NexusFi: Find Your Edge


Home Menu

 





tax implications for long term visitors to the usa - eg Snowbirds


Discussion in Off-Topic

Updated
    1. trending_up 1,120 views
    2. thumb_up 2 thanks given
    3. group 3 followers
    1. forum 5 posts
    2. attach_file 1 attachments




 
Search this Thread

tax implications for long term visitors to the usa - eg Snowbirds

  #1 (permalink)
 
aquarian1's Avatar
 aquarian1 
Point Roberts, WA, USA
 
Experience: Advanced
Platform: IB and free NT
Broker: IB
Trading: ES
Posts: 4,034 since Dec 2010
Thanks Given: 1,509
Thanks Received: 2,593

The US is expanding it's tax grab worldwide.

A "US person" for tax purposes is expanded

I have included some information on tax implications that anyone who visits the USA for more than 120 days should par attention to.

..........
peace, love and joy to you
.........
Visit my NexusFi Trade Journal Started this thread Reply With Quote

Can you help answer these questions
from other members on NexusFi?
How to apply profiles
Traders Hideout
MC PL editor upgrade
MultiCharts
PowerLanguage & EasyLanguage. How to get the platfor …
EasyLanguage Programming
Increase in trading performance by 75%
The Elite Circle
Trade idea based off three indicators.
Traders Hideout
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Just another trading journal: PA, Wyckoff & Trends
30 thanks
Spoo-nalysis ES e-mini futures S&P 500
28 thanks
Tao te Trade: way of the WLD
24 thanks
Bigger Wins or Fewer Losses?
20 thanks
GFIs1 1 DAX trade per day journal
16 thanks
  #2 (permalink)
 
aquarian1's Avatar
 aquarian1 
Point Roberts, WA, USA
 
Experience: Advanced
Platform: IB and free NT
Broker: IB
Trading: ES
Posts: 4,034 since Dec 2010
Thanks Given: 1,509
Thanks Received: 2,593

Substantial Presence

If more than about 120 days/yr (see) computation => 183 and Substantial Presence

There was a Money Talk episode on bnn.ca about things snowbirds should know.
Money Talk - BNN Shows - Business News Network

====Here is a clip I made of the essence of the show.===
US sub presence


Read
https://www.irs.gov/Individuals/International-Taxpayers/Substantial-Presence-Test

Then read
https://www.irs.gov/Individuals/International-Taxpayers/Conditions-for-a-Closer-Connection-to-a-Foreign-Country

---Notes from Conditions for a Closer Connection to a Foreign Country---

Even if you meet the substantial presence test, you can still be treated as a nonresident alien if you:

Are present in the United States for less than 183 days during the year,
Maintain a tax home in a foreign country during the year (Refer to Chapter 28 of Publication 17 for a discussion of the tax home concept), and
Have a closer connection during the year to one foreign country in which you have a tax home than to the United States (unless you have a closer connection to two foreign countries, discussed next).

===> You MUST file Form 8840, Closer Connection Exception Statement for Aliens, to claim the Closer Connection Exception.


If you are filing a U.S. federal income tax return please attach Form 8840 to the income tax return. If you do not have to file a U.S. federal income tax return, send Form 8840 to the Internal Revenue Service Center (indicated in the instructions attached to Form 8840) by the due date for filing the income tax return.


I hope it helps

..........
peace, love and joy to you
.........
Visit my NexusFi Trade Journal Started this thread Reply With Quote
  #3 (permalink)
 
TheShrike's Avatar
 TheShrike 
Bridgeport, Ct
 
Experience: None
Broker: Tasty
Trading: Fops
Posts: 533 since Jun 2012
Thanks Given: 1,588
Thanks Received: 923


So what are we actually getting at here?

Reply With Quote
Thanked by:
  #4 (permalink)
 
aquarian1's Avatar
 aquarian1 
Point Roberts, WA, USA
 
Experience: Advanced
Platform: IB and free NT
Broker: IB
Trading: ES
Posts: 4,034 since Dec 2010
Thanks Given: 1,509
Thanks Received: 2,593


TheShrike View Post
So what are we actually getting at here?

Title of thread is "tax implications for long term visitors to the usa - eg Snowbirds"
What is it that is unclear to you?

..........
peace, love and joy to you
.........
Visit my NexusFi Trade Journal Started this thread Reply With Quote
  #5 (permalink)
 
TheShrike's Avatar
 TheShrike 
Bridgeport, Ct
 
Experience: None
Broker: Tasty
Trading: Fops
Posts: 533 since Jun 2012
Thanks Given: 1,588
Thanks Received: 923


aquarian1 View Post
Title of thread is "tax implications for long term visitors to the usa - eg Snowbirds"
What is it that is unclear to you?


That's really weird. I never typed that in response to your thread but it looks similar to something I posted several months ago in a different thread. I'll report my post and see if something is going on. Sorry about that.

Reply With Quote
  #6 (permalink)
 
aquarian1's Avatar
 aquarian1 
Point Roberts, WA, USA
 
Experience: Advanced
Platform: IB and free NT
Broker: IB
Trading: ES
Posts: 4,034 since Dec 2010
Thanks Given: 1,509
Thanks Received: 2,593


TheShrike View Post
That's really weird. I never typed that in response to your thread but it looks similar to something I posted several months ago in a different thread. I'll report my post and see if something is going on. Sorry about that.

no worries :-)

..........
peace, love and joy to you
.........
Visit my NexusFi Trade Journal Started this thread Reply With Quote
Thanked by:




Last Updated on November 23, 2015


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts