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Message
Tax advice for living overseas
Posted on 10/2/17 at 5:50 pm
Posted on 10/2/17 at 5:50 pm
Friend has lived overseas for last few years and makes little money doing temporary gigs. Do they still have to file taxes in the US and claim that money even if it is taxed overseas?
4
Posted on 10/2/17 at 6:30 pm to mobbarley
If you are a U.S. citizen the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside. Now the first 100K, atleast last year was tax free.
Posted on 10/2/17 at 9:21 pm to mobbarley
quote:
Friend has lived overseas for last few years and makes little money doing temporary gigs. Do they still have to file taxes in the US and claim that money even if it is taxed overseas?
Yes they have to file a return if they are a citizen, but no they should not owe any tax. There is a foreign income tax credit, and if they are working odd jobs they shouldn't be meeting the threshold where tax will be due in the States.
Posted on 10/3/17 at 5:33 am to mobbarley
Absolutely they do, and it sucks donkey balls.
Posted on 10/3/17 at 1:43 pm to mobbarley
One of the biggest misconceptions is that money earned overseas is tax-free
There are exclusions and credits, etc, but you still have to file a return, and you have to meet certain rules to get the benefit of the exclusions and credits.
There are exclusions and credits, etc, but you still have to file a return, and you have to meet certain rules to get the benefit of the exclusions and credits.
Posted on 10/3/17 at 4:16 pm to LSUFanHouston
That was why I was so jealous of other foreigners working overseas. US was the only country that would tax you on foreign income. I worked with brits who were living like kings in bali paying very little income tax.
Posted on 10/3/17 at 10:20 pm to JL
quote:
I worked with brits who were living like kings in bali paying very little income tax.
true, but if they attempt to take it home they pay at that point a much higher rate.
Posted on 10/4/17 at 9:53 am to cave canem
quote:
true, but if they attempt to take it home they pay at that point a much higher rate.
that's why they are "living like kings" cause they have to spend it in the country where they are at
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