can elect to be treated as res for the entire year. Which path to take? And if the make the election, what works best to eliminate/reduce tax Foreign earned Income (Form 2555) or Foreign tax credit. I would like our discussion to end with a clear answer to filing status and how to handle the tax.

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Robin D.

Vocational, Technical or Trade School

23,140 satisfied customers
I had a student loan discharge with a 1099-C reported. In

I had a student loan discharge with a 1099-C reported. In Form 982 am I excluding the discharge amount due to insolvency and will reduce a net capital loss attribute by the same amount. What form do I use to adjust my net capital loss attribute by what I report on Form 982?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,390 satisfied customers
If a friend of mine is a dual citizen by birth, lives

If a friend of mine is a dual citizen by birth, lives overseas, and wants to renounce US citizenship, do they still need to pay the expatriation tax?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: that is all i knowJA: Is there anything else the Accountant should be aware of?Customer: there may be monetary gifts given by family of the friend to them that they may or may not have submitted to the IRS

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taxmanrog

Master's Degree

1,148 satisfied customers
Resident and got capital gain the sale of residential

I am PA resident and got capital gain the sale of residential property in foreign country during 2015. I got the foreign tax credit by filing form 1116 Foreign Tax Credit and 1040 federal tax return.Can I get credit for capital gain tax Paid to foreign country for Pennsylvania Personal Income Tax Return? Otherwise I have to double tax burden that would otherwise arise when foreign source income is taxed by both the United States and the foreign country from which the income is derived.

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Robin D.

Vocational, Technical or Trade School

23,140 satisfied customers
How are you? good, I am green card holder and moved to NYC

Hi How are you?JA: I'm good. And you?Customer: goodJA: Glad to hear it. What is your issue regarding?Customer: I am green card holder and moved to NYC from UK in July 2009. I bought a house in May 2008, which I lived in until I moved to NYC in Jul 2009 and rented the property from Aug-09 to Mar-16 when I sold it., I already paid my UK tax to HMRC already in April 2016, how much do I have to pay for CGT in USA purchase price was GBP165K+GBP3.5K in May 2008 Sell price was GBP 235950 - fees GBP5.2KJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: those are the details.

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Robin D.

Vocational, Technical or Trade School

23,140 satisfied customers
I'm a dual Canadian/American citizen and currently work as a

I'm a dual Canadian/American citizen and currently work as a contractor at a US company while residing in Canada. I have an opportunity to become an employee of said company. I want to know the tax implications of this, namely will I have to pay any back taxes from previous years to the IRS and will I be taxed twice on my income? Thanks!JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Nope, that is the core of my question.

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Robin D.

Vocational, Technical or Trade School

23,140 satisfied customers
I am a US citizen and a company based in the U.K. has hired

I am a US citizen and a company based in the U.K. has hired me to work for them. I'm not moving there this will only be for a few months at a time. I will be paid in pounds though. How does that work tax wise from pounds to converting to US dollars when I return? Would I end up paying taxes twice?

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taxmanrog

Master's Degree

1,148 satisfied customers
I am a US citizen receiving a Canadian court settlement as

I am a US citizen receiving a Canadian court settlement as part of a Canadian tribal land dispute. Will I have to pay US taxes on the settlement?

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Mark Taylor

Certified Public Accountant

Masters

3,298 satisfied customers
I'm a expat (US citizen) living/working abroad (and paying

Hello, I'm a expat (US citizen) living/working abroad (and paying income tax) in Finland. For the 2016 tax year, I did have US income from stock sale. I understand that I can use the Foreign Earned Income exclusion (form 2055) and the taxes paid in Finland to reduce my adjusted gross income in the US, thus reducing my tax burden there. Is this correct? I appear to qualify for this exclusion as I pass the residence test.Is there a limit to my income in Finland where I would not be allowed to use the Foreign Earned Income exclusion or is it simply that the max allowable inclusion for 2016 is $101,300? I earned > $250K in Finland in 2016 and paid about $100K in taxes (to Finland).For years when there is zero US income made, do I still need to file a US return? If so, do I report the earnings made in the foreign country using the same form 2055 each and every year I'm living/working abroad?Thanks.

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Barbara

Enrolled Agent, Paralegal

6,080 satisfied customers
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