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Korean Job Discussion Forums
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Paddycakes
Joined: 05 May 2003
Location: Seoul
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 Posted: Thu Aug 22, 2013 3:12 am Post subject: |
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I have a question...
Let's say you sell you apartment for 200 million won or whatever.
You go to your bank and try to wire 200 million back to the States or the UK or whatever.
Do you have to show your documents "before" they process the wire? Income tax receipts, etc., showing 200 million.
In other words, do you have to sit there and wait for hours will some tax person tallies up all your old income tax forms?
Anyone actually done this?
Sold their apartment and sent the money home. |
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atwood
Joined: 26 Dec 2009
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| Posted: Fri Aug 23, 2013 7:24 pm Post subject: |
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| Xanetos wrote: |
| ttompatz wrote: |
If you are from the US and didn't file then the IRS is about to become a major fly in your ointment and you'll wish you weren't American.
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This is the truth.  Make sure to file! |
U.S. citizens need to file their taxes, whether they owe any or not. When you apply for a new passport, they are checking to see if you have filed and if you haven't will not issue you a new passport.
If you don't owe any taxes, you can probably file late without too much of a problem. However, with the new tax laws affecting those living overseas, that may no longer be the case or won't be for long.
It has become/is becoming a real PITA to file with all the new forms, etc. I understand they're trying to catch people who evade taxes by hiding money overseas, but per SOP, it seems to be the little guy who's getting it in the neck. Reportedly, foreign firms are laying off U.S. workers because it costs them too much to comply with the new tax reporting regulations.
Tax laws targeted at the rich often have the unintended consequences of hurting the little guy. |
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