In this episode of the Snowbirds Expat Radio Podcast, hosts Gerry Scott, Kirill Chistyakov, and Logan Cerelli-Lough dive deep into the intricacies of cross-border taxation for snowbirds.
They cover essential topics like the 183-day rule, the Substantial Presence Test, and the importance of filing the 8840 form for U.S. tax compliance.
The hosts discuss the impact of exceeding the 183-day threshold, maintaining closer ties to Canada, and best practices for filing tax forms with the IRS. They also highlight the importance of tracking days, foreign asset disclosure, and the unique challenges Americans living in Canada face.
Key Takeaways:
- The 183-day rule is crucial for determining tax residency.
- Filing the 8840 form is a must for snowbirds to maintain tax status.
- The IRS does not notify receipt of forms, only issues. Keep records for peace of mind.
- Every state in the U.S. has its own tax rules—be sure to stay informed.
- I am professional help for complex tax issues.
- The 12-month rolling calendar is important for immigration status and tax implications.
- Foreign asset disclosure is a priority for the IRS.
- Track your days carefully to avoid unintended tax consequences.
- Understanding tax implications is key to a stress-free, compliant cross-border lifestyle.
Tune in for all the insights you need to navigate the complexities of cross-border taxation!
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