Susan Turcotte
Articles
IRS Section 121 exclusion on primary residence sale: Capital gains tax relief for expats abroad
The Section 121 home sale exclusion allows eligible homeowners to exclude up to $250,000 of capital gain – or up to $500,000 for married couples filing jointly – when they sell a principal residence. To qualif...
Form 5471 Schedule E: Reporting foreign income taxes and claiming the deemed-paid credit
Form 5471 Schedule E reports the foreign income taxes a controlled foreign corporation paid or accrued during its tax year. The US shareholder uses this data to claim a deemed-paid foreign tax credit under IRC Section 960, reducing double taxation. ...
Guam tax: Complete guide for US citizens and expats (2026)
Quick answer: Guam operates a mirror tax system – the territory applies the US Internal Revenue Code with “Guam” substituted for “United States.” Bona fide residents file with the Guam Department of Revenue and Taxation, not the IRS. Guam imposes a Gross Receip...
Subpart F income vs GILTI: Key differences every US shareholder must know in 2026
Both Subpart F and GILTI force US shareholders of controlled foreign corporations to recognize CFC income currently – even if the CFC has not distributed any cash. Subpart F income vs GILTI is a distinction every CFC owner needs to understand, because the two regimes target different types of income, apply different tax ra...