A taxpayer is a US citizen who lived and worked France during the entire tax year....

 

 

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A taxpayer is a US citizen who lived and worked France during the entire tax year. All of their income was earned outside of the US and consisted of wages, capital gains. dividends, and interest. Is the following statement true about reported income in this situation? 1. Generally, all of the income needs to be reported in US residents are required to report qorldwide income. 2.None of the income needs to be reported in the US. Since the taxpayer spent the tax year overseas, there is no requirement to report any of the foreign income. A taxpayer is a US citizen who lived and worked France during the entire tax year. All of their income was earned outside of the US and consisted of wages, capital gains. dividends, and interest. Is the following statement true about reported income in this situation? 1. Generally, all of the income needs to be reported in US residents are required to report qorldwide income. 2.None of the income needs to be reported in the US. Since the taxpayer spent the tax year overseas, there is no requirement to report any of the foreign income.

Answer rating: 100% (QA)

The foreign earned income exclusion the foreign housing exclusion and the foreign housing deduction are based on foreign earned income For this purpose foreign earned income is income you receive for ... View the full answer