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| US Tax Question https://forum.costaricaticas.com/viewtopic.php?f=20&t=51959 |
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| Author: | JKBrown_US [ Sat Sep 14, 2019 8:46 pm ] |
| Post subject: | US Tax Question |
If you don’t set up a residency in a foreign country, and you travel for 90 days three times a year to several different countries, are you going to pay taxes under US law and not be subject to any local countries? Obviously you still pay VAT |
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| Author: | Boynton [ Sat Sep 14, 2019 9:57 pm ] |
| Post subject: | Re: US Tax Question |
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| Author: | El Silencioso [ Sat Sep 14, 2019 10:39 pm ] |
| Post subject: | Re: US Tax Question |
US residents are taxed on worldwide income, if you are a US passport holder there is no way around this |
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| Author: | Boynton [ Sun Sep 15, 2019 12:01 am ] |
| Post subject: | Re: US Tax Question |
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| Author: | BlueDevil [ Sun Sep 15, 2019 12:34 am ] |
| Post subject: | Re: US Tax Question |
JKBrown_US wrote: If you don’t set up a residency in a foreign country, and you travel for 90 days three times a year to several different countries, are you going to pay taxes under US law and not be subject to any local countries? Obviously you still pay VAT My US accountant advised me that I had to continue filing tax returns even though I am residing in a foreign country. He told me that I needed to continuing filing with the IRS unless I renounce my US citizenship. In Colombia, if you are in-country less than 183 days, you are not considered a "resident for tax purposes." In Colombia, in some cases, VAT is exempted or refunded for non-residents. |
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| Author: | Eirerogue [ Sun Sep 15, 2019 10:47 am ] |
| Post subject: | Re: US Tax Question |
You need to be outside the US for 325 days in a calendar year. You can claim $90,000 off your adjusted gross income. See your accountant and know the 325 are watched very closely. |
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| Author: | BlueDevil [ Sun Sep 15, 2019 2:44 pm ] |
| Post subject: | Re: US Tax Question |
Eirerogue wrote: You need to be outside the US for 325 days in a calendar year. You can claim $90,000 off your adjusted gross income. See your accountant and know the 325 are watched very closely. That's another question for my accountant... |
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| Author: | LocoGringo [ Sun Sep 15, 2019 3:44 pm ] |
| Post subject: | Re: US Tax Question |
This expat newsletter I subscribe to has some good information on taxes, insurance, jobs, etc. It appears the tax exemption has increased form $90,000 to $104,100. Not much of an increase. It was $90,000 when my dad worked abroad 60 years ago. https://www.expatnetwork.com/ Puerto Rico has the best tax breaks for US citizens on passive income. After establishing residency you would pay 0% Federal taxes on passive income such as that from investments or daytrading. There are tax breaks for other types of income but I am not familiar with those. |
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| Author: | BlueDevil [ Sun Sep 15, 2019 8:01 pm ] |
| Post subject: | Re: US Tax Question |
LocoGringo wrote: This expat newsletter I subscribe to has some good information on taxes, insurance, jobs, etc. It appears the tax exemption has increased form $90,000 to $104,100. Not much of an increase. It was $90,000 when my dad worked abroad 60 years ago. https://www.expatnetwork.com/ Puerto Rico has the best tax breaks for US citizens on passive income. After establishing residency you would pay 0% Federal taxes on passive income such as that from investments or daytrading. There are tax breaks for other types of income but I am not familiar with those. Thanks, for the tip... |
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| Author: | Zunbake3 [ Sun Sep 15, 2019 11:31 pm ] |
| Post subject: | Re: US Tax Question |
I believe Puerto Rico is still currently a Commonwealth of the U.S. and all are U.S. citizens there. |
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| Author: | LocoGringo [ Mon Sep 16, 2019 12:49 am ] |
| Post subject: | Re: US Tax Question |
Zunbake3 wrote: I believe Puerto Rico is still currently a Commonwealth of the U.S. and all are U.S. citizens there. Yes, that is correct so there is nothing special you have to do to move there. It is not a state, have no congressional representatives, and residents pay Federal taxes differently. Here is a clip from a GQ article. The Puerto Rico government website has more specific information. I will post those links later when I get on my computer where they are bookmarked. "In 2012, Puerto Rico had passed two laws intended to make the island a “global investment destination.” Act 20 allows corporations that export services from the island to pay only 4 percent tax. Act 22 goes much further: It makes Puerto Rico the only place on U.S. soil where personal income from capital gains, interest, and dividends are untaxed." Sent from my BLN-L24 using Tapatalk |
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| Author: | Tjnc35 [ Wed Sep 18, 2019 10:39 pm ] |
| Post subject: | Re: US Tax Question |
I've never used them, but I come across their name often: https://www.greenbacktaxservices.com/ |
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| Author: | Eirerogue [ Sat Sep 21, 2019 11:30 am ] |
| Post subject: | Re: US Tax Question |
Live in PR and you will pay US federal tax as well as PR Hacienda tax. Check with your accountant. It’s a hefty bite. |
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| Author: | Zeos [ Wed Sep 25, 2019 10:23 am ] |
| Post subject: | Re: US Tax Question |
I think some here may be confusing "residency" and filing US taxes because you are considered a "US person". Many people who have never lived in the US and are citizens of other countries have to file US tax returns because their parents were US citizens, or many other reasons. Many do not even know that. The point being...you will always have to file in the US, but you may still be considered a resident of another country...which will affect what tax you have to pay. It still may be quite an advantage to lose your US residency and file in both countries if necessary. |
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| Author: | Eirerogue [ Wed Sep 25, 2019 10:34 am ] |
| Post subject: | Re: US Tax Question |
As a former resident of PR, you WILL pay Hacienda tax if you reside there! |
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