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One reason for that global reporting req is to account for capital gains in domestic trading accounts, or other transfers of property. This is not unique to the
by fl0wenol 6y ago
One reason for that global reporting req is to account for capital gains in domestic trading accounts, or other transfers of property. This is not unique to the US, but other countries don't necessarily piggy-back this in your standard income tax filing.
There are provisions to prevent double-taxing beyond the foreign income threshold because of treaties between the US and other countries. I'd speak to a professional at least the first time you file internationally.
- worik 6y agoWhat is unique to the USA is: charging citizens tax on money they earn when they live overseas and forcing overseas banks to hand over details, in some cases of non USA citizens, to USA IRS
- kingosticks 6y agoTo be a bit more specific, it's charging citizens tax on money they earn from overseas when they live overseas i.e. nothing to do with the US at all. Your comment could be interpreted to mean just taxing income from US investments while living abroad, for example (which would be more reasonable, but still over-reaching). Taxing worldwide income is also done by a few other countries but only the IRS has the bizarre extra reach into overseas banking data (that I know of, at least).