The Federal Tax Credits Blog

Question: If you trade stocks in the U.S. stock market do you have to pay taxes if you live overseas the entire year?

If I trade stocks do I have to pay taxes on the earnings of my stocks if I live outside of the U.S. for the entire year? The way I interpret the foreign tax credit is that as long as I am outside the USA I don’t have to pay taxes on my earnings so long as I am outside the USA for 330 days out of the year.

http://www.irs.gov/businesses/article/0,,id=183263,00.html

http://en.wikipedia.org/wiki/Foreign_tax_credit

Answer: foreign tax rules apply to earned income. stock trading gains/losses, diviidends, etc are not earned income.

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Can’t watch television without some upcoming program being ballyhooed as a television “event.” Nor any sales, whether for automobiles or bath towels, being heralded as a sales “event.” Now prepare yourself for the Blaska’s End of the Year Blog Event!

Office of the Public Auditor- Special interest tax credits

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