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Search: Posts Made By: Cook_County
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Forum: USA
Jul 31st 2022, 11:22 am
Replies: 25
Views: 1,168
Posted By Cook_County

Re: Green card holder moving back to UK, questions about 401k, ss and taxes

A lump sum distribution from a US qualified plan is solely taxed by the US, rather than the UK. You will therefore want to decide if you want to take periodic payments or - alternatively - a lump...
Forum: USA
Mar 13th 2022, 6:02 pm
Replies: 9
Views: 886
Posted By Cook_County

Re: UK SIPP investment question

Great question. The 1992 PFIC Regulations say that death creates a charge for PFICs. To be exact: Prop. Treas. Reg. Section 1.1291-3(b)(2), 57 Fed. Reg. 11029 (Apr. 1, 1992). You'd have to figure...
Forum: USA
Mar 12th 2022, 9:08 am
Replies: 9
Views: 886
Posted By Cook_County

Re: UK SIPP investment question

The rollover will be reported on the pension line of Form 1040 for the year of the transfer. Both pension plans will be reported on Form 8938. Both pension plans will also be reported on an FBAR. ...
Forum: USA
Jan 20th 2022, 7:47 pm
Replies: 5
Views: 981
Posted By Cook_County

Re: Filing US taxes for the first time help needed

Most (but not all) tax professionals would report the foreign rental activity on Form 8858 and on a Foreign Branch Form 1116. You may want to check if any software chosen supports these forms.
Forum: USA
Jan 20th 2022, 7:45 pm
Replies: 6
Views: 1,056
Posted By Cook_County

Re: Fbar and ISA question

If the ISA is invested in PFICs, you have possibly overlooked annual PFIC reporting. The official SDOP will most likely be the lowest cost method of catching up.
Forum: USA
Sep 22nd 2021, 8:52 am
Replies: 13
Views: 1,054
Posted By Cook_County

Re: Rental funds from UK home - transferred directly to US

Generally speaking, the rental activity results in a loss in the US once depreciation & mortgage interest are claimed. The UK does not allow these items, but would give you a personal allowance...
Forum: USA
Jul 21st 2021, 11:40 am
Replies: 12
Views: 515
Posted By Cook_County

Re: Professional Indemnity Insurance

It is unclear why the income is not taxed in the United States. It is entirely performed in the United States.
Forum: USA
Jul 10th 2021, 10:12 am
Replies: 13
Views: 1,117
Posted By Cook_County

Re: Income/Capital Gains from UK Estate

Congress decided that the penalty for not filing an 8938 is $10,000 per form. Personally I'd file to reduce risk. It takes 5 minutes to complete an 8938; filing Form 8938 is the cautious approach.
Forum: USA
Jul 7th 2021, 7:36 pm
Replies: 13
Views: 1,117
Posted By Cook_County

Re: Income/Capital Gains from UK Estate

This is clear from the official instructions to Form 8938. Form 8938 is required for each year from the year of death until the estate is closed.
Forum: USA
Jul 7th 2021, 11:19 am
Replies: 13
Views: 1,117
Posted By Cook_County

Re: Income/Capital Gains from UK Estate

The estate is a specified foreign financial asset and will be reported by you on Form 8938. Distributions from the foreign estate are reported on Form 3520.
Forum: USA
Jun 29th 2021, 1:33 pm
Replies: 7
Views: 812
Posted By Cook_County

Re: Power of Attorney

Financial accounts outside the US where a US person only has signature authority but not beneficial ownership are reported on an FBAR, but not on Form 8938.
Forum: USA
Jun 29th 2021, 1:31 pm
Replies: 4
Views: 667
Posted By Cook_County

Re: Inheritance Tax

A US resident, green card holder or citizen would report the estate on Form 8938. Distributions over $100,000 are reported on Form 3520. The UK does not have (currently) a recipient based IHT...
Forum: USA
Jun 26th 2021, 8:27 am
Replies: 1
Views: 1,073
Posted By Cook_County

Re: UK SIPPS and US reporting

I think you are wise to be prudent. No-one thinks that Rev Proc 2020-17 applies to any UK pension plans at all. This is a current article on the position:...
Forum: USA
Jun 23rd 2021, 7:03 am
Replies: 3
Views: 697
Posted By Cook_County

Re: Renounced Executor

The estate will be reported by you on your own Form 8938. Distributions over $100,000 will be reported by you on Form 3520. I see no harm in reporting financial accounts on an FBAR given that you had...
Forum: USA
Jun 6th 2021, 9:45 am
Replies: 5
Views: 1,073
Posted By Cook_County

Re: Tax advice after selling property in UK

You'll file a UK NRCGT return within 30 days of sale, plus a self-assessment return after 5 April. In the US, you'd have reported the estate on Form 8938 and any distributions from the estate on Form...
Forum: USA
May 25th 2021, 6:42 am
Replies: 7
Views: 812
Posted By Cook_County

Re: Power of Attorney

You'd simply report all their accounts on your FBAR each year, which is an extra few minutes of paperwork.
Forum: USA
Apr 26th 2021, 7:27 am
Replies: 5
Views: 540
Posted By Cook_County

Re: US Tax return for minimal interest

Did you have a US visa in 2020? If not, the income is exempt from US tax under US domestic law. You would of course report it in the UK.
Forum: USA
Apr 17th 2021, 8:35 am
Replies: 5
Views: 1,025
Posted By Cook_County

Re: Uk Tax... Please help !

You are required to file annual UK self-assessment tax returns each year reporting income & expenses. You will also be reporting the income and claiming the same expenses - plus depreciation - each...
Forum: USA
Apr 11th 2021, 7:34 pm
Replies: 7
Views: 760
Posted By Cook_County

Re: FIRPTA - Recent Experience ?

Nothing conflicting. The buyer sends a cheque to the IRS. It is the buyer's responsibility to withhold.
Forum: USA
Apr 10th 2021, 9:01 am
Replies: 7
Views: 760
Posted By Cook_County

Re: FIRPTA - Recent Experience ?

FIRPTA is the buyer's responsibility. It is generally easier to let the buyer send the 15% to the IRS and to reclaim any overpaid US tax from the IRS in 2022 when the 2021 US tax return is filed. You...
Forum: USA
Apr 4th 2021, 7:17 am
Forum: USA
Mar 16th 2021, 8:05 pm
Replies: 7
Views: 979
Posted By Cook_County

Re: Inheritance Tax Planning - California GC with UK Parents

A foreign estate is reported on Form 8938. A distribution from a foreign estate is reported on Form 3520. FBARs and Form 8938 may separately be relevant.
Forum: USA
Feb 27th 2021, 5:14 pm
Replies: 8
Views: 915
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, 7:18 am
Replies: 8
Views: 915
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, 7:48 am
Replies: 17
Views: 2,864
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.
Showing results 1 to 25 of 852
 


 
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