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PayPal Accounts and FBAR Reporting

19 Feb 2021 | FATCA, FBAR, Foreign Bank Account Report, Investing, US Tax

The IRS has clearly stated that PayPal accounts located outside of the US are considered a foreign bank account for the purposes of FBAR filing.  If you have a US-based PayPal account this would normally not need to be reported.  Fortunately, the reporting from PayPal...

Virtual Currencies and FBAR Reporting

19 Feb 2021 | Crypto Currency, FATCA, FBAR, Foreign Bank Account Report, Investing, US Tax

The IRS and FinCen have not given a lot of clarity on the “official” rules for reporting (or not) virtual currency holdings on your FBAR, but here are some general guidelines:1) If you store your virtual currency on a public exchange (e.g. Coinbase,...

Coordination of Dutch Box 3 Tax and US Tax on Passive Income – An Overview

8 Jan 2021 | Dutch Tax, Foreign Tax Credits, Investing, Net Investment Income Tax (NIIT), Real Estate, US Tax

The most common complaint I hear about the Dutch tax system is the way that they tax income from savings and investments (e.g. interest, dividends and capital gains). This taxation occurs in “Box 3” of a Dutch tax return (“Box 1” covers wages,...

Is 2012 a Good Time to Realize Capital Gains? (Specifically for NL Residents)

10 Dec 2012 | Dutch Tax, Investing, Net Investment Income Tax (NIIT)

Assuming no last-minute changes, the maximum US tax rate on long-term capital gains is set to increase on January 1, 2013, from 15% to 23.8% (including a 3.8% Medicare surcharge on investment income over $250,000). There is a lot of advice going around for people to...
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