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| *Loan,banking and credit>>>income tax |
Do you pay income tax if you're an US citizen living abroad? |
I remember reading some 10 year ago that if you live abroad (and make money there) you still have to pay income tax, but that the first $72,000 are untaxable. Is it true? If not - can you tell me which IRS publication to read? You are referring to the Foreign Earned Income Exclusion. If you qualify, you can exclude $82,400 (in 2006, may be higher for 2007). However, if you earn more than the exclusion, you are taxed on the last dollars earned (a high rate) rather than the first dollars earned. Here is a description of the current exclusion: http://www.irs.gov/businesses/small/inte... look online IRS.gov however, depending on the country - your filing status and income are normally put on hold until you return to US soil. you then have to file and there are many deductions that you can take living abroad....thus giving a hugh refund. we received a $54,000 refund from IRS .... good luck |
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