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Re: Foreign Bona-fide residency

Neither attorney nor immigration specialist, but in my opinion bona fide residency is first and foremost about intentions, then supported by documentation. Physical presence, on the other hand, is just a count of days. Physical presence is (probably) driven more by work assignments abroad, but can a...
by Michael B
Tue Apr 22, 2014 11:44 am
 
Forum: Personal Finance (Not Investing)
Topic: Foreign Bona-fide residency
Replies: 12
Views: 1587

Re: Foreign Bona-fide residency

Questions: * Is this a strong case for bona-fide residence? * How long can brief trips to the USA be? Can I visit twice per year, each time a month, for instance? It is just all so ambiguous and I wish my status did not matter but, unfortunately, it now does. Kramer, I don't think you have any reas...
by Michael B
Mon Apr 21, 2014 7:27 am
 
Forum: Personal Finance (Not Investing)
Topic: Foreign Bona-fide residency
Replies: 12
Views: 1587

Re: Venezuela report Dec 15 2013

Not my intent to be hostile, apologies if that is the way I came across.
by Michael B
Wed Dec 18, 2013 8:09 pm
 
Forum: Personal Consumer Issues
Topic: Venezuela report Dec 15 2013
Replies: 37
Views: 2440

Re: Venezuela report Dec 15 2013

The reason Venezuela appears so inexpensive is because most of the goods and services are priced at the (subsidized) official GDP exchange rate. The black market rate you refer to is a small part of the overall economy but creates a pricing gap you, as a holder of foreign, are able to exploit. This ...
by Michael B
Wed Dec 18, 2013 6:23 pm
 
Forum: Personal Consumer Issues
Topic: Venezuela report Dec 15 2013
Replies: 37
Views: 2440

Re: Venezuela report Dec 15 2013

The first post extolls the bargain that Venezuela is today. With this I cannot agree. Venezuela has a very high cost of living (compared with the US), has been this way for most of the past half century, and will probably continue like this for the foreseeable future. Exceptions are after large exch...
by Michael B
Wed Dec 18, 2013 4:15 pm
 
Forum: Personal Consumer Issues
Topic: Venezuela report Dec 15 2013
Replies: 37
Views: 2440

Re: Venezuela report Dec 15 2013

I am just passing this on since this on since this is a finance site and I thought this might be of interest to people....not to get into talking about politics so let's not. IMHO, no "isms" work. The most functional societies are those that evolve organically, without dogma of any kind. ...
by Michael B
Wed Dec 18, 2013 9:04 am
 
Forum: Personal Consumer Issues
Topic: Venezuela report Dec 15 2013
Replies: 37
Views: 2440

Re: Florida homeowners and Citizens Insurance

Thanks for the feedback. Self-insure is not the same as no-insure, and individuals without homeowners insurance are doing the latter, not the former. I'll insure as long as we can find a financially sound alternative, even if the premium is high. I guess what we need to do is look for a qualified ag...
by Michael B
Sun Nov 03, 2013 11:57 pm
 
Forum: Personal Consumer Issues
Topic: Florida homeowners and Citizens Insurance
Replies: 17
Views: 1437

Florida homeowners and Citizens Insurance

Those of us stuck with Citizens are facing a troubling rule change. Until now, Citizens regularly transfers our policy to another insurer - of their choice – but we have always been able to opt out. In another couple of months a new process will be implemented and opt out will no longer be an option...
by Michael B
Sun Nov 03, 2013 11:55 am
 
Forum: Personal Consumer Issues
Topic: Florida homeowners and Citizens Insurance
Replies: 17
Views: 1437

Re: Tax question - exchange rates

It depends. If the foreign currency CD is an investment that originated in a different currency and has been realized, you have a loss. Not sure if it is recorded as a capital loss, though, or negative other income.
by Michael B
Sat Sep 21, 2013 9:42 am
 
Forum: Personal Finance (Not Investing)
Topic: Tax question - exchange rates
Replies: 1
Views: 208

Re: Determining residency status for tax purposes.

If you are not working, you determine your residency basically by establishing it and then declaring it so. You establish it by living there, domiciling your financial accounts, filing IRS form 8822, registering to vote, registering the cars, obtain local permits and driving license, and registering...
by Michael B
Tue Aug 13, 2013 7:56 am
 
Forum: Personal Finance (Not Investing)
Topic: Determining residency status for tax purposes.
Replies: 32
Views: 1846

Re: Anyone take the Johnson O'Connor Career Aptitude test?

I took Johnson O'Connor 38 years ago, as did my siblings. Did the same for my kids 10 years ago. When doing the kids they offered to review my original tests. Very interesting, useful, insightful. IMHO well worth the $$.
by Michael B
Tue Aug 13, 2013 7:45 am
 
Forum: Personal Consumer Issues
Topic: Anyone take the Johnson O'Connor Career Aptitude test?
Replies: 5
Views: 1234

Re: Mutual Funds and foreign taxes

You think an actively managed fund with a 1.60% ER has any concern for shareholders? Sorry, but every decision they make is for their benefit. The prospectus is pretty clear: Thanks, I read the prospectus, know what is says, and already made the point in my OP that the fund is not shareholder frien...
by Michael B
Thu Mar 28, 2013 5:17 pm
 
Forum: Investing - Theory, News & General
Topic: Mutual Funds and foreign taxes
Replies: 3
Views: 325

Mutual Funds and foreign taxes

Int'l mutual funds typically pay taxes on their income, and if they are normal mutual funds (not funds of funds) they pass them through to the shareholders. If they choose not to do so, how do they treat the taxes paid and how do shareholders benefit? I invested in Seafarer funds, run by Andrew Fost...
by Michael B
Thu Mar 28, 2013 12:17 pm
 
Forum: Investing - Theory, News & General
Topic: Mutual Funds and foreign taxes
Replies: 3
Views: 325

Re: Changes to My Yahoo Portfolio

Yes, back to the previous version. I agree, hopefully they keep this functionality in the next change.
by Michael B
Tue Jul 17, 2012 10:22 am
 
Forum: Personal Consumer Issues
Topic: Changes to My Yahoo Portfolio
Replies: 19
Views: 1874

Re: Changes to My Yahoo Portfolio

Jake46: Yahoo changed that, confirmed so and also said they have no plan to go back. Texas Archer: Yes, I’m familiar with M*. I was looking for a one glance news and quotes function for multiple portfolios, which they do not offer. Thatguy: Google finance doesn’t seem to have any advantage over the ...
by Michael B
Tue Jul 10, 2012 6:35 pm
 
Forum: Personal Consumer Issues
Topic: Changes to My Yahoo Portfolio
Replies: 19
Views: 1874

Changes to My Yahoo Portfolio

Yahoo finance recently made some changes to the way it displays data. Previously one could create multiple portfolios combining stocks, funds & indexes and then track prices and news. Now only one portfolio can be open at a time, and they replaced user designated sequence with alphabetical. Not ...
by Michael B
Tue Jul 10, 2012 9:38 am
 
Forum: Personal Consumer Issues
Topic: Changes to My Yahoo Portfolio
Replies: 19
Views: 1874

Re: HSA question

The HSA contribution is an above the line adjustment to income. The monthly premium is a medical deduction like any other medical expense. Both can be taken in 2012.
by Michael B
Tue Nov 01, 2011 9:56 am
 
Forum: Personal Finance (Not Investing)
Topic: HSA question
Replies: 6
Views: 545

Thanks for getting back on that question. To summarize, the decedent has tax liability for all distributions taken while alive, the beneficiary is liable after that. Distributions must be taken from the IRA every year including the year of death. In that year the distribution is based on the deceden...
by Michael B
Sat Oct 08, 2011 8:29 am
 
Forum: Investing - Theory, News & General
Topic: Question re inherited IRAs
Replies: 32
Views: 2816

My condolences on your loss. It was mentioned that the RMD for 2011 (all my dates in this post assume your father passed away this year) needs to be taken out by 12/31/2011, but only if it was not already disbursed for this year. Please note that this amount will be according to your father's exist...
by Michael B
Fri Oct 07, 2011 9:14 am
 
Forum: Investing - Theory, News & General
Topic: Question re inherited IRAs
Replies: 32
Views: 2816

From TSA "Secure Flight FAQ" If the name printed on my boarding pass is different than what appears on my government ID, will I still be able to fly? Secure Flight is a behind-the-scenes process that TSA and airlines collaborate on to compare the information you provide against government ...
by Michael B
Sat Aug 27, 2011 11:42 am
 
Forum: Personal Consumer Issues
Topic: Airline ticket name doesn't match passport name!
Replies: 20
Views: 4385

I like FIRECalc http://firecalc.com/ It is flexible and presents the results in a more useful way.
by Michael B
Sun Aug 14, 2011 8:44 am
 
Forum: Personal Finance (Not Investing)
Topic: Retirement Calculator
Replies: 32
Views: 4422

I am in California and I think Latin American Spanish is what I should choose, but I want to to stick to the pure form. Is Spain Spanish a purer form of the language? The idea is that if I talk to Spanish speakers in general, I will seem more educated and I speak in a more refined manner. Will choo...
by Michael B
Sat Aug 13, 2011 4:12 pm
 
Forum: Personal Consumer Issues
Topic: Learning Spanish?
Replies: 58
Views: 5406

Bruce Bartlett posted some comparitive tax data on his NYT blog Economix (see here http://economix.blogs.nytimes.com/) [img]<a%20href="http://s1204.photobucket.com/albums/bb408/michaelbgh/?action=view&amp;current=ScreenHunter_13Jul061213.jpg"%20target="_blank"><img%20src="http://i1204.photobucke...
by Michael B
Mon Jul 25, 2011 1:01 pm
 
Forum: Investing - Help with Personal Investments
Topic: Is US a high or low tax country?
Replies: 76
Views: 6809

Eudora 7. It's a free email client that accesses and downloads all your mailboxes, lets you store and work on mail offline. You have excellent backup and recover capabilities. http://www.eudora.com/download/
by Michael B
Wed Jun 22, 2011 8:33 am
 
Forum: Personal Consumer Issues
Topic: Email software?
Replies: 41
Views: 1912

Re: Tax reporting requirements for offshore investments?

1) All income has to be reported to the IRS. Form TD F 90-22.1 to Department of the Treasury if the total of all foreign accounts exceeds $10,000. Is this amount of $10,000 referring to the "current asset value" of all foreign held assets, or is it strictly referring to all foreign income...
by Michael B
Wed Jun 15, 2011 9:28 am
 
Forum: Investing - Help with Personal Investments
Topic: Tax reporting requirements for offshore investments?
Replies: 13
Views: 907

NAVigator , thanks. I saw that book because it has a kindle version. My need is not for my own estate but one I will be helping settle, but the TOC looks good. Flobes, my experience with Nolo publications has been favorable so far and it from your feedback it sounds helpful. I think I'll get both. T...
by Michael B
Tue Mar 29, 2011 5:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: Book Recommendation - Executor's Guide
Replies: 6
Views: 1172

Book Recommendation - Executor's Guide

I have an immediate need for an executor's guide to settling an estate. Nolo has one: "The Executors Guide", The Executor's Guide by Mary Randolph - Nolo , their publications are generally thorough and useful. Perhaps someone here has read or knows of another publication or e-book. This is...
by Michael B
Tue Mar 29, 2011 10:02 am
 
Forum: Personal Finance (Not Investing)
Topic: Book Recommendation - Executor's Guide
Replies: 6
Views: 1172

We did retire outside the US. In Caracas, where we had lived for many years (I was born and raised in the IS). We owned a small apartment (condo) and had a family and social network. Venezuela was really nice - everything we needed. Then came Chavez. We have since relocated to South Florida. Anyone ...
by Michael B
Wed Mar 23, 2011 8:39 am
 
Forum: Investing - Theory, News & General
Topic: Would you retire outside the US?
Replies: 61
Views: 7701

Re: Netflix vs. Amazon for movie streaming

Has anyone compared the two? Since I purchase a good bit thru Amazon, I wonder if this wouldn't be a better deal. I haven't yet researched the pro's and cons of one vs. the other as far as streaming quality, etc. Has anyone? Imagine Netflix streaming video with about 3/4 fewer offerings, no queue o...
by Michael B
Wed Mar 09, 2011 9:33 am
 
Forum: Personal Consumer Issues
Topic: Netflix vs. Amazon for movie streaming
Replies: 8
Views: 1878

Does everyone understand what exactly is being measured? Only students that enroll as freshmen and graduate in 4 years. Students that complete a 1 or 2 years of community college, transfer and graduate in 2 or 3 years are not counted. Neither are students that work and study, graduating in 5 years. ...
by Michael B
Tue Feb 08, 2011 8:49 am
 
Forum: Personal Finance (Not Investing)
Topic: 25 Universities With the Worst [4 year] Graduation Rates
Replies: 25
Views: 3187

1. What is FBAR? 2. Does it matter if the foreign money is not in dollars? FBAR is being a signatory on a foreign bank account. If you own or have authority over a foreign financial account, including a bank account, brokerage account, mutual fund, unit trust, or other types of financial accounts, ...
by Michael B
Thu Dec 23, 2010 11:10 am
 
Forum: Personal Finance (Not Investing)
Topic: Transferring Money to USA from India - Tax Liability
Replies: 7
Views: 3944

Regarding tax liability and IRS filing: IRS filing requirements are based on income, not liability. OP does not provide enough information to determine if he/she must file or not. As a permanent resident OP is liable for worldwide income and might have to file. The only questions that can be answere...
by Michael B
Thu Dec 23, 2010 8:39 am
 
Forum: Personal Finance (Not Investing)
Topic: Transferring Money to USA from India - Tax Liability
Replies: 7
Views: 3944

I'm not a lawyer or accountant, but my understanding is an international transfer does not create a tax liability you do need to file a FBAR regardless of the transfer if you have a foreign account IRS tax filing obligation is unrelated to funds transfers and filing requirements are spelled out here...
by Michael B
Wed Dec 22, 2010 7:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: Transferring Money to USA from India - Tax Liability
Replies: 7
Views: 3944

Re: Moving Foreign Retirement Assets to the US

Has anyone looked into moving assets from a Foreign country to a US retirement account or know of someone who did it? Have any thoughts or helpful resources? The foreign country where my wife is from is allowing the move of her retirement assets which is similar to the IRA/401k, over to the US. The...
by Michael B
Thu Dec 02, 2010 9:58 am
 
Forum: Personal Finance (Not Investing)
Topic: Moving Foreign Retirement Assets to the US
Replies: 9
Views: 2623

Both individual and systemic risk in emerging countries is higher than in developed countries. The original reference to risk seems to really be about valuation and growth potential. It may be correct that currently developed economies show less potential to grow. There is a different type of emergi...
by Michael B
Sun Nov 14, 2010 11:50 am
 
Forum: Investing - Theory, News & General
Topic: Emerging Markets Safer Investments Than Advanced Nations?
Replies: 21
Views: 2576

Can you please explain why it is August? Not august. My memory failed me. You are entitled to up to 6 months extension. The first 2 months are automatic (no preapproval needed), the next 4 need IRS approval (form 4686). The IRS will approve a further extensions if they are to meet residence or phys...
by Michael B
Wed Nov 03, 2010 8:45 am
 
Forum: Personal Finance (Not Investing)
Topic: Foreign earned income exclusion and W4 and Form 673
Replies: 22
Views: 3253

You file an extension in 4/11 postponing your 2010 tax return due date to august. By august you qualify as a bona fide resident and then file 2010.

If you have been assigned overseas your company should not be withholding unless they feel you will not meet the foreign income exclusion.
by Michael B
Tue Nov 02, 2010 8:26 am
 
Forum: Personal Finance (Not Investing)
Topic: Foreign earned income exclusion and W4 and Form 673
Replies: 22
Views: 3253

From Pub 54: Tax Guide for U.S. Citizens and Resident Aliens Abroad Foreign earned income exclusion. Your employer does not have to withhold U.S. income taxes from wages you earn abroad if it is reasonable to believe that you will exclude them from income under the foreign earned income exclusion or...
by Michael B
Sun Oct 31, 2010 9:41 am
 
Forum: Personal Finance (Not Investing)
Topic: Foreign earned income exclusion and W4 and Form 673
Replies: 22
Views: 3253

Sorry if my original post was unclear. I thought it went without saying that the PM&M fund owns mining companies, not physical gold. What I meant to say is that the price of the fund is 95% dependent on the price of gold. The price of all the non-gold metals and non-metals is pretty trivial. Ch...
by Michael B
Tue Oct 26, 2010 12:43 pm
 
Forum: Investing - Help with Personal Investments
Topic: How much of VGPMX pertains to gold prices?
Replies: 25
Views: 5868

Re: How much of VGPMX pertains to gold prices?

How much of VGPMX ( Vanguard Precious Metals and Mining ) pertains to gold prices? Say gold starts a big decline will this seriously effect this fund? What portion would be affected 25% 10%? Vanguard precious metals and mining is an actively managed fund, so you can only see past performance and cu...
by Michael B
Tue Oct 26, 2010 8:55 am
 
Forum: Investing - Help with Personal Investments
Topic: How much of VGPMX pertains to gold prices?
Replies: 25
Views: 5868

P.S. If you quote someone who used a smiley, you should include it in your quote. Quoting without the smiley changes the meaning (in my mind). I felt I was teasing you and not actually accusing you of advocating he lie. By leaving the smiley out, you changed my tease into an accusation. That was no...
by Michael B
Tue Aug 31, 2010 9:10 am
 
Forum: Personal Finance (Not Investing)
Topic: State Tax q regarding Residency and Married Couple
Replies: 16
Views: 1907

His move to Virginia is intended to be permanent, in which case he would file as a part-year resident, not a non-resident [unless by "typically" you meant that most people in his situation would lie about their residency No, I did not mean for him to lie or otherwise misrepresent. His ori...
by Michael B
Mon Aug 30, 2010 9:46 am
 
Forum: Personal Finance (Not Investing)
Topic: State Tax q regarding Residency and Married Couple
Replies: 16
Views: 1907

What does your mother think?
by Michael B
Mon Aug 30, 2010 8:28 am
 
Forum: Personal Finance (Not Investing)
Topic: HOA vs non-HOA and condos
Replies: 19
Views: 2152

Re: State Tax q regarding Residency and Married Couple

Questions: Is it possible to avoid double state taxation without causing excessive headaches? Has anyone else been in a situation similar where one spouse is working and a resident of one state and the other in another? How did you handle federal and state tax filings? Typically, you will file Virg...
by Michael B
Sat Aug 28, 2010 9:23 am
 
Forum: Personal Finance (Not Investing)
Topic: State Tax q regarding Residency and Married Couple
Replies: 16
Views: 1907

Angies List charges more for subscriptions in areas with lots of reports. If the subscription price in the area you are interested in is below the normal price for a large metropolitan area, they probably don't yet have the critical mass you are looking for.
by Michael B
Thu Aug 05, 2010 8:31 am
 
Forum: Personal Finance (Not Investing)
Topic: Use Angie's List for Home Contractors?
Replies: 15
Views: 3092

Thanks for the info. What is FBAR? Also what if the transfer goes via a forex place like xe.com or oanda.com? My pleasure. There are three separate topics in this thread. One is authority or ownership of a foreign bank account. Another is treasury reporting requirements for transferring money. The ...
by Michael B
Tue Aug 03, 2010 12:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax liability on foreign fund transfers to Vanguard MM
Replies: 9
Views: 1603

So the individual doesn't have to do any reporting. Is that right? ] You have to file a yearly FBAR if you have signature authority over a non-US bank account. You do not have to file anything when you transfer money to the US because that reporting is done by the bank. You do have to file with the...
by Michael B
Tue Aug 03, 2010 10:03 am
 
Forum: Personal Finance (Not Investing)
Topic: Tax liability on foreign fund transfers to Vanguard MM
Replies: 9
Views: 1603

There is no obligation to do anything and no automatic or mandatory tax liability from the transfer. 1. Treasury reporting requirements are met by the bank. 2. The IRS has the right to request details regarding the origin of the funds, to determine if income tax is or was in the past due. This is no...
by Michael B
Tue Aug 03, 2010 9:53 am
 
Forum: Personal Finance (Not Investing)
Topic: Tax liability on foreign fund transfers to Vanguard MM
Replies: 9
Views: 1603

Thanks for the speedy replies & info. everyone. This Forum is the best. I will see that my cousin reads it when she comes over this evening as she does not have a computer at home right now. She did tell me yesterday that she has already gone to the bank & all accounts were closed. She alre...
by Michael B
Mon Jul 05, 2010 3:38 pm
 
Forum: Personal Finance (Not Investing)
Topic: Bank Security
Replies: 7
Views: 1585

These websites are very helpful. http://www.ftc.gov/bcp/edu/pubs/consumer/idtheft/idt07.shtm http://www.privacyrights.org/fs/fs17a.htm Call and speak with someone in the security or fraud department of each company. Follow up in writing, and include copies (NOT originals) of supporting documents. It...
by Michael B
Sat Jul 03, 2010 9:17 am
 
Forum: Personal Finance (Not Investing)
Topic: Bank Security
Replies: 7
Views: 1585
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