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Retiring abroad can offer exciting opportunities, but it’s essential for retirees to understand the tax implications they may face as U.S. citizens living in another country.
Key takeaways. Financing an overseas home purchase can be difficult if you aren't a citizen or resident of that country. While some countries allow you to take out a local mortgage, you might find ...
A $1 property might be too good to be true — even abroad. ‘Dire at best’: A 44-year-old Chicago woman bought a house listed for $1 in Italy — then had to spend $446,000 on renovations to ...
The new expatriation tax law, effective for calendar year 2009, defines "covered expatriates" as expatriates who have a net worth of $2 million, or a 5-year average income tax liability exceeding $139,000, to be adjusted for inflation, or who have not filed an IRS Form 8854 [20] certifying they have complied with all federal tax obligations for ...
The Foreign Investment in Real Property Tax Act of 1980 (FIRPTA), enacted as Subtitle C of Title XI (the "Revenue Adjustments Act of 1980") of the Omnibus Reconciliation Act of 1980, Pub. L. No. 96-499, 94 Stat. 2599, 2682 (Dec. 5, 1980), is a United States tax law that imposes income tax on foreign persons disposing of US real property interests.
A new income tax law, passed in 1997 and effective 1998, determined residence as the basis for taxation of worldwide income. [168] The Philippines used to tax the foreign income of nonresident citizens at reduced rates of 1 to 3% (income tax rates for residents were 1 to 35% at the time). [169]
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