Author Archives: Patricia Lydon
Top 5 2018 US Tax Return Changes
This is a brief summary of some 2018 US tax return changes that may affect your tax return. Standard Deduction Under the new law, the standard deduction for all taxpayers has increased from 1 January 2018. It is intended to significantly reduce the number of taxpayers who itemize their deductions. Itemised Deduction State & Local taxes […]
Non-Domiciled Alien Estate Taxes in the US: US assets
Many people have assets in the US but if you are not a US citizen or tax resident (domicile) of the United States you will want to understand how your US assets will be taxed once you pass away. Under the current law, “non-domiciled aliens” who own or have an interest in US situated assets […]
US Taxpayers with Expiring ITINs Can Renew Number Now
US Taxpayers who have an Individual Taxpayer Identification Number (ITIN) should check to see if their numbers will be expiring at the end of the year. More than 2 million ITINs are set to expire at the end of 2018. If your ITIN has not been used on a US tax return at least once […]
Overdue Taxes Can Jeopardize US Passport
The Internal Revenue Service announced on 16 January 2018 that they strongly encourage taxpayers who are behind on their taxes to pay the amount owed or enter into a payment agreement with the IRS if the amount owed is more than $50,000 to avoid putting their US passport into jeopardy. The Fixing America’s Surface Transportation […]
ITIN Renewal: Expiring ITINs Renew Now
US taxpayers who have an Individual Taxpayer Identification Number (ITIN) should check to see if their numbers will be expiring at the end of the year and if an ITIN renewal is required. If an ITIN has not been used on a US tax return at least once in the last three consecutive tax years or an […]
US Tax Changes for Tax Year 2018
IRS Tax Year 2018 Changes The Internal Revenue Service has announced the annual inflation adjustments for a number of tax-related provisions for 2018, and this includes the latest tax rate schedules and tax tables. Below are the numbers for the tax year 2018. Standard Deduction The standard deduction for married filing jointly rises to $13,000 […]
Foreign Mortgage Repayment and Exchange Rate Gain
Americans who have non-US dollar mortgages may not realise that there may be US tax consequences when they change mortgage providers, change the terms of their mortgage or make capital repayment on their mortgages. The IRS views such transactions as a taxable event for US tax purposes and may result in a taxable foreign exchange […]