Taxes in the US
Discussion
jez30 said:
What happened with you Viper_Larry?
I did what I shouldn't do - stuck my head in the sand and tried to ignore it! I still have the Premium Bonds, still have a house in the UK which I rent out and still have a UK bank account so I have left 'as is'. Like you, if I win big, I'll be back on a plane to get it! All correspondance is electronic so any winnings go straight to my account. I understand if I won big, I might have to pay US taxes, but I'm really not sure.Viper_Larry said:
jez30 said:
What happened with you Viper_Larry?
I did what I shouldn't do - stuck my head in the sand and tried to ignore it! I still have the Premium Bonds, still have a house in the UK which I rent out and still have a UK bank account so I have left 'as is'. Like you, if I win big, I'll be back on a plane to get it! All correspondance is electronic so any winnings go straight to my account. I understand if I won big, I might have to pay US taxes, but I'm really not sure.What they don't know won't hurt 'Em.
Think of your contributions as a tax savings plan.. Put too much in, get some back.. Don't put enough in, pay some.
Most of is new boys here should have a simple return for the first few years.
Now In my 5th yr, so setting some roots into the ground... Will be a new minefield to navigate next year if we buy a house etc...
You guys are playing with fire. For the potentially small amount of taxes you would owe (if any) to the US I would be above board and declare everything - for peace of mind.
Similarly I would notify both NS&I and the relevant authorities here regards the premium bonds to make sure you are in compliance.
Is it really worth getting into potentially a lot of trouble with the IRS and jeopardizing your future in this country for something so minor? The "what they don't know won't hurt them" line is worrying - as they do have ways of finding out - not least because you are posting about it on a public Internet forum.
Similarly I would notify both NS&I and the relevant authorities here regards the premium bonds to make sure you are in compliance.
Is it really worth getting into potentially a lot of trouble with the IRS and jeopardizing your future in this country for something so minor? The "what they don't know won't hurt them" line is worrying - as they do have ways of finding out - not least because you are posting about it on a public Internet forum.
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