Questions answered by Sebastian Nye-Schmitz

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Should I bother filing Fbars that are past statute of limitations? Does this affect income tax returns and their statutes?

Sebastian's answer | Answered on August 23, 2014

I agree with Mr. Gray. Also, your question appears to be narrowly tailored so that I would certainly encourage you to seek out tax counsel who may...

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Do I have to report to IRS and pay income tax if I receive international money transfer from a friend? (See additional detail)

Sebastian's answer | Answered on August 23, 2014

As some of my colleagues have pointed out, there is nothing inherently "wrong" with you taking money in trust on behalf of another and paying his...

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Do I Need to file anything with the IRS ?

Sebastian's answer | Answered on August 23, 2014

I agree that a gift would have to be reported on Form 3520. However, since your sister took out a loan, it would be reasonable to assume that she...

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IRS offshore voluntary disclosure question (OVDP)

Sebastian's answer | Answered on August 23, 2014

Forms 906 are the closing agreements and most attorneys will in fact require the client to sign the document and will refuse to sign on a client's...

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Do we must have legal will for custody of our kids (US born) and financials (in US) ? we are foreign citizen living in USA.

Sebastian's answer | Answered on August 23, 2014

I agree. The best protection is offered by having an attorney draft the documents. Many attorneys will provide reduced rates depending on your...

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Someone wants to gift me a car so they can write it off on their taxes. If they have a title that would mean they don't owe any

Sebastian's answer | Answered on August 23, 2014

I will specifically address the question about the tax writeoff. If it is truly a gift, there are no tax consequences to the recipient or the...

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If you file an amended tax return for a tax year 7 years ago, does that re-open the return?

Sebastian's answer | Answered on August 19, 2014

Assuming that you originally filed a tax return seven years ago, I am not sure why you would want to amend that return. Strictly speaking you do...

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When is it too late to file IRS 706?

Sebastian's answer | Answered on August 16, 2014

You may actually have been required to report the foreign inheritance on Form 3520 if the inheritance was from a foreign person. We would need more...

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Does opening a joint foreign bank account with dad as the principle account holder makes me liable for reporting income?

Sebastian's answer | Answered on August 12, 2014

An attorney may not "report you anonymously" to the IRS. They are bound to keep your information private. Your situation sounds like a former FAQ...

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Foreign Inheritance Tax?

Sebastian's answer | Answered on August 12, 2014

If your inheritance exceeds $100,000 in value, at the very least you will have to file Form 3520.

Sebastian Nye-Schmitz's Answers (102)

Should I bother filing Fbars that are past statute of limitations? Does this affect income tax returns and their statutes?

Do I have to report to IRS and pay income tax if I receive international money transfer from a friend? (See additional detail)

Do I Need to file anything with the IRS ?

IRS offshore voluntary disclosure question (OVDP)

Do we must have legal will for custody of our kids (US born) and financials (in US) ? we are foreign citizen living in USA.

Someone wants to gift me a car so they can write it off on their taxes. If they have a title that would mean they don't owe any

If you file an amended tax return for a tax year 7 years ago, does that re-open the return?

When is it too late to file IRS 706?

Does opening a joint foreign bank account with dad as the principle account holder makes me liable for reporting income?

Foreign Inheritance Tax?