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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12064
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I am moving back to the us from Bermuda I own a business

Customer Question

I am moving back to the us from Bermuda I own a business there and keep a residence for back and forth travel
How do I determine what taxes I pay?
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi,

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If you are a US citizen, you'll owe taxes on all worldwide income.

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You can read more about that here.

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https://www.irs.gov/Businesses/Income-from-Abroad-is-Taxable

Expert:  Lane replied 1 year ago.

You'll file the normal 1040 that any US tax resident ( citizen, green card holder, or one passing the substantial presence test ) would need to file.

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If you are NOT a US tax resident, then you will in,y pay taxes on any US "source income"

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Here's an overview of that:

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https://www.irs.gov/publications/p519/ch02.html

Expert:  Lane replied 1 year ago.

If you are NOT. a US tax resident then you will file. 1040-NR (NR standing for Non- Resident).

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Finally, if you are not a resident (And have no US source income - essentially income earned while present in the US) you will not need to file, and have no US taxable income at all

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