Go Curry Cracker Forum

Go Curry Cracker => Taxes => Topic started by: glossolalia on April 18, 2018, 08:35:54 AM

Title: Can I use the FEIE on income from selling my US-based business?
Post by: glossolalia on April 18, 2018, 08:35:54 AM
Simple question: If I sell my US-based business in May while living abroad the entire year, can I use the FEIE to deduct the first ~$100,000 of my business sale profit?
Title: Re: Can I use the FEIE on income from selling my US-based business?
Post by: George Rivers on April 18, 2018, 08:54:31 AM
The "I" in FEIE is for income :).  Selling a business would be a capital gain, not income, so no.
Title: Re: Can I use the FEIE on income from selling my US-based business?
Post by: glossolalia on April 18, 2018, 10:07:45 AM
Thank you!
Title: Re: Can I use the FEIE on income from selling my US-based business?
Post by: gocurrycracker on April 18, 2018, 10:40:49 PM
See classification of income types here
https://www.irs.gov/individuals/international-taxpayers/foreign-earned-income-exclusion-what-is-foreign-earned-income

Short answer: no