Over 40's Moving Back and Catching Up
Aug 14th 2013, 4:10 am
#8161
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Re: Over 40's Moving Back and Catching Up
Thanks for the Doc Martin, Downton Abbey and Vera info, hopefully we will see them in the New Year.
I do like Broadchurch, we see it on BBC America on Wednesday evenings.
I see Last Tango in Halifax is coming to PBS, Its a great show, I highly reccomend it, PBS has had some great shows recently, I hope it continues.
I do like Broadchurch, we see it on BBC America on Wednesday evenings.
I see Last Tango in Halifax is coming to PBS, Its a great show, I highly reccomend it, PBS has had some great shows recently, I hope it continues.
Aug 14th 2013, 5:56 am
#8162
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Re: Over 40's Moving Back and Catching Up
Thanks for the Doc Martin, Downton Abbey and Vera info, hopefully we will see them in the New Year.
I do like Broadchurch, we see it on BBC America on Wednesday evenings.
I see Last Tango in Halifax is coming to PBS, Its a great show, I highly reccomend it, PBS has had some great shows recently, I hope it continues.
I do like Broadchurch, we see it on BBC America on Wednesday evenings.
I see Last Tango in Halifax is coming to PBS, Its a great show, I highly reccomend it, PBS has had some great shows recently, I hope it continues.
Aug 14th 2013, 6:30 am
#8163
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Re: Over 40's Moving Back and Catching Up
Thanks for the Doc Martin, Downton Abbey and Vera info, hopefully we will see them in the New Year.
I do like Broadchurch, we see it on BBC America on Wednesday evenings.
I see Last Tango in Halifax is coming to PBS, Its a great show, I highly reccomend it, PBS has had some great shows recently, I hope it continues.
I do like Broadchurch, we see it on BBC America on Wednesday evenings.
I see Last Tango in Halifax is coming to PBS, Its a great show, I highly reccomend it, PBS has had some great shows recently, I hope it continues.
+1 for me too. I really enjoyed it .
Aug 14th 2013, 8:05 am
#8164
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Aug 14th 2013, 8:07 am
#8165
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Aug 14th 2013, 9:46 am
#8166
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Re: Over 40's Moving Back and Catching Up
A home is not a reportable account.
http://www.irs.gov/pub/irs-pdf/f90221.pdf
Who Must File an FBAR.
A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.
http://www.irs.gov/PUP/businesses/co...20Taxpayer.pdf
FATCA requires certain U.S. taxpayers who hold foreign financial assets with an aggregate value of more than the reporting threshold to report information about those assets on Form 8938, which must be attached to the taxpayer’s annual income tax return. (Taxpayers living abroad must file a Form 8938 if you must file an income tax return and married filing jointly the total value of your specified foreign financial assets is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year.) (threshold differs according to filing status, including if you live in US and hold financial accounts overseas)
Aug 15th 2013, 1:44 am
#8167
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Re: Over 40's Moving Back and Catching Up
If the money comes from US and goes direct to the purchase of a UK house without touching a bank account then presumably not - but if it first goes into a foreign (non-US) bank account (even for a day) then it appears that FBAR / FATCA would be required if the amount exceeds the thresholds.
A home is not a reportable account.
http://www.irs.gov/pub/irs-pdf/f90221.pdf
Who Must File an FBAR.
A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.
http://www.irs.gov/PUP/businesses/co...20Taxpayer.pdf
FATCA requires certain U.S. taxpayers who hold foreign financial assets with an aggregate value of more than the reporting threshold to report information about those assets on Form 8938, which must be attached to the taxpayer’s annual income tax return. (Taxpayers living abroad must file a Form 8938 if you must file an income tax return and married filing jointly the total value of your specified foreign financial assets is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year.) (threshold differs according to filing status, including if you live in US and hold financial accounts overseas)
A home is not a reportable account.
http://www.irs.gov/pub/irs-pdf/f90221.pdf
Who Must File an FBAR.
A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.
http://www.irs.gov/PUP/businesses/co...20Taxpayer.pdf
FATCA requires certain U.S. taxpayers who hold foreign financial assets with an aggregate value of more than the reporting threshold to report information about those assets on Form 8938, which must be attached to the taxpayer’s annual income tax return. (Taxpayers living abroad must file a Form 8938 if you must file an income tax return and married filing jointly the total value of your specified foreign financial assets is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year.) (threshold differs according to filing status, including if you live in US and hold financial accounts overseas)
original down payment) and I put it in my USA HSBC account and then transfer it to my UK HSBC a/c......are there tax ramifications??
They checked me out with tons of proof (passports, IRS up to date)when I was in NYC for my daughter's wedding in May. The bank told me I just got through by the skin of my teeth as a week later things have become much more difficult. Lucky me (for once).
Aug 15th 2013, 3:02 am
#8168
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Re: Over 40's Moving Back and Catching Up
This is very confusing to me. If my house sells soon and I take a profit of say $200000, (more than 1/2 in
original down payment) and I put it in my USA HSBC account and then transfer it to my UK HSBC a/c......are there tax ramifications??
They checked me out with tons of proof (passports, IRS up to date)when I was in NYC for my daughter's wedding in May. The bank told me I just got through by the skin of my teeth as a week later things have become much more difficult. Lucky me (for once).
original down payment) and I put it in my USA HSBC account and then transfer it to my UK HSBC a/c......are there tax ramifications??
They checked me out with tons of proof (passports, IRS up to date)when I was in NYC for my daughter's wedding in May. The bank told me I just got through by the skin of my teeth as a week later things have become much more difficult. Lucky me (for once).
The IRS is so mixed up and it's not their fault.
Cheers
Aug 15th 2013, 4:45 pm
#8169
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Re: Over 40's Moving Back and Catching Up
Mummy is Conway and Corwyn the same place?
Aug 15th 2013, 8:16 pm
#8170
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Posts: 745
Re: Over 40's Moving Back and Catching Up
This is very confusing to me. If my house sells soon and I take a profit of say $200000, (more than 1/2 in
original down payment) and I put it in my USA HSBC account and then transfer it to my UK HSBC a/c......are there tax ramifications??
They checked me out with tons of proof (passports, IRS up to date)when I was in NYC for my daughter's wedding in May. The bank told me I just got through by the skin of my teeth as a week later things have become much more difficult. Lucky me (for once).
original down payment) and I put it in my USA HSBC account and then transfer it to my UK HSBC a/c......are there tax ramifications??
They checked me out with tons of proof (passports, IRS up to date)when I was in NYC for my daughter's wedding in May. The bank told me I just got through by the skin of my teeth as a week later things have become much more difficult. Lucky me (for once).
These FBAR and FATCA are merely reports to IRS by US citizens to declare that the USC holds overseas financial accounts. (For IRS to track money laundering or tax evasion of those found with a foreign account and not reporting for income tax)
I say merely but there is a requirement to make the report and penalties if a required US person fails to report. (please read IRS documentation for "who must file" and exceptions)
FBAR Example, if someone has equaivalent $200,000 in a UK account then FBAR report is required because account is over $10,000.
FATCA example: If a unmarried individual filing USC lives outside US and has $200,000 maximum in UK account then FATCA report not required because rules are that only report if more than $200,000 at end of tax year or more than $300,000 at any time during the year.
FATCA rules depends where you live and your IRS tax filing status.
Live abroad, Married filing a joint income tax return, then threshold is more than $400,000 at end of tax year or more than $600,000 at any time during the year.
The threshold amounts are less if you live in US and have overseas accounts.
(Threshold amounts can change annually so check IRS for your year)
The reports themselves are not too bad, just all details of your foreign accounts and the need to do them fully, accurately and timely.
Aug 15th 2013, 10:31 pm
#8171
The Kwisatz Haderach
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Location: North Wales
Posts: 8,080
Aug 15th 2013, 10:33 pm
#8172
The Kwisatz Haderach
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Location: North Wales
Posts: 8,080
Re: Over 40's Moving Back and Catching Up
Breath easy. Definately NO TAX $$ or ££ involved in you moving money from US to UK.
These FBAR and FATCA are merely reports to IRS by US citizens to declare that the USC holds overseas financial accounts. (For IRS to track money laundering or tax evasion of those found with a foreign account and not reporting for income tax)
I say merely but there is a requirement to make the report and penalties if a required US person fails to report. (please read IRS documentation for "who must file" and exceptions)
FBAR Example, if someone has equaivalent $200,000 in a UK account then FBAR report is required because account is over $10,000.
FATCA example: If a unmarried individual filing USC lives outside US and has $200,000 maximum in UK account then FATCA report not required because rules are that only report if more than $200,000 at end of tax year or more than $300,000 at any time during the year.
FATCA rules depends where you live and your IRS tax filing status.
Live abroad, Married filing a joint income tax return, then threshold is more than $400,000 at end of tax year or more than $600,000 at any time during the year.
The threshold amounts are less if you live in US and have overseas accounts.
(Threshold amounts can change annually so check IRS for your year)
The reports themselves are not too bad, just all details of your foreign accounts and the need to do them fully, accurately and timely.
These FBAR and FATCA are merely reports to IRS by US citizens to declare that the USC holds overseas financial accounts. (For IRS to track money laundering or tax evasion of those found with a foreign account and not reporting for income tax)
I say merely but there is a requirement to make the report and penalties if a required US person fails to report. (please read IRS documentation for "who must file" and exceptions)
FBAR Example, if someone has equaivalent $200,000 in a UK account then FBAR report is required because account is over $10,000.
FATCA example: If a unmarried individual filing USC lives outside US and has $200,000 maximum in UK account then FATCA report not required because rules are that only report if more than $200,000 at end of tax year or more than $300,000 at any time during the year.
FATCA rules depends where you live and your IRS tax filing status.
Live abroad, Married filing a joint income tax return, then threshold is more than $400,000 at end of tax year or more than $600,000 at any time during the year.
The threshold amounts are less if you live in US and have overseas accounts.
(Threshold amounts can change annually so check IRS for your year)
The reports themselves are not too bad, just all details of your foreign accounts and the need to do them fully, accurately and timely.
Aug 15th 2013, 11:37 pm
#8173
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Aug 15th 2013, 11:39 pm
#8174
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Re: Over 40's Moving Back and Catching Up
We were just talking about the cottages we stayed in this summer and two were very good and two were quite bad. I wish we could give reviews on them.
Cheers
Cheers
Aug 16th 2013, 1:34 am
#8175
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Joined: Jun 2010
Location: Belfast, Northern Ireland UK again!
Posts: 1,085
Re: Over 40's Moving Back and Catching Up
Breath easy. Definately NO TAX $$ or ££ involved in you moving money from US to UK.
These FBAR and FATCA are merely reports to IRS by US citizens to declare that the USC holds overseas financial accounts. (For IRS to track money laundering or tax evasion of those found with a foreign account and not reporting for income tax)
I say merely but there is a requirement to make the report and penalties if a required US person fails to report. (please read IRS documentation for "who must file" and exceptions)
FBAR Example, if someone has equaivalent $200,000 in a UK account then FBAR report is required because account is over $10,000.
FATCA example: If a unmarried individual filing USC lives outside US and has $200,000 maximum in UK account then FATCA report not required because rules are that only report if more than $200,000 at end of tax year or more than $300,000 at any time during the year.
FATCA rules depends where you live and your IRS tax filing status.
Live abroad, Married filing a joint income tax return, then threshold is more than $400,000 at end of tax year or more than $600,000 at any time during the year.
The threshold amounts are less if you live in US and have overseas accounts.
(Threshold amounts can change annually so check IRS for your year)
The reports themselves are not too bad, just all details of your foreign accounts and the need to do them fully, accurately and timely.
These FBAR and FATCA are merely reports to IRS by US citizens to declare that the USC holds overseas financial accounts. (For IRS to track money laundering or tax evasion of those found with a foreign account and not reporting for income tax)
I say merely but there is a requirement to make the report and penalties if a required US person fails to report. (please read IRS documentation for "who must file" and exceptions)
FBAR Example, if someone has equaivalent $200,000 in a UK account then FBAR report is required because account is over $10,000.
FATCA example: If a unmarried individual filing USC lives outside US and has $200,000 maximum in UK account then FATCA report not required because rules are that only report if more than $200,000 at end of tax year or more than $300,000 at any time during the year.
FATCA rules depends where you live and your IRS tax filing status.
Live abroad, Married filing a joint income tax return, then threshold is more than $400,000 at end of tax year or more than $600,000 at any time during the year.
The threshold amounts are less if you live in US and have overseas accounts.
(Threshold amounts can change annually so check IRS for your year)
The reports themselves are not too bad, just all details of your foreign accounts and the need to do them fully, accurately and timely.