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12-25-2015, 08:18 AM
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#21
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 4,872
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 Quote:
Originally Posted by Sunset
While that is the general principle, it does not really work all that well in practice so a person should expect to be double taxed on a small bit of the income.
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Well there might be some tax free items in one country that will be taxed in the other, but the assumption should be that you will pay the higher of the two tax bills.
__________________
“So we beat on, boats against the current, borne back ceaselessly into the past.”
Current AA: 75% Equity Funds / 15% Bonds / 5% Stable Value /2% Cash / 3% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
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12-25-2015, 08:20 AM
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#22
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 4,872
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Quote:
Originally Posted by bmcgonig
Without auditing you and looking at airline tickets or whatever, how do they know you have been there for 183 days. In fact how so they even know you're there at all? They don't seem to track me when I enter, I.e., stamping my passport etc.
Sent from my iPad using Early Retirement Forum
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Tax fraud is a serious crime. If you are resident in a country it is your responsibility to comply with the tax law, just like it's up to you to file as a US citizen.
__________________
“So we beat on, boats against the current, borne back ceaselessly into the past.”
Current AA: 75% Equity Funds / 15% Bonds / 5% Stable Value /2% Cash / 3% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
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12-25-2015, 12:22 PM
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#23
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 7,677
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Quote:
Originally Posted by nun
Tax fraud is a serious crime. If you are resident in a country it is your responsibility to comply with the tax law, just like it's up to you to file as a US citizen.
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I should mention that this only applies to US citizens. Those of us from other countries are free. We pay taxes where we choose to live.
__________________
For the fun of it...Keith
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12-25-2015, 12:36 PM
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#24
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 4,872
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Quote:
Originally Posted by kcowan
I should mention that this only applies to US citizens. Those of us from other countries are free. We pay taxes where we choose to live.
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The US is strange in that is taxes based on income sources, residency and citizenship. Other countries don't tax based in citizenship. However, you can easily have tax liabilities in multiple places depending on your residency and the source of your income.
__________________
“So we beat on, boats against the current, borne back ceaselessly into the past.”
Current AA: 75% Equity Funds / 15% Bonds / 5% Stable Value /2% Cash / 3% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
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12-25-2015, 12:57 PM
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#25
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 7,677
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Quote:
Originally Posted by nun
The US is strange in that is taxes based on income sources, residency and citizenship. Other countries don't tax based in citizenship. However, you can easily have tax liabilities in multiple places depending on your residency and the source of your income.
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Yes but if you avoid having assets in the US, life is much simpler. It is only the US that cares about such things. In 2002, we decided to avoid the US entirely for snowbirding, and we have been proven right in that decision. Even we never imagined how bad it could be!
(And the US does not only tax on citizenship or residency. It taxes on anyone who can be classified as a "US Person" which goes well beyond citizenship or residency! Only country in the world to do it so far. I hope it stays that way!)
__________________
For the fun of it...Keith
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12-26-2015, 01:11 PM
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#26
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 4,872
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The grasp of the IRS is larger than most tax authorities and I agree that if you are not a US citizen it's best to remove non retirement assets from the US once you become an NRA. How you deal with retirement assets will depend on the relevant tax treaty and the details of the accounts.
Unfortunately the OP is a US/Irish dual citizen and so will have to deal with the two tax systems.
__________________
“So we beat on, boats against the current, borne back ceaselessly into the past.”
Current AA: 75% Equity Funds / 15% Bonds / 5% Stable Value /2% Cash / 3% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
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12-26-2015, 03:46 PM
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#27
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Confused about dryer sheets
Join Date: Dec 2015
Location: New York City
Posts: 8
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nun,
Yeah, I would need to deal with both authorities. I may need to speak with an expert in Dublin (?). I will check with a relative or two to see what techniques can be used while playing within the rules.
Still open to thoughts.
Thanks.
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