Is There a Monster Living Under Your Bed?

First and foremost, if you are an American expatriate living in the Netherlands – or many other countries – you absolutely need to report your income to the United States government, via a ‘tax return’ (Form 1040), regardless of how long you have lived abroad. Along with that obligation comes another surprise to many expats. If you reside outside the US and have foreign accounts or investments that total more than $200,000 at the end of the tax year, or more than $300,000 at any time during the tax year, you are required to file a Form 8938 along with your Form 1040. In this article, Charles Rubenacker takes a closer look at this latter obligation, referred to as ‘FATCA’.

By Charles Rubenacker

www.rubenackerandcompany.com

Issue
2015 Spring

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