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Thread: More Americans give up citizenship

  1. #1
    Para aquí para acá Jonh's Avatar
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    Default More Americans give up citizenship

    The number of expatriates renouncing their US citizenship surged in the second quarter of 2013, compared with the same period the year before - 1,131 cases to 189 in 2012. It's still a small proportion of the estimated six million Americans abroad, but it's a significant rise.

    The article speculates it's because foreign banks now have to report to the IRS any assets over $50k owned by US citizens living abroad.

    http://www.bbc.co.uk/news/magazine-24135021

  2. #2
    Viejo del Foro Just Plain John Wayne's Avatar
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    Default Re: More Americans give up citizenship

    Quote Originally Posted by Jonh View Post
    The number of expatriates renouncing their US citizenship surged in the second quarter of 2013, compared with the same period the year before - 1,131 cases to 189 in 2012. It's still a small proportion of the estimated six million Americans abroad, but it's a significant rise.

    The article speculates it's because foreign banks now have to report to the IRS any assets over $50k owned by US citizens living abroad.

    http://www.bbc.co.uk/news/magazine-24135021
    This got me tickled.... They have always had to file tax returns and disclose foreign accounts on a form called the FUBAR, (I take it ya'll know what that means)... I got some crap from my book sales at AMAZON and have to reply by Oct 25 I think it is.. I haven't sold enough books to feed a sick Cat for a year.... But I must comply according to them...
    To be called a "Has Been" I must surmise, is much Greater than to be called a "Nevah Been"... JW...



  3. #3
    Viejo del Foro Just Plain John Wayne's Avatar
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    Default Re: More Americans give up citizenship

    FUBAR means "Effed Up Beyond All Repair"... I am good tempted to put the price of the book to FREE and let them get "Effed Up Beyond All Repair" without me...
    To be called a "Has Been" I must surmise, is much Greater than to be called a "Nevah Been"... JW...



  4. #4
    Viejo del Foro Just Plain John Wayne's Avatar
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    Default Re: More Americans give up citizenship

    FUBAR means "Effed Up Beyond All Repair"... I am good tempted to put the price of the book to FREE and let them get "Effed Up Beyond All Repair" without me...
    To be called a "Has Been" I must surmise, is much Greater than to be called a "Nevah Been"... JW...



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    Default Re: More Americans give up citizenship

    Quote Originally Posted by Just Plain John Wayne View Post
    This got me tickled.... They have always had to file tax returns and disclose foreign accounts on a form called the FUBAR, (I take it ya'll know what that means)... I got some crap from my book sales at AMAZON and have to reply by Oct 25 I think it is.. I haven't sold enough books to feed a sick Cat for a year.... But I must comply according to them...
    You are lucky - I think you missed the bus FBAR Form TD F 90-22.1 for total foreign bank balances of more than $10K was due June 30th IN Detroit.
    Easy to file online though but you gotta use IE - Firefox does not work. Only the US government would do that and they don't warn you unless you ask about the FF problem!
    Probably don't need Form 8938 - $50K/$75K bank balance & up depending...

    Worldwide income & self employment taxes due August 15 (with 4 month extension) so unless you got another extension you missed that bus too.
    You are the only person (except me) that I have heard about that is chicken enough to file the foreign bank & income stuff if there was no 1099 from the states.
    Big brother may be starting to watch these things after the Swiss banking thing.

  6. #6
    The Bard of Jinotega MizBrown's Avatar
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    Default Re: More Americans give up citizenship

    Quote Originally Posted by JohnS View Post
    Worldwide income & self employment taxes due August 15 (with 4 month extension) so unless you got another extension you missed that bus too.
    You are the only person (except me) that I have heard about that is chicken enough to file the foreign bank & income stuff if there was no 1099 from the states.
    Big brother may be starting to watch these things after the Swiss banking thing.
    As I understand it, self-employment taxes are on anything $500 US or over. Otherwise, no money is owed, even if they want the tax form.

  7. #7

    Default Re: More Americans give up citizenship

    Quote Originally Posted by Just Plain John Wayne View Post
    This got me tickled.... They have always had to file tax returns and disclose foreign accounts on a form called the FUBAR, (I take it ya'll know what that means)... I got some crap from my book sales at AMAZON and have to reply by Oct 25 I think it is.. I haven't sold enough books to feed a sick Cat for a year.... But I must comply according to them...
    If you don't get the FUBAR form in on time, I believe you have to file a SNAFU extension.

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