Hi.
I am a green card holder with us income as only gift of shares from my son.I have foreign country income from India as dividends,interest and small business income.All this I am getting in india for several years before I became a residenrt and my foreign income has no connection with any transactions from USA.Since I am in India for over 182 days,I am considered resident in India for tax purpose and accordingly,I have filed returns and paid tax.
Please advise whether same Indian income has to be included as foreign income in USA and tax credit is to be made use of while filing US return taxes
2.What is the tax rate for the foreign gross income?Can foreign income added to US income (after converting to dollars) and after exemptions and deductions,tax calculated and after deducting tax credits,will balance be tax payable in USA.
3.Publication 54 specify that foreign income up to $84500 is exempted from tax.Can this be applied as my foreign income is only around $30000
Please advise on the above points.
Thanks.
Cuddalore harinarayanan
[email protected]