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2025 tax guide for expats: What you need to know about taxes if you live outside the U.S.

2025 tax guide for expats: What you need to know about taxes if you live outside the U.S.

Yahoo5 days ago
Living abroad doesn't mean you can leave your U.S. tax responsibilities behind. If you're an American expat, the IRS still expects you to report your worldwide income — no matter where you live or work.
Here's the good news: There are a few different tax breaks that help many expats avoid U.S. taxes altogether.
This tax guide for expats will help you understand which forms to file, what income to report and how to take advantage of key exclusions and credits so you can stay compliant and avoid overpaying.
What you should report to the IRS if you live abroad
U.S. citizens and resident aliens must report their global income — no matter where it's earned. That means wages, dividends, interest, rental income and self-employment earnings all need to be included on your annual tax return, converted into U.S. dollars using the applicable exchange rate.
You'll also need to file Form 1040 if your income exceeds the standard filing threshold, which is now $15,750 for single filers and $31,500 for married-filing-jointly filers in 2025. If you're self-employed and earn $400 or more, a return is required regardless of your total income.
Learn more: Self-employment tax: What it is, how to calculate it
Beyond income, expats with foreign financial accounts worth over $10,000 at any point during the year must file a foreign bank account report (FBAR) separately from their tax return. See this IRS page on FBARs for more information.
If you own specified foreign financial assets — like foreign stocks, retirement accounts or insurance policies — with values above set thresholds ($200,000 for single filers and $400,000 for married-filing-jointly filers living abroad), you may also need to file Form 8938 under the Foreign Account Tax Compliance Act (FATCA).
See this IRS page on FATCA for more information. Other filings may apply if you have ties to foreign trusts, corporations or investment vehicles.
Learn more: Trump's temporary tax breaks: 5 'big beautiful bill' provisions that may not stick around for long
Tax breaks for U.S. expats
U.S. expats can take advantage of several tax breaks that help reduce or eliminate double taxation. Here are the most important ones to know for the 2025 tax year:
Foreign earned income exclusion (FEIE)
You can exclude up to $130,000 of foreign earned income from U.S. taxes in 2025. That amount doubles to $260,000 if you're married and both spouses qualify for the FEIE. Those dollar amounts are adjusted for inflation each year.
To qualify for this tax benefit, your tax home must be abroad, and you must meet either the bona fide residence test or the physical presence test.
The physical presence test is defined by the IRS as being 'physically present in a foreign country or countries for at least 330 full days during any period of 12 consecutive months.'
'The physical presence test is great because it is objective — if you meet the 330-day requirement, then you get the benefits of FEIE,' says Nicolás Castillo, CPA at Rook International CPAs, which specializes in global tax strategies.
One thing many expats don't realize is that if you don't technically qualify for the physical presence test at the time of filing, you may still be able to claim the deduction. You'll need to file for an extension using Form 4868 or Form 2350. You can then apply the extra time towards the FEIE.
If the physical presence test doesn't work for you, the other test to qualify for the FEIE is the bona fide residence test.
This test 'is excellent for those with a more subjective situation,' Castillo says. 'Perhaps the taxpayer has lived in Italy his/her whole life, but spends time in the U.S. for work or an extended holiday. Then there are a number of claims you must make to prove you are a true resident of the other country.'
Retirement savings and the FEIE
The foreign earned income exclusion reduces your taxable income, and that can limit your ability to contribute to U.S. retirement accounts such as IRAs. For example, if the FEIE drops your income to zero, the IRS interprets that as you having no earned income. You must have earned income to contribute to an IRA.
But keep in mind that, as noted below, if you choose not to claim the FEIE, you may be prevented from claiming it for the next 5 years.
See this IRS page on the foreign earned income exclusion for other important details, including which types of income do and don't qualify and how the IRS defines a 'foreign tax home.'
Another twist to consider: If you opt not to claim the FEIE, then you may be prevented from claiming it for the next 5 years. See this IRS page for more information.
Foreign housing exclusion or deduction
If you qualify for the FEIE, then generally you'll qualify for the foreign housing tax break, which lets you exclude or deduct certain foreign housing costs above a base amount.
For 2025, the base amount is $20,800, and the maximum expense is $39,000, though this maximum may vary depending on where you live. Generally, the base amount is 16 percent of the FEIE exclusion amount (which is $130,000 in 2025) and the maximum you can claim is 30 percent of the FEIE exclusion. Remember, the FEIE amount adjusts each year for inflation.
Generally, the foreign housing exclusion is for people who are employed by a company, while the foreign housing deduction is for self-employed people. See this IRS page for more on the foreign housing exclusion and deduction.
Get started: Match with an advisor who can help you achieve your financial goals
Foreign tax credit (FTC)
If you pay income taxes to a foreign government, you can claim a dollar-for-dollar credit towards any U.S. taxes owed. For example, if you paid the equivalent of $10,000 in taxes to Germany, you'd get a $10,000 credit towards your U.S. taxes.
You can use both the foreign earned income exclusion (FEIE) and the foreign tax credit (FTC), but not on the same portion of income.
Expats often use both the FEIE (for the first $130,000 of earned income) and the FTC (for any excess income) to reduce or eliminate their U.S. tax burden.
'The foreign earned income exclusion is often easier to report. But the foreign tax credit is often a better mechanism for Americans in high-tax countries,' Castillo says.
While the foreign tax credit isn't refundable, generally you can carry forward unused amounts.
'Not only does it prevent double taxation, but any excess tax carries forward to be used in a future year. Sometimes, like in France, the tax treaty enhances the FTC and allows us to use French social taxes, too,' Castillo says.
Keep in mind that the interaction between the FEIE, the FTC and the foreign taxes you pay can get complex, especially for high-income earners in high-tax countries, so hiring a tax pro with expertise on expat issues could be a smart move.
Learn more: 5 tips to find the best tax preparer for you
U.S. tax benefits still apply
As a U.S. citizen living abroad, you're still entitled to many of the same tax breaks and credits as U.S. residents, assuming you meet the requirements.
Standard deduction: The 2025 standard deduction is $15,750 for single filers and $31,500 for married couples filing jointly. You can also choose to itemize if that provides a greater tax benefit.
Child tax credit (CTC): Expats with qualifying children may claim the child tax credit, worth up to $2,200 per child in 2025.
Retirement contributions: As a U.S. expat, you can still contribute to an IRA — but only if you have taxable earned income. If you use the foreign tax credit, your income remains taxable, keeping you eligible. But if you exclude all of your income using the foreign earned income exclusion, you won't qualify to contribute, since the IRS considers your compensation $0. Choose your tax break carefully if growing your retirement savings is a goal.
Learn more: Trump signs massive megabill into law — here's what it means for your money
To take advantage of these benefits, you must file a U.S. tax return and the appropriate forms — such as Form 2555 for the FEIE or Form 1116 for the FTC.
What are the tax deadlines for expats?
Most expats get an automatic two-month extension to file, which pushes their filing deadline to June 15. There's a catch, however: Any taxes you owe are still due by April 15 — you'll owe interest on any taxes not paid by the April due date.
Plus, you must attach an explanation to your tax return, stating that you qualify for the automatic two-month extension. See this IRS page for more details on who qualifies and who doesn't.
Filing a tax extension to October 15 is also possible, but you need to request it.
Learn more: 2025 federal tax brackets and current income tax rates
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Trump says he will 'substantially' raise tariffs on India President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. 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Reuters reports: Read more here. The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday. Reuters reports: Read more here. Swiss gold trading takes spotlight in trade talks with Trump President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits. Bloomberg News: Read more here. President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. 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Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. In addition, Swatch Group ( Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States. Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7. Bloomberg News reports: Read more here. Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. In addition, Swatch Group ( Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States. Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7. Bloomberg News reports: Read more here. Malaysia agrees to boost tech, LNG purchases from US as part of trade deal Reuters reports: Read more here. Reuters reports: Read more here. Trump presses India, China to halt Russian oil buys as trade talks roll on The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company. 'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.' The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company. 'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.' Japan PM: Win-win trade deal with US may be hard to implement Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Trump tariff policy leaves some partners losers but few winners WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies. 'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School. Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do. Read more here. WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies. 'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School. Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do. Read more here. Switzerland business minister says it could revise tariffs offer ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. Read more here. ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. Read more here. 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