Big Tax bills for US residents with UK mutual funds
#1
Big Tax bills for US residents with UK mutual funds
I thought I'd post again as this might be an issue for people. If you are a US
resident for tax purposes and own UK mutual funds (termed PFICs by the IRS)
there are nasty tax implications, involving a min of 35% tax on gains and interest charges for each year the gains go unreported. Something people should check out.
resident for tax purposes and own UK mutual funds (termed PFICs by the IRS)
there are nasty tax implications, involving a min of 35% tax on gains and interest charges for each year the gains go unreported. Something people should check out.
#2
Re: Big Tax bills for US residents with UK mutual funds
Originally Posted by nun
I thought I'd post again as this might be an issue for people. If you are a US
resident for tax purposes and own UK mutual funds (termed PFICs by the IRS)
there are nasty tax implications, involving a min of 35% tax on gains and interest charges for each year the gains go unreported. Something people should check out.
resident for tax purposes and own UK mutual funds (termed PFICs by the IRS)
there are nasty tax implications, involving a min of 35% tax on gains and interest charges for each year the gains go unreported. Something people should check out.
#3
Re: Big Tax bills for US residents with UK mutual funds
Originally Posted by nun
Is this a non-issue, either nobody owns any unit trusts etc back in the UK or its a well known fact about how the IRS taxes them. Also if you've had a green card for a few years you'll have to file IRS forms even when you go back to the UK and the IRS will impose the same tax on any unit trusts you buy in the UK. I was amazed when I learned this.
#4
Re: Big Tax bills for US residents with UK mutual funds
Originally Posted by nun
Is this a non-issue, either nobody owns any unit trusts etc back in the UK or its a well known fact about how the IRS taxes them. Also if you've had a green card for a few years you'll have to file IRS forms even when you go back to the UK and the IRS will impose the same tax on any unit trusts you buy in the UK. I was amazed when I learned this.
#5
Re: Big Tax bills for US residents with UK mutual funds
Originally Posted by Ray
Will you stop talking to yourself ............its a worry ..
#6
Re: Big Tax bills for US residents with UK mutual funds
Originally Posted by nun
Also if you've had a green card for a few years you'll have to file IRS forms even when you go back to the UK
#7
Account Closed
Joined: Mar 2004
Posts: 2
Re: Big Tax bills for US residents with UK mutual funds
Originally Posted by dbark
How many years? I thought that rule just applied to US citizens.