Living abroad doesn't end your U.S. tax obligations. What young expats need to know

U.S. citizens living abroad must file tax returns and report foreign bank accounts to the Internal Revenue Service, regardless of whether they owe U.S. income tax. The Foreign Bank Account Report, known as FBAR, requires Americans with foreign financial accounts totaling more than $10,000 to disclose them annually. The Foreign Earned Income Exclusion allows some expats to exclude roughly $120,000 in foreign earned income from U.S. taxation, though filing requirements remain in effect.

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