US Citizens Overseas Taxation & Reporting Requirements

[andrewfi]

I do not speak German. I am sorry that you do not have a decent command of English. Sorry, I can't help you there.

However, I am always happy to learn. So, what of the info I presented above is incorrect?

[Omega1982]

Any foreign account held by an American over 10,000 usd must be declared. 

There's an American expat that runs a business doing just that. 

His name is Andrew Henderson.  He has homes in Malaysia, Montenegro and Colombia. 

He helps seven figure entrepreneurs legally reduce their taxes by going offshore. 

He mentions it in one of his videos.  But I had also read about it somewhere else. 

His business is called Nomad Capitalist 

[andrewfi]

Omega, you're tying yourself up in knots. Probably because, as you told us, you don't understand English very well.

You clearly were too lazy to read the link I shared that specifically mentioned the $10k you are bleating about.

Go read my post. See what I was writing about. Consult a dictionary to understand the basic English words I use and that are used in the link I supplied to aid you.

You'll see, when you trouble yourself to read, that you're arguing with yourself.

I cannot discuss your lack of understanding or sloth. But you can increase your understanding and rejoin at any time.

[Omega1982]

If I'm not fluent in English then in what language did you and I communicate when we met in Estonia in 2015? 

Oh that's right, I forgot, our meeting was entirely in Russian because we're both fluent in Russian. 

[Omega1982]

Filling out a tax return, where mandated, is not the same as needing to pay tax. I'd suggest that most USAians living abroad have no tax liability for earnings outside of the United States.

FATCA is an obtrusive piece if legislation that makes the lives of emigree USAians more tough than it needs to be. Again, individuals living outside of the United States only complete a return if they have assets outside the USA with a value of $200k or more.

So, for most emigree USAians FATCA and income reporting is a non-issue.

Here is where you incorrectly state 200k when the true number is 10k. 

And yes covid will go away in a matter of weeks.

[Steveboy]

I think if I was an American moving to another country all this nonsense is would be the very last thing on my mind..

Just sit tight cos in a few more years the US will be probably moving to Russia anyway..

https://dinosaurpictures.org/ancient-earth#500

[andrewfi]

If I'm not fluent in English then in what language did you and I communicate when we met in Estonia in 2015? 

Oh that's right, I forgot, our meeting was entirely in Russian because we're both fluent in Russian.

I can only make a judgement and opinion based upon what you say or do. If you think I was writing in German up thread as you suggested then there is clearly an issue with your English language skills.

Your memory is faulty because, although you were talking twaddle back then, you were using the English language to the best of your abilities. Don't bluster and bullshit - it makes you look small and you don't have the skills to carry it off successfully.

With regard to your inability to understand what you read, a native English speaker with decent command of written English would understand that I was referring to a standard tax return completed by overseas earning expats. As you would have seen, had you read/understood the link I shared which went into greater detail than my posts, the reporting of foreign assets where necessary is a separate matter. I will not play stupid games with you.

Look, you can be a twat if you want. That's your call, you have form, continue at will. Please do not expect me to operate at your level. I do not and will not fly as low as you clearly prefer to do. If you do not understand something don't get combative, ask a question. Remember that I am not a tax expert, I already made that point. If you think you might be required, as a tourist, to fill in forms and declare assets or income then get expert advice from somebody paid to work at your level.

As a final point, very, very few USAians living and earning abroad as expats will be above the trigger level for reporting of any kind. They do not earn enough money and do not acquire foreign assets to the required levels. Wages are already reported as part of your tax return where required and most people tend to spend what they earn. If I were a USAian earning overseas I'd be taking action to reduce my reporting footprint and that's not hard to do.

Go find somebody else to try to split hairs with. I suggest Lying Moby might be a more fruitful companion than I for that.

[AvHdB]

Andrew, Just an observation, you were wrong admit it and move on. There will be no rust on your amour. Av

[dcguyusa]

If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside.

If you are a U.S. citizen or resident alien (including a green card holder) and you live in a foreign country, mail your U.S. tax return to:

Department of the Treasury
Internal Revenue Service Center
Austin, TX 73301-0215
USA

https://www.irs.gov/individuals/international-taxpayers/us-citizens-and-resident-aliens-abroad

I believe Foreign earned income is reported on Form 2555.  Publication 54 provides more information.  You use Form 1040 and not Form 1040NR (for aliens who are earning income in this country).  The current mailing address replaces the Philadelphia address after the closure of the return processing at that location.  By 2024, the Texas location will also shut down return processing and will be redirected to one of the two remaining locations in the country.

As the saying goes,  "pay up you deadbeat".      
 

[Omega1982]

If I'm not fluent in English then in what language did you and I communicate when we met in Estonia in 2015? 

Oh that's right, I forgot, our meeting was entirely in Russian because we're both fluent in Russian.

I can only make a judgement and opinion based upon what you say or do. If you think I was writing in German up thread as you suggested then there is clearly an issue with your English language skills.

Your memory is faulty because, although you were talking twaddle back then, you were using the English language to the best of your abilities. Don't bluster and bullshit - it makes you look small and you don't have the skills to carry it off successfully.

With regard to your inability to understand what you read, a native English speaker with decent command of written English would understand that I was referring to a standard tax return completed by overseas earning expats. As you would have seen, had you read/understood the link I shared which went into greater detail than my posts, the reporting of foreign assets where necessary is a separate matter. I will not play stupid games with you.

Look, you can be a twat if you want. That's your call, you have form, continue at will. Please do not expect me to operate at your level. I do not and will not fly as low as you clearly prefer to do. If you do not understand something don't get combative, ask a question. Remember that I am not a tax expert, I already made that point. If you think you might be required, as a tourist, to fill in forms and declare assets or income then get expert advice from somebody paid to work at your level.

As a final point, very, very few USAians living and earning abroad as expats will be above the trigger level for reporting of any kind. They do not earn enough money and do not acquire foreign assets to the required levels. Wages are already reported as part of your tax return where required and most people tend to spend what they earn. If I were a USAian earning overseas I'd be taking action to reduce my reporting footprint and that's not hard to do.

Go find somebody else to try to split hairs with. I suggest Lying Moby might be a more fruitful companion than I for that.

This is why this forum is condemned to failure.  If captain Smith does not steer the ship to a correct course, well we know there are icebergs out there.  Insults and inaccurate information have become the norm. 

[BillyB]

I've read Andrew's postings for 14 years. Andrew is always insulting those he feels threaten by or disagrees with. He will take this behavior to the grave. Can't teach an old dog new tricks.

[Contrarian]

I tend to disagree.

Andrew makes a lot of great posts. Sometimes we agree and other times not as much. However it might be boring if we all agreed.

Take audio. Andrew is very happy with a new purchase and I ended up being blunt and saying I probably would never buy what he bought.

So what?

Omega you seem to get your feelings hurt sometimes. Don't take it too seriously.