Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-23-2015, 12:36 PM
Junior Member
 
Join Date: Mar 2015
Posts: 1
Tax on royalty obtained from foreign source

"I am a resident alien in USA and I received a royalty payment of 410,00.00 Canadian dollar as royalty payment (an unpaid royalty payment with interest from 2007-2012 for a patent sourced in Canada) this year. what tax do I have to pay?"



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-23-2015, 11:25 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
Originally Posted by District177 View Post
"I am a resident alien in USA and I received a royalty payment of 410,00.00 Canadian dollar as royalty payment (an unpaid royalty payment with interest from 2007-2012 for a patent sourced in Canada) this year. what tax do I have to pay?"
you need to pay taxes on your royalty income on your fed/state returns; as a US resident alien, I mean a green card holder, you need topay taxes on both US source and world wide income; so you need to report the income on 1040 and Sch C. aslongas you pay taxes on your royalty income to Canadian taxing authority then you can claim the taxes paid in Canada on your US return on sch a line 8 or as deduction ion line 47 of 1040.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Royalty Depreciation lagal For 2014 0 02-12-2015 08:36 PM
Student resident alien with a scholarship from a foreign source aalanasari For 2013 0 03-23-2014 09:45 AM
Schedule E Royalty Income teague6403 Rental Real-Estate 4 01-23-2014 11:44 AM
Connecticut-source income windrunner S-Corporation 1 08-26-2013 10:28 PM
What is IRS Form 1042-S Annual Withholding Tax Return for U.S. Source Income of Foreign Persons? TaxGuru Income 0 07-06-2011 05:35 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.