US Tax Reform for Ex-Pats

AlterEgo

Administrator
Staff member
Jan 9, 2009
23,097
6,247
113
South Coast
"Serious" is a good word.......

There was discussion about this in an earlier thread. Does anyone know if DR is actually reporting info to the IRS?
 

Celt202

Gold
May 22, 2004
9,099
944
113
Do I need to file Form 8938, ?Statement of Specified Foreign Financial Assets??

If you are a taxpayer living abroad you must file if:

You are filing a return other than a joint return and the total value of your specified foreign assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the year; or

You are filing a joint return and the value of your specified foreign asset is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year.
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
113
I am not involved here - Cdn citizen , non US resident -
but I thought the part that says filling out a certain form could take all of a Saturday sounded a bit intimidating.
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
113
Takes about 45 minutes any other day of the week, but Saturday what with the earlier drinking hour and all, ya know!
LOL
Some of us may be here because we didn't get into all that filing stuff.
Just saying...
Der Fish

I expect there are many 'innocent victims' out there in the world.

The child of an American living anywhere in the world whose parent thought they were doing the right thing by getting the child a passport early in life.
That child may never have set foot on American soil - may not even speak English. Could give a good G-Damn about the US.

Furthermore that child may be 40+ yrs old by now and might be successful...... and never filed a US return.

If I read the new rules right - the IRS wants their pound of cash now..... and a $10,000 fine.

If you think forfeiting your passport is option - I'm not sure it is.
I thin k you need to come clean - fine , taxes and THEN, the gov't will release you.

I look forward to hearing if this is true..... anybody?
 

Criss Colon

Platinum
Jan 2, 2002
21,843
191
0
38
yahoomail.com
I don't care how long it takes you to file,just be sure to FILE,and PAY your USA taxes!!!!!!!!!!!!!!!!!!!!!!!!
I NEED YOUR MONEY!!!!
And "ThankYou",for me,and my entire family!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"Social Security" is a wonderful "Entitlement", not to mention my "Veterans Benefits"!!!!!!!!!!!!!
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
40,964
936
113
It is a very dark period in AmeriKa. Dark and sad. The people are becoming slaves to a ravenous gubmint.

Interesting article here:

Special Report: Tax time pushes some Americans to take a hike

1800 giving up their citizenship. Big number.Wouldn't surprise me if this isn't based on just the "now" but based more on what the future in the US looks like.I've also read between 150,000 and 250,000 Brits leave the UK permanently every year. That's quite the brain drain...
 

Criss Colon

Platinum
Jan 2, 2002
21,843
191
0
38
yahoomail.com
All depends upon "Who Leaves"???????????????????????????
Let me do the selection,and the "IQ" in the USA would skyrocket!
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
Chip alone,by leaving,moved the number up several percentage points!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
The DR's number went up about 20 % after my kids were born!!!!
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
113
It is a very dark period in AmeriKa. Dark and sad. The people are becoming slaves to a ravenous gubmint.

Interesting article here:

Special Report: Tax time pushes some Americans to take a hike

1800 giving up their citizenship. Big number.Wouldn't surprise me if this isn't based on just the "now" but based more on what the future in the US looks like.I've also read between 150,000 and 250,000 Brits leave the UK permanently every year. That's quite the brain drain...

Thats what I was referring to....

The asset management firm that I use WILL NOT ACCEPT any US clients, similar to the banks in your article.

Its a bit about the money, but the onerous reporting is what scares people and companies.

In truth, its astounding that the US thinks it can demand bank information from non-American spouses.
Absolutely dumbfounding to me..... and arrogant.
 

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
40,964
936
113
In truth, its astounding that the US thinks it can demand bank information from non-American spouses.

Absolutely dumbfounding to me..... and arrogant.
Oh, agree fully. I keep spirits up in hopes the American people see where the country is headed and do a 180.

The tail is wagging the dog...
 

pi2

Banned
Oct 12, 2011
961
0
0
All that extra revenue. US will be able to give far more in foreign aid also build another aircraft carrier. Doesn,t give much aid at present.

pi2
 

Criss Colon

Platinum
Jan 2, 2002
21,843
191
0
38
yahoomail.com
I guess I HAVE to say it:
The USA gives more in aid than any country on Earth,and that is "per capita".
All that "money" comes from the "Fruits Of Our Labour",that means "Work",we learned how to "work for a living" from the "Brits",who have now sadly put that behind themselves.
Aircraft carriers are really "Cool",but I think you get more,"Muslims For Your "Buck" with unmanned "Drones"!
Give'm "Hellfire Missiles",not F18s,much cheaper,no potencial loss of American "War Heroes"!
CCCCCCCCCCCCCCCCCC
 

pi2

Banned
Oct 12, 2011
961
0
0
US is No. 19 just ahead of greece. Ad much goes to Israel.
Obama has cut US aid by 20% but the aid to israel remains the same about $ 3 billion. Such a shame - there are so many starving people in Israel and so many houses and schools need to be built.

US aid to Israel to remain intact in 2012 - Israel News, Ynetnews

US aid to Haiti 1/2 billion 2011.

Israel has 7.7 millio population - Hait 8.5 million.

So let the US raise taxes however it can and raise aid to countries that need it the most.

pi2
 

jaguarbob

Bronze
Mar 2, 2004
1,427
60
48
"Serious" is a good word.......

There was discussion about this in an earlier thread. Does anyone know if DR is actually reporting info to the IRS?


yes they are,and asking for copy of ss number as well..for any fairly large trransactions.
bob
 
Jan 9, 2004
10,898
2,226
113
US is No. 19 just ahead of greece. Ad much goes to Israel.
Obama has cut US aid by 20% but the aid to israel remains the same about $ 3 billion. Such a shame - there are so many starving people in Israel and so many houses and schools need to be built.

US aid to Israel to remain intact in 2012 - Israel News, Ynetnews

US aid to Haiti 1/2 billion 2011.

Israel has 7.7 millio population - Hait 8.5 million.

So let the US raise taxes however it can and raise aid to countries that need it the most.

pi2



A very cheap shot and nothing to back it up.

Normally I am non-plussed over posts like these...and I, like Voltaire, will always defend your right to speak your mind....but I further reserve my right to rebut.

By all but the most obscure measurements, I presume you can come with some statistics to back up your statement, the US is the largest provider of Aid hands down. Just for the record, Aid does not just come in direct contributions to individual countries. It also comes in the form of protection, as in NATO etc. It comes in the form of the IMF, to which the US funds 17% of the IMF budget....we are its largest contributor. We also fund the World Bank/IDB/USAID and provide countless funding to NGO's that do work in other countries.....that is not counted in the statistics.

We provide aid to countries that share our interests....and I make no apologies for that. Additionally, we supply aid to countless countries that may not necessarily be our allies....but through misfortune or otherwise need our help. We literally re-built Germany and Japan via the Marshall Plan etc., after we defeated both in WWII. We have provided food to North Korea, Cuba, etc. We do what we can, with what we have....nothing more nothing less.

You want us to raise more taxes to give our wealth away. You clearly do not understand the American psyche. We fought a Revolution over taxes with the British Empire. Being anti-tax is in the DNA of most Americans....but our generosity is without question.

We have just come through the the worst economic downturn since the Great Depression and our recovery is still fragile. Yet, now we are providing Aid to the Eurozone in the form of currency swaps in an attempt to keep the financial problems in Greece from spreading to Portugal, Italy, and Spain.

Who and when we provide Aid to is our buisiness, but rest assured on a dollar for dollar basis, this is the most generous country on the planet, and I challenge you to provide apples to apples facts otherwise.


Respectfully,
Playacaribe2
 
Last edited:

hammerdown

Bronze
Apr 29, 2005
1,466
107
63
US is No. 19 just ahead of greece. Ad much goes to Israel.
Obama has cut US aid by 20% but the aid to israel remains the same about $ 3 billion. Such a shame - there are so many starving people in Israel and so many houses and schools need to be built.

US aid to Israel to remain intact in 2012 - Israel News, Ynetnews

US aid to Haiti 1/2 billion 2011.

Israel has 7.7 millio population - Hait 8.5 million.

So let the US raise taxes however it can and raise aid to countries that need it the most.

pi2


Sorry to rain on this stupid quote, the US is #1 in GROSS $$$$ given to charity, the second country France gives LESS THAN HALF of what the US gives......and if you look at the numbers, the #2 and 3 countries combined don't give what the US does per year.....so why don't you get your dam country to PONY up dude
 

Criss Colon

Platinum
Jan 2, 2002
21,843
191
0
38
yahoomail.com
I have figures from April this year.
USA,30 billion USD
Germany is second,with 14 billion USD.
I guess france's economy is not what it was before.
CCCCCCCCCCCCCCCCCCCCCCCCC
 

pi2

Banned
Oct 12, 2011
961
0
0
I have figures from April this year.
USA,30 billion USD
Germany is second,with 14 billion USD.
I guess france's economy is not what it was before.
CCCCCCCCCCCCCCCCCCCCCCCCC

USA 3+ billion to Israel. US vastly superior natural resources and farmland , much greater population, much greater GNI.
Plus it is not cutting aid!
pi2