Welcome to tax law Guide
Capital Gains Tax Law Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
What an International Tax Law Specialist Can Do For the Expatriate
from:Taxes can be overwhelming to anyone. But, when you’re an expatriate living abroad, they can be really complicated. These are times when it pays to have an international tax law specialist. As a U.S. expatriate residing abroad, you have a legal obligation to file U.S. tax returns each year on your worldwide income. An international tax law specialist can help you with these filings, ensuring you receive all the deductions to which you are entitled, but also to help you stay within US tax laws while living abroad.
There are some tax exemptions due for expatriates living abroad that an international tax law specialist can help you sort out. For example, if you are a full time resident abroad for a full calendar year, or live there for 330 days out of any consecutive 12 month period, you can exclude up to $80,000 of earned income from US taxation for years 2003 and beyond. If you’re married, you can also exclude up to another $80,000 of your spouse’s income if you file jointly. Rental income, interest income and dividends you receive are not subject to exclusions; only income you receive from working counts. However, you must file a tax return each year to get these exclusions.
In addition, an international tax law specialist can help you sort through other deductions that you may be able to take because you’re living abroad, such as deductions for foreign housing expenses. There are restrictions on this deduction, as it only comes into play if your spending on foreign housing exceeds a standard amount.
Your international tax law specialist can also help you sort out any foreign tax credits for which you may be eligible. In some cases, you can claim deductions from your US taxes for taxes you’ve paid abroad. However, in other cases, these foreign taxes are not deductible on your US taxes.
Finally, the United States has tax treaties with over 60 other countries pertaining to income tax filing in one country while living in another. These tax treaties can be very beneficial to the expatriate living abroad, but they can be quite complex to sort out. Your international tax law specialist has a working knowledge of these treaties and is trained to help clients get all the tax benefits to which they’re due.
If you’re a US citizen living abroad, it really is wise to hire an international tax law specialist to help you sort through all of your tax issues. They can help ease the tremendous burden of filing US taxes while living abroad, help you get all the deductions you deserve and help you stay within the law.
Capital Gains Tax Law News
Capital gains tax bill unlikely to pass soon: Legislative speaker - Focus Taiwan News Channel
Capital gains tax bill unlikely to pass soon: Legislative speaker Focus Taiwan News Channel Taipei, May 23 (CNA) Legislative Yuan Speaker Wang Jin-pyng expressed doubt Wednesday that legislation aimed at imposing a tax on stock market gains will be finalized during the current legislative session. "There is huge uncertainty," he said in ... Capital gains tax is not likely to pass this session: Wang |
Banishing Facebook's Eduardo Saverin Harms US More - Forbes
 Financial Post (blog) | Banishing Facebook's Eduardo Saverin Harms US More Forbes But just as noteworthy was the decision by Eduardo Saverin to renounce his US citizenship on the eve of the historic IPO and become a permanent resident of Singapore, where there is no capital gains tax. He is already a citizen of Brazil but they don't ... Golden geese fly away The Land of the Fee and Home of the Slave Leave Facebook's Eduardo Saverin alone |
Pending tax changes affect portfolio management - CBS Moneywatch
 CBS Moneywatch | Pending tax changes affect portfolio management CBS Moneywatch (MoneyWatch) If the Bush-era tax cuts expire as scheduled at year-end, the tax rate on long-term capital gains would rise from 15 percent to 20 percent, and gains of high-income investors would be subject to an additional Medicare tax of 3.8 percent. |
Investors should hold onto investments in Thomas Cook India - Economic Times
Investors should hold onto investments in Thomas Cook India Economic Times In such case, she will have to pay capital gain tax at 30.9% for short term capital gain tax, while for long term capital gains she will be taxed at 20.6% post indexation or 10.3% without indexation, whichever is lower. However if the transaction is ... |
Confronting looming 'tax-mageddon' - Your Houston News
Confronting looming 'tax-mageddon' Your Houston News Estate taxes. The "death tax" reverts to a 55 percent rate in January of next year with a $1 million exemption. Many of America's family-owned small businesses will be hit hard by this tax hike. • Investment and job creation: Capital gains tax will ... |