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Dave CPA
Dave CPA, Accountant
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Hello, this is a U.S. personal income tax question. Hope this

Resolved Question:

Hello, this is a U.S. personal income tax question. Hope this is the correct forum.

I live and work in the US but will be moving to work abroad as of June 7th. Trying to plan what my 2013 taxes might look like. A tax preparer told me he thinks when filing 2013 taxes from abroad I would have until June 15th to file, and as such will be able to show I am abroad for a full year and therefore entitled to foreign income deduction.

Is this true? Anything I should know? What is the maximum days I could visit the US during2013 or the 12 months from the date of my move?

Also, would the deduction apply to total 2013 income or only the portion of it that I earn while living abroad?

Thank you!
Submitted: 1 year ago.
Category: Finance
Expert:  Dave CPA replied 1 year ago.

Hello,

 

Welcome to Just Answer. Let me breakdown your questions.

 

Is this true?

 

Yes you can exclude $97,600 or your foreign income for 2013. There is an extension available in order to meet the requirements.

 

Anything I should know?

 

Below is a link with the IRS details about this exclusion.

 

http://www.irs.gov/pub/irs-pdf/p54.pdf

 

What is the maximum days I could visit the US during2013 or the 12 months from the date of my move?

 

To qualify you must be a U.S. citizen who is physically present in a foreign country or countries for at least 330 full days during any period of 12 con-secutive months.

 

So during the 12 months you can visit 35 days.

 

Also, would the deduction apply to total 2013 income or only the portion of it that I earn while living abroad?

 

You can only exclude foreign income.

 

Please let me know if you have any other questions before you rate my answer. A positive rating is what I strive for. Regards Dave

Dave CPA, Accountant
Category: Finance
Satisfied Customers: 840
Experience: I'm a CPA with over 10 years of experience
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