Forum Discussion
11 Replies
- Paleo_RonExplorerI posted a comment on filling out the form on the post entitled "Beware the Tax Man", and would be interested in hearing your replies either there or here.
- Community Alumni
vic46 wrote:
US IRS FORM 8840:
https://www.irs.gov/pub/irs-pdf/f8840.pdf
No asset disclosure! The information disclosure is required to adjudicate the "closer connection" status of the individual.
The "values" of assets and income of the individual will be pursued in the event the closer connection is determined to be to the USA.
Assets are anything that you own. As an example they want to know where your vehicle(s) is located as well as personal belongings. They also want to know where your investments are located; those are all assets. - vic46ExplorerUS IRS FORM 8840:
https://www.irs.gov/pub/irs-pdf/f8840.pdf
No asset disclosure! The information disclosure is required to adjudicate the "closer connection" status of the individual.
The "values" of assets and income of the individual will be pursued in the event the closer connection is determined to be to the USA. - JackDExplorer
Eric wrote:
Many folks do not want to report their financial status or assets on an 8840
This is why so many Canadians are now avoiding spending time and money in the U.S.and favor going to other snowbird friendlier destinations (Ex. Mexico) or leave the motorhome under the snow bank and fly to central America or to the Caribbean - Community AlumniI get a lot of questions when we're in South Carolina about the '120-day' statement that is always being quoted. Many folks do not want to report their financial status or assets on an 8840 form so they actually limit their stays to 120 days or less each year. This is why the Canadian Snowbird Association typically quotes that number as a reference.
The issue is that even if you complete an 8840 form and spend only 182 days in the US, your financials/assets could be to a greater degree where the IRS determines that you have a closer connection to the US. If that occurs, you can be levied income tax.
... Eric - samandtheduckExplorerNo misrepresented facts but why say it is a good rule to only stay 120 days annually? Stay less than 183 and file the 8840 form and you are good to go.
Brian - netjamExplorer
PackerBacker wrote:
bjbear wrote:
I think CBC should stop reporting things that they have not fully researched. Although it does have some facts, it is missinterpreting others.
I would be interested in understanding which facts are being misinterpreted?
... Eric
I also thought the article was well done and did not notice the misinterpreted facts. - Community Alumni
bjbear wrote:
I think CBC should stop reporting things that they have not fully researched. Although it does have some facts, it is missinterpreting others.
I would be interested in understanding which facts are being misinterpreted?
... Eric - bjbearExplorerI think CBC should stop reporting things that they have not fully researched. Although it does have some facts, it is missinterpreting others.
- vic46ExplorerSure looks like Gary Haupt's post of 04.11.2016!
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