4. I'm aware you have to file US taxes every year even if you live abroad. There is no taxes if you make below 95K/year on earned income based on IRS website, this excludes interest, rental, dividend income etc. Has anyone been in this situation where they file US taxes every year living in Nepal? - I think currently its at 100K+ as of 2016. And this is strictly to earned income only. I don't think Nepal and US have tax treaty so any income that you earn (Passive/Active), say interest should be reported.

However if you decide to renounce your citizen then you may need to talk to you tax accountant. There's something call "Exit Tax" that IRS imposes if you are a covered expatriate. Please look in IRS website for the definition of covered expatriate. Inbox me if you need some suggestion on US Tax issues.