Contact UsIf I am an expatriate living outside of the United States, will my foreign assets to be subject to U.S. taxation?
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Tax Professional Answers
Dan Gordon
Let me ask you, are your US assets subject to taxation, no with the exception of property tax. Income is what is taxed! No matter how many millions you have in assets abroad if the assets do not generate an income there is not really any tax. This is "Income Tax."
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194 weeks ago
John Richardson
1. Taxation of income from your remaining “non-U.S. assets”
You will be shocked to find that many of your “foreign assets” will be subject to particularly punitive U.S. taxation.
2. Reporting of your “non-U.S. assets”
If you are moving to America, you are moving from another country. You will very likely retain financial assets and bank accounts in that country. From a U.S. perspective, these assets are “foreign” and therefore a “fertile ground” for taxation and penalties.
Read the entire post: www.taxconnections.com/taxblog/coming-to-america-welcome-to-the-land-of-fbars/
Leave a Comment
193 weeks ago
You will be shocked to find that many of your “foreign assets” will be subject to particularly punitive U.S. taxation.
2. Reporting of your “non-U.S. assets”
If you are moving to America, you are moving from another country. You will very likely retain financial assets and bank accounts in that country. From a U.S. perspective, these assets are “foreign” and therefore a “fertile ground” for taxation and penalties.
Read the entire post: www.taxconnections.com/taxblog/coming-to-america-welcome-to-the-land-of-fbars/