Printable View
[QUOTE=Jackson; 428750]Romney never said that he didn't care about the 47% that are the net benificaries of the taxes that the rest of us have to pay.
The reality is that the 47% don't care about Romney (or the rest of us taxpayers either, for that matter.) [/QUOTE]For those of you who reside in Argentina, do you still pay taxes to Uncle Sam? If so, is it because you maintain your bank account in the states?
[QUOTE=Chicago Guy;428777]For those of you who reside in Argentina, do you still pay taxes to Uncle Sam? If so, is it because you maintain your bank account in the states?[/QUOTE]It does not matter whether or not you reside in a foreign country if you are a USA Citizen. Unless the IRC specifically exempts you, every USA Citizen is required by law to file a return. Whether or not you pay tax to Uncle Sam, depends on a number of factors; however, you still must file a return.
Tres3
[QUOTE=Chicago Guy;428777]For those of you who reside in Argentina, do you still pay taxes to Uncle Sam? If so, is it because you maintain your bank account in the states?[/QUOTE]Not the correct forum for this question, but the US taxes its citizens on worldwide income.
So does Argentina if you are a resident. Well it tries to tax it.
[QUOTE=Dccpa; 428780]Not the correct forum for this question, but the US taxes its citizens on worldwide income.[/QUOTE]
[QUOTE=Doggboy; 428782]I don't follow the political thread much any more, but I'm glad I saw this post. Kudos B Shirt.
I haven't watched CNBC in years and haven't missed it. I stick all my money in a cookie jar, and I don't have to endure that pedophile on Friday mornings with his USA flag lapel pin.[/QUOTE]I'm an American citizen who has a small business here in Argentina, and I am absolutely required to file a return and pay 15.3% self employment tax on net income. This is in addition to paying Argentine national and City Taxes.
However, if you are a US citizen and you are physically out of the country for 330 complete days in any 365 day period, you can exclude income [B]earned[/B] Up to the amount of $95, 100 in 2012 from income taxation (but not from OASDI as Fred points out). This number is indexed for inflation. This is true whether you are self-employed or an employee. This saved me about $80, 000 over the time I lived in Argentina and another $5 or $10k when I was in the UK and Spain. And if you have no taxable income, then create some in an amount equal to what you can wipe out with the personal exemption and the standard deduction ($10, 000 combined for 2013) by converting your IRA to a Roth IRA. That means that money will never get taxed. I made out even better than this because my job was not covered under Social Security so all I had to pay was the 1. 45% Medicare tax. I would have maybe 3 or 4 more years to work if it were not for that tax provision.
Anyone deciding to become a legal resident of Argentina (I never did that even though I was there for most of seven years) needs to think very carefully about the tax ramifications of doing so. I was working over the internet so was never on the Argie radar but they are definitely looking to increase their tax enforcement substantially.
Were you planning on renouncing US Citizenship? You may need to think again, if you ever want to set foot in the USA. That's if this amendment to the immigration bill is passed, and if you exceed certain threshholds for income or net worth:
[URL]http://www.reed.senate.gov/news/release/reed-offers-amendment-to-prevent-ex-citizen-tax-dodgers-from-reentering-the-us[/URL]
And if you already expatriated and renounced and this becomes law? Well, you may be screwed.
[QUOTE=Dickhead;428787]However, if you are a US citizen and you are physically out of the country for 330 complete days in any 365 day period, you can exclude income [B]earned[/B] Up to the amount of $95, 100 in 2012 from income taxation (but not from OASDI as Fred points out). This number is indexed for inflation. This is true whether you are self-employed or an employee. This saved me about $80, 000 over the time I lived in Argentina and another $5 or $10k when I was in the UK and Spain. And if you have no taxable income, then create some in an amount equal to what you can wipe out with the personal exemption and the standard deduction ($10, 000 combined for 2013) by converting your IRA to a Roth IRA. That means that money will never get taxed. I made out even better than this because my job was not covered under Social Security so all I had to pay was the 1. 45% Medicare tax. I would have maybe 3 or 4 more years to work if it were not for that tax provision.
Anyone deciding to become a legal resident of Argentina (I never did that even though I was there for most of seven years) needs to think very carefully about the tax ramifications of doing so. I was working over the internet so was never on the Argie radar but they are definitely looking to increase their tax enforcement substantially.[/QUOTE]Here is a link to a good article on this issue.
[URL]http://taxes.about.com/od/taxhelp/a/ForeignIncome.htm[/URL]
There are two ways to qualify and Dickhead is referring to the physical presence test. The second method is the bona fide residence test. I have never researched what the IRS means by brief trips to the US, but I suspect there are more days allowed than under the physical presence test.
[QUOTE=Tiny12;434155]Were you planning on renouncing US Citizenship? You may need to think again, if you ever want to set foot in the USA. That's if this amendment to the immigration bill is passed, and if you exceed certain threshholds for income or net worth:
[URL]http://www.reed.senate.gov/news/release/reed-offers-amendment-to-prevent-ex-citizen-tax-dodgers-from-reentering-the-us[/URL]
And if you already expatriated and renounced and this becomes law? Well, you may be screwed.[/QUOTE]I wouldn't worry about that bill because even if it became law, it wouldn't apply to most of us anyway. And if things get very bad in America, they would welcome your money if you wanted to come back. That is if you want to come back. Does anyone know of many examples of people who gave up their US citizenships and then changed their minds? Personally, I would rather arrange things to legally avoid most US taxation and keep my citizenship.
[QUOTE=Dccpa;434161] The second method is the bona fide residence test. I have never researched what the IRS means by brief trips to the US, but I suspect there are more days allowed than under the physical presence test.[/QUOTE]When I was a legal resident of Costa Rica, the test was residency, not travel. One could travel, as I did, to the USA quite often; however, I imagine that if you over do it, the taxman will come after you. One warning is that many countries require paying their taxes as a condition of residency. Foreign country taxes are often more onerous than USA taxes.
Tres3.
[QUOTE=Dccpa;434162] Does anyone know of many examples of people who gave up their US citizenships and then changed their minds?[/QUOTE]Lee Harvey Oswald tried to really hard but the Consulate wouldn't let him. It's a really bizarre story (Not tin foil tophat conspiracy theory bizarre, just run of the mill bizarre) [URL]http://www.archives.gov/research/jfk/warren-commission-report/appendix-13.html[/URL]#soviet Starting at the bottom of page 692 and continuing on page 693.
He walked into the embassy and tried to renounce his citizenship and they told him "Come back Monday you can do it then." I wonder if they had a sign;
"Disenfranchisements processed Mon.-Thur [B]ONLY[/B]."