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 with a lot of additional requirements. It is natural to be confused by looking at the disclosure requirements in those…
Are you a US citizen or a green card holder and now staying outside the US ? If yes, please read this article. In case you were in the US for a short period of time, could be a few months or even a few years on a work visa and have now relocated back…
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 amount ($100,000 for the year 2016), you may have to file Form 3520. This is only an information return and not…
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 tax regardless of where you live. You are subject to the same income tax filing requirements that apply to 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 as salary, bank interest, dividend which are earned and received outside the United States. Being a US citizen, you will…
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 in India as per the prevailing tax laws. Therefore you do not pay tax on dividend income earned in India….
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 property received) received by a U.S. person is excluded from his gross income. However, a gift to a U.S. person does…
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 jointly or you can waive that provision and file separately. You are still married, however, and are not allowed to…
Treating a non resident spouse as a resident for tax purposes is allowed provided the other spouse is a US citizen or a resident alien. But make sure you understand the rules once you make this election. In case you do not want to choose this option, read here. Election to file a joint return…
As a US expat living in a foreign country, you need to report your global income on your US tax return. Now how should you do this is a major question which most taxpayers face, because of the difference in US and India tax years. India follows a fiscal year for tax reporting from April…
