Join the 9 million people who found a smarter way to get Expert help

Recent Foreign Tax Credit questions

Was looking on the article for cancellation of debt. I

Hi, was looking on the article for cancellation of debt. I received a 1099c for $35k on a rental property I own. I have over $100k in passive loss carryforwards. Can I reduce the carryforwards to offset the discharge? Is so, how do I report?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: No

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,616 satisfied customers
I am filing a return for a client who worked in Iraq (non

I am filing a return for a client who worked in Iraq (non military). I am filing exemption on part of his income for he was out of the state for the full year. But he also paid Iraq tax that was reported in box 14 on his w2. Can he get foreign tax credit also for that?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I dont think so.

Read more

Anne

Master Tax Preparer

3,270 satisfied customers
I had unused foreign tax credit on Form 1116 in 2015. Can I

I had unused foreign tax credit on Form 1116 in 2015. Can I use this carry-forwarded unused foreign tax credit in Itemized deduction (Sch A, 8 other taxes) for 2016 tax return ? I do not have any foreign tax incomes for 2016. or do I need to claim a carried foreign tax credit in form 1116 only? thanks

Read more

Mark D

Master's Degree

1,042 satisfied customers
I worked for a company in USA but they had me in China for

I worked for a company in USA but they had me in China for almost the entire year. I was paid from USA though. Is there any tax benefit for me being out of the country all year?

Read more

Mark D

Master's Degree

1,042 satisfied customers
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.

Read more

Robin D.

Vocational, Technical or Trade School

23,372 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

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,616 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

Read more

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.

Read more

Robin D.

Vocational, Technical or Trade School

23,372 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.

Read more

Robin D.

Vocational, Technical or Trade School

23,372 satisfied customers
View more tax questions
In The News