I have a home in Florida but only for rental purposes. It's not my home.
I am a 40% happy tax payer of the UK. I moved to the UK with my English wife seven years ago.
The only reason I am having to file a USA tax return is because this is the first year I have made taxable income in the USA, before this I had no reason to file a tax return because I had no USA income.
As a result I am having to complete a 'Form 1040' , with 'Form 2555' or 'Form 2555 exclusion'. These 2555 forms are asking me to declare world-wide income. I am worried that I may be libel for more tax.
I only spent two weeks in the USA last year and as a result am aware of the $80,000 tax free allowance I am allowed to make in the UK. However, I earn more than this in the UK and because I have already paid 40% in UK tax am confused about what I may possibly owe if anything, as a result of declaring it on my USA tax return.
Thanks for your help.
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