I was on a Tax Strategy webinar call arranged by the corporate HR. To my surprise consultant/presenter clearly mentioned on 2 different occasions that we do not need to include Foreign Income in tax return as long as all of below conditions applied.
1. It is passive income (Capital Gain/ Rental/ Interest/ Dividend).
2. Tax is paid in foreign country.
3. Income is not brought (remitted) from foreign country to USA accounts.
Note: This is my interpretation from what consultant mentioned over the call and I want to validate from experts.
This was spoken during Q&A sessions and respective IRS publication wasn't provided for reference. Anyone knows if this looks, correct? If yes, then this will expedite the tax filing as we do not get the Tax deductions data from foreign country in quick timeframe i.e. before Apir-15th.
