To figure out the basis of property you receive as a gift, you must know three amounts: The adjusted cost basis to the donor just before the donor made the gift to you The fair market value (FMV) at the time the donor made the gift The amount of any gift tax paid on Form…
The basis of property inherited from a decedent is generally one of the following: The fair market value (FMV) of the property on the date of the decedent’s death The FMV of the property on the alternate valuation date if the executor of the estate chooses to use the alternate valuation
The due date for individual tax returns is April 15th. You may be allowed an automatic two-month extension of time to file your return and pay any federal income tax that is due. You will be allowed the extension if you are a U.S. citizen or resident alien and on the regular due date of…
The following financial accounts and the assets held in such accounts are not specified foreign financial assets and do not have to be reported on Form 8938: · A financial account that is maintained by a U.S. payer, such as a domestic financial institution. In general, a U.S. payer also includes a domestic branch of…
Many taxpayers abroad can e-file their tax return without any issues, but there are certain circumstances where a taxpayer will have to mail their return.
Form 8938 is used to report specified foreign financial assets if the total value of all foreign financial assets is more than the reporting threshold: Specified individuals living in the U.S. include: · Unmarried individual (or married filing separately): Total value of assets was more than $50,000 on the last day of the tax year,…
Form 3520 and 3520-A are forms required to be filed to report certain transactions with foreign trusts, ownership of foreign trusts and the receipt of large gifts from foreign persons. A foreign gift is money or other property received by a U.S. person from a foreign person that the recipient treats as a gift or…
Form 8621 is required by U.S. citizens and residents that are direct or indirect shareholders of a Passive Foreign Investment Company (PFIC). Absent any exception, each stock that is held during the year is required to be reported on a separate Form 8621 under the following circumstances: · Receives certain direct or indirect distributions from…
Taxpayers can choose to deduct foreign taxes paid on Schedule A or claim a credit on Form 1116. The taxpayer must choose either the itemized deduction or credit for any given year. While every taxpayer’s situation is different, it is generally preferred to claim a credit for foreign income taxes paid.
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Tax Samaritan is a leading U.S. expat tax preparation and advisory firm dedicated to simplifying tax complexities for clients worldwide. Guided by our core values, we are committed to integrity, excellence, and empathy in all client interactions.
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Tax Samaritan is a leading U.S. expat tax preparation and advisory firm dedicated to simplifying tax complexities for clients worldwide. Guided by our core values, we are committed to integrity, excellence, and empathy in all client interactions.
The Client Transformation Success Manager plays a key role in delivering exceptional client experiences by building strong relationships and offering value-driven tax advisory and financial planning. This role ensures clients receive proactive, strategic guidance to achieve long-term financial success.
