They can still take your passport if you owe $50,000 or more. Let's say your passport expires and you decide to renew it. The state department sends your info to the IRS and if it shows that you did not file then they can add up the costs of the penalties for not filing each form and it can come close to $50,000 or more and then your screwed. The movement needs to get more vicious when it comes to fighting Citizenship Based Taxation.
I worked in California and started to receive my pension when I retired. I have become a Nevada resident. I read that California cannot tax pensions even if it was originally earned in California. Is this correct? Do I still have to file Taxes? My last year's taxes I had a Nevada address for about 8 months.
Something I think Ryan should know ..his kids assuming they where not born in the US are still US citizens....if born after 1986 in marriage to a non US citizen a US citizen must live for 5 years in the US prior to the birth (at least 2 over the age of 14) in order to pass citizenship and it is not like you need to register or anything the citizenship is automatically even if you don't want your kid to have citizenship....Ryan let your kids know the gravity of being a US citizen living abroad
Bali Yoga Travel & Retreats well they weren’t very clear about that, were they? ... Or it’s just possible that Ryan discovered he never needed to pay Federal Income Tax in the first place, being born in the Constitutional Republic of the United States...
@@mikebreen2890 It;s easy to achieve $50,000 in penalties/fees. That is how the IRS is now setting it up....creating complicated forms = booby traps that come attached with crippling fines. You would really need to drop off the surface of the earth to not be reported by a foreign back. And for anyone who relies on the internet for their business, you should listed to the latest videos on the Digital Tax that is being debated on and how to enforce it.
@@baliyogatravelretreats You need to go all the way. You can't have assets in the United States, none. If you do, you have to file. Otherwise you could lose them.
@@baliyogatravelretreatsThe only way to end up with the penalties is to file. Let the foreign bank report, so what?! The IRS is largely powerless to touch those abroad who refuse to play the IRS game.
Reporting threshold is $14,500 for single , so if you make around that may it be wages or interest income , you are not required to file taxes or even if slightly more , how would they know ?
This is very informative. Thank you!
You need to clear up that to get the additional child tax credit, they can’t use the foreign income exclusion credit but the foreign tax credit.
They can still take your passport if you owe $50,000 or more. Let's say your passport expires and you decide to renew it. The state department sends your info to the IRS and if it shows that you did not file then they can add up the costs of the penalties for not filing each form and it can come close to $50,000 or more and then your screwed.
The movement needs to get more vicious when it comes to fighting Citizenship Based Taxation.
Easy to achieve 50,000 in penalties and fees
So I owe no US taxes on my UK investments which fall under the PFIC regime because I earn less than the FEIE?
Great!
Except it's not true, is it?
I worked in California and started to receive my pension when I retired. I have become a Nevada resident. I read that California cannot tax pensions even if it was originally earned in California. Is this correct? Do I still have to file Taxes?
My last year's taxes I had a Nevada address for about 8 months.
Well, Ryan might not get CTC if his child is not us citizen. If he married some Polish and the child was born in Poland, then he won't get CTC.
Something I think Ryan should know ..his kids assuming they where not born in the US are still US citizens....if born after 1986 in marriage to a non US citizen a US citizen must live for 5 years in the US prior to the birth (at least 2 over the age of 14) in order to pass citizenship and it is not like you need to register or anything the citizenship is automatically even if you don't want your kid to have citizenship....Ryan let your kids know the gravity of being a US citizen living abroad
This applies even if you don't have a CRBA
So Anthony, how is it that Ryan is no longer a U.S. person?
Gave yup US citizenship, so to not deal with the BS
Bali Yoga Travel & Retreats well they weren’t very clear about that, were they? ... Or it’s just possible that Ryan discovered he never needed to pay Federal Income Tax in the first place, being born in the Constitutional Republic of the United States...
No the IRS cannot arrest you overseas, but they can take your passport!
Only if you owe something g like $50,000 in taxes and guess how you avoid that if you don't live in the USA? Yup, don't file.
@@mikebreen2890 It;s easy to achieve $50,000 in penalties/fees.
That is how the IRS is now setting it up....creating complicated forms = booby traps that come attached with crippling fines.
You would really need to drop off the surface of the earth to not be reported by a foreign back.
And for anyone who relies on the internet for their business, you should listed to the latest videos on the Digital Tax that is being debated on and how to enforce it.
@@baliyogatravelretreats You need to go all the way. You can't have assets in the United States, none. If you do, you have to file. Otherwise you could lose them.
@@baliyogatravelretreatsThe only way to end up with the penalties is to file. Let the foreign bank report, so what?! The IRS is largely powerless to touch those abroad who refuse to play the IRS game.
@@mikebreen2890 - since various countries have these tax treaties , IRS could possibly freeze your foreign bank account?
Wait, but if you make under 10 or 15K you don't need to file taxes, correct?
The requirement to file is the same as in the US, can you earn $15,000 in the US and not file?
Reporting threshold is $14,500 for single , so if you make around that may it be wages or interest income , you are not required to file taxes or even if slightly more , how would they know ?