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» Tax Tips from IRS »
FOREIGN INCOME
WASHINGTON - With more and more U.S. citizens earning
money from foreign sources, the IRS reminds people that they
must report all such income on their tax return, unless it is
exempt under federal law.
This applies whether a person lives inside or outside the United
States. The foreign income rule also applies regardless of
whether you receive a Form W-2 or a Form 1099.
Foreign source income includes earned income, such as wages
and tips, as well as unearned income, such as interest, dividends,
capital gains, pensions, rents and royalties.
An important point to remember is that taxpayers living outside
the United States may be able to exclude all or part of your foreign
source income.
For more information, check out IRS Publication 54, "Tax Guide
for U.S. Citizens and Resident Aliens Abroad." It's available at the
IRS web site at www. irs.gov under the "Forms and Pubs" section.
It can be accessed directly on the
FedWorld site here. |
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