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IRS Forms for Reporting Foreign Income Compliance Challenges

IRS Forms for Reporting Foreign Income Compliance Challenges

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good afternoon this is sean golden with golden golden here to discuss the very basics of how to report foreign income on your u.s tax returns so generally as a u.s person is filing a form 1040 whether a u.s citizen legal permanent resident foreign national who otherwise meets the substantial presence test but doesn't qualify for the closer connection exception you have to report your worldwide income so for for many clients for many taxpayers in general they may have money overseas they might have earned income overseas they might have interest income dividend capital gain royalties rental income why don't we kind of go through some of the basics of passive income and get an idea of what needs to be included and and what needs to be reported under u.s tax return each year so let's start with interest income foreign interest income right because that's the most common plenty of people who are us persons whether they live in the us or overseas have foreign

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