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> if you are a US citizen, but live somewhere else in the world, IRS still expects to be paid tax from your individual income in that foreign country (possibly
by beckman466 5y ago
> if you are a US citizen, but live somewhere else in the world, IRS still expects to be paid tax from your individual income in that foreign country (possibly in addition to the tax you pay in your country of residence) right?
Does anyone know more about this? Do American pasport holders abroad pay taxes twice?
- loeg 5y agoOnly if you make more than about $100k (individual) and your foreign tax rate is actually lower than the US's (uncommon).
- TechBro8615 5y ago(You still file twice even if you don’t end up owing tax. You also must report any foreign bank accounts for which you have signatory control that contained > $10k or equivalent at any time in past year. If not you are subject to fines of 50% their balance.)