Jump to content
Sign in to follow this  
K & V

Choosing Foreign Tax Credit or Deduction?

4 posts in this topic

Recommended Posts

My LPR wife is in the process of selling her apartment back in Italy. The sale should go through in early 2017. I understand we are eligible for a Foreign Tax Credit on the capital gains from the sale; but I also read about an itemized deduction that we can take as well. Which would be the better option for our situation?

Thanks


ROC Timeline
Service Center: Vermont
90 Day Window Opened....08/22/17
I-751 Packet Sent..............08/23/17
NOA1 Dated.......................08/25/17
NOA1 Mailed......................08/30/17
NOA1 Received..................09/02/17
Check Cashed....................08/31/17
Biometrics Mailed...............09/20/17
Biometrics Received..........09/22/17
Biometrics Appointment.....10/03/17
Approved............................09/24/18
 

N400 Timeline

90 Day Window Opens...........08/22/18

N-400 Filed (Online)...............08/23/18

Receipt Notice.......................08/24/18

Biometrics Letter Rcvd..........08/31/18

Biometrics Appointment.......09/21/18

In Line For Interview.............xx/xx/xx

Interview Letter Rcvd............xx/xx/xx

Interview................................xx/xx/xx

Oath.......................................xx/xx/xx

Share this post


Link to post
Share on other sites

talk to a tax professional.. If you want a professional opinion, then that's where you need to ask.


(L)(L)(L)(L)(L)(L)(L)

CR- 1

Interview :  11/15/2016

Result: AP  (form 221 (g))

Correspondence with Embassy: Tons of emails, Facebook posts, tweets, Congressman inquiry

Complaint letter with OIG : 12/29/2016

Case dispatched to diplomatic pouch : 01/11/2017

Case dispatched from diplomatic mail service to NVC : 01/23/2017

Case arrived at NVC: 01/26/2017

NVC sent case to USCIS : 02/09/2017 (system update)

Case receive by USCIS (text & email notification): 03/07/2017

 

Reaffirm Petition Timeline for folks in GHANA.. Please update your information..Thank you!

https://docs.google.com/spreadsheets/d/1k0NXnbJdyEIRR1_Dr4t3yXmsM0tBbq-tZsj0-o3cMV0/edit?usp=sharing

Share this post


Link to post
Share on other sites

My LPR wife is in the process of selling her apartment back in Italy. The sale should go through in early 2017. I understand we are eligible for a Foreign Tax Credit on the capital gains from the sale; but I also read about an itemized deduction that we can take as well. Which would be the better option for our situation?

Thanks

As none of us know what your particular financial situation is (income, credits, deductions, etc.), I highly recommend you talk to a tax professional. I would also recommend NOT going to a chain like H&R or JH but rather try to find an independent tax professional and ask if they have experience with foreign income.

Good luck :)

Maria


Maria ~ U.S. Citizen Petitioner

 

11/28/15: Engaged (L)

K-1 & K-2 Process (Completed in 4 mos. 8 days)

 

1/19/16: I-129F Package recv'd by USCIS via FedEx overnight

1/21/16: NOA1 notice date, routed to CSC (1/28 recv'd hardcopy)

3/18/16: RFE Notification (3/23 recv'd hardcopy)

3/28/16: RFE Response Recv'd notification (3/26 delivered via USPS priority)

4/1/16: NOA2 Approval :dancing: (4/6 recv'd hardcopy)

4/25-4/26/16: NVC received case & assigned no. (5/2 recv'd hardcopy dated 4/29)

4/28/16: Left NVC, "In Transit" to consulate

5/2/16: Consulate Receives via DHL

5/9/16: Fiancée travels to CDJ to clear Case # issue & recv'd hardcopy appt letter

5/13/16: Medical & Biometrics Appt.

5/17/16: Interview Appt. - APPROVED :dance:

5/19/16: CEAC Status changed from "Ready" to "Issued"

5/23/16: Recv'd DHL tracking info via email

5/25/16 @10am: Package ready for pickup at DHL office; @3pm: Fiancée picks up packages - Visas in hand! :thumbs: 

8/5/16: Wedding (L)

AOS/EAD/AP Process, K-1 & K-2 (Completed in 4 mos. 15 days)

 

9/21/16: Package recv'd by USCIS via FedEx overnight [Day 1]

9/29/16: NOA1 notice date, text/email recv'd, routed to NBC, 10/4 case status avail [Day 9]

10/6/16: NOA1 Hardcopies recv'd [Day 16]

10/15/16: Biometrics Notice recv'd, NOA date 10/7, postmark 10/12 [Day 25]

10/19/16: AOS Cases (I-864) RFIE Notification, text recv'd, 10/24 recv'd hardcopy [Day 29]

10/27/16: Biometrics (Scheduled) Appt for AOS/EAD - Success [Day 37]

11/2/16: AOS Cases, RFIE Response Recv'd case status update, 10/28 delivered via FedEx) [Day 43]

12/14/16: EAD Cases, Filed SR w/ Tier 2, approaching regulatory timeframe [Day 85 / 76 w/ 9day RFIE delay]

12/21/16: EAD Cases, Filed 2nd SR w/ Tier 2, 1st SR hadn't even been looked at [Day 92]

12/23/16: AOS Case Status Updates - Interview Scheduled, text recv'd [Day 94] :dancing:

1/5/17: AOS Interview Appt Hardcopies recv'd, notice date 12/21/16 (Based on notice date, I believe 2nd SR prompted action on AOS cases) [Day 107]

1/9/17: EAD Cases Status Updates - New Card in Production, email recv'd [Day 111 / 102 w/ 9day RFIE delay]

1/12/17: EAD Cases Status Updates - Card Was Mailed, no email/txt [Day 114 / 105 w/ 9day RFIE delay]

1/14/17: AP Cases - Approval notice hardcopies recv'd, no email/txt/online update [Day 116 / 107 w/ 9day RFIE delay]

1/17/17: EAD/AP Combo Card recv'd via USPS Priority Mail [Day 119 / 110 w/ 9day RFIE delay]

1/27/17: AOS Interview :star: - APPROVED!! :dance:  [Day 129 / 120 w/ 9day RFIE delay ~ 4 mos.]

1/27/17: AOS Case status update - Approved | 1/31/17: New Card in Production | 2/1/17: Card Was Mailed

2/4/17: Green Cards Arrived :dancing:

ROC Process (Window opens up Oct 2018)

Share this post


Link to post
Share on other sites

Thank you all for your replies. Yes, we have a tax professional that did our taxes this past spring. I'll shoot him an email.


ROC Timeline
Service Center: Vermont
90 Day Window Opened....08/22/17
I-751 Packet Sent..............08/23/17
NOA1 Dated.......................08/25/17
NOA1 Mailed......................08/30/17
NOA1 Received..................09/02/17
Check Cashed....................08/31/17
Biometrics Mailed...............09/20/17
Biometrics Received..........09/22/17
Biometrics Appointment.....10/03/17
Approved............................09/24/18
 

N400 Timeline

90 Day Window Opens...........08/22/18

N-400 Filed (Online)...............08/23/18

Receipt Notice.......................08/24/18

Biometrics Letter Rcvd..........08/31/18

Biometrics Appointment.......09/21/18

In Line For Interview.............xx/xx/xx

Interview Letter Rcvd............xx/xx/xx

Interview................................xx/xx/xx

Oath.......................................xx/xx/xx

Share this post


Link to post
Share on other sites
 
Didn't find the answer you were looking for? Ask our VJ Immigration Lawyers.

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  
- Back to Top -


Important Disclaimer: Please read carefully the Visajourney.com Terms of Service. If you do not agree to the Terms of Service you should not access or view any page (including this page) on VisaJourney.com. Answers and comments provided on Visajourney.com Forums are general information, and are not intended to substitute for informed professional medical, psychiatric, psychological, tax, legal, investment, accounting, or other professional advice. Visajourney.com does not endorse, and expressly disclaims liability for any product, manufacturer, distributor, service or service provider mentioned or any opinion expressed in answers or comments. VisaJourney.com does not condone immigration fraud in any way, shape or manner. VisaJourney.com recommends that if any member or user knows directly of someone involved in fraudulent or illegal activity, that they report such activity directly to the Department of Homeland Security, Immigration and Customs Enforcement. You can contact ICE via email at Immigration.Reply@dhs.gov or you can telephone ICE at 1-866-347-2423. All reported threads/posts containing reference to immigration fraud or illegal activities will be removed from this board. If you feel that you have found inappropriate content, please let us know by contacting us here with a url link to that content. Thank you.
×