Episode 28 - Navigating Tax Laws Abroad: Reporting Foreign Income and Rental Property Changes in Mexico with Cindy DuChateau

In this episode of Dream Retirement In Mexico podcast, host Risa Morimoto and guest Cindy DuChateau dive into the complex world of expat tax services and the unique challenges of living abroad, particularly in Mexico.

Cindy's firm specializes in US tax preparation and accounting for the American community in Puerto, providing expert guidance on navigating the intricacies of foreign tax laws. The conversation covers crucial topics such as reporting foreign income, changes in digital payment platforms like PayPal, taxation laws related to short-term rentals, and specific IRS forms and reporting requirements for expats.

Listeners gain valuable insights into the implications of these tax changes and the importance of working with knowledgeable accountants who understand the complexities of the international tax system.

Whether you're considering relocating abroad or have already made the move, this episode offers essential information to help you navigate the ever-evolving landscape of expat tax and financial considerations.

 

Interested in learning more about relocating or retiring to Mexico?  

Join our FREE WEBINAR - Dream Retirement in Mexico.   

Host Risa Morimoto, Puerto Vallarta real estate broker Taniel Chemsian, and healthcare specialist Pamela Thompson share their expertise and insider knowledge about the most popular expat destinations in Mexico, basics of buying real estate and healthcare options for foreigners. They will be there to guide you through the process and answer any questions you may have.

To secure your spot, simply visit www.dreamretirementinmexico.com/webinar and choose the date and time that works best for you.

 

Key Moments: 

04:57 US citizens and green holders file taxes annually.

09:20 Rentals subject to VAT tax, source location.

12:17 Report tax ID number for rental property.

19:48 Accounting mess with PayPal; separate personal expenses.

22:41 Form 8858 changes and IRS decision in 2023.

24:16 Report foreign assets, income in complex form.

30:45 IRS leniency on retirement withdrawals, tax deferment. New SECURE Act 2.0 and inherited IRAs. Increased age for required distributions.

33:43 Assisting expats to navigate life abroad.

About the Guest : 

Cindy DuChateau is a dedicated advocate for educating individuals about the complexities of US tax laws for expatriates. With 9,000,000 people currently living outside the United States, Cindy's firm focuses on helping people understand their tax obligations when living abroad. She is passionate about clearing up misinformation and ensuring that individuals are in compliance with US law. Cindy's dedication to education and awareness has helped numerous expatriates navigate the complexities of international tax laws.