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My wife and I live overseas and normally do not file a US tax return because our total taxable income is below the filing threshold. ($25,400 for tax year of 2019). If I want to sell a mutual fund in a taxable brokerage account which results in a capital loss (therefore would not put us over...

Hello A few pages into the 1040 instructions you’ll find a small section titled “who must file”. If you owe no special taxes as they list and have worldwide income of less than 24.4K, you don’t file. The reason is that’s the standard deduction for married filing joint now that eliminated the...

Hi Thanks for the responses. I do believe you are correct but felt better asking As to how we live, we are in a rare tax sweet spot. Sold our overpriced California house in 2015 that was 80% paid off. Then we moved to Malaysia and now Chiang Mai, Thailand and next year we are moving to a...

Hello I'm unsure what forum taxes falls under so if this is an inappropriate question, please advise what forum would be better My wife and I live outside the USA and have filed joint tax returns before we retired in 2015. Because our gross adjusted worldwide income has fallen below the...

Hello I live in Thailand for 18 months and lived in Malaysia for two years before that. I recently voted and now the county I represent in California issued me a jury duty notice. As our current driver's license uses our mailing address in a different state, that's where I received the notice...

That sounds reasonable. Can you definitively and conclusively tell me you know this firom experience or professional experience ? I keep bank statements as back up and it does show the principal and interest at maturity as part of the statement Thanks for the response

Yea we file our FBAR diligently and that has nothing to do with taxes or the IRS. Different topic and FINCEN is a different agency There’s ten million Americans living outside the homeland and all are responsible for reporting worldwide income so clearly the IRS is well versed on foreign...

My question is not regarding US based CD’s. What I’m asking about is foreign issued fixed deposits denominated in a foreign currency and the local bank is not responsible for any IRS tax reporting other than initial FATCA questions when the accounts were opened. The income is exempt from local...

That sounds very reasonable to me. Thanks for your comments and thoughts.

Hello Thanks for the reply. I'm unclear of my tax accounting status but I assume it would be cash. Our situation is not highly complicated and all our US sourced CD's mandate minimum annual interest payments for maturities greater than one year. However, we got the bank in Malaysia to give us a...

Thanks for the reply. The interest in my example is not subject to any local taxes so that doesn't apply to us.

Thanks for the reply Perhaps I worded poorly. I said non USD but meant to imply that I’d convert the local interest figures to USD using the year end average exchange rate set by the treasury. So it sounds like it depends if it’s more or less advantageous for a given tax year if I’m...

Hello I was hoping someone can answer this question. For the purposes of calculating worldwide income, if you own a non-USD denominated fixed deposit with maturity greater than one year that pays interest at maturity, are you supposed to include the annual accrued but unpaid interest in a year...

It costs cash to use an Expat tax guy and with assets and income from four countries I’m never willing to chance it. Yes that would solve the problem but at a nominal cost and I’m trying to keep costs down. We also have tax sheltered assets in canada so I’d rather use a qualified Expat tax...

Hello I'm hoping someone with a similar situation can help. I'm 52, my wife is 46. We retired overseas in 2015 and currently live on savings from the sale of our house. Most of it is invested in CD's in US banks and some is in local currency. We have always filed joint but didn't earn enough...

Hello I was hoping someone might be able to asisst or advise. My wife is an American citizen and we've been filing joint tax returns for 17 years. She has an RRSP worth about $120K CAD. Up until 2015 when we lived in California, we always filed Form 8891 as part of our returns and chose the...