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USA Tax Laws

The United State of America imposes taxes on its citizens at both the federal and state level. There may be different kinds of taxes like income tax, sales tax, property tax, etc that are levied on the citizens of the country. There are various laws and rules that have been formulated by the federal and state governments for tax purposes. Answered below are some of the commonly asked questions about US tax laws.

Can people deduct medical expenses from their tax returns even if they were incurred abroad?

A person may deduct medical expenses that were incurred abroad in their US tax returns. The individual may have to itemize his/her deduction in order to do so and report the expenses on the first line of Schedule A.

Would a US citizen get taxed for income that has been received from a property sale in a different country?

A US citizen or resident can be taxed for any kind of income that is received from anywhere in the world. Including income from a property sale in a different country. However, the individual may be eligible for the Foreign Tax Credit if he/she was taxed in the country where the sale took place.

Would an individual be taxed on any income that he/she earns from money that is gifted to him/her?

If an individual earns any income from money which has been gifted, he/she may have to report this investment on his/her tax returns.

Would a non US resident be taxed for income that he/she may earn outside the country?

If an individual has lived in the US for a period of 183 days in 3 years, this individual can be considered to be a resident alien for tax purposes. As a result the tax laws that apply to a US citizen may apply to them. Therefore, all of the individual’s income, no matter where they earn it, will be taxed in the US. The individual may have to report all of their income in the US. If the individual has been paying taxes in the other country where they have earned this income, then they may get a tax credit for the amount that has been paid as taxes in the other country.

What is Kiddie Tax?

Kiddie tax is a rule that reduces a family’s income tax liability when property is transferred within the family. It applies when such a transfer shifts any income earned through the property from a parent’s high income bracket to a child’s low income bracket. In order to qualify for the kiddie tax, the child must be listed as a dependant and should earn more than $1,900 from the property. The parent may include this tax on his/her Form 8814.

Where should income earned by a child be reported?

Income earned by a child may be reported on the tax returns of the parent with the highest marginal tax rates.

How much income should a US citizen earn to qualify for filing their tax returns?

If a US citizen is single, the individual may qualify to file tax returns once he/she starts earning more than $9350.

The tax laws that apply to you may depend on various aspects. Whether you are a citizen or resident of USA, the state you live in, the kind of income you earn, and the different sources from where you earn an income may determine how you will be taxed. You must be aware of the various laws that govern taxation in the US in order to understand what kind of taxes apply to you and how much money you may have to pay in the form of taxes. You may ask an Expert if you are confused about the tax laws in your state and need more information on them.
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