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Can Non-resident Aliens, Living In Own Country, Who Have US Based Income Use The Foreign Earned Income Exclusion In US Business Tax Filing?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

No. The foreign earned income exclusion is for earned income, not investment or other types of income. If you are a NRA, I don't see that you could have earned income that is US based. Additionally, the exclusion...   Read More
Can Non-resident Aliens, Living In Own Country, Who Have US Based Income Use The Foreign Earned Income Exclusion In US Business Tax Filing?
User Photo NEERAJ BHATIA, CPA
Tax Professional Level: Tax Enthusiast

The answer is yes then can. However, there are very limited circumstances when this would be required to be used, which is when a nonresident alien is married to and filing MFJ return with a US citizen or a US...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Not at all. When you have no available FMV for an item, you can use "any reasonable means" to establish its value. A similar item would be a good place to start. Of course, the FMV must be less than your cost basis...   Read More
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User Photo John Stancil
Tax Professional Level: Master Tax Advisor

There is no problem taking a deduction that does not match the invoice, but you must be able to prove the amount you paid, either through a check or a deduction from your proceeds by the property manager.   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You will not have to pay tax on the entire gain. You will need to pay tax on the depreciation recapture up to the amount of gain realized. Then you will need to allocate the gain between the rental portion and...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Amended returns (Form 1040X) are manually processed by the IRS. For any number of reasons, there is currently a large volume of amended returns being filed. Consequently, nothing happens very quickly. It is my...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

States are very territorial in regard to attempting to collect tax from businesses having operations within their state. California is one of the more aggressive states in this regard. Under California law, if you...   Read More
User Photo Manasa Nadig
Tax Professional Level: Tax Enthusiast

You do NOT have to include Form 8938 with a Form 1040X if the taxpayer did not meet the 8938 thresholds for the year the 1040X is being filed. The instructions speak of certain forms like the 3520 that in earlier...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The foreign earned income exclusion for a sole proprietor is based on the net income shown on Schedule C. Keep in mind that the exclusion is only for income taxes, you will still have to pay self-employment taxes...   Read More


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