US Tax Reform for Ex-Pats

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william webster

Platinum
Jan 16, 2009
30,247
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Back on Track, here

I just spoke with my friend - A Cdn Married to an American , living in Canada for the past 45 yrs.

She is in the process of renouncing her US citizenship........
Not so much because of annual hassle of filing, but according to my friend ( a lawyer) its the death tax where the real payday comes for the USA.

I'm sure someone can add to this point
 
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playacaribe2

Gold
Jan 9, 2004
10,912
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william webster said:
Back on Track, here

I just spoke with my friend - A Cdn Married to an American , living in Canada for the past 45 yrs.

She is in the process of renouncing her US citizenship........
Not so much because of annual hassle of filing, but according to my friend ( a lawyer) its the death tax where the real payday comes for the USA.

I'm sure someone can add to this point
Click to expand...


The death tax rate exemption is now $5 million USD of taxable assets.....well under what most people have for assets....must be some wealthy people. Even with that there are lots of ways to reduce ones taxable estate prior to death.


Respectfully,
Playacaribe2
 
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Timotero

Bronze
Feb 25, 2011
689
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pi2 said:
Europe in total are the largest aid givers on the planet.
USA owes Haiti:

History of US Military, CIA Involvement in Haiti

Why the stupid amount in aid now?

500 million equals 1 dollar a week for each Haitian!

Why is US cutting back aid to the World ( except Israel ) when food prices its farmers receive are near record highs?

pi2
Click to expand...

Just interested, how much do YOU PERSONALLY contribute to charity each year pi2? And how much did you donate to Haitian relief after the earthquake?

Full disclosure: I donate about 10% of my gross income each year. And I gave $150 dollars to the Haitian Relief Fund run by the Red Cross.
 
cobraboy

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
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yabadabadu is a Brit. Maybe he should be more concerned about how charitable the UK is...
 
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CaptnGlenn

Silver
Mar 29, 2010
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with regard to tax preparation... The answer to everyone's woes is TURBO TAX. I LOVE that program. I've been using it since the second year it was offered... long time ago. makes it all so easy. our taxes aren't all that complicated compared to many.. but we do have some stuff to deal with... most of it can be downloaded online right from the banks and the investment firms. The hardest part is pulling all the paperwork together for my Sched. C. digging all those receipts from my various shoe boxes, random McDonald's bags, and floating around the bottoms of my camera cases is a major Pain in the A$$. LOL
 
keepcoming

keepcoming

Moderator - Living & General Stuff
May 25, 2011
4,797
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Unfortunately we needed to file a amended return for 2010 and we did this in July of 2011 and it is still sitting on some examiners desk. IRS tells me it will probably be another 8-10 wks. Agree about Turbo Tax, for those with less complicated tax issues it is the way to go.
 
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Sohrab

New member
Oct 1, 2010
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and beginning this year a single American residing overseas with financial assets of more than $200,000 on Dec. 31, or $300,000 at any point during 2011, must file Form 8938;
"
I am excluded:rambo:
 
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AndyGriffith

New member
Mar 11, 2010
326
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Sohrab said:
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and beginning this year a single American residing overseas with financial assets of more than $200,000 on Dec. 31, or $300,000 at any point during 2011, must file Form 8938;
"
I am excluded:rambo:
Click to expand...

From the NY Times article: "Homes are generally outside the remit of the law"

I wonder what generally means. Probably referring to homes for personal use, but rental income is still included as taxable income.

Main point: Foreign jurisdiction real estate is not included within the definition of "Financial Assets"
 
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