Mel Whitney
Articles
Foreign tax credit carryover: A comprehensive guide for US expats
The foreign tax credit carryover allows US taxpayers to apply unused foreign tax credits to offset future US tax liability. Excess credits can be carried forward 10 years or back 1 year. This prevents loss of valuable tax benefits when foreign taxe...
Foreign Earned Income Exclusion vs Foreign Tax Credit: Which one should you use?
If you're a US expat earning income abroad, you face a critical question: should you use the Foreign Tax Credit (FTC), the Foreign Earned Income Exclusion (FEIE), or both? The wrong choice can cost you thousands in unnecessary taxes or missed refund opportunities. Quick answer: The FTC usually works be...
Where to report foreign income on Form 1040 – and how to exclude it legally
US citizens and green card holders must report their worldwide income – no matter where they live or earn it. The IRS enforces strict rules on disclosing foreign income and offers compliance options such as the SFOP for eligible tax...
FBAR vs. FATCA: What US expats need to know about foreign asset reporting
Money earned in 2025 is only part of your tax picture. The moment you keep savings, investments, or other funds outside the country, the IRS wants to see the full story. Many Americans abroad are surprised by how quickly foreign accounts become part of their yearly filing, which is why FBAR and FATCA play such an important role in staying complia...
How to avoid paying capital gains tax on inherited property
Inheriting property comes with significant tax implications when you sell. Capital gains tax (CGT) on inherited property can substantially reduce your inheritance value—but several legal strategies can help you minimize or eliminate this tax burden entirely. This guide covers six proven methods to avoid capital gains tax on inherited property, pl...
FBAR vs. Form 8938: a detailed guide to key differences and filing thresholds
Handling foreign financial exposure as a US expat means getting FBAR and Form 8938 right, not just hoping you’ll be safe. We lay out the firm requirements for each, walk through threshold triggers in straightforward language, and compare both paths so you know your filing strategy. It’s designed for clarity, not tax-jargon overload. Thi...