Italian Income Taxes for U.S. Retirees

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Italian Income Taxes for U.S. Retirees

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Old 6th April 2018, 04:16 PM
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Default Italian Income Taxes for U.S. Retirees

This posting is the "bottom line" from a previous thread on the topic of Italian Income Taxes on U.S. retirement funds, specifically Social Security and IRA distributions. While I'm taking this as authoritative for those specific items, other forms of retirement income may be taxed differently. As the prior thread contained some, what I take to be, misinformation I thought I'd simply post the summary "answer" for the aid of future inquirers.

The following is (edited) from an accountant in Italy who works exclusively with foreign clients. I have since received confirmation of this from a second Italian accountant.
You would be subject to making a tax return in Italy for assets you hold overseas. However IRA accounts are monitored only and therefore there is no tax liability in Italy for this. Likewise your SS pension is a liability only in the USA under the dual taxation agreement in place between the two countries

Your property holding would be subject to a taxation called IVIE which needs to be declared here in Italy. If you pay rates/property taxes in the US this taxation that can be deducted from the amount due. We have clients in the US who live in various states, and to date none of these clients have had to pay IVIE here as the taxation in the US covers the amount due to the Italian authorities.

Finally, I would point out that the above applies if only you become a resident here. If you become an Italian citizen then the social security payments are taxable in Italy.

At the accountant's request I have (I hope) elided all specifics as to my holdings as, he notes, "the specifics of every client are different" but that I should "feel free to mention IVIE ... and the monitoraggio fiscale only of IRA accounts and Social Security being taxed in the US under the dual taxation agreement for residents that are not citizens of Italy."

This incredibly helpful information came from:
Studio Graziani

Last edited by Bevdeforges; 7th April 2018 at 12:38 PM.
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