Bought a flat in Valencia. Need info about American Taxation

pskomorn wrote:

Hi Everyone,

My wife and I live near Washington, DC. We have bought a place in Valencia to where we hope to retire in the Spring of 2018.  After we retire completely.

I am hoping  at least one of you out there is a US expat and can give me information on taxation on an American's Social Security and IRA income.

I am getting all kinds of conflicting information.

Hello!

As an American soon-to-be-Expat, I would suggest you are in the best possible place to start your research: Washington DC where all the rules, regulations, and laws are created!   

You may want to consult a reputable financial advisor with international experience to understand how our laws apply to expats/retirees.

My husband and I have been planning our move for a few years, now, with a target date of 2021/22 when I reach retirement age.  One thing I can tell you, the rules change constantly and it is extremely important to stay as up to date as possible.

Here is a possible initial resource that may perhaps start your research.  At least they may be worth an initial consult:  Ex-Pat Focus

Be aware, I've never used them, so cannot vouch for them but at least an inquiry won't hurt.

Check the IRS.gov, SocialSecurity.gov, and US State Department sites to research how American laws apply to expats.

Suerte!

Thank you for the reply and information.  Yes, we are seeing how everything is fluid and changing.  We have bought our flat already, but have it rented for now until we plan to move there in 2018.

Lets stay in touch.  I am sure we will be able to help each other out over time.

Phil Komornik

I'd be very interested in staying in touch and sharing information as we go along.      It sounds as if we are all starting from the same point: Americans planning to retire in Spain and not work (at least we hope not to!).

Look forward to chatting,

Michele