Jacksonville Tax Attorney for NRIs: Offshore Income, Double Taxation & Asset Disclosures

In today’s globally connected world, Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) residing in the U.S. face increasingly complex tax compliance challenges. Managing offshore income, navigating double taxation, and complying with foreign asset disclosure laws require more than just basic tax filing they demand cross-border legal expertise. That’s why partnering with a seasoned Jacksonville tax attorney becomes vital for safeguarding your global wealth.

Why NRIs Need a Jacksonville Tax Attorney

If you’re an NRI or OCI living in the U.S., your financial life likely spans both India and the U.S. You may have rental income in India, bank accounts, mutual fund investments, or even property inherited from family. All of this brings U.S. tax obligations, Indian tax compliance, and the possibility of double taxation. An experienced Jacksonville tax attorney can help you:

Accurately report offshore income to both the IRS and Indian tax authorities
Avoid double taxation under the India-USA Double Taxation Avoidance Agreement (DTAA)
Properly disclose assets under FATCA and FBAR rules
Ensure full NRI asset compliance under evolving Indian laws
Customise a tax strategy that protects your wealth globally

1. The Trap of Double Taxation and How to Avoid It

Double taxation is one of the most common concerns among NRIs. When you earn income in India through rent, capital gains, or dividends you may face taxation in both India and the U.S. Fortunately, the India-USA DTAA provides relief by allowing:

Tax credits via Form 1116 on your U.S. return
Provisions like Article 6 and Article 15, clarifying the country of taxation for real estate and employment income
Mandatory Form 67 in India to claim foreign tax relief

Example: If you earn rental income in India, you pay tax in India first, then claim credit in the U.S. using Form 1116. This eliminates dual liability if done right.

2. Foreign Asset Disclosures: What You Must Report

U.S. laws like FATCA and FBAR impose strict foreign asset reporting obligations. Failure to comply may lead to penalties or even criminal charges.

FBAR (FinCEN Form 114): Mandatory if your foreign accounts exceed $10,000 at any time during the year
FATCA (Form 8938): Applies if your total foreign financial assets exceed $50,000 (single filer in the U.S.) or $200,000 (living abroad)
NRE/NRO account balances, Indian mutual funds, insurance policies, and real estate investments often fall under these rules

A knowledgeable Jacksonville tax attorney ensures that all these forms are filed correctly and on time every year.

3. Indian Tax Law Updates Impacting NRIs (2025)

Recent developments in Indian taxation make it even more critical for NRIs to stay compliant:

“120-Day Rule” Residency Test (Section 6(1A)): If your Indian-sourced income exceeds ₹15 lakhs and you’re in India for 120+ days, you’re no longer treated as an NRI but as a Resident but Not Ordinarily Resident (RNOR) altering your tax liability
Mandatory asset disclosure in India for crypto, stocks, and foreign property
Delhi HC 2025 judgment: NRIs can now correct TDS form errors during property sale to reclaim credits, even if buyers file under the wrong form

These evolving provisions impact everything from how your income is taxed to whether you can legally repatriate funds. A Jacksonville tax attorney keeps you aligned with both Indian and U.S. changes.

4. NRI Asset Compliance: More Than Just Tax Filing

A complete NRI asset compliance plan includes:

Reporting Indian mutual funds that may qualify as Passive Foreign Investment Companies (PFICs) under U.S. law, requiring Form 8621
Managing real estate transactions while complying with FEMA and TDS rules
Declaring gifts, especially those above INR 50,000, which may be taxable under Section 56(2)(x) of the Indian Income Tax Act, 1961
Repatriation strategies compliant with both IRS and RBI norms

All of these complexities require a legal expert who understands the cross-border interplay of tax law your trusted Jacksonville tax attorney from LawCrust.

5. How LawCrust Can Customise Legal Tax Support for NRIs

At LawCrust Legal Consulting, we offer customised tax and legal support to NRIs and OCIs in the U.S., ensuring seamless compliance and peace of mind:

Assess and optimise residency status in both tax jurisdictions
Calculate accurate foreign tax credits under DTAA
File FATCA, FBAR, Form 8621, Form 8938, and Form 1116 correctly
Provide guidance on property sales, inheritance, and international estate planning
Represent clients before the IRS and Indian tax authorities

FAQs: Common Questions by NRIs & OCIs

Q1. Is rental income from India taxable in the U.S.?

A: Yes. You must report it in the U.S. and can claim tax credit for Indian taxes via Form 1116.

Q2. Are NRE/NRO accounts reportable under U.S. law?

A: Yes. Both are reportable under FBAR and FATCA, even if NRE interest is tax-exempt in India.

Q3. How are Indian mutual funds taxed in the U.S.?

A: Most are classified as PFICs, requiring annual filing of Form 8621 and careful tax treatment.

Q4. What is the penalty for not filing FBAR?

A: Up to $10,000 per violation. Willful violations can lead to criminal penalties.

Q5. Can I fix a TDS error made by a property buyer in India?

A: Yes. As per the Delhi HC 2025 ruling, you can now claim your refund by filing corrective forms.

Outlook: A Global Approach to Wealth & Compliance

For HNIs and global Indians, tax compliance is no longer optional it’s a strategic imperative. The cross-border landscape of taxation is becoming more interconnected and regulated. With global reporting regimes tightening, and tax authorities sharing information, staying compliant protects more than just your money it preserves your legacy.

That’s why working with a Jacksonville tax attorney at LawCrust is more than legal help it’s your strategic edge.

Conclusion

For NRIs and OCIs navigating offshore income, double taxation, and foreign asset disclosures, the stakes are high. Whether you are planning investments, managing property, or ensuring your accounts are in order, LawCrust’s Jacksonville tax attorney team provides specialised, customised legal solutions to protect your interests across borders.

Contact LawCrust: Your Global Legal Partner

LawCrust Legal Consulting, a subsidiary of LawCrust Global Consulting Ltd., is a trusted legal partner for NRIs and Indians across the globe. Backed by a team of over 70 expert lawyers and more than 25 empanelled law firms, we offer a wide range of legal services both in India and internationally. Our expertise spans across legal finance, litigation management, matrimonial disputes, property matters, estate planning, heirship certificates, RERA, and builder-related legal issues.

In addition to personal legal matters, LawCrust also provides expert support in complex corporate areas such as foreign direct investment (FDI), foreign institutional investment (FII), mergers & acquisitions, and fundraising. We also assist clients with OCI and immigration matters, startup solutions, and hybrid consulting solutions. Consistently ranked among the top legal consulting firms in India, LawCrust proudly delivers customised legal solutions across the UK, USA, Canada, Europe, Australia, APAC, and EMEA, offering culturally informed and cross-border expertise to meet the unique needs of the global Indian community.

Navigating NRI Taxes in Jacksonville: Offshore Income, DTAA & FATCA