” As an expat I dad no idea that I need to keep paying US taxes after we relocated. The relocation advisory helped streamline residency status and optimize capital gains from US assets ” Product Manager relocated from Microsoft US to India US Expats need to disclose their global income and file US tax returns…
” I was ignorant that i had to disclose my India bank accounts and file a FBAR form every year. Also did not know about gift tax reporting laws. Got everything streamlined with right advice” Software Engineer in Seattle, about to get Greencard US tax residents having more than $10000 USD in India banks need…
” Shilpa helped me understand the tax implications of maintaining my mutual funds(PFICs) in India and that greatly helped in reorganizing my investments ” Vice President @ Large Semiconductor Company Capital Gains on India Mutual Funds are taxed punitively in US You may end up paying taxes every year even if you DONT sell Incorrectly…
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Let us understand the taxatio of the sale of property in India (assuming this is not a rental property) as well as on th US tax return. Say for e.g. you bought a house in India in the year 2000 for Rs. 5,000,000 ( approx $ 110,000 ). You sold this house in 2015 for…
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 of these is more than the appropriate reporting threshold. Who is required to file Form 8938 ? You are a required to file Form 8938 of you are…
The Tax Cut and Jobs Act passed by the Trump administration has made several changes to the tax law. In this article, let us look at the major provisions which many have an impacted US expats. Primarily, 1. No major changes to Foreign Earned Income Exclusion (FEIE) and Foreign Tax Credit (FTC)There have not been…
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 Distribution Method? Excess Distribution Method is a default method of taxation. This means that unless you have elected to follow…
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, PFIC reporting is something you just cannot afford to miss. Foreign mutual funds fall under the category of Passive Foreign…
The IRS ended its Offshore Voluntary Disclosure Program or OVDP for short, on September 28, 2018.This program which was in effect since 2014 helped a lot of people to come forward and become compliant. Now what should the taxpayers do since this program is no longer available? The good news here is that most taxpayers…
