Navigating US Expat Taxes In Portugal - A Detailed Guide + Q&A
To help the US citizens in our community gain clarity on their tax obligations and avoid hefty fines, we were delighted to host US tax experts, Greenback Expat Tax Services.
If you are thinking of moving, are already in the process, or are currently residing in Portugal, this US tax overview will help you understand the main aspects.
Greenback Expat Tax Services specialises in the preparation of US expat tax returns for Americans living overseas. Including US expat tax return preparation, small business tax returns, Foreign Bank Account Reporting, and individual consultations
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Chapters
00:00:00 Introduction
00:04:27 Do US citizens still have to file US taxes when living abroad?
00:06:34 FBAR - Foreign Bank Account Report
00:10:25 Form 2555 - Foreign Earned Income Exclusion
00:11:10 Form 1116 - Foreign Tax Credit
00:12:41 FATCA - Foreign Account Tax Compliance Act
00:14:03 Filing Thresholds
00:15:12 US State Taxes as an Expat
00:15:50 Important tax deadlines
00:16:49 Unlocking tax benefits
00:18:06 Physical Presence Test vs Bona Fide Residence Test
00:19:06 Foreign Housing Exclusion
00:20:29 Foreign Tax Credit - how much might you pay between Portugal and the US?
00:24:30 Streamlined Filing Procedures
00:28:00 Your US passport may not be renewed if you owe a significant amount of taxes
00:29:45 Is your US home's value counted in your FATCA assets?
00:31:23 Bank account limits between Portugal and the USA
00:32:19 You need to use the official exchange rate to calculate the currency you hold into US dollars
00:33:20 How does FATCA know if you are abroad? Self-reporting & audits
00:38:37 Question on US State Taxes
00:39:57 US social security and taxes in Portugal
00:42:29 California State Taxes is one of the trickiest to break
00:45:50 FATCA filing deadlines if in the US or outside of the US
00:46:27 Question about form 1116 - Foreign Tax Credit
00:48:58 Should you file in Portugal or US first?
00:52:50 Can I use Greenback's tax services while I am still living in the US?
00:53:23 Do I need to report a currency transfer/FX account like Wise or Spartan FX?
00:54:38 Can I can a tax credit on my US pension?
00:55:33 Clarification on excess taxes paid abroad to use as a credit in the US for 10 years
00:56:26 Question regarding an online business registered in California
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*ABOUT EXPATS PORTUGAL*
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