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I am moving back to the us from Bermuda I own a business

Customer Question
there and keep a residence...
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: 2 years ago.Category: Tax
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Answered in 3 minutes by:
1/17/2016
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,265
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi,

...

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

...

You can read more about that here.

...

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

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years 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.

...

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

...

Here's an overview of that:

...

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

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

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

...

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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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,265
13,265 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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