Tag Archive for #Americansabroad

Part 9 – Understanding “Exit Taxes”

For #Americansabroad: US “citizenship taxation” is “death by a thousand cuts”, but the S. 877A Exit Tax is “death by the guillotine”.

1995 – The origins of the S. 877A Exit Tax –
Video of House Oversight Committee (see video below).

This testimony in this video covers a number of perspectives. It includes a consideration of whether the S. 877A rules are a “human rights violation”. This video should be watched in its entirety. It illustrates the viciousness of the Exit Tax and the attitude of the Clinton administration. There is a suggestion that the purpose of the S. 877A rules was to “keep people from leaving”. If you find any testimony or questions that address the problems of “Americans Abroad”, please leave a comment describing the speaker, time Read more

Part 7 – Understanding “Exit Taxes”

Why 2015 is a good year for many #Americansabroad to relinquish US citizenship – It’s the “Exchange Rate”

The purpose of my series of posts on the S. 877A “Exit Tax” has been to explain how the tax actually works. I have provided actual examples. The results have been enlightening and have demonstrated how arbitrary the results have been. In “Part 5” of this series you will find the actual examples and draft tax returns. I provided examples of how much the S. 877A “Exit Tax” could be. The examples were based on one consistent set of financial circumstances and demonstrated how that one set of financial circumstances would apply to five different people. We learned that there were wide variations in the amount of the “Exit Tax” payable. A person who was a “dual citizen” from birth may have paid on “Exit Tax” of $0.00. A person who was born Read more

The Problem of #Americansabroad And Ownership of Non-U.S. Real Estate

Prologue:  Tweet by Citizenship Lawyer – @expatriationLaw – Video:  Carrick Talks Money: The tax issues facing Americans who sell Canadian homes – No tax free capital gain

If (U.S. Person) then (Mr. #FBAR Ms. #PFIC and Uncle #FATCA) = Few investment and financial planning opportunities).

Yes, it’s true. There are only three things that Americans abroad can “invest in” that do not Read more

The Problem of #Americansabroad And Non-U.S. Mutual Funds Explained With Example

This Blog Post on TaxConnections is an effort to respond in a practical way to the questions that people have. Please watch my presentation at the Internet Tax Summit to learn more.

“I Really Wish I Could Do Retirement Planning Like A “Normal” Person. But, I’m an American Abroad. I hear I can’t Invest in Mutual funds in my Country of Residence.

The “Coming into U.S. Tax Compliance Book” is designed to provide an overview of how to bring some sanity to your life.

My Assumptions: This discussion assumes without deciding, that non-U.S. mutual funds are PFICs AKA “Passive Foreign Investment Corporations”. Although a clear majority of Read more