3% of American expats want to give up their passport
10-29-2014, 09:04 PM
Quote: (10-29-2014 05:06 PM)Global Entry Wrote:
Other than the basic overseas earnings exception, US citizens and residents have been taxable on their worldwide income for as long as the modern tax code has been in place. Sure, there are ways to defer and deferral is the primary method of tax planning for income tax (not for estate and gift), but ultimately, when funds are repatriated they are taxable. Money earned by an individual in a foreign bank account is immediately taxable. And earnings through foreign joint ventures and partnerships, yes, immediately taxable.
Please, let's discuss this at length. I can't get clear answers anywhere and I trust your words than I would a random internet source.
I am curious about, "when funds are repatriated they are taxable." Can you provide some clarification? Perhaps we can even discuss privately.
I am totally clueless in this realm. My earnings are taxed in Vietnam and the remainder is deposited into my US bank account via wire. I can prove physical presence, and therefore I won't have to pay federal income tax on my first $102,500. Is there anything else I need to know? From what you're saying here, it seems like there is more to this.