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Question for ppqnidrauk or anyone else If you have a single member passthrough LLC and then later become a tax resident of a non-US country, does your LLC have to change taxation approach from passthrough to C-Corp or S-Corp?
Super nuanced question, but if your company loans you money as a shareholder -- shouldn't the loan be deduced from the ordinary income? I don't see it reflected on the K-1 unless I a missing context into another step which needs to happen aside from outlining it on the balance sheet. (happy to pay for a quick consult as well)
Does anyone know If perpetual travelers qualify for the FEIE?
h2mo
Absolutely. You still have to meet the presence test, and it helps if you have as few ties as possible back home (car, house, etc, can all be used against you). But I travel full time (over 5 years now) and have been filing feie the entire time. I'm generally not in a place more than a month at a time.

Just remember that territories like puerto rico and USVI count as days in the US, as do days at sea (cruises, etc), and transit days that take more than 24 hours can count against you as well, so it's more nuanced than just 35 days in the US.
How are you meeting the presence test? From what I read basically you have to have another โ€œtax homeโ€ to qualify for FEIE (at least thatโ€™s my interpretation). I mean what Iโ€™m asking is are you a resident of another country? Or how are you navigating this?
Iโ€™d like to qualify for FEIE, but the only way I can think of is living in Georgia for more than half the year + setting up some stuff there. Other countries seem hard(er) to do this in.

Edit + of course not sure I want to live in Georgia for 6ish months
h2mo
My established tax home is wherever I happen to be, as that's where I'm working at the time, and changes throughout my travels. My accountant (<@UMJ7P5B5W>) files an attachment with all my tax homes over the course of my qualifying FEIE period.
there's two ways to qualify, having a tax home abroad, or spending fewer than X days in the US
h2mo
wplxzmzcxcwxb You're confusing your tax home with bonafide residency. Very different concepts.
Yeah you can have bonafide residency in a country without being a tax resident there
_and transit days that take more than 24 hours can count against you as well, so it's more nuanced than just 35 days in the US._ --- only for those in/out of the US tho right?
h2mo
No, if you're traveling anywhere for more than 24 hours, that means you spent a day without an established tax home. But even that gets more complicated. It's not takeoff and landing time, when you left/entered airspace is what matters. Good luck figuring that part out. :rolling_on_the_floor_laughing:

But I feel like cglpswelzo can explain better if she has time. It's tax season though.
Does anyone have documentation on being a digital nomad and the ways it does not put a company at risk for tax compliance? (ex. traveling on tourist visas, staying < 90 days, etc) I'm seeking assurance for a job offer at a startup
so i take a 3 day journey australia to singapore by ship and it's supposed to contribute to time in the US? i do a sea cruise all around australia in 5 days and it's supposed to contribute to time in the US?

my understanding was that leaving the US on the 12th, transiting on the 13th, and arriving in say thailand on the 14th will count as 2 US days, although thought the above situations would be 0
the latter does not even generate anything on a passport
Soooooo you really need to reverse your thinking on this to understand it. The way the statue is written, you need to spend 330 day out of any 365 period _PRESENT IN A FOREIGN COUNTRY -_ so any time not spent present in a foreign country, be it a US territory, restricted country (N Korea, Cuba, Iran) or international waters doesn't count towards your 330
Your first day present in a foreign country is typically the first 24 hours (midnight to midnight) there
I'd be interested as well.
Can you be hired via your own corporation?
Does anyone have a good recommendation for a Canadian expat accountant in here? crossed_fingersskin-tone-4
I'll DM you a link
Is automatic tax extension for expats based on if you apply for FEIE? Or is it based on where you're physically located on Apr 15? For example if you spent all 2021 abroad but visited the US Apr 10th-20th 2022 do you still get the automatic extension
Has anyone filed with NYS as a nonresident/part-year resident? For someone who lived and worked 5 months out of NYC in 2021, what do you answer to part G in IT-203:
(2) Lived outside NYS; _received income_ from NYS sources during nonresident period OR (3) Lived outside NYS; _received no income_ from
NYS sources during nonresident period.
Be careful with this if you haven't established residency/domicile somewhere else. NYS has been very aggressive about pursuing residency changes

But to answer your question, did you have NYS source income?
Thanks for the heads up.
What I'm trying to figure out is if NYC address on W2 (employer's) automatically makes it NYS source income. Any of the points www.tax.ny.gov/pubs_and_bulls/tg_bulletins/pit/ny_source_income_nonresident.htm#:~:text=services%20performed%20in%20New,in%20New%20York%20State%3B|here apply to that?
If your employer is based in NY, it's NY sourced income
Having trouble finding the answer to this, hope that someone can help.

I am a resident of NH, and I lived in NYC for 5 months in 2021. I worked at a NY gym so I received NY point-source income, which I will file and pay NY state tax on. I also did remote consulting work while I lived in NYC as a sole proprietor. My question is this is the income I earned through my consulting attributable to NH as a resident (pay no state tax) or to NY since I was living there (pay NY state tax)?
Happy tax day everyone ๐Ÿ’ฐ
not an accountant and curious of the answer gut feel expectation is you are liable for paying NY tax as your butt was in a seat in NY
I overcontributed to a Roth IRA for 2021. I thought I fixed it before tax day, but schwab didn't do what i asked. Since I'm abroad, do I have until 18 June to fix it? or am i going to owe a penalty?
sorry if this is not strictly us-taxed based, but is partially do to FEIE. how are people dealing with taxes in the EU/Shengen area? are you just adhering to a <183 day rule for a calendar year? or are there other country-specific income tax rules that need to be carefully considered? my friend thinks i need to pay taxes in some countries on a day-by-day basis becuase iโ€™m claiming FEIE for US taxes. specifically France. any insights are greatly appreciated!
Claiming FEIE itself has no bearing on your tax responsibilities in other nations but this is definitely a question to bring to an accountant who specializes in taxes for nomads
What I recall being told about FEIE is that I can qualify under one of two possible scenarios:
1. Iโ€™m in other countries (not including travel) for X days out of the year, or
2. Iโ€™m a tax resident of another country.
I have not heard that if Iโ€™m claiming it under scenario #1 that this would mean that this impacts taxes owed to other non-US countries. Each country will have their own separate tax rules.
h29d
Claiming FEIE is not related to paying taxes in other countries. The exclusion was created with that intention, if you're not in the US, you're probably paying somewhere else as an expat, but it's not written into the law in any way. You're fine.

If you're in France for more than 183 days though, that could be an issue with France. Talk to an accountant there to see if you owe taxes.
There are two ways to qualify for FEIE. You can either use the physical presence test or the bona fide residency test. For physical presence, you just need to be outside the US for 330+ days, no questions asked. For the bona fide residency test, you are allowed to spend more time in the United States but must show that you are a bona fide resident of another country. This doesnโ€™t necessarily mean that youโ€™re paying taxes in another country but it often does. Most nomads go with the physical presence test.
h28d
I wouldn't say "no questions asked" on the presence test. There are lots of grey areas.
pbe that makes sense. i think as you said, i need to consult with a tax professional in France just to make sure there are no exceptions to the 183 day rule of thumb
the one outstanding concern i have currently scoped just to FEIE is the โ€œtax homeโ€. i canโ€™t find a clear answer online on what to put. otg i think i had read in some thread that ltxtywwynt helps you and puts โ€œitinerantโ€. i work for a US-based company, so i get a W-2. iโ€™m concerned they will reject me on the criteria of โ€œtax homeโ€ and not sure how to justify it. thinking something along the lines of โ€œsaving my employer overhead of office spaceโ€ but not sure that would fly or what the appeal process even looks like.
i guess also along those lines has anyone had a case where their FEIE has been rejected and they had to appeal?
w-2 and willing to let you travel anywhere any time? didn't seem like the accountants at any company i was at were interested in that arrangement, had to go llc myself.
yeah. im fully remote. i would guess most โ€œfully remoteโ€ positions are W-2, but maybe iโ€™m wrong about that
cakoghenodi did you negotiate that the company contract you via 1099? or are you freelancing for a bunch of companies? i was thinking of trying to negotiate that with my current company โ€” basically an exclusive contractor relationship where iโ€™m paid to the llc
iโ€™m also curious if that would make the FEIE process easier, being self employed and paid to an LLC
my prior company (w-2) did not want to deal with potential tax liability. my new company tried to bring me on as w-2, and the accountants wanted to have a very good understanding of where and how long i'd be somewhere, and it added a week if not two to my offer process until they simply said they'd need to bring me on as contractor and would like me to be an LLC. the former was private looking to go public and has ~1500 people and the current is a startup with around 50 when i joined. now the tax liability and questions is fully my problem so am pretty free to travel on whatever schedule. having no employees i don't think the FEIE has much of a bearing on this, i started using an expat accountant once i started qualifying for FEIE with >= 330 days out of the US though.
cndcshgbtot do you know what you designated as your โ€œtax homeโ€? have you been using โ€œitinerantโ€? if you have an expat accountant that you can recommend, that would be greatly appreciated. please DM me if that is more appropriate. thanks in advance
i used www.greenbacktaxservices.com/ and moved from IL to NV and assume the latter is my "tax home"
my llc is there, it's bank account, my driver's license, etc. as well
canโ€™t qualify for FEIE with a โ€œtax homeโ€ in the US, so it canโ€™t be that
https//www.irs.gov/individuals/international-taxpayers/foreign-earned-income-exclusion-tax-home-in-foreign-country โ€œyour tax home must be in a foreign country throughout your period of bona fide residence or physical presence abroadโ€
so would be curious what greenbacktaxservices is putting as your tax home in your returns
you never claimed FEIE when you had a W-2 though correct?
2020 taxes only FEIE ones i filed. i'm sure it is thailand then.
and it was w-2
h28d
I'm W2 and have claimed FEIE for 5 years in a row. No problems.

Your tax home is wherever you're working from. My tax home changes several times per year.
czs thatโ€™s good to hear regarding no problems with w2. so do you list all tax homes in the form or just use itinerant? if you do list, is it a physical address or just a country?
Our practice is to list each country worked from as a tax home, beginning the date you enter that country. Only one address is needed on the 2555 form
so it seems tax home on line 9 just needs to be in โ€œcountry, dateโ€ format, for all countries worked from during the window. then just the one address on line 1.
is your practice to use the first country visited for the address or the one with the most cumulative time?
ryko19d
Does anyone have a recommendation for a CPA/CFP? Iโ€™m a CA based C-Corp. Thanks!
nomad tax dot io (I am new to the community so cannot post links :face_with_rolling_eyes:)
h17d
Nomadtax.io|Nomadtax.io for easier clicking. ๐Ÿ˜‚
If claiming FEIE, does that also reduce your MAGI for Roth IRA eligibility? Basically, if under the FEIE limits that means you can't contribute to a Roth IRA because you have no taxable income?
I assume yes, otherwise you would have paid no taxes on money going in and money coming out
yeah, this is what a tax consultant told me years ago. the solution would be to not claim all of the FEIE and leave a portion of it taxable (eg. right at $6,000) so you can contribute fully to the Roth IRA and not pay more taxes than you have to
The IRS considers that double dipping. Can't use tax advantaged funds to contribute to tax advantaged accounts.
Contribute to a backdoor roth IRA and you don't have to worry about this (if you can)
Does anyone Brazilian citizen (Brazilian residency also) has experience opening a US company with a US Citizen partner? I donโ€™t need to open a legal company with my partner, but I would like too. My goal is to keep my money invested in the US.
Why bother with a US citizen partner?
I have a friend who is Portuguese living in Portugal and she is about to receive an inheritance from the US. Anyone know a professional she should speak with?
What are the best investments right now
I think thereโ€™s a money channel. But probably US Treasury I-Bonds
Do you have to do an FBAR only when one of your foreign accounts goes above 10k, or if the total amount of money you've sent there exceeds 10k?
IIUC its when the aggregate value of all your foreign accounts exceeds 10k (at any point during the year)
I just had my O1 visa approved and if I move to USA I'll be paying like 100K in taxes and now I'm thinking of jsut staying in dubai tax free but the states comes with opportunity despite the tax it gives me scope to network and meet folks in my industry and I'm 23 is this worth it or nah?
how'd you estimate your taxes
We are partnersโ€ฆ we have a business that is already operating in the US. Today we use only his name as a business entity, but the business is growing and I want to create this new entity that we both are owners (50% shares each).
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