Go Back  British Expats > Search Forums
Reload this Page >

Search Results

 
Search: Posts Made By: Cook_County
Showing results 1 to 25 of 830
Search took 0.17 seconds.
Forum: USA
Feb 27th 2021, 6:14 pm
Replies: 8
Views: 540
Posted By Cook_County

Re: TurboTax vs CPA and ITINs

While this was true before 2018, the TJCA changed the law with effect from the 2018 return. A so-called "foreign branch" activity of an individual requires filing of IRS Form 8858 starting from the...
Forum: USA
Feb 27th 2021, 8:18 am
Replies: 8
Views: 540
Posted By Cook_County

Re: TurboTax vs CPA and ITINs

Where you might struggle with TurboTax if it is does not support preparing Form 8858 for the UK rental activity along with a separate Foreign Branch category Form 1116. You'd have been reporting UK...
Forum: USA
Feb 15th 2021, 8:48 am
Replies: 17
Views: 1,470
Posted By Cook_County

Re: Non-resident Alien US tax question

The MoneyFarm investments will all be PFICs requiring numerous IRS Forms 8621 to be prepared and filed each year. I suspect that TurboTax does NOT include or prepare Form 8621 at all.
Forum: USA
Jan 16th 2021, 11:26 am
Replies: 6
Views: 734
Posted By Cook_County

Re: IRS Form 3520, FBAR and 8938

Assuming the assets distributed from the estate during 2020 were over $100,000 a 3520 is required for 2020.
Forum: USA
Jan 16th 2021, 9:20 am
Replies: 6
Views: 734
Posted By Cook_County

Re: IRS Form 3520, FBAR and 8938

For the 8938 - until the assets are distributed to you - the foreign estate is a separate specified foreign financial asset. This is in addition to whatever cash or other financial assets were...
Forum: USA
Dec 20th 2020, 10:20 am
Replies: 4
Views: 1,384
Posted By Cook_County

Re: Totally forgotten, IRS taxing UK state pension

If foreign income or information returns were omitted, the IRS official Streamlined Domestic Procedures exist to enable one to catch up at a relatively modest cost:...
Forum: USA
Nov 19th 2020, 8:55 pm
Replies: 5
Views: 1,387
Posted By Cook_County

Re: Confused about US Capital Gains Tax on UK House Sale

I think from a US perspective there is a non-deductible personal loss. If the property was rented out there is still tax on recapture of depreciation. In the UK a CGT return will be required within...
Forum: USA
Sep 3rd 2020, 9:32 am
Replies: 7
Views: 985
Posted By Cook_County

Re: UK Self assessment/tax software

TaxCalc is usually excellent and widely used.
Forum: USA
Mar 6th 2020, 9:33 am
Replies: 15
Views: 2,622
Posted By Cook_County

Re: Yet Another Pension thread about FBAR and other

You would already have been reporting the pension plan(s) on Form 8938. Most UK pension plans are FBAR reportable. If these obligations were omitted, the SDOP is the cheapest way to deal with any...
Forum: USA
Mar 4th 2020, 9:45 am
Replies: 11
Views: 1,113
Posted By Cook_County

Re: Finance UK/USA help

Premium bonds are reported on an FBAR & 8938 if filing is required. Prizes are taxable income.
Forum: USA
Feb 23rd 2020, 6:02 pm
Replies: 6
Views: 832
Posted By Cook_County

Re: Moving to US and Taxes

You'd continue to report UK bank accounts and pension plans on an FBAR & Form 8938 each year. In practice the tougher issues may come after your death when a US executor tries to deal with probate...
Forum: USA
Feb 13th 2020, 8:09 am
Replies: 8
Views: 1,001
Posted By Cook_County

Re: ...another US TAX question...

Have you been filing 8621s each year since 2017? If not you may wish to use the official SDOP to correct matters:...
Forum: USA
Feb 13th 2020, 8:05 am
Replies: 27
Views: 3,274
Posted By Cook_County

Re: US Tax Returns

The work will mainly be carried out in Bangalore. The tasks offered will be limited to those agreed in PwCs service level agreement with your employer. This may include taking positions that lower...
Forum: USA
Feb 12th 2020, 1:06 pm
Replies: 8
Views: 1,001
Posted By Cook_County

Re: ...another US TAX question...

The official form and instructions will help with the calculations: https://www.irs.gov/forms-pubs/about-form-8621
Forum: USA
Feb 11th 2020, 6:11 pm
Replies: 8
Views: 1,001
Posted By Cook_County

Re: ...another US TAX question...

A UK unit trust is a PFIC. The gain is calculated using Form 8621 and taxed at PFIC tax rates. The gain allocated to prior years is taxed at the highest Federal rate plus an interest charge.
Forum: USA
Feb 9th 2020, 10:38 am
Replies: 7
Views: 909
Posted By Cook_County

Re: fbar for child

Use the delinquent FBAR procedure for your son if needed. Just make sure Grandpa doesn't invest in any PFICs for your son...
Forum: USA
Feb 3rd 2020, 9:24 am
Replies: 4
Views: 764
Posted By Cook_County

Re: US Home Ownership and UK implications

Possible UK inheritance tax on your death. If this is a worry for you and your family you may want to buy additional life insurance to pay the tax.
Forum: USA
Feb 2nd 2020, 2:58 pm
Replies: 16
Views: 2,462
Posted By Cook_County

Re: UK vs US Tax year alignment

It is always prudent to claim foreign tax credits because excess credits carry forward for 10 years. Claiming the credit now might save tax in any of those 10 years.
Forum: USA
Feb 2nd 2020, 9:34 am
Replies: 16
Views: 2,462
Posted By Cook_County

Re: UK vs US Tax year alignment

For 2019 you'll report UK rental income & expenses on Schedule E and Form 8858. You'll claim UK tax paid to HMRC on rental income during 2019, most likely on the passive Form 1116. Because of...
Forum: USA
Feb 1st 2020, 8:10 am
Replies: 24
Views: 1,831
Posted By Cook_County

Re: Taxes: Moved to US on 30th December, do we file separately or jointly?

You can only file jointly if you made two separate elections required under US law. One of these requires signatures in ink, so you cannot file online. Your income pre-arrival presumably includes...
Forum: USA
Jan 31st 2020, 5:21 pm
Replies: 27
Views: 3,274
Posted By Cook_County

Re: US Tax Returns

As far as the ITIN applications are concerned a CAA would be wise.
Forum: USA
Jan 30th 2020, 7:15 pm
Replies: 3
Views: 434
Posted By Cook_County

Re: Transferring US SEP IRA pension to a UK based pension

Kate - it is not possible to transfer from a US qualified plan to a UK registered plan. As you remain a US person, has the UK limited company made a timely check the box election? As you are...
Forum: USA
Jan 30th 2020, 10:13 am
Replies: 5
Views: 755
Posted By Cook_County

Re: Tax - rental income in UK

Neither. Unless the property is a QBU you use the spot rate for the date of purchase. In the US you'll want Schedule E, Form 4562, Form 8852, Form 8858 & Form 1116.
Forum: USA
Jan 28th 2020, 8:06 am
Replies: 2
Views: 769
Posted By Cook_County

Re: Pension reporting to IRS, help!

You will already be completing Schedule B, Part III of the 1040 each year. If you are not, additional comments may be sensible.
Forum: USA
Jan 26th 2020, 5:43 pm
Replies: 27
Views: 3,274
Posted By Cook_County

Re: US Tax Returns

I don't know if TurboTax calculates foreign currency gains on UK mortgages; I doubt it provides Form 8858.
Showing results 1 to 25 of 830
 


 
Forum Jump

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2021 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.