7 Common Myths about U.S. Expat Tax Rules

U.S. citizens living abroad are painfully aware of the thicket of information about expat tax rules, and it can be a struggle sorting the truth from the most common myths about compliance. Olivier Wagner at 1040 Abroad punctures myths and provides guidance below: Myth #1: Individuals living outside of the U.S. and filing tax returns with a ...

FBAR & FATCA Information

New rules on financial reporting from the FACTA will affect U.S. expats. FBAR apply to all U.S. tax payers with a foreign account amounting over $10,000. If you’re an expat who hasn’t been filing returns and FBARs, this could affect you. Find out what the rules are, and how they may impact your taxes. For ...

Foreign Earned Income Exclusion

If you’re an expat, you might be able to exclude foreign earned income from U.S. tax up to $100,800 in 2014. This exclusion is available only for earned income and doesn’t apply to passive income. Passive income includes interest, dividends, and rent. The exclusion usually requires you to have lived abroad for at least a ...