IRS Form W-2 for Americans Living Abroad

IRS Form W-2 for Americans Living Abroad

Millions of Americans are based abroad but work for an American company, and a common question they ask is whether they still need an IRS Form W-2 when filing their US taxes from overseas. All American citizens and Green Card holders are required to file a US federal tax return every year, including those living abroad, […]

FBAR Filing Requirements for Americans Living Abroad

FBAR FIling Requirements

A Foreign Bank Account Report or FBAR is a filing requirement for Americans with overseas registered financial accounts. The FBAR filing requirement was introduced as part of the 1970 Bank Secrecy Act, and it was intended to reduce offshore tax evasion by resident Americans. Many Americans living abroad fall into the same net: even if their foreign […]

Does the IRS Tax Overseas Income?

Does the IRS Tax Overseas Income

Many Americans living abroad have heard of an IRS tax exemption for overseas income, so they assume that don’t have to file a US tax return from abroad if their income is sourced overseas. The truth, however, isn’t as straightforward. While it’s true that there’s an IRS exemption available for overseas income, it has certain […]

IRS Tax Form 8949 for American Expats

IRS Tax Form 8949 for American Expats

All Americans have to fulfill the same annual federal US filing requirements, including those living abroad. This includes reporting certain capital gains. A capital gain is the increase of the value of an asset that you realize when that asset is sold. Capital gains (and losses) are reported on Form 1040 Schedule D, however the […]

Why are banks closing US expats’ brokerage accounts?

Why are some banks closing US expats brokerage accounts

Wells Fargo’s US expat clients have until the end of September 2021 to move their brokerage accounts to another provider or face closure. Wells Fargo isn’t the first bank to turn away expats though. In this article we look at why banks and brokerage firms are denying services to Americans living abroad, and what options […]

US Gift Tax Limits and Form 709 for Expats

US Gift Tax Limits and Form 709 for Expats

While the US taxes all US citizens on their worldwide income, including expats, most Americans living abroad won’t have to pay US gift tax, although they may have to report some gifts they make to others. What is the gift tax? The US has a federal gift tax on transfers of money or property to […]

Bitcoin and Cryptocurrency Tax Reporting for American Expats Guide

Bitcoin and Cryptocurrency Tax Reporting for Americans Expats Guide

Many expats were early adopters of cryptocurrencies such as Bitcoin, and as all American citizens, including expats, have to file a US tax return every year, how to report Cryptos is a pertinent question for many Americans living abroad. In 2021 in particular, cryptos have frequently featured in the news due to dramatic value changes. With many […]