US Income - Declaring and Taxing?

US Income - Declaring and Taxing?

 

Question:

Hello!

I want to ask if every month I receive money from America through Paypal and from there into my account in a Bulgarian bank, is this money that I receive is taxable? Do I have to file a tax return at the end of the year for them, provided it is not money from commerce or business, but from videos on a website? This money has once been taxed under US law. Is it necessary to tax the second time in Bulgaria?

Thank you in advance!

 

Answer:

Hello,

Receiving money for something means that you have a business income that is declared. Whether you have paid taxes or not is irrelevant in that you have to declare your income. If you paid taxes in the US, then you will need to declare what you paid and prove it by applying the appropriate document. Provided that Bulgaria has an agreement to avoid double taxation with the United States, this paid tax will be credited to you. If the withholding tax is less than 10% you will have to pay a tax in Bulgaria.

We hope we have been helpful.

Greetings!