Never get between a man and his tax credits
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@MattSpeller said in Never get between a man and his tax credits:
https://www.cbc.ca/news/canada/ottawa/john-konecny-canoe-move-tax-law-canada-1.5355436
So when are you going to plan YOUR next move?
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@dafyre Don't tempt me haha. I did claim my big move 5 years ago, that was a sweet sweet tax year.
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@MattSpeller said in Never get between a man and his tax credits:
@dafyre Don't tempt me haha. I did claim my big move 5 years ago, that was a sweet sweet tax year.
Under the new tax code in the US, only military can claim relocation deductions.
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@StorageNinja said in Never get between a man and his tax credits:
@MattSpeller said in Never get between a man and his tax credits:
@dafyre Don't tempt me haha. I did claim my big move 5 years ago, that was a sweet sweet tax year.
Under the new tax code in the US, only military can claim relocation deductions.
Unless you.... "relocate out of the US" ;)
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@scottalanmiller said in Never get between a man and his tax credits:
@dafyre Don't tempt me haha. I did claim my big move 5 years ago, that was a sweet sweet tax year.
Under the new tax code in the US, only military can claim relocation deductions.
Unless you.... "relocate out of the US"
US citizens are still on the hook for US Income tax. You can deduct foreign income tax (unlike SLAT that was capped). The issue is once it saves you enough locally your tax credit will drop below the US taxes and you'll just have to pay them (So this only helps if you are still net/net higher income tax locally).
Even worse, basic tax advantaged accounts that may exist somewhere like Canada may now trigger foreign grantor trust reporting as the US doesn't recognize them.
