Quote: (02-28-2012 05:36 PM)Roosh Wrote:
My accountant still has to send me the final returns, but if your income is a result from your foreign activities (i.e. you are working while abroad) AND you live abroad 11 out of 12 months, you should be okay.
330 full days during the tax year, to be specific. Not just living abroad 11 months out of 12 unless you have a different tax year (is it available for individuals?)
Make sure you can prove it in case you're audited, and that you can still prove it even if you lose your passport tomorrow. The burden is on you.
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But if you have a laundromat in the US but live abroad all year, you might not be able to pull the deduction off.
Yes. Only the earned income is excluded. Business profit is not automatic earned income, and the only part which is deducted is when your "personal services are an important part of producing the income".