ccunning@lemmy.world to No Stupid Questions@lemmy.world · 1 month agoHow can a US citizen invest outside the reach of the federal government?message-squaremessage-square75fedilinkarrow-up183arrow-down18
arrow-up175arrow-down1message-squareHow can a US citizen invest outside the reach of the federal government?ccunning@lemmy.world to No Stupid Questions@lemmy.world · 1 month agomessage-square75fedilink
minus-squarestinky@redlemmy.comlinkfedilinkEnglisharrow-up2·1 month agoWhat about income earned in other countries? While living there? Lol
minus-squareccunning@lemmy.worldOPlinkfedilinkarrow-up5·1 month agoThe US taxes it. There is a foreign earned income exclusion for the first $x though.
minus-squarejetAlinkfedilinkEnglisharrow-up3·1 month 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-up1·1 month 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? :)