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I’m so lost. I’ve filed taxes every year I’ve lived abroad (this is year 6.) I’ve always filed FEIE. But I’m reading that the foreign tax credit is better as I have children that can be claimed. But when I open the form on the tax act website it gives me the spill about the simplified version and not being able to change that once I choose it. I have no idea what any of that means and I just find this so overwhelming.
If I knew I would definitely get a refund I would probably just pay one of the pros to help me, but if it’s only a maybe I don’t have that kind of splash cash.
I make a small amount of money-way under the threshold and am not self employed. Any advice? I’m so stressed .
Secondly Receiving one-time cash gifts while abroad – what are my reporting requirements as the recipient? In this case, a retired parent in the US is interested in gifting a small cash amount from the sale of their house to me in Thailand (via transferwise). Before I accept their generosity, I really want to know which forms I need to be aware of for next year’s filings and any thresholds? What about for the donor?
I know about FBAR thresholds and needing to report on Form 114 if I exceed this year. Thank you for any caution and advice.