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US Residents (Expats)
That is a question for a US tax practitioner to determine how neg gearing aplies to US income. If they lodge an AUS return its common to accumulate AUS tax losses in such a case. If and when the prop is sold and CGT gain occurs the issue of a 8May12 valuation may be relevant. The resulting...- Paul@PFI
- Post #8
- Forum: Accounting and Tax
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US Residents (Expats)
This thread deals with US taxpayers who have investments and accounts in Australia and IRS reporting and datamatching. A large number of my expat clients are worried and this post updates others who may also have interest in this issue. The IRS are beating this issue up and its worrying some...- Paul@PFI
- Post #5
- Forum: Accounting and Tax
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US Residents (Expats)
I'm not "expert" on US taxes and not qualified for that side of the pond. But... - Yes US taxes on a citizenship basis which is very different from most countries (Fun fact - Eritrea is only other country that also does in such a way !). You are "born" to pay US taxes I'm afraid. You can end...- Paul@PFI
- Post #3
- Forum: Accounting and Tax
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US Residents (Expats)
Post is for those who may reside in USA and have IP in Australia. Or other investmnets and assets incl financial assets in Australia. First FACTA aplies to US citizens and some non-citizen residents. Its a data gathering exercise for the IRS. Kinda like our post-Wickenby but far tougher. In...- Paul@PFI
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- Replies: 7
- Forum: Accounting and Tax
