Hi guys
I was hoping someone who has moved from the US and has had to pay taxes since then in the US can advise me on my issue.
I recently received an offer from a South Korean company. They have offered to
- Pay me a wage (of course)
- Pay for all relocation
- Pay for my kid's tuition at an international school
- Pay for the 'rent' of my house.
While the offer looks great on paper, I was wondering what my tax liability was in the US. I understand I will have to pay taxes in the US and Korea but very unclear about the taxes surrounding the tuition and house. Specifically
They have mentioned that the tuition and rent is not taxable income but this was specific to Korea. As you can imagine in Seoul, the cost of the tuition and rent could be higher than my actual pay which would mean that american taxes on those would be pretty high.
has anyone who lived in Korea had a similar package? Can anyone advise me on if there is a tax adjustment done so you dont have to pay that amount (or pay minimal) in US taxes for those? I've often been advised that it is best to speak with a professional so if you guys can recommend any professional expat service company who can look at the contract and let me know if this is going to cost me a lot, that would be great.
Thank you so much