Posted on 03/09/2021 8:54:59 PM PST by lowbridge
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Well, maybe this brain surgeon’s at least smart enough not to hold a balance greater than 10K in his account, or perhaps he has multiple accounts under 10K. You keep it under 10K you’re cool. You go 10K or over you must report it. If not, eventually the Feds will slam you with crazy penalaties. FACTAS’s to blame for many US expats renouncing their US citizenship. It’s so complicated to stay in compliance with it if you have sizable foreign bank accounts or holdings and accountant fees can run into the thousands to stay on top of it.
I am not a tax attorney, but I question the assertion that one can legally run SGD $60k through a Singaporean bank account and not declare any of the income on your tax return, especially while not living in Singapore, merely by ensuring that the high-water mark on the account stays below USD $10k...and then collect U.S. unemployment to boot.
On my returns, my tax accountants report *all* foreign account balances, regardless of amount. They told me that is what is required.
You cannot, legally anyhow. You must report the income. And if you’re working from the US you must pay US taxes on ALL of it. If you’re working and living abroad you can claim a huge exemption - IF you stay out of the US for 330 days in a given rolling 365 day period or have residency in a foreign country and actually live and work there. In most of those cases you are exempt from federal taxes on up to ~100K of foreign income. But you must still pay Social Security taxes on whatever you’ve made. So again, our boy is heading for disaster playing the game he’s playing. Even crazier, he’s bragging about it on a public forum. Lol!
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