Americans Giving Up Passports Jump Sixfold as Tougher Rules Loom

[CarlosAndSveta 808]

Damn Carlos if you want to point out that a construction manager can be mistaken about taxes from 8 years ago...you win. OK? I am not offering to be Karee's tax accountant. I was offering the possibility that a US citizen can make a lot of money overseas, tax free, and without renouncing citizenship. I think Karee gets the point. I think he will leave the exact tax code stuff to his accountant.

But if it helps Carlos...

Before moving yourself or your family overseas to take a job, consult a tax professional.

I think Karee mentions he did that and converetd a tax lein into a $5500 refund. Maybe you didn't read that part. So that you can sleep better...I was NOT the person that did Karee's taxes and got him the refund.

I am not worried about Karee's taxes. I had to comment because of your "foreign bonuses are non-taxable" statement. I would be more worried about your taxes since I think you probably didn't report the foreign bonuses on your tax returns. Why else would you think they weren't taxable unless you actually didn't report them on your tax returns.

[Gary and Alla 3,694]

I am not worried about Karee's taxes. I had to comment because of your "foreign bonuses are non-taxable" statement. I would be more worried about your taxes since I think you probably didn't report the foreign bonuses on your tax returns. Why else would you think they weren't taxable unless you actually didn't report them on your tax returns.

It was 2004-2005. I usually don't assume such details to be an indication of criminal behavior People sometimes lose exact details after 8 years...none of which are relevent to the topic of earning money overseas without surrendering US citizenship.. But thanks for your concern, Carlos. I'm not too worried about it. You should probably not be either. That's why I post in public forums, if I make a mistake others can correct it.

Thanks.

[Darnell 8,479]

I dunno - I paid a lot o tax in the UK, both corporate and personal, from 2005 till current. I sold my stake in the firm two weeks ago, and have moved the funds to an account on Mersey. It's legal, for the UK, and I don't care about the USA taxation bit of it, unless I move it out of Mersey.

Which, of course, I have no intention on doing ...

Am I a tax cheat? uhm... Nope.

[CarlosAndSveta 808]

It was 2004-2005. I usually don't assume such details to be an indication of criminal behavior People sometimes lose exact details after 8 years...none of which are relevent to the topic of earning money overseas without surrendering US citizenship.. But thanks for your concern, Carlos. I'm not too worried about it. You should probably not be either. That's why I post in public forums, if I make a mistake others can correct it.

Thanks.

As an IRS Agent it is my job to look for people like you who think nothing of not properly reporting their income on their tax returns. I did not mention criminal behavior, you did.

[CarlosAndSveta 808]

I dunno - I paid a lot o tax in the UK, both corporate and personal, from 2005 till current. I sold my stake in the firm two weeks ago, and have moved the funds to an account on Mersey. It's legal, for the UK, and I don't care about the USA taxation bit of it, unless I move it out of Mersey.

Which, of course, I have no intention on doing ...

Am I a tax cheat? uhm... Nope.

If you sold your stake in the foreign investment then you probably have a transaction that needs to be reported on your 2013 U.S. Income Tax return. You should consult a tax professional if you don't already have one.

Edited August 18, 2013 by CarlosAndSveta

[Gary and Alla 3,694]

Thank you Carlos.

Edited August 18, 2013 by Gary and Alla

[Karee 4,191]

You should consult a tax professional if you don't already have one.

What a racket. People shouldn't have to pay someone to figure out how much they have to pay the U.S. govt. I can't think of another instance where I need to consult (pay) someone to figure out how much I owe someone else. The fact that their is even an occupation called "tax professional" is a clear indication something is wrong with the tax laws in the U.S.

[Gary and Alla 3,694]

What a racket. People shouldn't have to pay someone to figure out how much they have to pay the U.S. govt. I can't think of another instance where I need to consult (pay) someone to figure out how much I owe someone else. The fact that their is even an occupation called "tax professional" is a clear indication something is wrong with the tax laws in the U.S.

FAIR TAX would eliminate most of that.