How much of my foreign income is tax free?
How much of my foreign income is tax free? For the tax year 2022 (the tax return filed in 2023), you may be eligible to exclude up to $112,000 of your foreign-earned income from your U.S. income taxes. For the tax year 2023 (the tax return filed in 2024), this amount increases to $120,000.
What is the tax loophole for expats?
The Foreign Housing Exclusion lets expats deduct foreign housing-related expenses from their US tax bill. Qualifying expenses may include: Rent. Utilities (but not phone or TV related expenses)