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Post by Soccerhouse on Feb 6, 2020 10:45:16 GMT -5
When Villalba was sold for some reason it made me start to think/investigate the tax implications for US athletes abroad.
I know the USA has tax treaties and agreements with many countries etc, but do Athletes abroad paid over sees have to pay US taxes on their income? Not sure why Villalbe made me think of this other than the fact that a lot of hoops were expedited to get his green card for him to not account as a international player and not he's moved from the country. I assume his green card status is retained --- but will he have to pay US taxes on his income.
Sorry for the ignorant question, but really couldn't find a good answer on line.
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Post by mistergrinch on Feb 6, 2020 11:10:53 GMT -5
I would think it would be like any other expat working abroad.
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Post by Soccerhouse on Feb 6, 2020 11:12:29 GMT -5
I would think it would be like any other expat working abroad. Which is? they only pay taxes on $ paid while in the US or from US based company? (yes -- they still always have to file tax returns etc) |
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Post by Futsal Gawdess on Feb 6, 2020 11:36:39 GMT -5
All Americans and Green Card holders have to pay taxes in the US based upon their worldwide income, not just income made within the United States. Now some countries outside the US will allow you to ask to be exempt from taxes from your host countries but that is a country by country situation. The US does allow you to claim certain deductions and there is a portion of the Tax Code which provides relief from double taxation for international athletes. However, if you do not file or claim any $$ made overseas, it's tax evasion by omission and the fines levied are very punitive...
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Post by mistergrinch on Feb 6, 2020 12:47:01 GMT -5
I would think it would be like any other expat working abroad. Which is? they only pay taxes on $ paid while in the US or from US based company? (yes -- they still always have to file tax returns etc) FG summed it up nicely |
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Post by soccernoleuk on Feb 6, 2020 13:01:25 GMT -5
All Americans and Green Card holders have to pay taxes in the US based upon their worldwide income, not just income made within the United States. Now some countries outside the US will allow you to ask to be exempt from taxes from your host countries but that is a country by country situation. The US does allow you to claim certain deductions and there is a portion of the Tax Code which provides relief from double taxation for international athletes. However, if you do not file or claim any $$ made overseas, it's tax evasion by omission and the fines levied are very punitive... This. From my understanding just being a US Citizen means you are required to file a tax return and pay the US income taxes. |
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Post by Futsal Gawdess on Feb 6, 2020 13:26:09 GMT -5
All Americans and Green Card holders have to pay taxes in the US based upon their worldwide income, not just income made within the United States. Now some countries outside the US will allow you to ask to be exempt from taxes from your host countries but that is a country by country situation. The US does allow you to claim certain deductions and there is a portion of the Tax Code which provides relief from double taxation for international athletes. However, if you do not file or claim any $$ made overseas, it's tax evasion by omission and the fines levied are very punitive... This. From my understanding just being a US Citizen means you are required to file a tax return and pay the US income taxes. Yes, Uncle Sam always gets paid. Unless you can show cause or deduct your way out of essentially paying any taxes...  Side note, I personally think it's still a better deal than the pro-players in this country who have to file their federal taxes, in addition to their home state and every other state and sometimes cities they play in also...  |
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Post by soccerloafer on Feb 6, 2020 14:30:16 GMT -5
Typically get a credit on US taxes for taxes paid overseas.
For example, earn $100k in France, pay $20k in taxes there. File in US, tax bill comes to $22k - receive credit for taxes paid in France, just $2k additional tax due.
Numbers are completely made up for illustrative purposes.
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