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US Tax Guide for American Expats in Argentina

Tax season is stressful for many, especially for expatriates who need to figure out their new approach to filing after relocating abroad to a foreign country like Argentina.

Before moving out of the United States, prepare for what to expect from the upcoming tax season. After establishing residency in Argentina, the IRS will let you exclude much of your income from taxation. You may also avoid double taxation on your income by claiming the foreign tax credit, which we can do by filling out Form 1116 on your behalf and including it in your IRS tax return. Living in another country might generate new international information return reporting requirements for expats, and we can review your foreign financial assets and holdings to confirm if they apply to you. Expat taxes are due on Tax Day, but there are filing extensions taxpayers can benefit from if they need more time after a move abroad.

For help understanding and satisfying your IRS filing requirements, call the tax CPAs for American expats in Argentina of US Tax Help at (541) 362-9127.

Tax Questions to Answer Before Americans Expatriate to Argentina

Moving to another country like Argentina might complicate your taxes even further. Not only do you still have to report your earnings to the IRS, but you might have to report your foreign financial assets and bank accounts if they exceed certain thresholds. Our tax accountants can help expats in Argentina confirm their U.S. tax liabilities and ensure they file on time to avoid costly financial penalties for non-compliance.

Will You Have to Report Your Income Annually to the IRS?

American expats must report their annual worldwide earnings to the IRS, whatever the source. You must report your income to the IRS if you continue working remotely for an American company or locally in Argentina. Using the foreign earned income exclusion (FEIE), our tax accountants may exclude a large portion of your income from IRS taxation – up to $1265,000 if you are filing alone or $253,000 if you are filing jointly with your spouse. We can do this by filling out Form 2555, which we can then submit with your tax return. Only certain expats can claim the FEIE, and we can confirm your eligibility.

Even if claiming the FEIE would eliminate your taxable income by the IRS, you must file Form 1040 and all necessary schedules and other tax documents on time to benefit from the FEIE and actually exclude your income from taxation. Otherwise, the IRS could assess financial penalties for failure to file.

Will You Have to Pay Taxes Twice as an Expat?

When Americans move abroad, they risk having two tax obligations: one to the IRS and another to their new country of residence, Argentina. Permanent residents of Argentina must report and pay income tax there. While planning your taxes, we may use the foreign tax credit by completing Form 1116 to demonstrate the income tax paid to Argentina, which the IRS can credit towards your U.S. tax burden. This helps prevent double taxation, which is paying taxes twice on the same income.

Will You Have Additional Reporting Requirements?

Expats in Argentina with considerable foreign financial assets may gain new reporting requirements after moving abroad, like a Report of Foreign Bank and Financial Accounts (FBAR). Any American with over $10,000 in or signature authority over foreign financial accounts must file an FBAR, whether they live abroad or not. You do not have to pay taxes when filing an FBAR; it is only for informational purposes. However, any expat who ignores their FBAR liability, whether willfully or not, may incur expensive financial penalties for non-compliance.

If you transfer your savings into a foreign bank account or accrue assets while you live abroad, you may also have to file Form 8938. Our tax CPAs can compare your specified foreign financial assets, such as bank accounts, stocks or securities, and interest in foreign entities, to IRS reporting thresholds so you do not incur penalties for failing to file Form 8938 when required.

Do You Need to Keep Paying State Taxes?

When you move from the United States to another country like Argentina, you may retain ties to your previous state of residence for some time. If you continue to own property or have bank accounts in your old state, you might still have a reporting liability there, even if you no longer live in the country. Relinquishing those ties might absolve you of having to file state income taxes sooner. Do not assume you no longer have to pay state taxes immediately after expatriating abroad, as this could lead to fines.

Will Your Filing Deadline Differ?

In general, the filing deadline for expatriate taxes is Tax Day, the same deadline for Americans living domestically. Expats do get extra time if they need it from an automatic IRS filing extension. Though interest will still accrue on unpaid tax if you do not file by Tax Day, you may not incur penalties and will have until June 15 to file, depending on when Tax Day falls. If you must file an FBAR, Form 8938, or other informational returns, they will likely be due on Tax Day as well.

Can You Still Claim the Standard Deduction?

When you move to Argentina from the United States, you can still claim many of the same deductions when filing your income taxes with the IRS. This includes the standard deduction of $14,600 for single filers for the 2024 tax year. Expats can also claim the child tax credit, and we can review which perks you’ve claimed in the past to see if you are still eligible for them after moving abroad.

Call Our Tax Accountants for Help Today

For assistance from our tax CPAs for American expats in Argentina, call US Tax Help today at (541) 362-9127.

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