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by ryankask
4487 days ago
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I moved to the UK a few years ago and I couldn't agree more that the IRS rules and regulations unfairly penalize "average" US citizens that live and operate abroad. FBAR, FATCA and if you start a business, form 5471 and friends. I got some quotes from a few accountants and I will likely have to pay thousands of dollars for assistance just to fill out informational forms and pay (maybe) a few hundred dollars in US taxes. |
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Whether you are an American who moved to a treaty country, or a treaty country resident who moved to the US, it is not likely that you'll have to pay a lot of US taxes if at all. (The treaties I am familiar with are quite reasonable). However, unless you are a tax professional yourself, you are going to be "taxed" by a professional to prepare all those papers that you must file.
I know someone who moved to the US, and whose tax filing on one year topped 150 pages of "informational data" despite not having to pay one cent.
I have never met a person who is in any way familiar with the US tax code who thinks it is makes any sense or is reasonable. Only people who never had to really deal with it think so.