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FATCA Tax for Americans who live abroad
#16

FATCA Tax for Americans who live abroad

Quote: (12-01-2016 01:07 AM)Peregrine Wrote:  

Rules existing and rules being enforced are two different things. Like SlickyBoy said, America is getting to digging through the couch for quarters territory.

Interest income, dividends, and capital gains are all considered taxable income.

Exactly, that's why it's shocking that they started to do this recently. Because he's been coming to US 3-4 times a year and he never had a problem for past 10 years. He always had balance in his accounts in Italy.

When I spoke with the IRS office at JFK, they said they're enforcing this law starting from 2015.

It's weird. Lets say, I'm living in Italy with my life savings but yet, I have to pay tax to United States even though, I'm not working anywhere or living there. What the hell is that?
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