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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I am looking at a real estate business venture in France that

Resolved Question:

I am looking at a real estate business venture in France that may generate approximately $8,000 in income and either no profit or a nominal profit for me. Can I declare this income in the US or do I have to declare it in France? I am English but a US resident alien.


Submitted: 7 years ago.
Category: Tax
Expert:  Merlo replied 7 years ago.

Are you a US citizen?



Customer: replied 7 years ago.

no, i am a resident alien here.



Expert:  Merlo replied 7 years ago.

Hello again rob,


As a resident alien of the US, you are required to report your worldwide income on your US tax return. France will also require that you pay tax on any income derived from a business operated in that country.


Tax is due on French income and assets for non-residents. Non-residents remain obliged to declare their French source income. Profits or gains derived from trades, professions or vocations carried out in France including self-employment are subject to tax whether or not the individual is resident.


So you would need to report this income to both France and to the US. However, the US would allow you a credit on your return for any tax paid to France on this same income since France is the country that the source of income is derived from.


If this was helpful please press the Accept button. Positive feedback is also appreciated.


Thank you sidney



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