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naturegirl321
Joined: 04 May 2003
Posts: 9041
Location: home sweet home
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 Posted: Thu Dec 23, 2010 3:57 am Post subject: CUtting off ties back home? |
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Push has come to shove for me. I've lived outside the US for 9 years now and have a couple of bank accounts, an IRA, and a couple credit cards. My credit keeps going down since I never use it and my other accounts have minimal money and I have to get my parents involved becuase they need to give me the interest info for taxes. PLUS, I just found out that if I ever move back to the same state, even if I spend decades abroad, the state could demand income tax for the whole time.
So. . .I think it's time to close all accounts and let my license expire. Anyone else done this? Taken the final plunge and cut off all financial ties? Any regrets? |
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Glenski
Joined: 15 Jan 2003
Posts: 12844
Location: Hokkaido, JAPAN
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| Posted: Thu Dec 23, 2010 4:17 am Post subject: |
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Interest rates here in Japan are too tiny to be worth it, so it is better for me to have some money back home collecting 100-200 times that interest (really!).
Cutting all ties? If you are still American, you still have to file U.S. taxes, so that tie cannot be cut.
Hard to imagine that any U.S. state would ask for backtaxes when you have not been living there, or even in the same country. Which one is that?
As for letting your license expire, do you mean driver's license? I did. Could only renew it from abroad once anyway, and I don't make that many trips back to the States to get it renewed in person. Let that go for sure and get a local license. |
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cmp45
Joined: 17 Aug 2004
Posts: 1475
Location: KSA
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| Posted: Thu Dec 23, 2010 4:33 am Post subject: |
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I have been out side Canada for 9 years and just recently, last summer, I filed back taxes on all 9 years...since I also have not cut ties (still have credit cards + bank accounts) Over the 9 years, it was still not as bad as I thought... only had to pay around a $1000.00 CAD. + the accountant fees
Not sure how that compares with USA? |
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mimi_intheworld
Joined: 23 May 2010
Posts: 167
Location: UAE
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| Posted: Thu Dec 23, 2010 4:41 am Post subject: |
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| Glenski, I had to pay back taxes for the state of Michigan when I moved back there after living & working abroad. Naturegirl, if all your US debts are paid off, I don't see a reason to keep a bank account there. Consider an account with a bank in which you can keep/draw on multiple currencies, perhaps? (The only one that comes to mind is HSBC, and I don't know if that'd work for you at all...) |
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cmp45
Joined: 17 Aug 2004
Posts: 1475
Location: KSA
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| Posted: Thu Dec 23, 2010 4:43 am Post subject: |
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| Glenski wrote: |
Interest rates here in Japan are too tiny to be worth it, so it is better for me to have some money back home collecting 100-200 times that interest (really!).
Cutting all ties? If you are still American, you still have to file U.S. taxes, so that tie cannot be cut.Hard to imagine that any U.S. state would ask for backtaxes when you have not been living there, or even in the same country. Which one is that?
As for letting your license expire, do you mean driver's license? I did. Could only renew it from abroad once anyway, and I don't make that many trips back to the States to get it renewed in person. Let that go for sure and get a local license. |
This also is true of Canada, still have to pay taxes even if you don't have any ties. It is nominal amount, but all the same still have to pay something. I had thought otherwise until I actually went and spoke to an accountant. The only way to avoid paying completely is to renounce your citizenship. |
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Professor
Joined: 22 May 2009
Posts: 449
Location: Mexico City
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| Posted: Thu Dec 23, 2010 4:46 am Post subject: |
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Interesting question naturegirl. I'm originally from Kentucky but lived in Texas for the 11 years before moving to Mexico City. Texas doesn't have a state tax and while I lived there I only had to file federal.
Kentucky was different. There was the federal AND state form to file every year. I liked Texas for that reason. No state taxes to file. I guess the sales tax Texas has makes up for that.
What state are you from? I'm assumming you're talking about state taxes?? |
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naturegirl321
Joined: 04 May 2003
Posts: 9041
Location: home sweet home
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| Posted: Thu Dec 23, 2010 4:54 am Post subject: |
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| Glenski wrote: |
Interest rates here in Japan are too tiny to be worth it, so it is better for me to have some money back home collecting 100-200 times that interest (really!).
Cutting all ties? If you are still American, you still have to file U.S. taxes, so that tie cannot be cut.
Hard to imagine that any U.S. state would ask for backtaxes when you have not been living there, or even in the same country. Which one is that?
As for letting your license expire, do you mean driver's license? I did. Could only renew it from abroad once anyway, and I don't make that many trips back to the States to get it renewed in person. Let that go for sure and get a local license. |
See, interest rates in the US are only about 1 percent and I made a whooping 17 cents last year! I know that I still have to file US taxes, but I mean, I'd cut all optional ties. Taxes, well, those are obligatory, For the record: I do file and always have filed federal taxes.
http://tax.illinois.gov/LegalInformation/Letter/rulings/it/2009/IG090034.pdf
According to the above, I have domicile. I ahve a license, bank accounts, and a library card. And have kept them iup for the last nine years.
I kept my license, becuase it used to be needed for crinimal background checks. In fact, in order to get a license in Peru and Korea, I had to show my US license. I never ended up getting a Peruvian license beucase it was too corrupt a process, but that's another thread. I now have a Korean license though.
Oh, it's Illinois taxes. It's not just that. I was thinking about cutting financila ties in January, simply becuase I have to have my mom do alot for me and it's not fair. she gets my IRA docs, has to call credit card companies, etc. In fact, my credit card got blocked and they said I had to call every 30 days. Another cut my credit by 90%. It's just not worth it to fight it. |
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naturegirl321
Joined: 04 May 2003
Posts: 9041
Location: home sweet home
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| Posted: Thu Dec 23, 2010 4:59 am Post subject: |
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| mimi_intheworld wrote: |
| Glenski, I had to pay back taxes for the state of Michigan when I moved back there after living & working abroad. Naturegirl, if all your US debts are paid off, I don't see a reason to keep a bank account there. Consider an account with a bank in which you can keep/draw on multiple currencies, perhaps? (The only one that comes to mind is HSBC, and I don't know if that'd work for you at all...) |
We had HSBC in Peru, but didn't like it. Not sure what it's like where you are, but we had to say how much money we made each month as well as provide financial documents. I didn't like that. I guess they want to prevent money laundering. Anyways, that account is closed as well.
I have no debts, those were paid off years and years ago. No debts in peru either. I guess now the frustrating thing is I don't know where to go. Sure, we can stay in Korae for a while, but going back to the US means taxes and pulling out my hair despite the fact that I don't make much money. Peru, well, I hate Peru, but we have more ties there due to property. I only have one bank account there, that I forgot I had, and can't take the money out unless I'm in Peru, but I doubt it's even $100 Sigh, this stinks. However, now I understand why people give up US citizenship. Taxes are a nightmare!
I have heard that paying state taxes is beneficial, ie, if you're older and want to get benefits. BUt I really don't know. I'm torn. I'd still like to try to get into the EU somehow. My husband's doing his BA now and maybe when he finishes we can try to move to finland and get citizenhip there like he's always wanted. |
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Professor
Joined: 22 May 2009
Posts: 449
Location: Mexico City
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| Posted: Thu Dec 23, 2010 5:03 am Post subject: |
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| If you ever move back to the States just don't go back to Illinois to live. Try beautiful north Texas. |
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naturegirl321
Joined: 04 May 2003
Posts: 9041
Location: home sweet home
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| Posted: Thu Dec 23, 2010 5:05 am Post subject: |
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| Actually, Alaska sounds good. You can retire early. |
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Professor
Joined: 22 May 2009
Posts: 449
Location: Mexico City
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| Posted: Thu Dec 23, 2010 5:22 am Post subject: |
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| naturegirl321 wrote: |
| Actually, Alaska sounds good. You can retire early. |
The part about getting to retire early sounds nice, but Alaska is too cold. |
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Ariadne
Joined: 16 Jul 2004
Posts: 960
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| Posted: Thu Dec 23, 2010 6:50 am Post subject: |
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Hi Nature Girl. Washington State is beautiful, with mild temperatures.. at least on the western side of the mountains. There are no state income taxes. If you go back to the US someday, just settle in one of the states that doesn't have income taxes.
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johntpartee
Joined: 02 Mar 2010
Posts: 3258
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| Posted: Thu Dec 23, 2010 7:28 am Post subject: |
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| Quote: |
| So. . .I think it's time to close all accounts and let my license expire. Anyone else done this? Taken the final plunge and cut off all financial ties? |
Yes. I did it right after I left the US. My experiences there had prepared me for the inevitable "lack of use" nonsense (fees, loss of perks, etc.) so I did it as soon as I left. The expired license won't be a problem, just hang on to it; you can get it renewed anywhere, anytime (in the US, anyway).
It sometimes takes a while to figure out how to get all of your money from country to country if you don't speak the local language, but other than that, no. |
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Shonai Ben
Joined: 15 Feb 2003
Posts: 617
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| Posted: Thu Dec 23, 2010 8:14 am Post subject: |
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| cmp45 wrote: |
I have been out side Canada for 9 years and just recently, last summer, I filed back taxes on all 9 years...since I also have not cut ties (still have credit cards + bank accounts) Over the 9 years, it was still not as bad as I thought... only had to pay around a $1000.00 CAD. + the accountant fees
Not sure how that compares with USA? |
just curious.......did Revenue Canada say anything about not filing taxes for the 9 years?......I am in a similar situation...... |
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naturegirl321
Joined: 04 May 2003
Posts: 9041
Location: home sweet home
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| Posted: Thu Dec 23, 2010 1:19 pm Post subject: |
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| johntpartee wrote: |
| It sometimes takes a while to figure out how to get all of your money from country to country if you don't speak the local language, but other than that, no. |
Have you moved country a lot? You just empty out your bank accounts every time then? |
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