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Contact MeTyler K. Wells, CPAtyler@webbizfinance.comSkype: tyler.webcpa5 comments to Contact Me |
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My husband and I live overseas. In searching the web for information about re-establishing ‘bonafide residence’ I came across one of your articles.
Our situation is kind of complicated.
Although we continued to have a home in Central Asia, we needed to stay in the States for 22 months (August 2009- June 2011.) Did this time away mean that we’ve lost our bonafide residence?
Further complicating things is that in 2004 and 2005 we filed “Earned Income Credit” and agreed to not claim the bonafide residence for a period of five years. We think we are elligible for 2011 but would like some confirmation of this.
Do we need to start all over again with a physical presence test or can we claim bonafide residence from 2004 when my husband first came to Kazakhstan to live?
Becky,
Alas, you have to be a bona fide resident for an entire tax year to qualify for the exclusion. It seems that you are back for good, so you could always extend your return and thereby use the physical presence test to exclude that portion of the income that you made while in Central Asia. Then the next year, when you are there for a complete year, you could use the bona fide residence test to exclude everything. Finally, you are correct that you would be eligible again for the exclusion in 2011.
Thanks for your input,
Tyler
Thanks for sharing this. We’re always looking for smart resources to share with clients and my colleagues, and this article is certainly worth sharing!
Hi Tyler. My name is Josie Maurer. I found you through your listing on Golden Marketing. I would like to feature in a Guest Writer post on FitBloggersGuide.com.
I run an established health and fitness blog called YumYucky.com and recently launched Fit Blogger’s Guide with my partner. It is a “how to” site to assist bloggers in our niche, whether they be hobbyists or budding pros. The subject of tax reporting for bloggers’ earnings is sketchy, and your expertise would shed some light on this subject.
I’m hoping you will see this as an excellent way to promote you and your blog as well. To learn more about who I am, I invite you to visit my press page: http://www.yumyucky.com/press
And the Fit Blogger’s Guide website: http://fitbloggersguide.com/
Thank you for your consideration. I look forward to hearing from you.
Josie Maurer
Saw your comment at Erica.biz stating that you would ask someone to evaluate oDesk.
I am available for the said work, I have proven experience on oDesk to post jobs on behalf of a United States Incorporation.
I look forward to working with you and reply to any clarification questions.