1760751
I am based in US, but earned some foreign income as a side gig that is deposited into the local bank. I am not allowed to transfer the income back to US without paying taxes in the foreign country. So when do i recognize the income in US return? The year i actually earn it, or the year i finally transfer to US after paying foreign tax. It may take more than a year to file the foreign tax return, and remit whatever is left back to the US.
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You report the income on a tax return in the year received. You will report the foreign taxes paid on a tax return in the year paid.
Thank you!
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