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Where Taxpayers and Advisers Meet

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by DavidTreitel
Sat Jun 06, 2020 6:55 pm
Forum: International Tax
Topic: Move to UK - IB account
Replies: 3
Views: 846

Re: Move to UK - IB account

The ETFs are inevitably going to be invested in non-UK reporting funds; which are not obvious choices for a UK resident. HMRC kindly list all reporting funds here: https://www.gov.uk/government/publications/offshore-funds-list-of-reporting-funds
by DavidTreitel
Mon Jun 01, 2020 8:52 am
Forum: Capital Gains Tax, CGT
Topic: Capital Gains Tax on sale of rental property in Calfornia
Replies: 2
Views: 657

Re: Capital Gains Tax on sale of rental property in Calfornia

Dave - it is rare, very rare that it is helpful for a US citizen in the UK to elect to claim the remittance basis. For Federal, California and UK tax purposes there is a step-up in basis as at the date of death. Consequently the gain in all 3 jurisdictions is calculated only from the date of death. ...
by DavidTreitel
Sun May 03, 2020 8:23 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance Tax
Replies: 2
Views: 468

Re: Inheritance Tax

Sorry to hear of your loss. From a US perspective you now own an interest in a foreign estate. Until the estate is distributed to you, you will report this each year to the IRS on Form 8938. Should you receive more than US$100,000 you will additionally file Form 3520 with the IRS. If you have signat...
by DavidTreitel
Sat Apr 25, 2020 10:48 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: tax on usa IRA accounts???
Replies: 3
Views: 14933

Re: tax on usa IRA accounts???

The expiry of a green card has no effect on US tax. Hopefully you are filing annual US income tax returns reporting worldwide income and gains each year. Should you ever wish to abandon the green card it would be helpful to read further beforehand about US expatriation tax rules.
by DavidTreitel
Sat Apr 25, 2020 10:45 am
Forum: Property Taxation
Topic: IRS Form 5472
Replies: 2
Views: 683

Re: IRS Form 5472

In addition to 5472 filing, there is Form 1040NR filing and you'll want to decide if you wish to make the net election. If you are UK resident I would be as concerned about timely UK corporation tax filing. A US domestic LLC is usually an unconventional entity choice for a UK resident because the tw...
by DavidTreitel
Fri Feb 28, 2020 10:02 am
Forum: International Tax
Topic: Need Help - UK TAX for USA Citizen (Dual Residency)
Replies: 2
Views: 604

Re: Need Help - UK TAX for USA Citizen (Dual Residency)

James - assuming you do not work - even remotely - while in the UK and have no other source of UK income you could claim to be solely a treaty resident of the United States and potentially owe no UK tax. In practice if you can reduce just a little your planned time in the UK to fewer than 183 days i...
by DavidTreitel
Thu Feb 27, 2020 9:41 pm
Forum: Income Tax
Topic: Tax Residency
Replies: 8
Views: 728

Re: Tax Residency

My apologies if I was not clear. The advice part is the first part of my reply. Most folks would use the official IRS Streamlined Foreign Offshore Procedures (SFOP) to catch up. https://www.irs.gov/individuals/international-taxpayers/u-s-taxpayers-residing-outside-the-united-states
by DavidTreitel
Wed Feb 26, 2020 10:18 am
Forum: Income Tax
Topic: Tax Residency
Replies: 8
Views: 728

Re: Tax Residency

Great question. Most folks would use the official IRS Streamlined Foreign Offshore Procedures (SFOP) to catch up. https://www.irs.gov/individuals/international-taxpayers/u-s-taxpayers-residing-outside-the-united-states. We have successfully filed many, many hundreds of returns through these procedur...
by DavidTreitel
Tue Feb 25, 2020 9:42 am
Forum: Income Tax
Topic: Help me calculate my rental income for the 2019-2020 tax year.
Replies: 1
Views: 367

Re: Help me calculate my rental income for the 2019-2020 tax year.

Damiano - From a UK perspective you each report your respective share of the rental income after expenses such as insurance, gas safety checks, agents fees, legal fees etc. At present - as EU citizens - you are each entitled to the UK personal allowance. From a US perspective, as no tax was paid to ...
by DavidTreitel
Thu Feb 20, 2020 11:46 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Pension Beneficiary Distributions
Replies: 1
Views: 674

Re: Pension Beneficiary Distributions

From a US perspective your father's estate was a specified foreign financial asset, reportable to the IRS on Form 8938 while it was in administration. Was this filed? Form 3520 is required if the inheritance was over $100,000. The pension income is all reportable in the US because you are all US cit...

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