Can I Wipe Out Tax Debt In Liquidation: Difference between revisions

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There is much confusion about what constitutes foreign earned income with respect to the residency location, the location where the work or service is performed, and supply of the salary or fee fee. Foreign residency or extended periods abroad of your tax payer can be a qualification to avoid double taxation.

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Example: Mary, an American citizen, is single and lives in Bermuda. She earns an income of $450,000. Part of Mary's income will be subject to U.S. income tax at the 39.6% tax rate.

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Defenders for this IRS position would say it comes back to Section 61. The waitress provided a service for me, and I paid for this. Compensation for services is taxable. End of new.

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