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Search: Posts Made By: Glasgow Girl
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Forum: USA
Jun 20th 2022, 9:41 am
Replies: 5
Views: 384
Posted By Glasgow Girl

Re: FBAR

You can file yourself online for free. If you have all the information it is pretty quick and easy. You can file for the prior 6 years but you should include a short and clear statement as to why you...
Forum: USA
Jun 18th 2022, 8:55 am
Replies: 20
Views: 691
Posted By Glasgow Girl

Re: Transfer Money from UK to USA

I have done it both ways many times. Sums in excess of $10,000 and multiple transfers over consecutive days of amounts not far below $10,000. The latter method when selling assets in batches to...
Forum: USA
Jun 16th 2022, 5:36 pm
Replies: 18
Views: 890
Posted By Glasgow Girl

Re: UK Pensions and WEP

Another good strategy is to minimize any income taxable as ordinary income by deferring pensions, social security and 401K/IRA withdrawals which then provides an opportunity to harvest capital gains...
Forum: USA
Jun 16th 2022, 2:47 pm
Replies: 18
Views: 890
Posted By Glasgow Girl

Re: UK Pensions and WEP

My understanding is that if you cash out an overseas pension for a lump sum when you are already taking your social security then they can impute the pension you would have received had you not ...
Forum: USA
Jun 11th 2022, 5:39 am
Replies: 7
Views: 419
Posted By Glasgow Girl

Re: US to end pre-departure test requirement

Excellent. Currently enjoying La Dolce Vita in Italy and Croatia. I might actually get to come home when I am ready.
Forum: USA
May 25th 2022, 12:25 pm
Replies: 185
Views: 19,563
Posted By Glasgow Girl

Re: Job and life in Boston questions :)

You are in good shape with the foreign currency gain. It is calculated on the amount of the mortgage that is paid off (or refinanced) while you are subject to US taxes. Since there is no mortgage,...
Forum: USA
May 24th 2022, 1:16 pm
Replies: 185
Views: 19,563
Posted By Glasgow Girl

Re: Job and life in Boston questions :)

You can deduct more expenses in the US than the UK and when you combine that with the depreciation that you are required to take, you may find that there is no profit to pay taxes on. That being a...
Forum: USA
May 23rd 2022, 12:29 pm
Replies: 185
Views: 19,563
Posted By Glasgow Girl

Re: Job and life in Boston questions :)

No. You only pay taxes on a foreign currency gain if you sell the property while subject to IRS taxes. Therefore, so long as you are not a US citizen, and not a permanent resident, when you sell you...
Forum: USA
May 19th 2022, 3:04 am
Replies: 62
Views: 4,629
Posted By Glasgow Girl

Re: Moving from UK to LA - should we go for it?

That makes sense, and yes there is large black economy.
Forum: USA
May 19th 2022, 2:47 am
Replies: 18
Views: 1,155
Posted By Glasgow Girl

Re: UK pension question

One further point for the OP, you need 21 additional years to get to the new state pension maximum not the 20 I mentioned earlier. I forgot about the difference between pre and post 2016 years. The...
Forum: USA
May 18th 2022, 10:49 pm
Replies: 62
Views: 4,629
Posted By Glasgow Girl

Re: Moving from UK to LA - should we go for it?

Hmmm….I confess to losing the plot here…..why do we care about the size of the US economy on this post?
Forum: USA
May 18th 2022, 9:31 pm
Replies: 35
Views: 2,061
Posted By Glasgow Girl

Re: Naturalize or remain GC Holder for moving back to UK

Another +1 for doing it yourself. It is very straightforward.
Forum: USA
May 18th 2022, 9:16 pm
Replies: 18
Views: 1,155
Posted By Glasgow Girl

Re: UK pension question

It is correct to say that at least 35 years of NI contributions are required to qualify for the full UK state pension, and sometimes more than 35 years are required if an individual was contracted...
Forum: USA
May 18th 2022, 8:57 pm
Replies: 18
Views: 1,155
Posted By Glasgow Girl

Re: UK pension question

So lots of scenario’s here, driven by taxes and WEP. The biggest impact is WEP, so let’s take that first.

With very few exceptions, all overseas pensions will be subject to WEP. That includes the...
Forum: USA
May 18th 2022, 7:27 pm
Replies: 18
Views: 1,155
Posted By Glasgow Girl

Re: UK pension question

You can do whatever you want, but on balance I might continue on this one, because your civil service pension is likely going to get WEP’d as well. The two issues are therefore likely linked and...
Forum: USA
May 18th 2022, 1:42 pm
Replies: 18
Views: 1,155
Posted By Glasgow Girl

Re: UK pension question

You should absolutely pursue the UK state pension, and make voluntary contributions. Each year you contribute will increase your UK pension by about £5.29 a week at current rates, or £275 a year. You...
Forum: USA
May 16th 2022, 9:25 pm
Replies: 60
Views: 2,225
Posted By Glasgow Girl

Re: Salary deductions

On those salaries you will live reasonably comfortably in Texas and just about get by in Silicon Valley. The higher salary in Silicon Valley will not come anywhere close to making up for the...
Forum: USA
May 16th 2022, 2:07 pm
Replies: 185
Views: 19,563
Posted By Glasgow Girl

Re: Job and life in Boston questions :)

As an expat expect to be looking at about $2,000 a year for first couple of years of car insurance for a standard family car, then it goes down quickly but will always be more than what you are used...
Forum: USA
May 15th 2022, 9:07 pm
Replies: 35
Views: 2,061
Posted By Glasgow Girl

Re: Naturalize or remain GC Holder for moving back to UK

So long as you understand the tax consequences of becoming a US citizen which can be quite onerous even for those living outside the US, on balance I think I would become a citizen before you leave....
Forum: USA
May 15th 2022, 7:10 pm
Replies: 62
Views: 4,629
Posted By Glasgow Girl

Re: Moving from UK to LA - should we go for it?

Reasons to go forward despite the challenges may be to improve your resume? One step back in salary but two forward in future potential? Also, when you get older you rarely regret what you did in...
Forum: USA
May 15th 2022, 5:16 pm
Replies: 62
Views: 4,629
Posted By Glasgow Girl

Re: Moving from UK to LA - should we go for it?

Without getting into the details, the bottom line is you will struggle to do much more than survive in LA if your salary of $90K needs to support both of you. Relying on public transport will be a...
Forum: USA
May 14th 2022, 1:39 pm
Replies: 12
Views: 1,046
Posted By Glasgow Girl

Re: Just moved to US - UK ISA/PFIC rules

From a tax strategy your plan to hold your individual shares and to sell your OEICs outside of your ISA is good. As to retaining the OEICs in your ISA, I understand what you are thinking here. If you...
Forum: USA
May 13th 2022, 11:04 pm
Replies: 12
Views: 1,046
Posted By Glasgow Girl

Re: Just moved to US - UK ISA/PFIC rules

And one more thing, which you are probably already aware of. Make sure you comply with all foreign reporting requirements. For most of us with foreign assets that means FBAR reporting and Form 8621...
Forum: USA
May 13th 2022, 10:47 pm
Replies: 12
Views: 1,046
Posted By Glasgow Girl

Re: Just moved to US - UK ISA/PFIC rules

Thinking about it some more, another strategy may be to sell everything, including the ISA, but keep the ISA proceeds within the ISA and then invest those directly into individual stocks if you are...
Forum: USA
May 13th 2022, 10:40 pm
Replies: 12
Views: 1,046
Posted By Glasgow Girl

Re: Just moved to US - UK ISA/PFIC rules

If you are looking at losses then I think your best bet is to sell everything now. There will be no consequences to incurring a loss but no benefit either. If you choose to, you can quickly reinvest...
Showing results 1 to 25 of 430
 


 
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