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You're right. It is no big deal to anyone, except that you've finally come clean with the salient details that you should have posted the first time around. Good luck figuring out how to make it happen for you and your "friend". LOL
You're right. It is no big deal to anyone, except that you've finally come clean with the salient details that you should have posted the first time around. Good luck figuring out how to make it happen for you and your "friend". LOL
Certainly hope not as my friend has had his share of bad luck. I believe once he immigrated to Canada his tax obligations to the USA ceased and for the last 30+ years his taxes to Canada were all he needed to pay,if he does need to pay restitution to the USA taxwise we are both going to be up the creek so to speak and any other Americans that immigrated to Canada...
Noooooooo - no matter where you live you have to file a US tax return if you are a citizen, and pay taxes over a certain amount. Your friend needs to do a little more research.
Noooooooo - no matter where you live you have to file a US tax return if you are a citizen, and pay taxes over a certain amount. Your friend needs to do a little more research.
Close but not quite right. Once you have lived outside and have not returned to the US for 12 consecutive months, you are exempt from US tax obligations for the income earned from that point forward. You still have to file and declare the income but it is all exempt from US taxes.
Close but not quite right. Once you have lived outside and have not returned to the US for 12 consecutive months, you are exempt from US tax obligations for the income earned from that point forward. You still have to file and declare the income but it is all exempt from US taxes.
And you are also, close, but not quite right as well. The Foreign Earned Income Exclusion applies - currently $91K or so. It only exempts you from the first $91K, you are still responsible for taxes on the rest.
And you are also, close, but not quite right as well. The Foreign Earned Income Exclusion applies - currently $91K or so. It only exempts you from the first $91K, you are still responsible for taxes on the rest.
You missed one very important point - that the amount is based on single status. If you are married, and both qualify (i.e. both are residents outside of the US) it is doubled. Thats a total of $182,000 USD for both. Also since most of the time you are paid in local currency, there are also equations that you can use to your benefit for the conversion from local currency to USD.
And you are also, close, but not quite right as well. The Foreign Earned Income Exclusion applies - currently $91K or so. It only exempts you from the first $91K, you are still responsible for taxes on the rest.
And on the amount over $91K you will get foreign tax credit for taxes paid to a foreign country (Canada in this case). And because Canada tax rates are higher than in the US, you'll end up paying nothing to the US.
Last edited by movingwiththewind; 09-27-2010 at 05:48 PM..
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