foreign income

Foreign income refers to money earned from sources outside of your home country, such as work wages, investments, or business activities conducted abroad. If you are a resident or citizen of a country, you may be required to report and pay taxes on this income, even if it was earned overseas. It includes earnings from foreign employment, rental income from property abroad, dividends from foreign companies, or foreign bank interest. Understanding foreign income is important for tax compliance and financial planning, as it can impact your overall tax obligations and may involve currency conversions or foreign income exclusions.