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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16544
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I have several tax-related questions about retired U.S. citizen

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I have several tax-related questions about retired U.S. citizen living in Colombia. Is it true that there is no Colombian income tax liability for the first five years? Can foreign tax credit be claimed on an U.S. income tax return for Colombian income tax paid?

MyVirtualCPA :

Thank you for your question, and thanks for using JustAnswer.cm

MyVirtualCPA :

you're correct - colombia only charges income tax if you have lived there continuously or cumulatively for 5 years

MyVirtualCPA :

Also, you can claim a foreign tax credit in the United States for taxes that were paid to Colombia

Customer:

Can I contact you later for more questions?

MyVirtualCPA :

Yes, you may contact us for more questions. If satisfied so far, please rate as "excellent' so that I may receive credit for assisting you today

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