US taxes for dual citizens - consequences ? - Page 117

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US taxes for dual citizens - consequences ? - Page 117


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  #1161 (permalink)  
Old 12th January 2012, 04:11 AM
Peg Peg is offline
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Quote:
Originally Posted by Mach7 View Post
Renouncing US citizenship is paperwork in itself, and if you have been a US citizen for eight years or more you are still subject to reporting requirements for ten years, but they are even more obscure so you end up in a worse situation.

What do you mean by this statement? I thought that as long as we were 5 or 6 years tax compliant with the IRS we could relinquish/renounce.

Am I to understand that we are still attached to this Mafia for an additional 4 years?
Isn't that only applicable to someone renouncing for tax reasons and with a net worth above a certain level?

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  #1162 (permalink)  
Old 12th January 2012, 04:25 AM
nobledreamer
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[QUOTE=Peg;689730]I need a term for that look on an expat or expat spouse's face when they first hear of FBAR, FATCA and IRS requirements...QUOTE]

Let's have some fun for a change and take suggestions for coming up with one!

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  #1163 (permalink)  
Old 12th January 2012, 04:28 AM
nobledreamer
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Quote:
Originally Posted by Mach7 View Post
Renouncing US citizenship is paperwork in itself, and if you have been a US citizen for eight years or more you are still subject to reporting requirements for ten years, but they are even more obscure so you end up in a worse situation.

What do you mean by this statement? I thought that as long as we were 5 or 6 years tax compliant with the IRS we could relinquish/renounce.

Am I to understand that we are still attached to this Mafia for an additional 4 years?
I believe that comment was made by the first person to respond to the article "Steve" and that he simply is wrong.

I have absolutely no clue where he gets this "8 year" idea but no one who renounces on or after June 16, 2008 is subject to any 10-year requirement.
As I understand it, the whole point of the expatriation tax is to replace the previous business of continuing to file for 10 years.

And you can renounce whether you are tax compliant or not. The issue is whether you want to have the non-compliance hanging over your head, possibly interferring with travel, etc. But there is nothing to interfere with renouncing if you have not filed.

Fortunately for us, they have yet to fix this loophole (Congress, that is). More than a few of this fear this will be a result of this continuing mess......

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