If I live in Macao, do I need to pay tax for overseas income (non-Macao-sourced income)?
2006-11-19 14:40:51 · 2 answers · asked by http200 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
It depends upon your tax jurisdiction. If you are from Macau, then no. Actually, if you are from most places in the world, then no.
If you are American, you are taxed on worldwide income. There is a foreign income deduction (US$95,000) and foreign income taxes are a tax credit. But if it is passive income, it is taxable.
Check out Pub 54 for foreign income.
If you are not American, then don't sweat it.
2006-11-19 14:48:09 · answer #1 · answered by csanda 6 · 0⤊ 0⤋
type 1116 is record of interest earned on distant places bills you report 1040 NR(no longer a 1040X till you're correcting a earlier filed return) on earnings as a resident finding on the interest you would be claiming, $9500 of your earnings isn't taxable and that i do no longer foresee 28% tax bracket additionally check out any treaties with India
2016-12-30 15:45:56 · answer #2 · answered by rudnick 3 · 0⤊ 0⤋