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    lalji's Avatar
    lalji Posts: 81, Reputation: 2
    Junior Member
    		  
    #1

    Feb 3, 2016, 06:44 PM
    Foreign income
    I have interest, investment and rental income from India on which I have paid tax assessed by India.Where do I report this income on form 1040. Also, will I have to pay tax in US if the interest income is exempt from tax abroad? How can I avail foreign tax credit? I plan on using taxact software. Please advise. Thanks.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 4, 2016, 12:18 AM
    The rental income and expenses are reported on Schedule E.

    The interest and dividend income is listed on Schedule B.

    If you have Indian mutual funds, they are considered to be Passive Financial Investment Companies (PFICs), which MUST be reported on Form 8621.

    If you sold Indian stocks, those sales are report on Form 8949 and Schedule D.

    If you DO have Indian mutual funds, you NEED professional help. Form 8621 is NOT for amateurs!

    Also, the rental property strongly suggests professional help is needed.

    If you want MY professional help, email me at the email address in my profile.
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