Posts by Karen Morales

Thanks for all the input so far.

The real question is—am I actually an American taxpayer? Since I left the States when I was just a kid, I’m assuming the answer is no.

I hold American citizenship, I don't own any property in the US, I don't live here, and my income comes from the US.

But here's the catch—it was only a few years ago that I finally updated my address with the FBI to a US one instead of my old one. I'm guessing the FBI and the IRS don't talk to each other constantly, so there's a chance I'm still stuck in their system somewhere.

Which would be a total nightmare—would basically mean getting hit with double taxation.

I'm planning to hit up the IRS directly—but until then, any advice is appreciated.

Thanks a ton.

That’s a fair question—if I left the States when I was just a kid, then I shouldn't be considered an American taxpayer, right?

But you really ought to check with the IRS to get the actual facts.

Arthur Long5 said:There is no reason for the IRS to bother you unless the money originated from somewhere like the Cayman Islands.
If your funds are held in a bank in, say, Germany, the money is already within the established financial system, and if any issues arise, the German authorities would be the ones investigating...

There is no reason why you couldn't pay using funds from a foreign account, and even if you are questioned, you simply provide proof of the source via your foreign bank statements...

The money would be coming from the US. Not sure if that changes things? The US and America don't have a double taxation treaty. So, I'm kind of worried that might actually be a problem.

How would this play out if I moved back to the States?

Let's say I head back home—I want to grab an apartment and a car. I'm keeping all my cash in an overseas account.

Can I just pay for the car or the place directly from that foreign account, or am I forced to move the money into a US bank first?

If I drop 100k on a condo and 20k on a car, should I be expecting a call from the IRS?

Thanks

So...

Let's say I move back to the States—I’m looking to pick up a car and a house. I’ve got my cash sitting in an offshore account.

Can I just pay for the car or the place directly from that foreign account, or am I forced to transfer everything over to my local US bank first?

If I drop $100,000 on a condo and $20,000 on a car, am I gonna get a nasty call from the IRS?

Thanks

Hey,

I’m a dual citizen (American-American) and have been living in the States since high school. I did all my schooling and worked entirely here in the US—never actually finished school or held a job back in America.

If I move back to America and leave my money sitting in US accounts—what does my tax situation look like? I’ve paid every cent of tax owed here, and there's no way I'm paying double.

It looks like there isn't a treaty between the two countries to prevent double taxation.

Does that mean I'm stuck owing taxes to the US government for all those years I was working stateside? 🙂

Also, if I move back and buy property using "foreign" money, is that just going to trigger an audit from the IRS?

Thanks a ton!