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naturegirl321
Joined: 04 May 2003
Posts: 9041
Location: home sweet home
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 Posted: Mon Dec 13, 2010 1:14 am Post subject: Death and US taxes |
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Arg, that time of year again when I hypervenilate and pull out my hair. It seems like every year I find out new tax rules. Has anyone found a good programme for US taxes? And although I've looked and researched, what' teh basic difference between the 1116 and the 2555?
Also, anyone else in my situation where they're married filing separately: what do you do with property income, do you just claim half of it on your tax forms? |
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Glenski
Joined: 15 Jan 2003
Posts: 12844
Location: Hokkaido, JAPAN
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| Posted: Mon Dec 13, 2010 2:47 am Post subject: |
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| And although I've looked and researched, what' teh basic difference between the 1116 and the 2555? |
Form 1116
"This form is not mandatory. It is used to claim a credit for income taxes paid to a foreign country when U.S. taxes are also paid on the same income."
http://www.rpifs.com/AICPA/form1116.htm
Form 2555
Who Must Use This Form?
"The tax law permits certain U.S. taxpayers to exclude up to $80,000 per year of earnings from taxation if they live and work outside the U.S. for a year or more. "
http://www.rpifs.com/AICPA/form2555.htm
Basically, if you want to have your foreign-earned income exempt from your U.S. taxes, you use 2555. The IRS 1040 will tell you whether you need to use the 1116, too. Does this help? |
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naturegirl321
Joined: 04 May 2003
Posts: 9041
Location: home sweet home
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| Posted: Mon Dec 13, 2010 3:14 am Post subject: |
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Yes it does  thank you. I know about the 2555 for income, but I suppose the 1116 would be more for property? rental and sale of property maybe? |
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naturegirl321
Joined: 04 May 2003
Posts: 9041
Location: home sweet home
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| Posted: Mon Dec 13, 2010 9:49 am Post subject: |
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| Oh! The websites aren't working. |
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