Hello all, still confused about taxes. I spoke to an Italian attorney and accountant but still confused.
1. If I live in Italy and do not work in Italy, which country gets their taxes first US or Italy?
2. Since Italy and the US has tax agreement concerning double taxation, is there a chance that you would pay taxes in only one country? Meaning if the amount paid in one country covers the other country.
3. Does Italy tax only retirement moneys or do they tax all your holdings, even money that hasn’t been withdrawn from IRA’s etc. (I know about the Roth IRA situation)
4. From speaking to the accountant, I learned the 7% flat rate deal offered with residency in certain towns and areas, is not considered a regular income tax, so it isn’t included in the double taxation calculations. It is a special tax situation. Soooo if you lived in a 7% tax area and your taxes from one country covered your taxes in the other country, you could if fact windup paying an additional 7%?
Thanks
1. If I live in Italy and do not work in Italy, which country gets their taxes first US or Italy?
2. Since Italy and the US has tax agreement concerning double taxation, is there a chance that you would pay taxes in only one country? Meaning if the amount paid in one country covers the other country.
3. Does Italy tax only retirement moneys or do they tax all your holdings, even money that hasn’t been withdrawn from IRA’s etc. (I know about the Roth IRA situation)
4. From speaking to the accountant, I learned the 7% flat rate deal offered with residency in certain towns and areas, is not considered a regular income tax, so it isn’t included in the double taxation calculations. It is a special tax situation. Soooo if you lived in a 7% tax area and your taxes from one country covered your taxes in the other country, you could if fact windup paying an additional 7%?
Thanks
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