UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: glhoss Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76237  
Subject: Re: Foreign Residence Date: 3/7/1999 4:40 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
I have been living out of the US for 3 years now. To be able to trade (in or out of a IRA or brokerage account), all you have to do is have a mailing address in the states. By having a "MAILING ADDRESS" in the states your mutual fund companies or brokerages will not know the difference. As for US taxes, you will still have to claim all capital gains, but you will have to fill out a form 2555ez to get your $72,000 deduction for being out of the country. If you don't itemize then you will get the standard deduction on top of the foreign income allowance ($72,000 for 1998).
My income went over the 72,000 and I had a lot of capital gains for the year 1998. But after having H&R block do my taxes, ALL the gains and the overage was washed out and I did not owe anything to the IRS.
REMEMBER....to claim the foreign income allowance you must past the tests of being a out of country resident. (see form 2555ez for the questions). you must not be out of the US less than 330 days of a 12 month year (that does not necessarily mean Jan1 98 to Dec31 98.).
I hope this helps you.
glhoss
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Post of the Day:
Saul's Investing Discussions

Why Did I Buy a Bunch of PFIE Today?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement