Despite living abroad, American citizens may have the responsibility to file a U.S. tax return even if taxes are excluded due to income thresholds. The IRS may require you to report foreign income, even if tax isn’t owed. In most instances, having paid tax in your country of residence will reduce your tax liability.
If you have over $10K (at any time of the year, cumulative in all your accounts), you need to report this to the IRS by June 30th using the FBAR form. Similarly, if you have foreign assets, such as stocks, pensions, debt, etc. over $50K USD, this must be reported as well.
In Summary, for Ex-pats, especially US citizens, you may be subject to or need the following services:
- Form filings for 5471, FBAR, 8938 for your business and certain bank and securities holdings
- Worldwide income tax scenario for residents living in Colombia
- General US income tax filings
- Foreign earned income tax exclusion filing and forms
- Advice and filings for apartment owners generating renal income and how to offset that income
- Advice and filings for commercial investors for cash dividends and how to offset that income
- Foreign corporation tax reporting
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