ccunning@lemmy.world to No Stupid Questions@lemmy.world · 18 hours agoHow can a US citizen invest outside the reach of the federal government?message-squaremessage-square62fedilinkarrow-up161arrow-down16
arrow-up155arrow-down1message-squareHow can a US citizen invest outside the reach of the federal government?ccunning@lemmy.world to No Stupid Questions@lemmy.world · 18 hours agomessage-square62fedilink
minus-squarestinky@redlemmy.comlinkfedilinkEnglisharrow-up2·16 hours agoWhat about income earned in other countries? While living there? Lol
minus-squareccunning@lemmy.worldOPlinkfedilinkarrow-up4·16 hours agoThe US taxes it. There is a foreign earned income exclusion for the first $x though.
minus-squarejetAlinkfedilinkEnglisharrow-up2·16 hours 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-up1·16 hours 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? :)