Um they allow it...
I had an account there before. But because Im an idiot and didnt know what I was doing I lost all of my money... However I was never asked to file a tax return
If I use a Canadian broker as American do I pay taxes twice?
- Thread starter cashclay
- Start date
I had an account there before. But because Im an idiot and didnt know what I was doing I lost all of my money... However I was never asked to file a tax return
Really??? How sure are you about this? Because I messaged Questrade and asked the operator said yes. I have to pay both countries taxes. However, I think women didnt really know what she was talking about
You can Google all of that information but yes, the basis of it all is, as a US citizen you pay taxes on worldwide income, period.
Once that's clear, depending on the country, tax agreements allow you to deduct some or all of taxes paid to another country from your US tax filing. Things can get very complicated, very quickly and I suggest chatting with a country specific tax advisor to evaluate your specific case.
Very few countries have such reach on their citizens. Iran is another one.
Then simply renounce your US citizenship. Go enjoy your freedoms in your new home country.
It'll cost you $2300 to renounce your US citizenship, a measly amount considering the potential tax savings.
Perhaps. Go live in a foreign country without a US passport and try to protect yourself when the shit hits the fan. That is one of this things the taxes you pay as a US citizen are used for.