M
mcullen
Guest
In the US, you are subject to a tax called Alternatve Minimum Tax if your calculated tax liability after all the various allowances are factored in is below a certain threshold. This is designed to catch rich people in the tax net because most of the tax reliefs are aimed at high earners. More recently, a lot middle-income earners have been caught too and this is where I am affected.
A few years ago, I was resident in the US but domiciled in Ireland so subject to Irish tax. Foreign earning allowances meant that my US tax liabilities were negligble except for one year where the AMT kicked in - I was effectively double-taxed in this year.
My question is - under the terms of the Ireland-USA tax treaty (designed to prevent double taxation, right?), can I offset this AMT against my Irish tax for that year? My accountant is looking into it but is not getting very much help from the Revenue. I
is there anyone out there who has been in a similar position or has heard of the problem before?
M
A few years ago, I was resident in the US but domiciled in Ireland so subject to Irish tax. Foreign earning allowances meant that my US tax liabilities were negligble except for one year where the AMT kicked in - I was effectively double-taxed in this year.
My question is - under the terms of the Ireland-USA tax treaty (designed to prevent double taxation, right?), can I offset this AMT against my Irish tax for that year? My accountant is looking into it but is not getting very much help from the Revenue. I
is there anyone out there who has been in a similar position or has heard of the problem before?
M