r2i forum

[QUOTE=gurusw;476143] Please read this: [URL]http://www.ehow.com/info_8488880_consequences-inheriting-foreign-real-property.html[/URL] USC kid owes estate taxes to USA, even if parents were INC (and there is no inheritance tax in India).[/QUOTE] [url]http://www.ehow.com/info_12032498_tax ...

Father and mother each owned a piece of land in India. After father's demise in 2011, both the pieces were sold in 2012. Mother who is alive decided to split the proceeds equally among her children. One such child is an adult USC, Living in India, India resident. For that person, are there any USA ...

In the instructions for form 8938, it mentions about 'value of interest in a foreign estate'. What is the meaning of the term 'estate' as applied above? Please give some examples. Are any of the following considered as "interest in a foreign estate"? 1. Flat/house owned by me (may or may not be ...

In 1040, If your earned income is below 91,500 (FEI limit for 2010), then it would get subtracted out as we put negative number for FEI. Remaining would be interest, cap gains and other types of income (non-earned income). Let us say such income totals to 1,400. (i) For simplicity assume there are ...

For USC, if your earned income is below FEI excluion limits, then you might be able to withdraw earnings from IRAs without adverse tax effect up to the amount of std.deduction, child credits, etc.. IS this correct? (can't avoid 10% though).

USC ROR starting FY 11-12. Sell date of all IRA stocks are shown as 03/30/11 or 03/31/11, but settlement date is shown as 04/01/11 or 04/04/11, in transaction history. Statement is showing sell 'date' as 04/03/11, but transaction search in their web site displays sell date as within mar 2011 and ...

Some of the above replies is not correct. If you get 6 months' extension (mid-oct), and then calculate a 12-month window that includes this extended period in 2011, and file closer to the extended time, you might be able to use physical presence test for claiming FEI for the period in 2010 that is ...

Looking at the Form 2555 instructions it appears each of you need to file it using two separate forms (even if MFJ). So I guess it would be 92,900 + 50,000. (There are other aspects like housing exclusion etc) See the following to confirm for yourself: [url]http://www.irs.gov/pub/irs-pdf/i2555.pdf ...

For USC, Living in India, Ordinarily Resident. Having stock investments in the US. Short/Long term gains Tax paid to US for these investmnets could be deducted from India-tax using DTAA provisions? US would tax short/long term capital gains from stocks at a certain tax rate. India would tax for them ...

I was able to locate the relevant section on charity in the following link, for 'Section 501 (c)(3)' [URL]http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00000501----000-.html[/URL] But in the previous quote below, what is meant by "[B]determined by the Secretary to be described in[/B ...