Foreign Income Exclusion
06-06-2014 | 07:28 PM
#21
Line Holder
Joined: Mar 2005
Posts: 875
Likes: 18
From: outside
Hi everyone,
I am a Hong Kong-based business reporter with CNN and am looking to interview American expats who work as pilots on international routes about how they handle their taxes every year.
Some expats working outside the US don't have to pay taxes on the first ~$97,600 they earn -- the foreign-earned income exclusion. But pilots who are earning money while flying may not always qualify, as US tax authorities do not consider international airspace/waters to count as a foreign country for tax purposes. I see some of you have discussed this earlier in the thread.
Whether you are retired or currently working, if you have been in this situation before and would like to share your story with CNN for our report, please contact [email protected]. The interview will be conducted on the phone for a story on CNNMoney.com.
Thank you, Sophia
I am a Hong Kong-based business reporter with CNN and am looking to interview American expats who work as pilots on international routes about how they handle their taxes every year.
Some expats working outside the US don't have to pay taxes on the first ~$97,600 they earn -- the foreign-earned income exclusion. But pilots who are earning money while flying may not always qualify, as US tax authorities do not consider international airspace/waters to count as a foreign country for tax purposes. I see some of you have discussed this earlier in the thread.
Whether you are retired or currently working, if you have been in this situation before and would like to share your story with CNN for our report, please contact [email protected]. The interview will be conducted on the phone for a story on CNNMoney.com.
Thank you, Sophia
Hi Sophia,
my tax man recently told me it was $104,000 now
N
06-09-2014 | 06:14 PM
#22
ULTP-Ultra Low Tier Pilot
Joined: Dec 2007
Posts: 3,228
Likes: 0
Hi everyone,
I am a Hong Kong-based business reporter with CNN and am looking to interview American expats who work as pilots on international routes about how they handle their taxes every year.
Some expats working outside the US don't have to pay taxes on the first ~$97,600 they earn -- the foreign-earned income exclusion. But pilots who are earning money while flying may not always qualify, as US tax authorities do not consider international airspace/waters to count as a foreign country for tax purposes. I see some of you have discussed this earlier in the thread.
Whether you are retired or currently working, if you have been in this situation before and would like to share your story with CNN for our report, please contact [email protected]. The interview will be conducted on the phone for a story on CNNMoney.com.
Thank you, Sophia
I am a Hong Kong-based business reporter with CNN and am looking to interview American expats who work as pilots on international routes about how they handle their taxes every year.
Some expats working outside the US don't have to pay taxes on the first ~$97,600 they earn -- the foreign-earned income exclusion. But pilots who are earning money while flying may not always qualify, as US tax authorities do not consider international airspace/waters to count as a foreign country for tax purposes. I see some of you have discussed this earlier in the thread.
Whether you are retired or currently working, if you have been in this situation before and would like to share your story with CNN for our report, please contact [email protected]. The interview will be conducted on the phone for a story on CNNMoney.com.
Thank you, Sophia
Everyone on here follows the honorable IRS laws to the letter and no pilot would ever try and pay less than their fair share.
07-02-2014 | 06:57 AM
#23
Gets Weekends Off
Joined: Nov 2010
Posts: 180
Likes: 0
From: B777 x2 furloughed from United
IRS nightmares: My tax return is 'insane' - Jul. 1, 2014
Watchout. It is not as easy as you may think. Read this article. The US is one of only 2 countries in the world that does double taxation on it's citizens. Also if you have a foreign spouse thats does not even have a green card they will want to know all their assets and income, you will pay taxes on it too. If you buy property overseas there is a huge problem if the exchange rate changes and you show a profit in USD even if you have a real loss in local money.
Watchout. It is not as easy as you may think. Read this article. The US is one of only 2 countries in the world that does double taxation on it's citizens. Also if you have a foreign spouse thats does not even have a green card they will want to know all their assets and income, you will pay taxes on it too. If you buy property overseas there is a huge problem if the exchange rate changes and you show a profit in USD even if you have a real loss in local money.
07-03-2014 | 12:02 PM
#24
Gets Weekends Off
Joined: Aug 2005
Posts: 980
Likes: 0
From: Retired
The whole problem could be resolved by exempting overseas income by individuals. I believe there is only one other country besides the USA that taxes their citizens on their worldwide income. If you're British, French, German and you work in a country that has no income tax you pay no tax, to anyone. It puts Americans at a disadvantage competing against foreign pilots
Now, US corporations are treated far different. They pay no tax on foreign earnings because they employ lobbyists to make the laws work for them.
Now, US corporations are treated far different. They pay no tax on foreign earnings because they employ lobbyists to make the laws work for them.
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