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Choosing Foreign Tax Credit or Deduction?

By K & V in Tax & Finances During US Immigration

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K & V Collaborator

K & V   33

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Filed: IR-1/CR-1 Visa Country: Italy
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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.............05/23/19

Interview Letter Rcvd............05/24/19

Interview................................07/01/19

Oath.......................................07/17/19

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IcezMan_IcezLady Proficient

IcezMan_IcezLady   582

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Filed: IR-1/CR-1 Visa Country: Ghana
 Timeline
Posted

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)

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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

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MariaR323 Proficient

MariaR323   199

Posted
Filed: K-1 Visa Country: Mexico
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Posted

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

 

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

 

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

4/1/16: NOA2 Approval :dancing:

5/17/16: Interview :star: - APPROVED :dance:

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Aug 2016: Wedding (L)

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

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

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

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 :thumbs:

ROC Process, Spouse & 2 Step-Sons (Completed in 23 mos. 22 days)

 

1/25/19: Package recv'd by USCIS via FedEx overnight [Day 1]

1/29/19: NOA notice date, text & email recv'd, routed to CSC

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3/13/19: Filed SR for non-receipt of NOA for I-751A dependents [Day 48] | 3/21/19: Recv'd NOA for 2 stepsons [Day 56]

4/29/19: Biometrics (Scheduled) Appt Completed [Day 95]

8/28/20: Case Status Update - RFE [Day 582 ~ 19 mos. 4 days] | 11/20/20: Case Status Update - RFE response recv'd [Day 666 ~ 21 mos. 27 days]

1/7/21: Case Status Update - New Card in Production :dance: [Day 714 ~ 23 mos. 14 days] 

1/15/21: Green Cards Arrived :thumbs:[Day 722 ~ 23 mos. 22 days]

Naturalization Process for Spouse - in research stage (Completed in X mos. X days)

 

8/7/24: started research and prep for upcoming filing of N-400 Online

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K & V Collaborator

K & V   33

Posted
Filed: IR-1/CR-1 Visa Country: Italy
 Timeline
  • Author
Posted

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.............05/23/19

Interview Letter Rcvd............05/24/19

Interview................................07/01/19

Oath.......................................07/17/19

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