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Monday, 13 November 2023 08:46

Foreign Trusts: Income Tax and the Nonresident Noncitizen Grantor

Foreign Trusts: Income Tax and the Nonresident Noncitizen Grantor

Article Written for:  the CPA Now, PICPA Pennsylvania Institute of Certified Public Accountants 

Foreign trusts generally incur taxable income similar to nonresident noncitizen (NRNC) individuals, with certain limitations on credits and deductions that are source income.1

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Tuesday, 22 August 2023 20:00

Foreign Trusts: Income Tax and the U.S. Grantor

Foreign Trusts: Income Tax and the U.S. Grantor

Article Written for:  the CPA Now, PICPA Pennsylvania Institute of Certified Public Accountants 

A foreign trust is generally treated as a nonresident noncitizen (NRNC) holding for U.S. income tax purposes. Therefore, foreign trusts are subject to U.S. income tax only on U.S. source income.[1]

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