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If a US Citizen starts a business in a foreign country and pays taxes to that country, does the earnings from that started entity have to be reported on their US 1040. The company is a foreign based corporation.

Foreign Based Corporation U.S. Citizen With Corporation In Another Country
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Robert Ferguson
Yes. There is no exception as to where the income is made as US Citizens are responsible for reporting their income no matter where it is earned. Whether or not tax is owed is another matter and can only be determined when reported.
Leave a Comment 141 weeks ago

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