My friend Tom Kelly has started writing a series of books about buying second homes in foreign countries. His first book, “CASHING IN ON A SECOND HOME IN MEXICO,” gives readers tips on navigating the maze of buying real estateReal Estate is land and anything permanently attached to it, such as buildings and improvements. in another country – especially if you plan to retire there.
If you find it tough to file your federal tax forms now, just try living or retiring abroad. Newly signed tax laws include something called “stacking provisions,” which allow your excluded foreign income to be counted when calculating your overall rate.
The bottom line – Congratulations! You’re in a higher or even much higher tax bracketA Tax Bracket is a range of income which must pay a certain level of taxes. The higher your income, the higher your tax bracket, and the more tax you pay..
There are some places to go for help. Try the Association of Americans Resident Overseas, at AARO.org, or the websites TaxMeLess.com and EscapeArtist.com.
And check out the global forum at the Financial Planning Association’s website, fpanet.org. I’ll put links to these sites at my website, ThinkGlink.com.
With practical, informative consumer advice, I’m Ilyce Glink, News-Talk 750 WSB