ccunning@lemmy.world to No Stupid Questions@lemmy.world · 3 months agoHow can a US citizen invest outside the reach of the federal government?message-squaremessage-square72linkfedilinkarrow-up183arrow-down17
arrow-up176arrow-down1message-squareHow can a US citizen invest outside the reach of the federal government?ccunning@lemmy.world to No Stupid Questions@lemmy.world · 3 months agomessage-square72linkfedilink
minus-squarestinky@redlemmy.comlinkfedilinkEnglisharrow-up2·3 months agoWhat about income earned in other countries? While living there? Lol
minus-squareccunning@lemmy.worldOPlinkfedilinkarrow-up5·3 months agoThe US taxes it. There is a foreign earned income exclusion for the first $x though.
minus-squarejet@hackertalks.comlinkfedilinkEnglisharrow-up3·3 months agoYou owe federal tax on global income, but you can get a tax credit for local taxes paid on that income; So you pay max(US Federal, Foreign Local), but not the sum.
minus-squarestinky@redlemmy.comlinkfedilinkEnglisharrow-up1·3 months agoUnless it’s under what amount? :)
What about income earned in other countries? While living there? Lol
The US taxes it. There is a foreign earned income exclusion for the first $x though.
You owe federal tax on global income, but you can get a tax credit for local taxes paid on that income; So you pay max(US Federal, Foreign Local), but not the sum.
Unless it’s under what amount? :)