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  1. Question: Form-8854 Part-V

    by IntlTax
    Answers
    4
    Views
    342

    Dangerous advice to not file the 8854. This would...

    Dangerous advice to not file the 8854. This would trigger the exit tax.
  2. The statement should be signed by both you and...

    The statement should be signed by both you and your wife.
  3. Answers
    5
    Views
    230

    I agree with ATE's first response and not with...

    I agree with ATE's first response and not with ebaines. Treas. Reg. §25.2511-1(h)(4) says: "(4) If A creates a joint bank account for himself and B (or a similar type of ownership by which A can...
  4. It is quite unusual for your family to have you...

    It is quite unusual for your family to have you distribute the cash to your siblings. Why are they doing this? Having money flow through your account that isn't really yours smells odd. Why didn't...
  5. Answers
    3
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    395

    Form 3520, Part IV

    Form 3520, Part IV
  6. Answers
    4
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    466

    If a third party is willing to pay for the...

    If a third party is willing to pay for the business, it must have some value. What is that value attributable to if not goodwill?
  7. Treas. Reg. §1.6041-1 (the regulation that deals...

    Treas. Reg. §1.6041-1 (the regulation that deals with 1099s) refers to "payments" and not to amounts paid or accrued. It says:

    (i) Payments required to be reported. Except as otherwise provided...
  8. Answers
    5
    Views
    287

    Of course, it is non-taxable only to the extent...

    Of course, it is non-taxable only to the extent of the basis in the shares. Therefore, one would need to know the basis in the shares to determine if it is all non-taxable.
  9. Answers
    3
    Views
    229

    Money laundering? Scam? From a corporation?...

    Money laundering?
    Scam?
    From a corporation? (Threshold for reporting on 3520 is $15,601)
    Not a gift in substance?
    Not sure where the $17,000 number that ATE mentions comes from?
  10. Answers
    12
    Views
    764

    How the transfer from one bank account to another...

    How the transfer from one bank account to another is characterized depends (at least partly) on your intent. If you intend to gift the money to you wife, then it likely would be a gift. On the...
  11. Answers
    12
    Views
    764

    The $145,000 gift tax exclusion applies and not...

    The $145,000 gift tax exclusion applies and not the marital deduction.
  12. Answers
    12
    Views
    764

    ATE, you might want to take another look at this,...

    ATE, you might want to take another look at this, specifically Code §2523(i) which is titled "Disallowance of Marital Deduction Where Spouse Not Citizen." Under Rev. Proc. 2013-35, the inflation...
  13. Answers
    3
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    414

    The currency loss should be an ordinary loss and...

    The currency loss should be an ordinary loss and should be reported on line 21 of form 1040.
  14. Answers
    7
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    525

    I fill out the FBAR the way that MidAtlantic...

    I fill out the FBAR the way that MidAtlantic does. I see no ambiguity.
  15. You are grasping as straws. It is not an income...

    You are grasping as straws. It is not an income tax. A credit cannot be claimed.
  16. The 0.6% tax is not based on income and therefore...

    The 0.6% tax is not based on income and therefore is not an income tax. Only income taxes can be claimed as foreign tax credits. Thus, the 0.6% tax can never be claimed as a foreign tax credit.
    ...
  17. Answers
    9
    Views
    810

    Since 2013 is his 6th year in the U.S. wouldn't...

    Since 2013 is his 6th year in the U.S. wouldn't all of his days of presence in the U.S. in 2013 count towards the substantial presence test (including the f-1 days )?
  18. Answers
    4
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    489

    This is an installment sale. See Form 6252 and...

    This is an installment sale. See Form 6252 and its instructions.
  19. Answers
    7
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    981

    Section 861(a)(3) provides that compensation for...

    Section 861(a)(3) provides that compensation for labor or personal services performed in the United States is treated as income from sources within the United States and section 862(a)(3) provides...
  20. Form 3520 is needed if it is a gift or...

    Form 3520 is needed if it is a gift or inheritance from a nonresident alien. Form 3520 is not needed if you are transferring your own money.
  21. Answers
    7
    Views
    1,818

    Just curious where is IRS Pub 519 is says that...

    Just curious where is IRS Pub 519 is says that you can count up to FIVE days of the last year as NOT being in resident in the United States for purposes of the Substantial Presence Test.
  22. Answers
    4
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    455

    If the account is a trust, which seems likely, it...

    If the account is a trust, which seems likely, it appears the 3520-A would be necessary.
  23. Answers
    4
    Views
    455

    What specific type of account is it?

    What specific type of account is it?
  24. Answers
    3
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    600

    Sounds like a partnership for US tax purposes. ...

    Sounds like a partnership for US tax purposes. You are contributing property and sharing 40% of the profits. No legal entity is necessary to create a partnership for US tax purposes. You would...
  25. Is the LLC taxed as a corporation, a partnership,...

    Is the LLC taxed as a corporation, a partnership, or a disregarded entity? If taxed as a disregarded entity, which state do you live in?
  26. Yes, a gift would likely be better.

    Yes, a gift would likely be better.
  27. Of course there may be exceptions to withholding...

    Of course there may be exceptions to withholding (treaty, portfolio interest), but the general rule is that the 30% tax would apply.
  28. Yes, that is correct. The 30% withholding is...

    Yes, that is correct. The 30% withholding is only on the interest portion of the payments. The principal portion of the payments would have no withholding.
  29. I wonder if there is a tax liability for the...

    I wonder if there is a tax liability for the recipient. IRS Publication 519 provides in part:

    "A nonresident alien’s income that is subject to U.S. income tax must be divided into two categories:...
  30. I wonder if the interest would need to be...

    I wonder if the interest would need to be reported on Form 1042.
  31. I wonder if interest would need to be charged if...

    I wonder if interest would need to be charged if structured as a loan.
  32. Answers
    8
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    899

    Sounds like you are domiciled in PA but not a...

    Sounds like you are domiciled in PA but not a resident of PA. File a tax return to claim the refund. Attach a statement describing your circumstances and quote from the website as you have done...
  33. Question: L1-A visa tax

    by IntlTax
    Answers
    6
    Views
    596

    Which treaty is it?

    Which treaty is it?
  34. Question: L1-A visa tax

    by IntlTax
    Answers
    6
    Views
    596

    I didn't see that he was from a treaty country.

    I didn't see that he was from a treaty country.
  35. Question: L1-A visa tax

    by IntlTax
    Answers
    6
    Views
    596

    ATE, you might want to reconsider this answer. ...

    ATE, you might want to reconsider this answer. Do you really think that U.S. tax is based on where the payment is made?
  36. I guess it depends on what type of "monetary...

    I guess it depends on what type of "monetary funds" your are referring to. The IRS has concluded that some types of monetary funds are tangible property. Thus, the risk.
  37. Nonresident aliens can be subject to US gift tax...

    Nonresident aliens can be subject to US gift tax if the property is tangible property situated in the US.
  38. One lump sum wire transfer is best. If your UK...

    One lump sum wire transfer is best. If your UK account is over 10k, you should report it on the FBAR. Some advisers are concerned that a gift to a US account might trigger US gift tax.
  39. Answers
    5
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    1,398

    "Your residency status for income tax purposes...

    "Your residency status for income tax purposes also applies to the Gift Tax." Untrue.
  40. The mortgage is a liability rather than an asset....

    The mortgage is a liability rather than an asset. Since it is not an asset, it cannot be a foreign financial asset.

    However, you should take a look at Form 1042 and W-8BEN.
  41. If you are transferring from your own account in...

    If you are transferring from your own account in Japan to your own account in the U.S. no 3520 is necessary. You should be filing an FBAR for the Japanese account and answering yes to the question...
  42. Answers
    4
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    1,039

    You avoid double taxation by claiming the Italian...

    You avoid double taxation by claiming the Italian taxes as a credit against your U.S. tax. See Form 1116.
  43. Was the invoice related to services and were the...

    Was the invoice related to services and were the services performed in Japan?
  44. Answers
    12
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    1,089

    If you are a resident of the U.S. see Form 1042...

    If you are a resident of the U.S. see Form 1042 and 1042S.
  45. ATE, Alexander is now located in the U.S. You...

    ATE, Alexander is now located in the U.S. You state that income from the first website is foreign source because it was created when he was outside the U.S. and income from the second website would...
  46. Answers
    5
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    328

    The taxation of a jointly owned account is not...

    The taxation of a jointly owned account is not based on whose social security number is on the account.
  47. Answers
    5
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    461

    The pension income cannot be excluded from income...

    The pension income cannot be excluded from income via Form 2555. However, if the pension income is subject to foreign income taxes, then Form 1116 can be used to avoid double taxation.
  48. Your question is an Indian tax question. This...

    Your question is an Indian tax question. This forum deals with U.S. taxes.
  49. Answers
    18
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    1,014

    So then we agree. If the student is not...

    So then we agree. If the student is not currently working in his home country (i.e. he is a student there), then he would not have a tax home in his home country and he could not deduct the...
  50. Answers
    18
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    1,014

    Also, in Rev. Rul. 74-453, a foreign university...

    Also, in Rev. Rul. 74-453, a foreign university degree candidate worked in the U.S. during his summer vacation under an on-the-job training program intended to supplement his education but not...
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