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ML888
June 26, 2024
Question

How does living in Canada affect my US taxes?

  • June 26, 2024
  • 1 reply
  • 0 views

How does living in Canada affect my US taxes?

How would getting dual Canadian citizenship affect my US taxes?

1 reply

L
LoriLeighEA
June 26, 2024

Welcome, ML888!

 

As a US citizen living "abroad" all worldwide income is subject to US taxes - even when a dual citizenship. There are tax breaks for Foreign Taxes paid. You can choose whether to take the amount of any qualified foreign taxes paid or accrued during the year as a foreign tax credit or as an itemized deduction. You can change your choice for each year's taxes.

 

For more detailed information see this link: Foreign Tax Credit - Credit or Deduction 

 

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