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ohgodwhat posted:We're talking about US expats, not the average global citizen. Do you think 100k is a massive amount of money for them?
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Sep 18, 2017 02:38
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My kid is a dualie and sometimes I think it would be better if he wasn't. He won't be able to open up the equivalent of a 529 or roth 401k in his country because the IRS will tax it as a foreign income trust. If he gets some lovely paper route at 13 he'll have to figure out binational tax laws or hire someone who does at roughly 1500 a pop. Some banks won't do business with him because FACTA compliance is complicated and requires them to become de facto agents of the IRS by collecting and reporting information to the US. Can't have joint accounts when he does find a bank because assets could be subject to seizure by virtue of being tied to him. That 100k exemption doesn't mean poo poo in cases when the cost of compliance is a gigantic perpetual vexatious extraterritorial non-reciprocal pain in the rear end. Non-compliance or relinquishing citizenship would avoid some of these problems in exchange for never being able to enter the US, which might actually be a worse alternative. If he happens to have a high demand skillset when he's older then being able to move to the US for work without a H1B could be an advantage. Until then the only benefit he's looking at is in-state tuition and the opportunity to get harassed for not being white enough in the southern state he was born in.
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Sep 18, 2017 02:44
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ohgodwhat posted:We're talking about US expats, not the average global citizen. Do you think 100k is a massive amount of money for them? yes and also get over it
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Sep 18, 2017 02:59
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Guest2553 posted:My kid is a dualie and sometimes I think it would be better if he wasn't. He won't be able to open up the equivalent of a 529 or roth 401k in his country because the IRS will tax it as a foreign income trust. If he gets some lovely paper route at 13 he'll have to figure out binational tax laws or hire someone who does at roughly 1500 a pop. Some banks won't do business with him because FACTA compliance is complicated and requires them to become de facto agents of the IRS by collecting and reporting information to the US. Can't have joint accounts when he does find a bank because assets could be subject to seizure by virtue of being tied to him. Unless he's making more than like $4000 a year at that paper route I don't think he has to file taxes
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Sep 18, 2017 03:12
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Senor Dog posted:yes and also get over it Not really, actually, unless you have different numbers on the incomes of US expats?
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Sep 18, 2017 03:16
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The vast majority of American expats are ESL teachers getting paid poo poo, so...
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Sep 18, 2017 03:19
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You have data on that I presume? E: not trying to be a jerk, I would actually be interested. I've only found a few things on expat income and I could see them ignoring that contingent. ohgodwhat fucked around with this message at 03:30 on Sep 18, 2017 |
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Sep 18, 2017 03:27
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Guest2553 posted:My kid is a dualie and sometimes I think it would be better if he wasn't. He won't be able to open up the equivalent of a 529 or roth 401k in his country because the IRS will tax it as a foreign income trust. If he gets some lovely paper route at 13 he'll have to figure out binational tax laws or hire someone who does at roughly 1500 a pop. Some banks won't do business with him because FACTA compliance is complicated and requires them to become de facto agents of the IRS by collecting and reporting information to the US. Can't have joint accounts when he does find a bank because assets could be subject to seizure by virtue of being tied to him. Your kid can luckily relinquish his American citizenship at age 18 at no cost to himself. My Canadian wife looked this up before we got married to make sure any kids we have wouldn't inherit terminal americanism from me similar to us getting checked for other genetic disorders.
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Sep 18, 2017 03:33
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you people are dumb as gently caress if you think dumping your kids american citizenship is a good idea have you dumb motherfuckers even seen what the canadian job market is liek (USER WAS PUT ON PROBATION FOR THIS POST)
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Sep 18, 2017 03:35
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ohgodwhat posted:$100k is a massive amount of money now? Congratulations, your  worked
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Sep 18, 2017 03:41
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I present the thread with more weapons grade BWM to get it back on track: Wife Cheated / Is Leaving I'm Screwed https://www.reddit.com/r/personalfinance/comments/70s4yy/wife_cheated_is_leaving_im_screwed/ quote:I recently took a job that took my pay from 25 an hour to 17 an hour with amazing benefits. My wife's daughter is a type 1 diabetic and it made sense.
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Sep 18, 2017 03:43
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Just in case I got you another one: What Is My Best Option To Get Out of This Financial Mess? https://www.reddit.com/r/personalfinance/comments/70s7ts/what_is_my_best_option_to_get_out_of_this/ quote:Hello, Me
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Sep 18, 2017 03:54
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quote:she has two kids prior to marriage. Debt is in my name because she can't get credit or a loan has horrible credit. She just married him to wrack up debts and then move on when everything was too hosed to continue. A genuinely horrible person, amazing.
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Sep 18, 2017 04:18
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Motronic posted:I present the thread with more weapons grade BWM to get it back on track: mmm here's my favorite piece of advice so far: hell2pay posted:Can you get a student loan to cover the buyout of both or at least one car? followed by: debt2set posted:I'm not sure, but I think the debts go entirely into her name after the divorce. BonerGhost fucked around with this message at 04:23 on Sep 18, 2017 |
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Sep 18, 2017 04:20
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ohgodwhat posted:$100k is a massive amount of money now? Oh boy it's time for this bullshit again!!! Motronic posted:I present the thread with more weapons grade BWM to get it back on track: Muuuuuch better, looks like you caught it before the deletion, too.
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Sep 18, 2017 04:33
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Motronic posted:Just in case I got you another one: Without more details on this guy's situation, this seems more like a "death of the middle class" story than a BWM story.
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Sep 18, 2017 05:34
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FACTA is really ducking onerous, and why there is an exemption on paying tax on income under 100k or so, compliance with FACTA will cost you $1500 a year in accounting fees while also making your life hell. As I understand it you have to report any account you have authority on that holds more then 10k at any point over the course of the year. This runs the gamut from standard checking accounts to business accounts that you have authority to spend on behalf of. It’s a giant nightmare and giving up American citizenship to get out of taxes is GWM/GWL because it’s such a mess.
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Sep 18, 2017 06:41
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Had lunch with some acquaintances today and they mentioned they were bidding on an apartment unit from a foreclosure auction. It sounded like some frighteningly bad bwmism: 1) Mentioned that they got financing for it at 12% from some non bank lender because "most lenders won't lend to you for this because it's so risky" 2) Apparently you don't get any information about the unit you're buying in these auctions. They're basically incredibly expensive storage unit auctions and you might end up buying a place that still has tenants who don't want to leave. 3) They mentioned that they really couldn't afford it, but if they could flip it within 6 months they could come out on top.
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Sep 18, 2017 07:01
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Punkbob posted:FACTA is really ducking onerous, and why there is an exemption on paying tax on income under 100k or so, compliance with FACTA will cost you $1500 a year in accounting fees while also making your life hell. As I understand it you have to report any account you have authority on that holds more then 10k at any point over the course of the year. This runs the gamut from standard checking accounts to business accounts that you have authority to spend on behalf of. It’s a giant nightmare and giving up American citizenship to get out of taxes is GWM/GWL because it’s such a mess. If the dollar value total of all your foreign bank accounts (based on the highest dollar amount in each one on any calendar day of the year) is over $10,000, then you have to report all of your holdings.
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Sep 18, 2017 07:16
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El Mero Mero posted:Had lunch with some acquaintances today and they mentioned they were bidding on an apartment unit from a foreclosure auction. It sounded like some frighteningly bad bwmism: This reminded me of a great BWM story I read a few years back: Winning bid on mortgage buys family heartache. A family found the perfect house in a foreclosure auction, except that they had no clue how foreclosure auctions worked so they ended up spending $98k on a second mortgage. You might expect a newspaper to publish an article like this to say "here's another way banks are screwing over the little guy", but it's actually treated as a straightforward cautionary tale. quote:The Strands found the house on RealtyTrac, a subscription website that lists foreclosure actions filed with the county. They drove by and looked in the windows. They thought the house was probably worth about $200,000. (This month Santa Cruz assessed the home for tax purposes at $200,000.)
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Sep 18, 2017 07:48
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Guest2553 posted:My kid is a dualie and sometimes I think it would be better if he wasn't. He won't be able to open up the equivalent of a 529 or roth 401k in his country because the IRS will tax it as a foreign income trust. If he gets some lovely paper route at 13 he'll have to figure out binational tax laws or hire someone who does at roughly 1500 a pop. Some banks won't do business with him because FACTA compliance is complicated and requires them to become de facto agents of the IRS by collecting and reporting information to the US. Can't have joint accounts when he does find a bank because assets could be subject to seizure by virtue of being tied to him. Thanks for sharing this! Our daughter has British and US citizenship and I didn't even really consider that there were drawbacks. All though we live in the US so I think she won't have to worry about the tax stuff unless she moves to England when she's older since the British aren't dicks about it.
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Sep 18, 2017 13:22
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Devian666 posted:She just married him to wrack up debts and then move on when everything was too hosed to continue. A genuinely horrible person, amazing. Well I think that in most states any debt or assets acquired in marriage are jointly owned so he's only responsible for half technically. My cousin got burned by this with her lovely ex. He had massive debts when they got married and she worked her rear end off to get them all paid down. Once they separated, but before they filed any divorce paperwork (they were broke obviously), he wracked up over 20k in CC debt. He then filed bankruptcy and they all came after her. She had to file bankruptcy to get out of that.
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Sep 18, 2017 13:31
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SquirrelFace posted:Well I think that in most states any debt or assets acquired in marriage are jointly owned so he's only responsible for half technically. I know in the UK that if you've got a joint debt then both parties are responsible for the full amount until it's cleared, and most financial institutions won't let you split a joint debt (because why reduce their chances of getting the full amount back?). In that guy's case he'd just be hosed because it's all in his name and no bank would give a poo poo that he got the loan for someone else not named on the credit card or loan agreement.
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Sep 18, 2017 13:43
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Yeah, he’s hosed because he has more to lose. On the plus side he’s learned his lesson whereas she’s learned the opposite. Check back on them in 20 years and he will probably be doing better.
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Sep 18, 2017 13:57
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Hoodwinker posted:Income, not net worth. It's not huge but it's not tiny. The exemption is $95,000 for *earned* income. Unearned income has no exemption and is taxed regardless of level. Dividends, interest, rental income, all that stuff, you are taxed on all of it. And the exemption only applies if you file a tax return, so even if you're making far below $95,000 you still need to file your 1040 just like you lived back in America or they can, and have been known to, come after everything.
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Sep 18, 2017 15:12
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Uterine Lineup posted:It's hard not to bold this whole post. quote:I can't really do a lot of house repairs besides basic stuff like change lightbulbs or wait for the repairman. I have a mobility problem due to my weight because of some medical issues I have. So she's not mobile enough to work or do more than change a lightbulb, but she's somehow mobile enough that she will be able to keep an entire house clean? Dude should hire a maid and dump her. A maid is cheaper than half the equity.
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Sep 18, 2017 15:27
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I found an exclusive photo of this woman
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Sep 18, 2017 15:32
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Nail Rat posted:I found an exclusive photo of this woman Inaccurate, Homer was still earning a paycheck.
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Sep 18, 2017 15:33
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Phanatic posted:The exemption is $95,000 for *earned* income. Unearned income has no exemption and is taxed regardless of level. Dividends, interest, rental income, all that stuff, you are taxed on all of it. And the exemption only applies if you file a tax return, so even if you're making far below $95,000 you still need to file your 1040 just like you lived back in America or they can, and have been known to, come after everything. Plus you have to file all that FBAR poo poo I think.
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Sep 18, 2017 15:52
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Ebola Roulette posted:So she's not mobile enough to work or do more than change a lightbulb, but she's somehow mobile enough that she will be able to keep an entire house clean? There are some terrible people out there, but there are also a lot of redpill shitheads on reddit that would make a fake post like this as well. Overweight/immobile, doesn't work, trying to get money from a former employer, overspending, CC debt, trying to offer above asking price, stating specifically that they want to get on the title but not the mortgage, mom and sisters agree and everyone is trying to convince the poor boyfriend. bfwants posted:And it's not like if we got a cheaper home and he put the extra money into stocks I could put my name also on his stocks. Unless I could somehow? We're not even close to being married or anything. It's a little too on the nose.
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Sep 18, 2017 16:00
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SquirrelFace posted:Well I think that in most states any debt or assets acquired in marriage are jointly owned so he's only responsible for half technically. What people often seem to forget is that the divorce decree can't force the lenders to put her name on those debts instead. If she fails to pay him her portion of the debt, or just pays him late, he's stuck holding the bag. Here's some content, Leon did someone from your office write in? http://www.askamanager.org/2017/09/my-coworker-keeps-asking-everyone-for-loans.html http://www.askamanager.org/2017/09/my-coworker-keeps-asking-everyone-for-loans.html posted:Since last holiday season when my office hired Cersei, she has quietly hit up almost everyone in our small office for various short-term personal loans...My colleague Sansa, who fell for one of her sob stories, lent her the $1,000+ amount and waited through months of flimsy promises before it was repaid. BonerGhost fucked around with this message at 17:24 on Sep 18, 2017 |
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Sep 18, 2017 17:08
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But I heard a Lannister always pays their debts 
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Sep 18, 2017 17:53
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I don’t understand it, but somehow people get coworkers to loan them money. We had one lady (at the bank none the less) who borrowed money from other tellers and drove a BMW with a perpetual dealer tag. I guess it’s sheer persistence because you’ve got to see this person every day and unless you want to be the bad guy and get HR involved they’re just going to keep asking until you give in.
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Sep 18, 2017 18:10
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Krispy Kareem posted:I don’t understand it, but somehow people get coworkers to loan them money. We had one lady (at the bank none the less) who borrowed money from other tellers and drove a BMW with a perpetual dealer tag. Yeah, when I worked retail and when I delivered pizzas, there were a couple people who would always need to bum rides (one was a man in his mid 40's who had never had a driver's license, the other lost her license for a couple years due to DUI) If you say no the first time, they typically never ask again. Instead, they will hound the people who have ever given them a ride once and it becomes an expectation.
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Sep 18, 2017 18:34
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NancyPants posted:Here's some content, Leon did someone from your office write in? Fortunately, that seems to be the one area of BWM that I have never seen with anyone in my office. Although, the Debbie retirement party saga ended with a semi-boring and anti-climactic loan from coworkers that is never going to be repaid. Not enough people showed up, but the venue ended up making fewer dishes and charging us less because we gave them two days notice. They still charged the $500 fee for having 50% fewer people show up than the package we bought accommodated. Two managers paid $100 out of pocket each and they took $300 from the "employee appreciation fund" to cover the rest. They are going to try and set bigger fundraising goals or just downsize our non-denominational holiday party that happens the week before Christmas.
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Sep 18, 2017 18:45
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this exact same conversation came up like a billion pages back and we already concluded that $100k isn't much for a skilled expat worker (i.e. not an english "teacher")
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Sep 18, 2017 18:59
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Zo posted:this exact same conversation came up like a billion pages back and we already concluded that $100k isn't much for a skilled expat worker (i.e. not an english "teacher") They should probably stay out of France then. The French have practice with this sort of thing.
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Sep 18, 2017 19:30
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Krispy Kareem posted:I don’t understand it, but somehow people get coworkers to loan them money. We had one lady (at the bank none the less) who borrowed money from other tellers and drove a BMW with a perpetual dealer tag. Maybe it is because I work for a bank but at my company it is against the code of ethics to borrow or lend money between co-workers, same as it s against our code of ethics to make wagers between co-workers. It makes it really easy to say no.
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Sep 18, 2017 19:52
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Help! We're buying a food truck and we're in brand new territory! Advice/suggestions/help not losing our footing financially? https://www.reddit.com/r/personalfinance/comments/70wzc4/help_were_buying_a_food_truck_and_were_in_brand/ quote:Hello!
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Sep 18, 2017 19:55
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I remember that Simpsons episode.
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Sep 18, 2017 20:22
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