What is Form 8938 – Statement of Specified Foreign Financial Assets? Form 8938 is used to report your specified foreign financial assets if the total value is more than the appropriate reporting threshold. Who is
In the previous article (click here), we saw the basics of mutual fund taxation. In this article we understand the taxation as per the Excess Distribution Method. When are you taxed as per the Excess
Taxation of Indian mutual funds on US tax return is a very critical component of your US tax return. If you are a US citizen, resident or a green card holder having investment in Indian mutual funds,
If you are a US citizen residing in India, your Indian banks must have probably issued you some forms requiring disclosure under FATCA requirements. These forms look like an extended KYC (know your customer) form
In general, if a US person receives gifts, bequests or inheritance from a foreign person, it is excluded from gross income and are not subject to tax. However, if the amount received exceeds a certain
As a US citizen, is your global income subject to US taxation ? Yes, if you are a US citizen or a resident alien, then you have to offer your global income on your US
What are the different tax benefits available to US expats on India income such as salary, bank interest, dividends etc ? As a US expat living outside USA, a taxpayer may have various sources of income such
Should India dividend income be taxed on US tax return? In this article, let us see how India dividend income is taxed on US tax return. Current India tax rules Dividend income is not taxed
Yes, a US person (resident, citizen or a green card holder) can definitely receive gifts from a foreign person, say from his relatives in India. A general rule is that , a foreign gift (money or other
When you are married to a nonresident alien, how you file your income taxes is your decision. The Internal Revenue Service grants you the ability to treat your spouse as a resident alien and file
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