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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- FOREIGN INCOME WITH NO TAXES ON THE FOREIGN COUNTRY
FOREIGN INCOME WITH NO TAXES ON THE FOREIGN COUNTRY
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andreactamayo
Level 1
04-12-2023
02:14 PM
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My client live in the US, and has some foreign investments and received some interest during 2022.
Those interest did not pay taxes on the foreign country, so there is no way to get for a Foreign tax credit over it. Is there income taxable in US even if it was exempt of paying taxes on the country of origin?
Thanks,
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andreactamayo
Level 1
04-12-2023
02:34 PM
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Yes, I am reporting those, but what happen when you can not take a foreign tax credit or deduction over it? Should they pay US taxes over foreign exempt income?
dascpa
Level 11
04-12-2023
02:38 PM
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"Exempt". Be careful with that word. Interest income may be exempt in that country, but it's not in the U.S. If you believe you have U.S. exempt income you have to cite the Article # of the treaty and file IRS Schedule OI of Form 1040-NR to explain the exemption. That does not mean you have to file the 1040-NR, just possibly that form.
