Navigating US Expat Taxes In Portugal - A Detailed Guide + Q&A

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
*CONTACT & info about Greenback* https://refer.greenbacktaxservices.com/expats-portugal

Don’t miss your chance to get personalised answers to your questions from our expert guests. Join us each week by becoming a member - https://expatsportugal.com/join-us/

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

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Love our channel? You can also support us by becoming a YouTube member - https://www.youtube.com/channel/UCONoNEVBaAyCFcY6QpaFvbA/join
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

*ABOUT EXPATS PORTUGAL* 
https://expatsportugal.com/

Since 2005, Expats Portugal has been assisting people in finding the information, contacts & support they need to migrate to, settle in, & enjoy Portugal!

Having already been through the process ourselves, our team is keen to assist in making the process smoother, help you avoid costly mistakes, & get the most out of Portugal, sooner!

Through our many years of experience, we've built & continue to grow our excellent network of trusted professionals; bringing you the most reliable & up-to-date advice, as well as negotiating exclusive discounts on your behalf. We enjoy sharing our contacts, knowledge & experience to offer extra support in all aspects of moving to Portugal.

*COMMUNITY* - Our network of 13k+ members come from all over the globe, all united by our interest in & love for Portugal. We connect through our community forum & events.

*SUPPORT & INFORMATION* - In addition to the wealth of information on our YouTube channel, you can ask questions & search through thousands of useful forum posts to find all you need. Everything from: country specific information such as, moving to Portugal from the USA, D7, D8 & Golden Visas, Portuguese citizenship & residency, tax in Portugal, NHR tax breaks, buying & renting property, the best places to live, retiring in Portugal, healthcare & medical insurance, Brits in Portugal & so much more! - https://expatsportugal.com/community/

*EXTRA SUPPORT* - You don't have to struggle through this alone! Book an online personal consultation - https://expatsportugal.com/join-us/

*EVENTS* - Online & in person events to get you the expert information you need & the opportunity to make new friends in Portugal & worldwide - https://expatsportugal.com/calendar-whats-on/

*KEEP UPDATED* - Join our community &/or mailing list - https://www.expatsportugal.com/

#movingtoportugal #livinginportugal #portugal #portugalnews #portugalproperty #portugalvisa #expats #tax