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Search: Posts Made By: Cook_County
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Forum: USA
Mar 6th 2020, 8:33 am
Replies: 15
Views: 2,027
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, 8:45 am
Replies: 11
Views: 901
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, 5:02 pm
Replies: 6
Views: 676
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, 7:09 am
Replies: 8
Views: 784
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, 7:05 am
Replies: 27
Views: 2,792
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, 12:06 pm
Replies: 8
Views: 784
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, 5:11 pm
Replies: 8
Views: 784
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, 9:38 am
Replies: 7
Views: 842
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, 8:24 am
Replies: 4
Views: 693
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, 1:58 pm
Replies: 16
Views: 1,896
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, 8:34 am
Replies: 16
Views: 1,896
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, 7:10 am
Replies: 24
Views: 1,568
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, 4:21 pm
Replies: 27
Views: 2,792
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, 6:15 pm
Replies: 3
Views: 365
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, 9:13 am
Replies: 5
Views: 595
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, 7:06 am
Replies: 2
Views: 617
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, 4:43 pm
Replies: 27
Views: 2,792
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.
Forum: USA
Jan 22nd 2020, 7:18 am
Replies: 10
Views: 733
Posted By Cook_County

Re: Re-active old SSN?

Her SSN will be on her most recent US tax return.
Forum: USA
Jan 13th 2020, 4:37 pm
Replies: 27
Views: 2,792
Posted By Cook_County

Re: US Tax Returns

I doubt that TurboTax will support Form 8858 to report so-called "Foreign Branch" operations in relation to the rental property. You may decide you want professional advice.
Forum: USA
Jan 9th 2020, 7:01 am
Replies: 11
Views: 911
Posted By Cook_County

Re: Options for buying basic 'mutual funds' in the UK

You obviously won't want to buy any UK unit trusts/ ETFS/ OEICs/investment trusts because of the PFIC rules. If you file Form 8938 with the IRS do remember to report the foreign estate as a financial...
Forum: USA
Dec 12th 2019, 6:59 am
Replies: 4
Views: 977
Posted By Cook_County

Re: 6 figure Inheritance money transferred from UK

The UK estate is a specified foreign financial asset whilst it is in administration. You'd report this asset on Form 8938. The distribution from the estate is reportable on Form 3520. If the...
Forum: USA
Dec 10th 2019, 6:37 am
Replies: 2
Views: 598
Posted By Cook_County

Re: Selling an investment being held in the UK

If it is a "fund" the US tax payable is going to be 40% to 50% of the gain since you inherited the fund, because of the US PFIC rules. Have you been declaring the investment on your FBAR, Form 8938...
Forum: USA
Dec 8th 2019, 8:18 am
Replies: 4
Views: 613
Posted By Cook_County

Re: Double taxation of SIPP in USA?

As a green card holder you'll be reporting the SIPP on your annual tax return on Schedule B, Part III, on Form 8938 and on your FBAR. Assuming you are cautious you'll also file Form 3520 and a...
Forum: USA
Dec 7th 2019, 8:14 am
Replies: 4
Views: 613
Posted By Cook_County

Re: Double taxation of SIPP in USA?

What kind of US visa will you have, as this will have an impact on any tax reporting.
Forum: USA
Dec 2nd 2019, 7:20 am
Replies: 8
Views: 1,218
Posted By Cook_County

Re: Moving to US early next year - UK Mortgage and Property

It is unclear what you mean by an investment due in 5 years time. Most UK based investments do not have any form of US tax deferral and may be highly taxed by the United States.

If you daughter...
Showing results 1 to 25 of 822
 


 
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