US IRS rules, regulations and laws, for US Citizens, Americans, green card holders, and nonresidents living abroad or moving to the US or out of the US.... valuable information on IRS rules concerning U.S. expatriates and their tax returns, and tax planning.... by an experienced International Tax Attorney
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January 5, 2014
IRS DELAYS 2013 FILING START DATE
December 31, 2013
New Tax Law Changes for 2013
What's New
- $125,000 if married filing separately,
- $250,000 if married filing jointly, or
- $200,000 for any other filing status.
- $125,000 if married filing separately,
- $250,000 if married filing jointly or qualifying widow(er), or
- $200,000 if any other filing status.
- $150,000 if married filing separately,
- $250,000 if single,
- $275,000 if head of household, or
- $300,000 if any other filing status.
- $150,000 if married filing separately,
- $250,000 if single,
- $275,000 if head of household, or
- $300,000 if any other filing status.
December 24, 2013
2013. IRS MEDICARE TAX ON INVESTMENT INCOME EXPLAINED
December 18, 2013
Expats - IRS Finally Tries to Make It Easier for You to Find Answer`
Topics covered run from Alien Departure Permits to Working Abroad. If you need further help email us at ddnelson@gmail.com or visit our website at www.TaxMeLess. where many of these complex tax issues are simplified.
The latest expat and international developments are immediately posted at our blog: www.usexpatriate.blogspot.com
What to do when you have an undisclosed foreign account
December 17, 2013
What is Correct FBAR Statute of Limitations? 6 years or ???
You still may not be safe after six years. Closing the foreign account and not filing could make things worse! Read more below:
http://www.forbes.com/sites/robertwood/2013/12/17/whats-the-fbar-statute-of-limitations/
December 16, 2013
12 Countries to Exchange Taxpayer Info With IRS
See list of countries and details of agreements below
http://mobile.businessweek.com/news/2013-12-16/12-agreements-signed-to-help-u-dot-s-dot-fight-offshore-evasion-taxes
December 15, 2013
US EXPAT ARE STILL SUBJECT TO ESTATE & GIFT TAXES
Read below. As an expat you must include your assets everywhere in the world. Gifts include those made abroad. Green card holders living abroad are not covered by these rules and will owe US estate taxes on US based assets exceeding $60,000 in total value.
http://www.timesdispatch.com/business/investment/time-to-check-the-list-for-financial-and-estate-planning/article_d9aa1b36-595b-5072-8360-5fe54d0dacab.html?mode=jqm
December 12, 2013
2014- Four Estate Planning Tips You Need to Know
December 4, 2013
What To Do When Your Foreign Banks Asks Questions
December 3, 2013
IRS COLLECTING PENALTIES FOR LATE FILED FORMS 5471- INFORMATION REPORTS ON FOREIGN CORPORATIONS
Read more in article from Accounting Today. http://www.accountingtoday.com/news/IRS-Gets-Better-Assessing-Penalties-Late-Reporting-Foreign-Corporations-68888-1.html
December 2, 2013
US Signs FATCA Agreements With Cayman Islands, Costa Rica
November 25, 2013
CANADIAN BANKS WILL HELP US IRS NAIL TAX CHEATS
November 17, 2013
What does Green card and Citizenship surrender have to do with it? Tina Turner Knows
In the past many months we have assisted and advised over one hundred US Citizens or Green Card holder surrender their US status which also relieves them of having to file any future US tax returns. The
hardest part is that you must first acquire citizenship in another country. It is a two part process with part one involving the US State Department and part two involving the IRS.
If you live abroad, and have dual citizenship and want to learn more, email me at ddnelson@gmail.com
Read More in Forbes about Surrendering your US Status
November 12, 2013
Hunt for US Tax Evaders Widens
From USA TODAY Hunt for offshore tax evaders widens Feds expand hunt for offshore tax evaders http://usat.ly/1cleDlK
November 7, 2013
Penalty for failure to get health insurance
November 6, 2013
IRS BASIC TAX GUIDE FOR US GREEN CARD HOLDERS & PERMANENT RESIDENTS
purposes.
If you are a Green Card holder or permanent resident and need help with your income taxes or with respect to the dual status tax return and Form 8854 which may be due when you surrender it, we can help. We have helped in excess of one hundred clients do so to date. Email us at ddnelson@gmail.com or visit our website at www.taxmeless.com.
Current Status of Opting Out of IRS Voluntary Offshore Disclosure Program
November 3, 2013
US Nonresidents Purchasing US Investment Property- IRS Tax Rules
The Good Tax News:
- No restrictions on US nonresidents investing in US rental properties. Nonresidents income tax on the investment is the same as that paid by US residents if they make the proper election to have the rental treated as doing business in the US.
- Residential rentals are depreciated over a 27.5 year period. You must allocated the purchase price between the building (which can be depreciated) and the land which cannot be depreciated. The depreciation taken each year reduces your taxable income from the property.
- You must file form 1040NR with the IRS each year and a state income tax return if the property is located in a state with income taxes (which is most likely).
- If you wish to sell your original rental and trade into another one you are eligible to do so tax free if you qualify under the IRC 1031 tax free exchange rules. The new rental must still be located in the US. You cannot tax free exchange into a rental property outside of the US.
- If the nonresident dies while owning the property the fair market value of the property will be subject to US estate tax to the extent it exceeds $60,000. However, the property will then have a new stepped up basis for US income tax purposes equal to the fair market value on the estate tax return. There are ownership methods using foreign trusts or corporations which can be used to avoid the estate tax.