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Forum: USA
Sep 4th 2019, 3:40 pm
Replies: 5
Views: 873
Posted By theOAP

Re: Becoming dual US/UK citizenship - property tax implications?

Let's try this one more time.

The OP asked "what is the tax implications when selling a house in the U.K in the future when dual nationality? ". Unfortunately, the OP did not specify whether they...
Forum: USA
Aug 28th 2019, 4:01 pm
Replies: 5
Views: 873
Posted By theOAP

Re: Becoming dual US/UK citizenship - property tax implications?

Simple question, but no simple answers.

The most simplistic and therefore incomplete answers are:

For UK tax, provided the house meets the requirements as a main residence, currently, there is...
Aug 27th 2019, 3:44 pm
Replies: 4
Views: 872
Posted By theOAP

Re: UK banks problematic for US citizens

There was a follow-up to this story on the BBC this morning (27/08/2019) on the Victoria Derbyshire Show. If you can get the BBC Iplayer, it's at 46:50.

Renunciation costs ~£2,000. If there is a...
Aug 3rd 2019, 9:19 pm
Replies: 7
Views: 594
Posted By theOAP

Re: Skill set needed to file your own taxes

If you wish, HMRC will do all the calculations. You simply provide the basic figures. I use this method myself, but since calculation of UK tax is generally very simple, I have a separate spreadsheet...
Forum: USA
Aug 1st 2019, 5:15 pm
Replies: 4
Views: 792
Posted By theOAP

Re: Exit Tax

A long-term resident is someone who: "is a lawful permanent resident of the United States in at least 8 taxable years during the period of 15 taxable years ending with the taxable year during which...
Forum: USA
Jul 18th 2019, 8:57 am
Replies: 11
Views: 1,626
Posted By theOAP

Re: Returned to UK five years ago; IRS have sent a final notice

Agreed.

An IRS issued notice will arrive by snail mail. Any notification via a phone call or Email should be treated with suspicion. Unfortunately, the OP does not say how they were notified. It...
Forum: USA
Jul 17th 2019, 9:52 pm
Replies: 11
Views: 1,626
Posted By theOAP

Re: Returned to UK five years ago; IRS have sent a final notice

@ Bertd
First, approach this as a business transaction gone wrong, and try not to panic.

I've not used a UK tax advisor for US tax, but I have used one of the following three for UK tax. They are...
Jul 13th 2019, 7:32 pm
Replies: 3
Views: 887
Posted By theOAP

Re: Expat Tax -

In this particular situation, they do take your word for it.

The first page of your 1040 will give your local address (street, town) and the important bit is the additional Schedule 6, Foreign...
Forum: USA
Jul 4th 2019, 4:33 pm
Replies: 1,632
Views: 354,747
Posted By theOAP

Re: UK state pension and USA social security

Do you have any UK pensions other than the UK State Pension? Are all contributions to the UK State Pension made by voluntary contributions (Class 2 from US), or are there a number of contributing...
Forum: USA
Apr 1st 2019, 7:18 am
Replies: 30
Views: 2,893
Posted By theOAP

Re: FBAR fubar!!

LISA? Close, but not quite.
Forum: USA
Mar 31st 2019, 10:53 am
Replies: 30
Views: 2,893
Posted By theOAP

Re: FBAR fubar!!

According to the link you provided in reply #2, the First Time Abatement only applies to 1 year.

"FTA only applies to one tax year/period. If a request for penalty relief is being considered for...
Forum: USA
Mar 30th 2019, 6:21 pm
Replies: 30
Views: 2,893
Posted By theOAP

Re: FBAR fubar!!

Have you been tax resident in the US for all 9 years? If so and you wish to correct those years, you would use the Streamlined Offshore Domestic Procedures.
...
Forum: USA
Mar 30th 2019, 10:17 am
Replies: 30
Views: 2,893
Posted By theOAP

Re: FBAR fubar!!

The post is slightly confusing. Have you neglected to file the FBAR only or have you also neglected to declare interest from UK bank accounts on the 1040(s)?

Either way, FBAR correction is simple....
Forum: USA
Mar 26th 2019, 9:27 pm
Replies: 29
Views: 2,193
Posted By theOAP

Re: US Tax Question

You may well be under the threshold for filing 8938, but let's word your situation correctly. :)

If you are filing MFJ, and if you are resident in the US, and if the only foreign assets/accounts...
Forum: USA
Mar 26th 2019, 5:42 pm
Replies: 29
Views: 2,193
Posted By theOAP

Re: US Tax Question

For the books, and no other reason than general knowledge, a foreign pension is non-qualified deferred compensation. The non-qualified bit is a killer.

IRS reporting and foreign pensions are like...
Forum: USA
Mar 26th 2019, 2:02 pm
Replies: 29
Views: 2,193
Posted By theOAP

Re: US Tax Question

If an FBAR was filed, and there was no interest on foreign accounts to report, then, IMO, it might be best to let sleeping dogs lie. If you want to do a belt and braces by filing a 1040X, you could,...
Forum: USA
Mar 25th 2019, 4:35 pm
Replies: 29
Views: 2,193
Posted By theOAP

Re: US Tax Question

If you have a foreign (non-US) bank/building society/and lots other types of foreign accounts, you complete Part III of Schedule B no matter what, including if there is no interest paid. Instead of...
Forum: USA
Mar 15th 2019, 10:25 pm
Replies: 34
Views: 3,361
Posted By theOAP

Re: Tax Filing - Exchange Rates

Like you, I have multiple (6) foreign pensions (to the US) paid into my UK bank account. Some months it's on 5 different days, and other months it's 3 or 4 different days. Since they are all paid...
Forum: USA
Mar 15th 2019, 8:07 pm
Replies: 34
Views: 3,361
Posted By theOAP

Re: Tax Filing - Exchange Rates

As with most IRS information, one has to read it carefully. Published IRS information consistently contradicts itself.

The key statement:
"The Internal Revenue Service has no official exchange...
Forum: USA
Mar 14th 2019, 6:17 pm
Replies: 9
Views: 963
Posted By theOAP

Re: Voluntary National Insurance Contribution Record

I agree.


These may help:
Information for government employees (WEP and GPO)
https://www.ssa.gov/planners/retire/gpo-wep.html

WEP fact sheet (See page 1, Some exceptions)...
Forum: USA
Mar 14th 2019, 6:07 pm
Replies: 12
Views: 1,053
Posted By theOAP

Re: FBAR

In a recent survey of ~10,000 US expats living abroad (using international CPAs):
62% paid $500 or more for return preparation.
Only 38% paid less than $500.
31% paid $1,000 or more for return...
Forum: USA
Mar 13th 2019, 4:37 pm
Replies: 9
Views: 963
Posted By theOAP

Re: Voluntary National Insurance Contribution Record

You may want to give this some extra consideration.

If the work was performed in the UK, Class 2 (and Class 4) NICs paid during periods of self-employment was obligatory, not voluntary, and is...
Mar 6th 2019, 8:48 pm
Replies: 10
Views: 540
Posted By theOAP

Re: Cash ISA's

Slow down, you're panicking.

The above link is for Streamlined filing. Streamlined is primarily for people who haven't filed any return. (SEE EDIT BELOW.) I trust you have been filing tax returns,...
Mar 6th 2019, 6:58 pm
Replies: 10
Views: 540
Posted By theOAP

Re: Cash ISA's

They should be listed as income on line 4a of the new 2018 1040. Line 4a is for the gross amount, and line 4b, the taxable amount, can be used to offset any basis you may have in the private...
Mar 6th 2019, 6:38 pm
Replies: 10
Views: 540
Posted By theOAP

Re: Cash ISA's

Interest from a cash ISA is reportable income, yearly, on an IRS 1040 tax return, and possibly a State tax return. For the IRS, the amount (converted to $US) is listed in Part I of 1040, Schedule B,...
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