7 Things You Need to Know About US Expat Taxes

Facts about US expat tax filing

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7 Things You Need to Know About US Expat TaxesIncome tax returns for American expatriates, fatca filing requirements, fbar deadline

Here we look at the top 7 things that expats need to know about US taxes for Americans living abroad.

1 – Expats have to file

The U.S. has an unusual tax system, as it taxes based on citizenship, rather than on residence like most other countries. This means that all U.S. citizens (and green card holders) are required to file a U.S. tax return every year, reporting their worldwide income, wherever in the world they live.

2 – Expats who pay foreign taxes can claim the Foreign Tax Credit

Expats who pay foreign taxes can claim the Foreign Tax Credit when they file their U.S. tax return. The Foreign Tax Credit allows expats to claim a $1 U.S. tax credit for every dollar of foreign tax that they’ve paid on their foreign sourced income. This lets expats who pay…

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