Taxes

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Taxes

Postby Luca722 » Sat Feb 09, 2008 3:43 pm

Hi all,

I am very close in completing my Dual Citizenship application.

I had a couple questions regarding taxes. If I obtain my Italian Dual Citizenship, live and work here in the US, do I have to file and/or owe taxes to Italy? If so, can anyone briefly describe/explain the process.

Thanks!
Luca722
 
Posts: 73
Joined: Sat Jan 26, 2008 12:50 am

Postby CJC » Mon Feb 11, 2008 10:16 am

As I understand it, the United States is one of the only countries in the world that taxes its citizens that earn their income abroad. From what I understand looking at my 2007 taxes (where it asks) I think you can earn right around $80,000 per year before the US Government taxes you, and then that is only if you paid less in taxes to the "foreign" taxing authority than the US would collect.

The good news is that US taxes are usually lower, so I suspect most dual citizens living and earning abroad would be exempt from US Taxes (don't take this as official though, check youself).

If I felt that Italy would do the same, I wouldn't be applying to have my dual-citizenship recognized.
CJC
 
Posts: 350
Joined: Thu Jul 06, 2006 4:21 pm
Location: Northern California, USA (Applied at Philadelphia consulate)


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