A misleading tax article for US citizens

[theOAP]

Not sure how I found this "Leif Simon" Lief Simon | The Experts, character, but from the introductory stuff, he seems to be saying if you hold foreign real estate in your own name, then it's not reportable.

It appears you can own a vacation home in Monaco, fill the grounds with buried gold bars, and still not have to report any of it on Form 8938.

The reporting question arises as to any income you may have if you decide to rent the home out during the tax year. I've yet to find a definitive answer. The question also remains regarding a mortgage if it's held by a 'Foreign Person', or the issue of joint ownership with a 'Foreign Person'.

Here's a less investment orientated explanation for 8938 (and the only indepth article I've found currently):

http://www.aca.ch/fatcabna.pdf

 

[nun]

Excellent bedtime reading

 

[MichaelB]

Not sure how I found this "Leif Simon" Lief Simon | The Experts, character, but from the introductory stuff, he seems to be saying if you hold foreign real estate in your own name, then it's not reportable. Unfortunately, I can't show you the actual link to the text because it's behind a login.

This does not look like a site that gives reliable advice on US tax and reporting compliance. The FATCA compliance rules are just now being released, so anything published even a few weeks ago is probably based on speculation.

 

[theOAP]

This does not look like a site that gives reliable advice on US tax and reporting compliance. The FATCA compliance rules are just now being released, so anything published even a few weeks ago is probably based on speculation.

I'll certainly agree with that. This is one year it may pay to file as late as possible if you think FATCA applies to you in any way.

 

[MichaelB]

I'll certainly agree with that. This is one year it may pay to file as late as possible if you think FATCA applies to you in any way.

Not a bad idea. Overseas taxpayers automatically qualify for a 60 day extension and can request another through Oct 15.

 

[nun]

Not a bad idea. Overseas taxpayers automatically qualify for a 60 day extension and can request another through Oct 15.

FATCA is going to be more of a shock for US residents than for expats who are well used to the arcane nature of international taxation. With the FATCA limit for US residents being $50k there's going to be a lot of head scratching when people get down to 2012 taxes.

 

[youbet]

I am a UK citizen living in the USA, and have UK income, but I don't have to pay UK taxes on anything, and don't have to file a UK tax return. I do have to pay US taxes on the UK income.

That seems reasonable and fair.

 

[nun]

That seems reasonable and fair.

Sorry did we go off topic at some point, are we still talking about international taxation?