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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.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
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Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Recent USA Tax Questions

  • UK citizen with UK social security and UK company & private

    UK citizen with UK social security and UK company & private pensions not drawing from yet. Now perm resident in US Illinois. Looking to plan tax efficient approach to drawing on UK SS and pensions. UK/USA tax agreements means UK social security not taxed by Fed, Is this correct? UK company & private pensions Fed will tax as ordinary income? Is this right? Illinois don't tax any SS or pension income at all? Is this right?
    Thanks
  • Background: I am a UK citizen currently resident in New

    Background:
    I am a UK citizen currently resident in New York, USA. I lived my whole life in the UK until the Summer of 2010 when my company moved me to the USA on an L1-A VISA. Having lived here a number of years lawyers have given me the option of extending as L1-A or applying for a Green Card. As a resident in the USA I currently pay income tax on my global income (including any income from UK and USA, netted with double taxation treaty).
    Concerns:
    Scenario 1 : After having taken the Green Card, I decide to leave the USA and become resident elsewhere.
    • Do I still have to file income taxes in USA? If yes, for how many years after I become non-resident? Also, if yes, am I paying taxes on global income or just US derived income?
    Scenario 2: After having taken the Green Card, I decide to leave the USA and become resident elsewhere. In this process I renounced my Green Card.
    • Do I still have to file income taxes in USA? If yes, for how many years after I renounce the Green Card? Also, if yes, am I paying taxes on global income or just US derived income?
    • Is it simple to renounce the Green Card?
    Scenario 3: After having taken the Green Card, at some point in the future I receive inheritance funds or assets from a foreign estate outside the USA, where the funds or assets are also based outside the USA.
    • Does a Green Card holder have to pay any USA tax on income inherited from a foreign estate as described? Does a foreign estate have to pay any USA tax on income left to a US individual?
    • What are the broad terms for inheritance tax rate and thresholds in USA? (I just want broad basics in lamans terms)
    • Does a Green Card holder have to pay any USA tax on foreign funds or assets gifted from a foreign source? Does a foreign source have to pay any USA tax on foreign funds or assets gifted to a US individual?
    • Once a Green Card holder is it obligatory to reveal all global assets to the USA authorities? For instance, as a resident alien on L1A I am only obliged to reveal my bank or trading accounts and nothing more.
  • HI I am a green card holder since March 2001. I worked consistently

    HI
    I am a green card holder since March 2001.
    I worked consistently until I fell pregnant in 2008.
    My mother fell ill (cancer) at the same time. I returned to Australia to help her through treatment.
    Since then, I have been flying to and fro Australia more and more. Esp since 2012 when my mother was diagnosed with recurrence of cancer (which was declared terminal and inoperable). For nearly three years, my daughter and I have been here in Australia, flying back to USA every 6 months or so (staying for a couple of weeks) in order to satisfy green card.
    I had not intended to 'abandon' my green card but since my child was born and my mother fell sick, my life has been predominantly here. I now realize, I do not want to go back.
    Facts:
    1. I began to work here from 2011 (paying tax as I earned)
    2. I filed my income tax return here as a resident (as I'd been here more days then in the USA)
    3. The only income I have in the USA is income from renting out my house.
    Q: I would like to file my 1 407 but am unsure what date to put on it as having 'abandoned' my green card.
    1. If I date it as 2011, do I have to file an 8854 and date it as as of 2011 or should I wait til the USCIS give me an 'expatriation date?
    2. Will the exit tax be based on the 5 years prior to 2011 or now?
    3. is the exit tax based on NET worth?
    4. If I have not satisfied my federal tax obligations, how do they calculate my exit tax?
    Thank you
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