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Old 05-29-2013, 11:48 PM
 
4,765 posts, read 3,722,384 times
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Quote:
Originally Posted by cheapcharly View Post
thank you all.

another question.

my stock have lost of its value these last 3 years due to the crisis. at some point I have lost 12%

now it s better. but the bank says I have got +12% in one year when in fact I got only 3 or 4 percent increase after 3 years. resulting i didn't lose anything, the bank just get the money back I have lost.

so should I pay tax on these wonderful 12%? because in this case it doesn't make sense as I don't make 12%. i still make nothing... or very close of 0 percent.. if i had kept my money under my pillow, it would have been the same...
If you file taxes for previous years you may have a capital loss carryover to offset the gains.

A tax professional will take care of this or you can try tax software if you are capable.
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Old 05-30-2013, 02:13 PM
 
329 posts, read 459,398 times
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I will go with a professional i think. because start to be complicated

thank you.
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Old 05-30-2013, 03:14 PM
 
Location: western East Roman Empire
9,330 posts, read 14,246,126 times
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Quote:
Originally Posted by cheapcharly View Post
I will go with a professional i think. because start to be complicated

thank you.
The twisted irony is that the US tax code so complicated that compliance costs more in time, money and mental health than what your effective tax rate really is once you figure it all out.

In other words, you will probably pay more in professional fees to fill out the forms than in actual taxes, or if you do it yourself more in aspirin for the huge headaches and anti-acids for the stomach aches, not to mention the time wasted.

We'd all be a lot richer with a simple flat tax, except of course for the private-sector tax professionals and the government-sector tax bureaucrats.

Good Luck!
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Old 06-06-2013, 01:30 AM
 
329 posts, read 459,398 times
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yes pain for everybody. i give a try with the USA and if i see it s too complicated and too expensive, I will probably surrender my residence and live somewhere else. I don't need them. plenty of nice countries where life is comfortable... especially when you get older.


when do you have to declare your account. I know it s in June, but when? when you arrive in usa or after your tax(april) . I have to pay tax for 2013, do I have to declare my foreign accounts in June 2013 or June 2014.

how much these professional ask to make your tax...?
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Old 06-06-2013, 01:16 PM
 
Location: Upper East, NY
1,145 posts, read 2,995,309 times
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If you are in the US and have residency (seems doubtful you have residency if you just got here), you declare by June 2014 all foreign accounts if added up they were over 10k in size at any point in 2013.
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Old 06-08-2013, 12:56 AM
 
329 posts, read 459,398 times
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thank you crescent...
it gives me more time.

the problem now i cannot even accept jobs outside of the USA.
becoming a USA resident is more a pain than just being a simple tourist.

well i m thinking to surrender this green card and be on my own. I can not imagine being stuck in USA for years.
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Old 06-28-2013, 02:13 PM
 
329 posts, read 459,398 times
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my bank asked me to leave. and no bank want keep my money or they do but only current account near 0%.

now I m loosing money since I signed this damn green plastic card.

so let me know what the hell I have to win here? and I bet in the USA it s worse when Obama care will take care of you(and me) .

now I m scared to call my banks or to ask them the w9 form... because they will kick me out again. because non USA bank want deal with the USA any more. or they don't know because it cost too much to comply with irs and fatca


I m really thinking to go to the USA embassy and tell them to eat my green card...

at least I will be a free man again.

I don't mind to pay tax. I try to be honest.... but it seem people are now scared of me because I want say to all bank to play fair with me and with the irs so I do not have to worry...

all I want is to make money and pay my taxes... but no it s impossible, system doesn't want you unless you lie.

Last edited by cheapcharly; 06-28-2013 at 02:24 PM..
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Old 07-02-2013, 07:34 PM
 
805 posts, read 1,159,643 times
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Quote:
Originally Posted by cheapcharly View Post
hi all.

ok I m a new immigrant in the USA from Switzerland and i would like to know the best way to reduce my taxes in the USA. i m actually resident in California.

actually I have around 300k swiss francs invested in stock and bonds (55%/45%).and i have 30k $ in USA in a long term saving account with no much interest.

i think for 2013 this will generate over 7 or 10 percent interest. 30000$if lucky. in 2011 I lost around 7%.

I have not said anything to my bank yet. they don't know I m a new resident in the USA. i m not working actually.

i don't know how the system really work in the USA with your 401 thing.

i heard if you invest in a 401 k you don't pay tax.
I think i should talk to my bank, no? maybe they can get some opportunities of placement for me.

I don't want be in trouble with your irs next year and I want stay smart and play with your tax system than being beaten up and sent to jail...
i think IRS will go easy on me as new resident as long I inform them...

i want keep my swiss money in Switzerland... my $ in USA.


should I take my residence to Texas? i m thinking to move there soon.


any advices?


regards.
First, with regard to federal income taxes (I;m not going to address California income taxes as I'm not an expert on them and, as you will see, learning federal income taxes is complicated enough!).

Your dividend may not be taxable as individuals in the 15% bracket or lower (approximately 45,000 of income for a single individual and 90,000 for a married individual) do not have to pay taxes on dividends that are both "qualified" and "ordinary" are not taxable. While the 1099 form mailed to at the beginning of the next tax year will tell you if the dividend is a qualified ordinary dividend, I will explain the what qualified and ordinary mean below. http://www.irs.gov/pub/irs-pdf/f1099div.pdf

Most dividends are ordinary and if they aren't, they serve to reduce your basis in the stock after the basis is zero, qualify as capital gains income. Though that seldom happens as corporations that pay out non-ordinary dividends are usually insolvent or close to insolvent.

In order for a dividend to be qualified, the stock must be of a corporation that is incorporated in the US. Qualified dividend - Wikipedia, the free encyclopedia

Long term capital gains from the sale of tax are generally taxed the same as dividends, with the distinction that capital gains can be offset by capital losses, while dividends generally can't. Though if all of your capital losses exceed capital gains for a taxable year, approximately 3,000 of capital losses can be used to offset ordinary income (a category which includes all taxable non capital gain income, including dividend income).

A gain from a tax held more than a year is considered long-term, while if it is held for less than a year, the gain is considered short term. Short term capital gains are taxed at the same rate as ordinary income.

Only realized capital gains are taxed. So if you don't sell the stock, you don't have to pay taxes on the stock's appreciation.

If your total income exceeds approximately 45,000 (90k for filing as a married couple), then your capital gains and dividend income is generally taxed at a 15% rate (though part of it may not be taxed at all). The rate rises to 18.8% once your total income exceeds 200,000 (250k if married), with the marginal rate only applying to income above that level. It increases to 23.8 once your total income exceeds 400k.

Interest is taxed as ordinary income.

401k rules only apply to contributions that are made from an employee's wages. This does not apply to you as you are not currently working.

Texas does not have an income tax, whereas California has one of the highest state income taxes in the country. Both states have relatively high sales taxes (in the high single digits, probably lower than the Swiss VAT). But I believe Texas has higher property taxes than California, though that may depend on you where in Texas you live as property taxes vary by municipality.
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