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Search: Posts Made By: Cook_County
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Forum: USA
Jun 22nd 2019, 7:49 pm
Replies: 12
Views: 829
Posted By Cook_County

Re: British/American family wanting to move to San Diego

As you moving from a high tax country to a high tax State there may be some pre-immigration tax planning to consider, depending on the assets you own.
Forum: USA
Jun 17th 2019, 7:43 am
Replies: 1
Views: 379
Posted By Cook_County

Re: Foreign property taxes

The rental income & expenses would have been reported each year to the IRS on Schedule E. If your US returns have been incomplete, most folks would use the IRS SDOP - Streamlined Domestic Offshore...
Forum: USA
Jun 4th 2019, 3:16 pm
Replies: 39
Views: 5,188
Posted By Cook_County

Re: Relocating to NYC. Renting home in UK

There are several options; the figure of US$26,000 is not going to be the only possible outcome. Case law on this is complex; you might wish to instruct a different adviser who can run through all...
Forum: USA
Jun 4th 2019, 12:13 pm
Replies: 54
Views: 4,377
Posted By Cook_County

Re: Divorce and UK pre-marriage assets... Help!

Have you been declaring the UK savings and private pension plan on an FBAR and Form 8938 each year? If not the SDOP is the cheapest way to solve any omissions. Given that your US tax returns are...
Forum: USA
May 16th 2019, 4:10 pm
Replies: 4
Views: 564
Posted By Cook_County

Re: USA born dual citizen in UK - how can I find a lost social security number?

Alicia - it is the same number you have used every year to file your US tax returns & FBARs. The US Embassy in London will be able to assist.
Forum: USA
Apr 24th 2019, 6:38 pm
Replies: 9
Views: 792
Posted By Cook_County

Re: USA / UK TAX Treaty Changes

If this was a lump sum distribution and you are a non-resident alien it is only taxed in the US. In terms of the rental income you are either paying US tax at 30% on gross income or - alternatively -...
Forum: USA
Apr 17th 2019, 7:49 am
Replies: 25
Views: 886
Posted By Cook_County

Re: 2018 Taxes - Which form to declare foreign mortgage

While the interest can be deducted, if you repaid any of the capital you will separately want to calculate if there were any US taxable foreign currency gains to report.
Forum: USA
Apr 11th 2019, 4:36 pm
Replies: 29
Views: 2,068
Posted By Cook_County

Re: Completed transfer out of my UK Defined Pension Scheme

You'd report the distribution on your 1040. You'd report both pension plans on the 8938. You would file an 8833 to argue that the distribution is not US taxable. You'd report the SIPP on the FBAR....
Forum: USA
Apr 5th 2019, 6:44 am
Replies: 6
Views: 446
Posted By Cook_County

Re: Referral for Form 3520 help?

My sincere apologies for confusing you I had meant to type foreign nongrantor trust in my previous reply.
Forum: USA
Apr 4th 2019, 7:52 pm
Replies: 6
Views: 446
Posted By Cook_County

Re: Referral for Form 3520 help?

Sounds like a foreign grantor trust to me. Will the trustees assist with the 3520?
Forum: USA
Apr 4th 2019, 6:52 am
Replies: 6
Views: 446
Posted By Cook_County

Re: Referral for Form 3520 help?

This almost certainly requires re-doing the trust accounting for US tax purposes back to the day the trust was created; followed by preparation of Form 3520. There are only a few larger...
Forum: USA
Apr 3rd 2019, 7:29 am
Replies: 4
Views: 335
Posted By Cook_County

Re: Tax Advisor/Preparer Recommendation?

As you'll need to file in the UK as a non-resident you may wish to use the same tax professional to handle both your UK and US tax returns.
Forum: USA
Apr 2nd 2019, 7:35 am
Replies: 20
Views: 1,223
Posted By Cook_County

Re: 2018 taxes

The only US tax form that asks this I know of is Form 2555. The question is not new though. Which IRS form are you thinking of?
Forum: USA
Apr 1st 2019, 5:29 pm
Replies: 23
Views: 1,120
Posted By Cook_County

Re: Pension/Trust

https://talk.uk-yankee.com/index.php?topic=96109.0
Forum: USA
Apr 1st 2019, 4:40 pm
Replies: 4
Views: 312
Posted By Cook_County

Re: SIPP and forms 3520A and 3520

You are describing an entity that sounds 100% like a foreign grantor trust.
Forum: USA
Mar 30th 2019, 6:57 pm
Replies: 30
Views: 2,273
Posted By Cook_County

Re: FBAR fubar!!

An FBAR reports many more kinds of accounts than just bank accounts. Have you included all UK income, filed an 8938 (if required) and answered Schedule B, Part III correctly each year?
Forum: USA
Mar 28th 2019, 9:31 pm
Replies: 29
Views: 2,016
Posted By Cook_County

Re: US Tax Question

The 1040 instructions explain where it is reported on a 1040. It is also 8938 and 1116 reportable. If the plan is a foreign grantor trust you'd also report this payment on your Form 3520. If...
Forum: USA
Mar 25th 2019, 1:25 pm
Replies: 12
Views: 599
Posted By Cook_County

Re: UK vs US Tax year alignment

Foreign tax is not apportioned. It is claimed in 2018 if you paid it to HMRC by 31 December 2018.
Forum: USA
Mar 23rd 2019, 4:57 pm
Replies: 15
Views: 764
Posted By Cook_County

Re: US tax filing with US and UK income confusion

As a J-1 visa holder the days in the United States are not counted for the purpose of the substantial presence test. As a non-resident alien you are only subject to US tax on US source income. If...
Forum: USA
Mar 19th 2019, 5:58 pm
Replies: 5
Views: 540
Posted By Cook_County

Re: UK/US Tax understanding

Are you planning to make the section 962 election? https://rsmus.com/what-we-do/services/tax/international-tax-planning/the-section-962-election.html
Forum: USA
Mar 10th 2019, 1:22 pm
Replies: 18
Views: 2,513
Posted By Cook_County

Re: Moving to US Jan 2020. Need advice with finances

Because your US income tax and information returns are delinquent, the lowest risk method would be to use the IRS Streamlined Foreign Offshore Procedures (SFOP) to catch up. I personally think it...
Forum: USA
Mar 8th 2019, 6:31 pm
Replies: 14
Views: 900
Posted By Cook_County

Re: Stocks and Shares ISA

I cannot think of a good reason to hold a PFIC after one becomes a US resident; UNLESS it is standing at a loss and you can use the loss to offset other US taxable income.
Forum: USA
Mar 7th 2019, 7:42 am
Replies: 2
Views: 478
Posted By Cook_County

Re: Year of expatriation tax return (1040NR)

The rate of tax payable on US dividends paid to NRAs is either 30% or 15% if you qualify under a treaty. It is never 0%.
Forum: USA
Mar 5th 2019, 8:47 am
Replies: 14
Views: 900
Posted By Cook_County

Re: Stocks and Shares ISA

From a US reporting perspective, the OEICs you currently hold require annual PFIC reporting on Forms 8621. The ISA accounts are reported on Form 8938 each year. As you mention, the disposal could...
Forum: USA
Mar 3rd 2019, 7:35 am
Replies: 8
Views: 764
Posted By Cook_County

Re: Selling property overseas

From a US perspective you take on the basis of the person who gave it to you; not the market value on the date received. Your share of the gain is taxed at US tax rates; using spot exchange rates for...
Showing results 1 to 25 of 772
 


 
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