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Americans Abroad

davidpdx

(22,000 posts)

3. Actually it's the first $100,000

Reply to leveymg (Reply #1)

Fri Oct 9, 2015, 03:38 AM

Oct 2015

But that is not the issue. The issue has NOTHING to do with paying taxes. It has to do with the asset reporting requirements. If you have more than $10,000 in your account you have to file paperwork under FACTA, if you have over $50,000 in your account you have to file both FACTA and FBAR. This isn't paperwork that most filers can do, it has to be done by a tax accountant that knows what they are doing. If you make a mistake the penalty is $10,000.

So please tell me again that you even know what you are talking back?

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Highlight:

The Law That Makes U.S. Expats Toxic [View all] davidpdx Oct 2015 OP

Rich Americans living abroad have to pay taxes? Shocked, shocked I say! leveymg Oct 2015 #1

Right, but if a German citizen goes to the US and starts a business there Recursion Oct 2015 #2

Actually that's not even what he's talking about davidpdx Oct 2015 #4

Done, thanks Recursion Oct 2015 #5

S-Corps baffle foreign authorties DFW Oct 2015 #13

One has to wonder why they pick on little people and let corporations Baobab Mar 2016 #37

Actually it's the first $100,000 davidpdx Oct 2015 #3

But isn't the purpose to keep people like Romney from hiding money overseas? Live and Learn Oct 2015 #6

Yes, but the problem is not everyone is hiding money overseas davidpdx Oct 2015 #8

No, not living abroad, at least currently. Live and Learn Oct 2015 #10

Democrats Abroad is working with Carolyn Maloney davidpdx Oct 2015 #11

Thanks, I'll look it up. We all need to push fo it if the legislation is good. nt Live and Learn Oct 2015 #12

Thanks JustAnotherGen Jan 2016 #26

Right. It has everything to do with American imperialism and 'exceptionalism'. Bernardo de La Paz Oct 2015 #7

Are the laws in the UK the same? davidpdx Oct 2015 #9

I have to go with the complicated reporting forms DFW Oct 2015 #14

You said it Art_from_Ark Oct 2015 #15

Totally agree with your comments. BlueMTexpat Jan 2016 #29

Hi, davidpdx! BlueMTexpat Jan 2016 #28

I misspoke about the FBAR. BlueMTexpat Jan 2016 #31

That's good that you were able to correct it davidpdx Jan 2016 #33

Boris Johnson renounces US citizenship Bad Dog Dec 2015 #16

Sounds a bit like a pride issue in that he has to prove himself loyal to Britian davidpdx Dec 2015 #17

Pride? Bad Dog Dec 2015 #18

Could be davidpdx Dec 2015 #19

This is one of the main reasons I have not declared a preference in the primaries DFW Jan 2016 #20

I can see your point davidpdx Jan 2016 #21

I think they all will address student loan debt. DFW Jan 2016 #22

I think Sanders would listen if the right stats were put in front of him davidpdx Jan 2016 #23

First, the candidate has to acknowlegde we exist at all DFW Jan 2016 #24

Now that I have my doctorate I'm sure I'll eventually have a higher salary davidpdx Jan 2016 #25

There you go DFW Jan 2016 #27

Be very welcome in Switzerland! BlueMTexpat Jan 2016 #32

I could make the move. My wife cannot. DFW Jan 2016 #34

Hopefully, you won't ever have to move. BlueMTexpat Jan 2016 #35

I have an office in Geneva, so I rarely need to go there myself DFW Jan 2016 #36

thats around the cheapest a PPO costs in NYC Baobab Mar 2016 #39

they may not be able to change things like that because of the position we take on this. Baobab Mar 2016 #38

Not sure whether you have seen this ... BlueMTexpat Jan 2016 #30