Where can I find more information on the following quote "Under what circumstances, is certain foreign source income subject to US tax." This is for a Canadian on a TN-1 visa.
I understand that nonresidents must pay tax on US income if they meet the minimum residency requirements, but thought they were exempt from moneys generated in their home country.
thank you,
mcaps
non resident aliens
Moderator: Mark T Serbinski CA CPA
Re: non resident aliens
Never mind, I just found it.
""BEGIN""
Nonresident Aliens
A nonresident alien usually is subject to U.S. income tax only on U.S. source income. Under limited circumstances, certain foreign source income is subject to U.S. tax. See Foreign Income in chapter 4.
The general rules for determining U.S. source income that apply to most nonresident aliens are shown in Table 2-1. The following discussions cover the general rules as well as the exceptions to these rules.
""END""
referenced from the following link.
http://www.irs.gov/publications/p519/ch02.html
thanks,
mcaps
[quote="mcaps"]Where can I find more information on the following quote "Under what circumstances, is certain foreign source income subject to US tax." This is for a Canadian on a TN-1 visa.
I understand that nonresidents must pay tax on US income if they meet the minimum residency requirements, but thought they were exempt from moneys generated in their home country.
thank you,
mcaps[/quote]
""BEGIN""
Nonresident Aliens
A nonresident alien usually is subject to U.S. income tax only on U.S. source income. Under limited circumstances, certain foreign source income is subject to U.S. tax. See Foreign Income in chapter 4.
The general rules for determining U.S. source income that apply to most nonresident aliens are shown in Table 2-1. The following discussions cover the general rules as well as the exceptions to these rules.
""END""
referenced from the following link.
http://www.irs.gov/publications/p519/ch02.html
thanks,
mcaps
[quote="mcaps"]Where can I find more information on the following quote "Under what circumstances, is certain foreign source income subject to US tax." This is for a Canadian on a TN-1 visa.
I understand that nonresidents must pay tax on US income if they meet the minimum residency requirements, but thought they were exempt from moneys generated in their home country.
thank you,
mcaps[/quote]
You are a US resident from the day you move to US fro mcanada. the question is how many days in 2014. If it is less than 183 and you are single, file 1040NR
If not, then file full year 1040, like any other american.
No need to re-engineer the wheel, it has all been figured out.
If not, then file full year 1040, like any other american.
No need to re-engineer the wheel, it has all been figured out.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
Given that the fund was open 20 years ago and worked in USA 13 years ago on a TN-1, and became PR 10 years ago. I am trying to figure out what the initial "investment" reportable value would be for the fund... Initial inception, or from the time I got in using TN-1, or when I becoming permanent resident?
Reading through the tax codes it seems a non-immigrant is not required to pay taxes on anything but income gained in USA. Additionally the fund was not "reportable" then, was worth about 5k.
I am also missing the NR4 and have never gotten tax documents for the fund, I am just working on year end statements that show no distributions (dividends / revenues / interest / etc) of any type.
I thought immigration laws were complicated, these tax ones got me by the guevos...
[quote="nelsona"]Pub 519 is of little value to Cdns moving to US.[/quote]
Reading through the tax codes it seems a non-immigrant is not required to pay taxes on anything but income gained in USA. Additionally the fund was not "reportable" then, was worth about 5k.
I am also missing the NR4 and have never gotten tax documents for the fund, I am just working on year end statements that show no distributions (dividends / revenues / interest / etc) of any type.
I thought immigration laws were complicated, these tax ones got me by the guevos...
[quote="nelsona"]Pub 519 is of little value to Cdns moving to US.[/quote]