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RE: Income Tax Law
isn't it the case with US citizens (not you, but generally), that overseas income is taxable in the US? (or am I mistaken).
isn't it the case with US citizens (not you, but generally), that overseas income is taxable in the US? (or am I mistaken).
Overseas income is taxable but only over certain levels and if you are a us resident I think. The law is kind of complicated in that area and ever-changing. I never directly worked in that area nor researched it. I know that people renounce citizenship for this reason and that the us is one of the most aggressive in seeking income overseas.
By the grace of God I am not a citizen even though I was there for most of my life, so I have not thought about the tax ramifications for citizens at all. Just to open up an overseas bank account takes extra work for a us passport.
it's costing more and more and MORE to renounce citizenship lately.
the fee for doing so has gone way UP.