British Expats - Taxable Assets?

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British Expats (https://britishexpats.com/forum/)

- USA (https://britishexpats.com/forum/usa-57/)

- - Taxable Assets? (https://britishexpats.com/forum/usa-57/taxable-assets-849857/)

nun	Jan 3rd 2015 1:21 am

Re: Taxable Assets?

Quote:

Originally Posted by brit_usa2014 (Post 11519669)

I am not working here in the USA and like I mentioned in my OP, I co-own 1 property in the UK which is being rented out. My share of income (?) from that property is a lot less than $10,000!

Do you have any investments? I assume that you either have substantial non-earned income or a partner that has income who will be filing separately.

Pulaski

Jan 3rd 2015 1:31 am

Re: Taxable Assets?

Quote:

Originally Posted by nun (Post 11520003)

Do you have any investments? I assume that you either have substantial non-earned income or a partner that has income who will be filing separately.

He's in the US on an H4.

nun	Jan 3rd 2015 1:53 am

Re: Taxable Assets?

Quote:

Originally Posted by Pulaski (Post 11520004)

He's in the US on an H4.

So he should see if it's better to file jointly.....it usually is.

Pulaski

Jan 3rd 2015 2:46 am

Re: Taxable Assets?

Quote:

Originally Posted by nun (Post 11520018)

So he should see if it's better to file jointly.....it usually is.

I suspect that you are right, however to those unfamiliar with the peculiarities of the US tax code, it is not intuitively obvious that you can be financially better off by including income on your US tax return and having it taxed by filing jointly than if you try to avoid having it taxed by filing separately and claiming a standard deduction.

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