? for Pilots living abroad

[hawkerjet]

I am contemplating taking a pilots position for an N registered plane in Germany. I believe the first 75 or 85 thousand of my salary is tax free. I own a house in California that I may lease out while gone.
Is there anyone in a similar situation that can provide me with some tips on taxes and money saving ideas.
I was thinking of having the balance of my salary over 75,000 deposited in a Swiss account. Did anyone incorporate in a tax friendly state. California is not tax friendly and I am looking for any way I can save, albeit legally. Any web sites that may be of assistance greatly appreciated. I have looked at the basic ones... moving to Europe etc..
Thanks in advance.

 

[X man]

overseas

Your right, tax exempt of the first 75, or 85, I have forgotten, then only taxed on the differance between the gross and the tax exemption.

You should only transfer figures under 10,000 dollars to your US account, that does not bring your money movements to the attention of the IRS.

You can open a bank account anywhere you feel comfortable. The company you are working for will probably not reveal to any US agency what you are being paid.

Good Luck, I have been overseas now for two decades, maintain an account in the US, besides other locations. Check on the taxes for Germany though, they might be high also.

X man

 

[WMUSIGPI]

I believe with the Patriot Act any wire transfer over $3000 is now looked at in addition to any +$10000 cash movements.

 

[AA717driver]

Isle of Man. Check on pprune.org.

It's $80k or 85 but it's not below 80. The IRS is worse than the Nazi's when it comes to tracking you down. There's also a specific number of days a year you can spend on U.S. soil--Customs helps them keep track.

Operating an N-registered aircraft will DEFINITELY put you on the radar.

IOM is the best (most secure) option from what I've read--I'm not living abroad and I am certainly NOT an expert. Find one if you're going to execute your plan! TC

 

[hawkerjet]

IOM..... is that the International Organization for Migration?
I'm still chuckling a little. In this day and age I finally get a shot at being an illegal alien.

 

[JohnnyP]

same boat

I am in the same boat, and was going to ask these same questions.

I have been flying overseas for one year now----I just received another job overseas, but with a different operator.

I had a few questions/concerns I couldn't find in a search----

---I understand the 330 day out-of-country rule. Ive heard both sides, that you cannot spend more than X-amount of days back stateside if you want the federal exemption. Then ive heard you can come back as much as you want, as long as your not EARNING your money in the states....anyone know a concrete answer on this?

---Next issue was opening up a bank account in another location, i.e swiss, etc. I dont know a thing about this----are there any qualifications to be able to open an account of this type, or do you just show up and open one?

---On that note, can you throw all your overseas earnings in a swiss-type account, all while working overseas, and not report a dime to anyone back stateside?

Even the "tax experts" give me confused looks when I bring up these issues. You would think they would know, but maybe not. I guess if someone came up to me asking me how to fly a hot air balloon, i;d give em a strange look as well.

(anyone know anyone in the Atlanta area who is good with overseas tax issues?)

 

[Valkyrie]

http://swiss-bank-accounts.com/e/index.html

Hope it helps.

 

[JohnnyP]

http://swiss-bank-accounts.com/e/index.html

Hope it helps.

Thanks it does a lot.

A day or two ago, after I (again) posted without doing a little google searching, I ran across that exact website. Seems like it could be a good deal.

 

[Seadogrun]

My only advise would be to talk to a Tax Lawyer. It might cost you a little money now, but could save you big in the long run. I wouldn't put it all on the line on some advice given on a message board. No offense to any party involved here.

 

[Say Again Over]

---On that note, can you throw all your overseas earnings in a swiss-type account, all while working overseas, and not report a dime to anyone back stateside?

I am NOT a tax professional but my understanding is this; as an American, you must declare your world wide income, almost all countries have a tax treaty with the USA which sets the rate of tax, if no treaty for the country, it's a straight 30% tax, you are allowed up to 85K tax free if you remain out of the US for more than 330 days per year. Any experts please advise if I have it wrong.