What’s Happening in the World of Expat Taxes?

How To Calculate Maximum Account Value For FBAR

June 2, 2020
Expats must report foreign income and assets, including foreign bank accounts, when filing taxes in the U.S., provided the balance of accounts exceeds $10,000. Since the IRS penalizes expats who have not filed FBAR, read on for more details about who needs to file, FBAR maximum account value and how to file.
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IRS Reporting Relief For Foreign Trusts

May 14, 2020
For years, the IRS has required that expats report foreign retirement trusts, despite offering little guidance on mandated reporting. This year, the rules have changed. Here's what expats need to know about tax-favored foreign retirement trusts, reporting requirements and exemptions.
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Foreign Earned Income Exclusion

May 13, 2020
Expats who are living and working abroad need to pay U.S. taxes on their earnings. However, the matter can be confusing since expats are also taxed by their country of residence. So individuals are not taxed twice on the same income, the IRS allows expats to exclude foreign earnings, provided they meet certain criteria.
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Reporting Foreign Rental Income

April 14, 2020
The U.S. treats foreign rental properties in the same manner it treats domestic rental properties — when the property in question is owned by a U.S. citizen or green card holder. Expats who invest in rental properties while living abroad must report earned rental income on U.S. taxes. The matter can be confusing since there are many intricacies, depending on the country where the property is owned.
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