Tuesdays With Morey - Tax Tips®

Morey and Macarena are together today to share information and to educate expats on how to be responsible with our taxes and to make sure we don’t get a nasty surprise letter from the IRS. Believe it or not, but the IRS does have a game book. It’s important, if you are considering buying international real estate, to know what your tax liabilities are and will be. Plan to plan and be prepared.   Key Takeaways: [:56] How do you know what your tax liabilities will be in a foreign country? [1:52] Expats are required to file U.S. Income Tax returns. [2:07] If you live outside of the U.S. for over 330 days you may qualify for the Foreign Earned Income Credit. [3:00] Even missionaries may be eligible for the Foreign Earned Income Exclusion. [4:11] If you have a grant, trust or foreign corporation, you may have to pay income tax in the U.S. [4:58] Do you know the rules of the Internal Revenue Services gamebook? [5:57] You have to be careful, and be informed, about what taxes you have to pay.   Mentioned in This Epis