Self employed income - can I use form 2555 to claim foreign earned income deduction? Hello,
I have a US based LLC but I live abroad. My LLC is an online business selling to US customers, but I do all of my work from outside of the US. The money I earn goes from my US customers into my US bank account - it never comes into the country where I am living, therefore I do not pay tax on it here. I only pay taxes on the money I earn here or bring into the country (remittance basis). My question is whether I can use form 2555 to claim foreign earned income exclusion or foreign housing deduction? I was told that if I spend less than 30 days per year in the US, that I would be able to claim a deduction of $87,500 but I am unsure about how this works in practice. Any and all advice appreciated.
Many thanks in advance! |