Yet another tax filing question -- 2007

[JackOfSpeed]

Can anyone save me the pain of having to contact a tax professional (I've been charged pretty sick amounts for even asking simple questions in the past) to sort this out?

Do I have any chance of the IRS letting me file as a professional for 2007 if I end up getting a full-time job in September? I'm about break-even so far on the year, but expect to be in the black at the end of the summer. Is the answer to this the same if I had substantial income from gambling in 2005 and 2006 (I managed to file as a student in 2006, I can't remember what we did for 2005).

What if I get a job overseas (my understanding is that overseas income <$80k is not taxed in the US)? In September? Would I then be able to file as a professional in the US, since the gambling $ would essentially be my only US-based income?

[Kurn, son of Mogh]

my understanding is that overseas income <$80k is not taxed in the US

Uh, where did you hear this? It is wrong. You get to offset your US tax liability with any foreign taxes you pay, but that's the extent of it. Income is income to the IRS.

[Wake up CALL]

[ QUOTE ]
my understanding is that overseas income <$80k is not taxed in the US

Uh, where did you hear this? It is wrong. You get to offset your US tax liability with any foreign taxes you pay, but that's the extent of it. Income is income to the IRS.

[/ QUOTE ]

Incorrect, below from the IRS website:

"U.S. citizens are taxed on their worldwide income, no matter where they work. Some taxpayers may qualify for the foreign earned income exclusion, foreign housing exclusion, or foreign housing deduction, if their tax home is in a foreign country and they are either a bona fide resident of a foreign country or countries for an uninterrupted period that includes an entire tax year, or are physically present in a foreign country or countries for at least 330 full days during any period of 12 consecutive months . If the taxpayer is temporarily away from his or her tax home in the United States on business (less than a year), the taxpayer may qualify to deduct away from home expenses (for travel, meals, and lodging ) but would not qualify for the foreign earned income exclusion."