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Many who repatriate are lured by a vibrant startup scene in India that is drawing unprecedented capital from venture and private equity firms and is buoyed by an effervescent market for stocks. But they are also disenchanted with what they perceive as America’s bleak and hopeless immigration landscape, where the wait times for green cards are tortuously long, and the limits on launching startups for newcomers are highly restrictive.
https://www.theinformation.com/articles/the-great-immigrant-resignation-fed-up-indian-tech-workers-ditch-the-american-dream
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Yes, US taxes on global income and if you pay tax in India you can claim credit on us tax filings
I'm no expert but sounds to me like if you paid taxes in India from your US income, then India owes you a refund of those taxes due to DTAA agreement - you weren't supposed to pay any taxes in India for remittance if you sent money. Now, let's assume that you paid taxes in India solely on the basis of income by way of rent money that you earn.. Then that rent is due in India and you have to disclose that exact amount of rent income in your US tax returns. Whatever deductions you can do must happen on the Indian tax return.. Say u want to claim expenses for repairs etc to the house. Consult a good CA in India
How do I file taxes out here? I pay taxes in india too. Do I need to show all of that here too?
Thank you GT1 and VP1! I guess I’ll need to consult a CA. Last year I paid taxes for the India income in India and for the US income in USA actually.