Question about taxes

[DeFilippis78]

If I can acquire citizenship but stay in America for years, do I pay taxes to Italy or only if I live there. I am looking into citizenship because I plan on doing alot of traveling and spending alot of time in Europe but not for many years. So I was wondering if I had to pay them anything even if Im still in the US

Alicia

[teddi]

No, if you are living in the US and your income is from the US, and you pay US taxes on your income, you do not pay need to pay Italian taxes.

[DeFilippis78]

Thank you! Im glad I clarified that.

Alicia

[corrado]

The us is the only country in the world that taxes it's nationals no matter where they live. That is why some rich people renounce their amerikan citizenship.

[DeFilippis78]

Oh...so if I live in Italy , I still pay taxes to America? What nerve

Alicia

[Mulé]

The us is the only country in the world that taxes it's nationals no matter where they live. That is why some rich people renounce their amerikan citizenship.

I believe Brazil also taxes their people on world wide income, no matter where they live, or at least that is my understanding. Please correct me if I am wrong.

[johnnyonthespot]

Oh...so if I live in Italy , I still pay taxes to America? What nerve

Alicia

But you get credit for any taxes paid to a foreign government on the first approximately $85,000 of income (I forget the exact number). See this IRS web page.

[DeFilippis78]

But I dont have to worry about this unless I live there right?

Alicia

[leash]

Does anyone know if Australia is the same? If I live over there do I have to pay raxes here?

[johnnyonthespot]

Certainly such an important question should be directed to the one place where an official answer can be provided - the Australian Tax Office, and, in particular, Foreign income of Australian residents - overview.

[Steverino3006]

The us is the only country in the world that taxes it's nationals no matter where they live. That is why some rich people renounce their amerikan citizenship.

I believe Brazil also taxes their people on world wide income, no matter where they live, or at least that is my understanding. Please correct me if I am wrong.

Mexico too, I think.