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austeafer posted a topic in FinanceHi Everyone, I moved to Germany from the US in 2020 was hoping to get some insight or advice on how to correctly include foreign income on my German tax return. I lived and worked in the US (US Citizen) from January to July, and then I moved to Germany to work for a German firm and received income from August to December. It's my understanding that I do not need to file form N-AUS since my American income was earned as a resident of the US, but it must be included to determine my progressive tax rate. However, should the amount of foreign income I enter on the return simply equal the gross wages listed on my W2 from my US employer? Or should I first subtract relevant US deductions, including the standard deduction ($12,400 for 2020), so that I am then entering only what would be considered my taxable income in the US? It's my understanding that the German tax rate is determined from one's German taxable income, so it seemed a bit funny to me to just lump gross wages onto that. Naturally, it has an impact on how much I would receive as a return, or have to pay in additional taxes, so I'd like to have it work favorably for me, but I also do not want to incorrectly complete the return. Thanks!
Hi guys, Long time lurker here. This may sound like a silly question, but I would like to know whether online betting on sports could possibly be construed by the Tax Office or Aliens Office as freelance work. I did a bit of homework and know that gambling winnings are steuerfrei or 'tax free'. I am not legally allowed to work in Germany. The money would be withdrawn or paid directly into my bank account (I have a student blocked account in Germany) depending on whether I lose or win a bet. Would the bank authorities report my winnings (or losses) to some higher authorities, particularly the ones mentioned above? Or would my bank even care or notice about gambling revenues being transferred to my account? I would really appreciate it if you guys could weigh in here. Thanks in advance.
nwms posted a topic in FinanceI am a US citizen, living and working in Germany and married to a German. After much, much research, I've determined that the Foreign Tax Credit (FTC, Form 1116) is more financially advantageous than the Foreign Earned Income Exclusion (FEIE, Form 2555) that I've used in previous years. I file my US Taxes as "Married, Filing Separately" to keep my German husband's income from being taxed in the US. My question is, since my husband and I file German taxes together, how exactly can I calculate MY PERSONAL German taxes? I know that the official calculation is to split the total taxes paid proportionally based on each spouse's incomes. But I'm struggling to even find the total taxes paid. Our German taxes are somewhat complicated at the moment, with Einkommen, Abzüge(?), Mutterschaftsgeld, and Elterngeld all being taxed slightly differently. Can anyone point me to a resource that would explain this (either in German or English?). My US taxes are so straightforward, and my salary has been so low since elternzeit, that I hate to hire a consultant. Thanks so much!
Hi there, I'm hoping to get some advice for my situation. My issue is that I am working in the UK and earning in GBP and will be for the next few years. I spend most of my time in Berlin and I really want to buy a property here as I will be moving here permanently in the future. I’ve contacted a mortgage broker in Berlin and some local banks but they can’t do anything for me as my income is in GBP. Has anybody overcome this barrier and managed to obtain a mortgage with income from the UK? Thanks!