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Paperwork on Foreign Income

  • 29-01-2015 2:41pm
    #1
    thecoolcat
    Registered Users, Registered Users 2 Posts: 14 ✭


    (I accidental posted this in the work forum, but this seems like the correct place.)

    I (US citizen in the US) am working on a book project with an Irish citizen in Ireland. We are going split the proceeds 50/50. The total amount this year should be over €20,000.

    Question: Is there any Ireland tax paperwork that I need to fill out?

    If I was paying a US Citizen I would have to notify the authorities of the amount and so I wasn't sure if the was a similar Irish form I should be sending in.


    Thanks.


Comments

  • #2
    swanvill
    Registered Users, Registered Users 2 Posts: 276 ✭✭swanvill


    Hi,
    It is quite a complex question. When you were working on the book did you do in the US or were you in Ireland or a mix of both? If so how long did you spend in Ireland? Is the book been published a work of fiction? Did you work together as partnership or limited company? Are you US tax resident & domcile?

    The answers to the above questions all have tax implications. You may want to talk to a professional tax advisor.Sorry I am not much help but I need some more info before I can answer your question.


  • #3
    thecoolcat
    Registered Users, Registered Users 2 Posts: 14 ✭thecoolcat


    Thanks for the reply. I had some book stuff that I had to handle.

    Both authors were in their home country the whole time. For either person no work was done abroad.

    The book is a work a fiction.

    On the US side it is a company, the Irish author is just a "person".

    Yes I am a US tax and domicile.

    Thanks again for any help.


  • #4
    percy212
    Registered Users, Registered Users 2 Posts: 1,077 ✭✭✭percy212


    Its up to the Irish person to report their income globally.


  • #5
    thecoolcat
    Registered Users, Registered Users 2 Posts: 14 ✭thecoolcat


    That's what I thought/could find.

    Thanks for your help.


  • #6
    swanvill
    Registered Users, Registered Users 2 Posts: 276 ✭✭swanvill


    Hi,

    TBH on the face of it would seem you would be liable to US taxes. I have no knowledge of US tax law or regulations and I suggest that you talk to your tax lawyer/accountant about your US obligations. In Ireland there was/is an exemption from income tax for works of fiction. I have no experience in this area but here is a web-link that would be worth a read & you could discuss it with your co-author.

    http://www.revenue.ie/en/tax/it/reliefs/artists-exemption.html.

    Good luck with your book.


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