- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Yes, the IRS taxes you on all your income; whether earned in the US or a foreign country, if you live in the US.
The only difference is that you can get a Foreign Tax Credit for tax paid to a foreign country on your income, so that you are not taxed twice on the same income (by the IRS and the foreign country).
Now those who live in a foreign country and earn foreign income (but are US citizens required to report their income to the IRS) may qualify for a Foreign Earned Income Exclusion (as they have to also maintain a home in the foreign country), that excludes part of their income from US taxes.
Click this link for more info on Foreign Earned Income.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 7, 2022
6:30 PM