Moving out of US - no tax filing, just FBAR

[GypsyT]

This sounds good. Is anyone doing this?

 

"IRS Form 8938
You must file IRS Form 8938, Statement of Specified Foreign Financial Assets, with your income tax return if:
    you had $50,000 in a foreign account on the last day of the year, or
    you had more than $75,000 in such an account at any point during the year.
For married couples filing jointly (as almost all do), these thresholds are increased to $100,000 and $150,000, respectively.
If you live abroad, the thresholds are greater: $200,000 at the end of the year or $300,000 at any time; $400,000 and $600,000 if you're married and file jointly.

 

I got 7 accounts in 5 countries. Every one must be reported. All that would be history. $ 200 000 a year would be more than enough. I'd continue to keep most in the US.

Then, only simple FBAR to do.

PS. Since my SSA pension is small no Fed nor state reporting. I get very good interest income but, what ever the reason, no tax so far! No, I don't go and ask....

[KhunLA]

Don't like the IRS, or them knowing what I have.  Keep minimal in USA, and everything else is in TH, and moved from my account when shortly after it arrives, and placed in the pillow, under the mattress, and what's left over, in the wife's bank accounts here. 

 

Any & all investments done in wife's name, again, no IRS reporting needed.

 

Even my pittance of a company pension gets withdrawn, almost monthly, when it builds up to $500.  Yea, it's a pittance, ($357) but actually, almost enough to live on here, if you plan things correctly 

 

She's the one with multiple accounts at multiple banks, since TH deposit insurance is only ฿1M per depositor per bank, not branch.  Makes things easier for her when I crap out, since 22 yrs older, and will avoid any inheritance tax, if applicable. 

 

Never let Soc Sec build up enough to $10k, to avoid filing FBAR.   Gets deposited every month, then withdrawn every 3rd or 4th month.   Keeps my bankbook transaction down to a minimum, less paperwork at visa extension time.

 

As far as the IRS is concerned, I'm to poor to even have to file a tax return, and just the way I like it.

Edited April 10 by KhunLA

[QuantumQuandry]

1 hour ago, GypsyT said:

PS. Since my SSA pension is small no Fed nor state reporting. I get very good interest income but, what ever the reason, no tax so far! No, I don't go and ask....

 

I would personally be quite concerned if I thought I should owe taxes and didn't know why I wasn't getting the forms to report it.

[KhunLA]

24 minutes ago, QuantumQuandry said:

 

I would personally be quite concerned if I thought I should owe taxes and didn't know why I wasn't getting the forms to report it.

They should be receiving, as my SS 1099 comes to TH address, and pension 1099 goes to USA address listed on my brokerage account, which I don't need, and never see, since it never changes.  Brother holds or bins it.

[GypsyT]

11 hours ago, QuantumQuandry said:

I would personally be quite concerned if I thought I should owe taxes and didn't know why I wasn't getting the forms to report i

I DO report every penny of "Foreign Interest Income" every year but they don't tax me...

[Captain Monday]

On 4/10/2024 at 10:48 PM, GypsyT said:

I DO report every penny of "Foreign Interest Income" every year but they don't tax me...

Because it’s a pittance? In the US I think it is under 100 dollars interest per account the bank does not even send a 1099 form.I used to get a nifty interest rate from BKK fixed accounts but will not be bothering anymore

[GypsyT]

It may be this;

 

IRS paid my $ 600 Covid payment to "somebody". I didn't get it. They refuse to investigate more or give me receiving person's name, address and account etc info.

Maybe they make it good this way?

I sure don't want to bother them more....