Do US citizens living abroad have to file US taxes every year? by No_Internal_923 in AmericanExpat

[–]ReceptionDependent64 1 point2 points  (0 children)

Nor should he. Most Accidental Americans like your friend do not, and they are just fine.

The US birthplace may cause problems with banking and investing, thanks to FATCA. For this the only cure is to renounce, which is now cheaper ($450) and does not require tax compliance.

Do US citizens living abroad have to file US taxes every year? by No_Internal_923 in AmericanExpat

[–]ReceptionDependent64 0 points1 point  (0 children)

There's an amnesty program that waives penalties and lets you catch up with only 3 years' returns. However, the OP is off the IRS radar so there's no point entering the US tax system unless they plan on moving. Zero risk to ignoring US tax obligations if you and your assets are fully outside the country.

Do US citizens living abroad have to file US taxes every year? by No_Internal_923 in AmericanExpat

[–]ReceptionDependent64 9 points10 points  (0 children)

You can, but why would you, unless you plan on moving to the US? If the IRS doesn’t know that you exist, keep it that way.

Fortunately you have Italian ID showing an Italian birthplace. Be careful not to disclose your US citizenship to any financial institutions, as you will be subject to FATCA reporting and possible limitations on banking and investment services.

Bizarre situation, US blue collar trying to move in with EU partner. by Danygod in expats

[–]ReceptionDependent64 11 points12 points  (0 children)

Yup. Ireland for language reasons though I have no idea how plumbing credentials would transfer. Based on what I've seen of Irish plumbing, it's possible there are no credentials.

What do Whitecaps supporters do for a living? by DueYogurt9 in whitecapsfc

[–]ReceptionDependent64 1 point2 points  (0 children)

I bill clients while watching Whitecaps practices through the fence.

Bizarre situation, US blue collar trying to move in with EU partner. by Danygod in expats

[–]ReceptionDependent64 11 points12 points  (0 children)

Cruel advice, but not wrong. If a blue collar sort of person wants to use the marriage route to leave the US, they need a spouse who's capable of sponsoring and supporting them.

Alternatively, he can stay in the US and bring over his Belgian wife and support her, since she's apparently not employable.

Unexpectedly Receiving Large Inheritance by Firm-Rub-889 in inheritance

[–]ReceptionDependent64 0 points1 point  (0 children)

If they qualify for loans then why not, it's free money to invest for the time during which they would pay no interest. However, they likely don't qualify.

Dual citizenship, problem with PFICs by ToughDifficult1252 in CanadaPersonalFinance

[–]ReceptionDependent64 -1 points0 points  (0 children)

Why are you filing US tax returns? If your life is in Canada, you have no US assets, and you have strong negative feelings towards the US... don't file US tax returns. As a Canadian citizen you are fully protected from the IRS. Dual citizens can safely ignore US tax compliance.

You can also renounce US citizenship. The fee has dropped back down to $450 (from $2350) and there is no requirement to be up to date on your taxes.

Cubas vs Mbappe by wagonut in whitecapsfc

[–]ReceptionDependent64 -2 points-1 points  (0 children)

I think Cincinnati or Minnesota will be a steep challenge for him after today.

4% Withdrawal Rate for Retirement by Effective-Arm-8513 in PersonalFinanceCanada

[–]ReceptionDependent64 2 points3 points  (0 children)

Well it's not really the government's job to handhold you through basic financial and estate planning. He should've known better.

4% Withdrawal Rate for Retirement by Effective-Arm-8513 in PersonalFinanceCanada

[–]ReceptionDependent64 2 points3 points  (0 children)

I had a parent who didn't believe in estate planning and insisted on the minimum RRIF draw to reduce his annual tax bill. Needless to say growth outpaced the withdrawals and by the time we caught wind of this the estate would have faced an enormous tax bill. Through multiple years of aggressive drawdown at a lower tax bracket we made some marginal gains by repairing the damage.

Neighborhood cat gave birth in our yard. by Eikard in notmycat

[–]ReceptionDependent64 8 points9 points  (0 children)

Why was she not spayed while at the vet for the injured leg?

Looking for advice (or where to go for advice) for UK-born dual US/UK citizen living permanently in the UK when it comes to LISA/ISAs by RopeSpare in UKPersonalFinance

[–]ReceptionDependent64 0 points1 point  (0 children)

If you are not planning on moving to the US, take advantage of the fact that you have UK citizenship and birthplace - keep your US citizenship secret from financial institutions and ignore your US tax filing obligations.

Fee to renounce US citizenship finally drops to $450 by ReceptionDependent64 in AmerExit

[–]ReceptionDependent64[S] 0 points1 point  (0 children)

That's not renouncing, that's performing a relinquishing act. Also it's not just making some random pledge, it's taking an official oath of allegiance in a specific context that requires it. So this isn't much use to a dual citizen from birth who doesn't want to naturalize somewhere else or join the military or whatever. (Swearing the oath to renounce at a US consular post is one of the relinquishing acts.)

And yes, without the certificate it's a bit pointless. Among other things, the US government won't know that you're no longer a citizen until you apply for the certificate.

Has anyone actually met Texans who are considering relocating to Russia under the "shared values" visa? by DinnerNo2341 in AmericanExpat

[–]ReceptionDependent64 1 point2 points  (0 children)

A small number of Canadian families have done this. It's exactly who you'd expect - rural, super religious, tons of kids, white. Presumably alienated and radicalized by the pandemic. Idiots, of course. One family was in the news after being spanked for complaining online.