Foreign Money

Forum|Forum|2 years ago
April 9, 2024
2 replies
20 views

I have a business in Venezuela and people transfer money thru Zelle from products they buy. Do I have to report that on my taxes?

TurboTax Self Employed Online

SusanY1

Level 15

If you are a US Citizen, US Permanent Resident, or a tax resident living and working in the United States you are required to report all of your worldwide income.

Income from products that you sell would most likely be reported on Schedule C as self-employment income, where you can also deduct the costs associated with your business (such as the inventory that you sell.)

You mention having a business in Venezuela. This likely subjects you to a number of additional reporting requirements such as Form 8858 or Form 5471 (depending on how the business is organized in the foreign country. Neither of those forms is included in Intuit TurboTax.

Given the many complexities that arise when business is conducted across borders, we strongly recommend that you consult with a professional that has specific expertise in that area.

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