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Ep 64: Your Top 5 Cross‑Border FAQs, Demystified
We tackle the complexities of cross-border taxes for American expats. We address the top five frequently asked questions expats have about their tax obligations while living abroad.
We start by emphasizing the need to file U.S. taxes even when residing overseas, noting that U.S. citizens are taxed based on citizenship rather than residency.
They also highlight the importance of reporting foreign bank accounts and the potential penalties for non-compliance with IRS regulations.
We also discuss filing jointly with a non-resident alien spouse, the implications of owning rental properties both in the U.S. and abroad, and the process of setting up a business entity in a foreign country.
Key Takeaways
Episode Links and Resources
-----------------------------------------------------------------------------
The IM Café Finance / Tax Roastery (Store) Is Live
Grab "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.
If you'd like to work with us on your finances or taxes, check out the process
---------------------------------------------------------------------------------
Be sure to join the conversation by visiting our page: The International Money Cafe
Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.
------------------------------------------------------------------------------------
The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
We start by emphasizing the need to file U.S. taxes even when residing overseas, noting that U.S. citizens are taxed based on citizenship rather than residency.
They also highlight the importance of reporting foreign bank accounts and the potential penalties for non-compliance with IRS regulations.
We also discuss filing jointly with a non-resident alien spouse, the implications of owning rental properties both in the U.S. and abroad, and the process of setting up a business entity in a foreign country.
Key Takeaways
- You must file U.S. taxes even if living abroad.
- Foreign bank accounts must be reported to avoid penalties.
- Filing jointly with a non-resident spouse can have tax implications.
- Rental income from abroad needs to be reported on U.S. tax returns.
- Setting up a business abroad requires understanding local laws and U.S. tax obligations.
- 00:00 Introduction to Cross-Border Taxes
- 01:18 Filing Requirements for Expats
- 03:55 Reporting Foreign Bank Accounts
- 05:41 Filing Jointly with a Non-Resident Spouse
- 10:17 Handling Rental Properties
- 14:02 Setting Up a Business Abroad
Episode Links and Resources
- Ep 62: Mind The Gap - 5 Cross-border Planning Pitfalls To Avoid
- Ep 34: What Is English For "FBAR"
- Top 5 Things To Know About FBAR Filing
-----------------------------------------------------------------------------
The IM Café Finance / Tax Roastery (Store) Is Live
Grab "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.
If you'd like to work with us on your finances or taxes, check out the process
---------------------------------------------------------------------------------
Be sure to join the conversation by visiting our page: The International Money Cafe
Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.
------------------------------------------------------------------------------------
The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
View all episodes
By The International Money CafeWe tackle the complexities of cross-border taxes for American expats. We address the top five frequently asked questions expats have about their tax obligations while living abroad.
We start by emphasizing the need to file U.S. taxes even when residing overseas, noting that U.S. citizens are taxed based on citizenship rather than residency.
They also highlight the importance of reporting foreign bank accounts and the potential penalties for non-compliance with IRS regulations.
We also discuss filing jointly with a non-resident alien spouse, the implications of owning rental properties both in the U.S. and abroad, and the process of setting up a business entity in a foreign country.
Key Takeaways
Episode Links and Resources
-----------------------------------------------------------------------------
The IM Café Finance / Tax Roastery (Store) Is Live
Grab "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.
If you'd like to work with us on your finances or taxes, check out the process
---------------------------------------------------------------------------------
Be sure to join the conversation by visiting our page: The International Money Cafe
Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.
------------------------------------------------------------------------------------
The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
We start by emphasizing the need to file U.S. taxes even when residing overseas, noting that U.S. citizens are taxed based on citizenship rather than residency.
They also highlight the importance of reporting foreign bank accounts and the potential penalties for non-compliance with IRS regulations.
We also discuss filing jointly with a non-resident alien spouse, the implications of owning rental properties both in the U.S. and abroad, and the process of setting up a business entity in a foreign country.
Key Takeaways
- You must file U.S. taxes even if living abroad.
- Foreign bank accounts must be reported to avoid penalties.
- Filing jointly with a non-resident spouse can have tax implications.
- Rental income from abroad needs to be reported on U.S. tax returns.
- Setting up a business abroad requires understanding local laws and U.S. tax obligations.
- 00:00 Introduction to Cross-Border Taxes
- 01:18 Filing Requirements for Expats
- 03:55 Reporting Foreign Bank Accounts
- 05:41 Filing Jointly with a Non-Resident Spouse
- 10:17 Handling Rental Properties
- 14:02 Setting Up a Business Abroad
Episode Links and Resources
- Ep 62: Mind The Gap - 5 Cross-border Planning Pitfalls To Avoid
- Ep 34: What Is English For "FBAR"
- Top 5 Things To Know About FBAR Filing
-----------------------------------------------------------------------------
The IM Café Finance / Tax Roastery (Store) Is Live
Grab "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.
If you'd like to work with us on your finances or taxes, check out the process
---------------------------------------------------------------------------------
Be sure to join the conversation by visiting our page: The International Money Cafe
Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.
------------------------------------------------------------------------------------
The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.