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Questions regarding tax exemption residing in a foreign country

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  • Richard White
    replied
    Questions regarding tax exemption residing in a foreign country


    "U T" <[email protected]> wrote in message news:[email protected]
    Hello All! I am just about to retire and plan to move to Argentina. I am an US citizen and my wife is Argentinean. We own a house down there and with my pension we'll have enough to live comfortably. My pension will amount approximately US$ 16,000 per year. We always file our taxes together and she has no source of income.
    Surrender your US citizenship (it only marks you down as a potential terrorist target while abroad
    anyway) and all your US tax problems will disappear once you're in Argentina.

    You really ought to be asking more about Argentinian tax laws, particularly as you're going to live
    there (probably both domiciled and resident).



    Leave a comment:


  • Bryon Lape
    replied
    Questions regarding tax exemption residing in a foreign country

    Usually, tax liability while living in a foreign country depends on the
    treaty between the US and that country, but that tends to be on income
    coming to the US citizen from the country of residence. You have income
    derivced from the other direction, but liability may still be handled
    by a treaty.

    Income, no matter how small, is supposed to be reported, but when the
    total is below certain amounts, no tax liability is imposed.

    Another thing to consider is you may qualify for an Argentinean
    passport. This may also change any tax liability for US and Argentina.

    U T wrote:
    Hello All! I am just about to retire and plan to move to Argentina. I am an US citizen and my wife is Argentinean. We own a house down there and with my pension we'll have enough to live comfortably. My pension will amount approximately US$ 16,000 per year. We always file our taxes together and she has no source of income. Although I believe a total yearly earning of US$ 16,000, for a couple, does not need to be reported if you live in the USA, I would like to ask a few questions to this panel. 1) If we change our residence to a foreign country (Argentina,) does our year tax exemption increase? If so, does it apply to all of our earnings? For example, if we take money out from an IRA while we live abroad, (supposing that the exemption abroad is higher than in USA,) would we be taxed differently for it; or would it added to our total yearly earnings and taxed considering that we live out of USA? 2) We are planning to keep USA bank and credit card accounts active while we live in Argentina. The Internet is nowadays perfect to manage all these accounts. However, if we change our address to Argentina (and thus our country of residence,) do you suggest alerting our bank about it, or shall we use our child's address in New Jersey for those accounts? I really appreciate your help and input on this matter. Thanks a lot guys. Mark ----== Posted via Newsfeeds.Com - Unlimited-Uncensored-Secure Usenet News==---- http://www.newsfeeds.com The #1 Newsgroup Service in the World! 120,000+ Newsgroups ----= East and West-Coast Server Farms - Total Privacy via Encryption =----

    Leave a comment:


  • Questions regarding tax exemption residing in a foreign country

    Hello All!

    I am just about to retire and plan to move to Argentina. I am an US
    citizen and my wife is Argentinean. We own a house down there and with
    my pension we'll have enough to live comfortably. My pension will
    amount approximately US$ 16,000 per year. We always file our taxes
    together and she has no source of income.

    Although I believe a total yearly earning of US$ 16,000, for a couple,
    does not need to be reported if you live in the USA, I would like to
    ask a few questions to this panel.

    1) If we change our residence to a foreign country (Argentina,) does
    our year tax exemption increase? If so, does it apply to all of
    our earnings?
    For example, if we take money out from an IRA while we live abroad,
    (supposing that the exemption abroad is higher than in USA,) would we
    be taxed differently for it; or would it added to our total yearly
    earnings and taxed considering that we live out of USA?

    2) We are planning to keep USA bank and credit card accounts active
    while we live in Argentina. The Internet is nowadays perfect to manage
    all these accounts. However, if we change our address to Argentina
    (and thus our country of residence,) do you suggest alerting our bank
    about it, or shall we use our child's address in New Jersey for those
    accounts?

    I really appreciate your help and input on this matter. Thanks a lot
    guys.

    Mark

    ----== Posted via Newsfeeds.Com - Unlimited-Uncensored-Secure Usenet News==----
    http://www.newsfeeds.com The #1 Newsgroup Service in the World! 120,000+ Newsgroups
    ----= East and West-Coast Server Farms - Total Privacy via Encryption =----
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