- Original Poster
- #1
1. I am a dual national US/UK. Our plans were to move out there and in the process of green card app, I suddenly popped up on IRS radar and questioned as to why I have never completed and IRS return - simple anwer, I have lived all my working life in UK, father died in USAF (Vietnam) when I was young, mother (Scottish) didn't have a clue
Anyhoo, Since I tick pretty much every single things Americans must never do when living in the UK is invest in Managed funds (ISA or otherwise), never hold more that 5% stake in a company and these are red flags to IRS describes as a US citizen using foreign vehicles to defraud the IRS (IT contractor LTD for 25 years)
Anyway, I now need to prepare the last 3 sets of IRS accounts and due to the complication in completing mine due to all the violations, well let's just say the cheapest quote from a US accountancy firm in UK out of 12, came to £40,000
So just because it tax free here, its not in the US.
Also, now that my wife is resident in the US, I been told there will be tax to pay on the selling of my apartment in the UK - exempt if we were living together,
So to end the waffle and ask the question straight, if I have to go into bankruptcy, some of the UK debts can be wiped out, but Mr. Trump will have a different view.
So can I set aside reasonable costs for all US tax and legal liabilities plus the 40k to prepare the last 3 years (on the clock with some seriously staggering IRS fines if I don't.
Is there any legal requirement for IP to ensure dual nationals with global fiducial responsibilities, must allow me access to the funds to pay these from my share of the estate.
If anyone still awake, I'm desperate for Gandalf to show me the way......
Anyhoo, Since I tick pretty much every single things Americans must never do when living in the UK is invest in Managed funds (ISA or otherwise), never hold more that 5% stake in a company and these are red flags to IRS describes as a US citizen using foreign vehicles to defraud the IRS (IT contractor LTD for 25 years)
Anyway, I now need to prepare the last 3 sets of IRS accounts and due to the complication in completing mine due to all the violations, well let's just say the cheapest quote from a US accountancy firm in UK out of 12, came to £40,000
So just because it tax free here, its not in the US.
Also, now that my wife is resident in the US, I been told there will be tax to pay on the selling of my apartment in the UK - exempt if we were living together,
So to end the waffle and ask the question straight, if I have to go into bankruptcy, some of the UK debts can be wiped out, but Mr. Trump will have a different view.
So can I set aside reasonable costs for all US tax and legal liabilities plus the 40k to prepare the last 3 years (on the clock with some seriously staggering IRS fines if I don't.
Is there any legal requirement for IP to ensure dual nationals with global fiducial responsibilities, must allow me access to the funds to pay these from my share of the estate.
If anyone still awake, I'm desperate for Gandalf to show me the way......
