As a US citizen living abroad but with a small business in the US, do I qualify for the foreign income exclusion for work abroad

Assuming you meet the tax home, bona fide residence or physical presence requirement, you should be allowed the foreign earned income exclusion on...

I invested in a property that is under construction in india about 2 years back and am making payments as necessary.

Your deductions will depend on whether the property is used for personal use or as a rental. Property taxes are deductible in both situations,...

US citizen outside of the US - taxes

Yes, there is a foreign earned income exclusion of $95,100 for 2012. Exclusion only applies if he files a US tax return. He should check with an...

On notifying the IRS on the change, the answer depends on how you initially informed IRS of the multi-member LLC. Most likely, you would have...

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What should i do

PFICs involves complicated calculations unless you make a mark-to-market election. On average you could spend at least 10 hr per PFIC investment...

What if a US-Nonresident-Alien parent buys his US-Citizen Child a piece of real property?

The child does not have to pay income tax on the receipt of the gift. The parents may need to file and pay gift tax depending on how the gift is...

How much tax does a non-US tax payer need to pay on interest received, from a loan made to a US taxpayer?

Typical lawyer speak: they're both right. Generally, interest paid to a nonresident is subject to 30% withholding (as mentioned by the other...

US citizen is receiving condo as an inheritance from his parents in Russia. If he sells condo, what taxes he should pay in US?

The US citizen is not subject to tax on the inheritance. He also receives the condo with a stepped up basis to the fair market value at the time...

I am returning to the US after 12 years, I have double nationality US/FRENCH. Will I have to pay US taxes

You're unlikely to owe the IRS money since the US provides a tax credit for the French taxes paid. However you risk penalties for failing to file...

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I am planing to buy a land in california , am a non-US citizen and dont live in America. Do I pay anual tax.

Another tax to consider is the US estate tax, depending on the holding structure and value of the land, you could be subject to estate tax upon...