WCI #118: How Do I Claim a Foreign Tax Credit?

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 8 August 2019

⏱️ 55 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you invest in the total international stock market index you may be eligible for the foreign tax credit. As long as your foreign tax paid is less than $300 single, or $600 married, it is a rather straightforward process. However, once that threshold is breached, the more complicated form is required come income tax time. The good news is if you're doing your own taxes, you're probably using tax software, and it does this all automatically in the background. But for those with higher foreign tax form 1116 is required. We discuss this in the episode so if this applies to you, make sure you are getting your tax credit. We also talk about physician mortgage loans, sharing financial information with your surviving spouse should you die, and what the going rate for financial advice is. See the show notes at https://www.whitecoatinvestor.com

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Transcript

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0:00.0	This is the White Coat Investor Podcast, where we help those who wear the white coat get a fair shake on Wall Street.
0:06.0	We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011.
0:12.0	Here is your host, Dr. Jim Dolly.
0:15.0	Welcome to White Coat Investor, podcast number 118, The Foreign Tax Credit.
0:24.2	The White Coat Investors is proud to introduce our No Hypo
0:26.7	Real Estate Investing course, which will provide the framework for developing
0:29.9	further knowledge and experiences you progress in your real estate investing career.
0:34.3	We call it an introductory course because there's always more to learn, but this is no short superficial
0:38.9	course.
0:39.9	There are over 200 lectures and videos adding up to more than 27 hours of content by over 15 different
0:44.8	instructors. We think it just might be the best real estate course on the planet.
0:49.1	Continue your wealth building journey today with the no hype real estate investing course at
0:53.0	white code investor.com slash courses you can do this the white code
0:57.2	investor can help. Thanks for what you do. The work you do is meaningful it matters
1:01.6	I just came off a long rafting trip on the
1:05.5	salmon river we rafted the main fork of the salmon river for about the last
1:09.1	week so I'm just coming in now you can see my scruff that I haven't bothered shaving yet, and starting to catch up here on podcast.
1:17.0	But one of the other people on the trip with me was an orthopedic surgeon.
1:20.0	Also financially independent, basically, but still practicing because he wants to make a difference in the world.
1:26.2	And I know there's a lot of you out there doing that and I want to thank you, especially those of you that don't have to work anymore,
1:31.6	who are still there seeing patients and making a
1:33.8	difference in their lives. We're doing something new today here and it looks like a
	...

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