roombarob

Also look at sunrocket / vonage as a phone provider

It is frustrating. I earn decent money, have a green card, I am a cosigner on a car, pay rent, gas, eletric, cable etc all in my name and yet I cant even get a lowes card due to lack of revolving accounts!

I am with a smaller local bank, do you think that also effects credit building?

I decided to get an accountant this year (was running out of time) and will do turbotax next year

Thanks for the help!

Ok great, so a single 2555 and a single 1040ez?

Did you put much in your statement?

Ok looks like I need a 1040 and a 2555-EZ

Still trying to work out what goes on the 2555 to be honest.

Ok great, so a single 2555 and a single 1040ez?

Did you put much in your statement?

Thanks for the reply, did you use the EZ forms?

I know its getting near the deadline, but I just need to clarify which forms I need. My wife is USC (didnt not earn anything overseas but lived overseas with me until June) and Me the greencard holder (lived and earned overseas until June) who has worked here (in the US) since August.

I need 1040EZ (filing jointly) 2555(EZ or not?) and a signed letter saying 'Treat me as a USC for tax'?

Sorry, but thanks.

Sorry.

There is already a thread where idiotic posts can be made. This isn't your opportunity to get on your soap box, it was merely a hypothetical question.

Oh, and why we are at it, lenders often act immoral, like overlending or jacking up interest rates and leaving a borrower in a position of not being able to pay.

There is a night and day of difference between a les a faire attitude toward writing off debt, and not being in a position to service your loan. Sorry you lack the capacity to understand that, but I wont label you a deadbeat due to your intellect.

I asked a question, thank you for the responses to THAT question.

They jack up interest rates because they know that there are deadbeats out there that will not repay their loans, and they need to recover their losses. Its like making other ppl pay for your lack of being a responsible person.

Again, you're clueless of how credit works. I will give you an example. An loan aligned with your mortgage (whether secured or unsecure) at say 6% can be increased to 12% if you pay off the mortgage its aligned too. Yes you signed up to that, but circumstance changes, like meeting someone overseas where you have to sell your home.

So should the lender be understanding when you contact them and allow you to maintain payments at 6% (a decent return on their money) or should they ignore your requests and increase it to 12% because they can, despite the borrower not being able to make the new increased payment amount?

Has absolutely nothing to do with deadbeats, which, is a term you use too much without knowing its real meaning.

Debt is not a crime and not paying back debts or defaulting on them has no relevance to the FBI check, dont worry, you are fine.

But what about the person of good moral, could defaulting on a loan be construde as such?

No...you are not moral if you borrow money with no intent of repaying. What you would be is a deadbeat.

Being a deadbeat is not a crime, but you have to live with yourself.

There is already a thread where idiotic posts can be made. This isn't your opportunity to get on your soap box, it was merely a hypothetical question.

Oh, and why we are at it, lenders often act immoral, like overlending or jacking up interest rates and leaving a borrower in a position of not being able to pay.

There is a night and day of difference between a les a faire attitude toward writing off debt, and not being in a position to service your loan. Sorry you lack the capacity to understand that, but I wont label you a deadbeat due to your intellect.

I asked a question, thank you for the responses to THAT question.

Debt is not a crime and not paying back debts or defaulting on them has no relevance to the FBI check, dont worry, you are fine.

But what about the person of good moral, could defaulting on a loan be construde as such?

If you default on a uk loan or credit card and it goes on your record, or even court (I dont know how those things work), can you be denied citizenship because of the FBI check or 'moral person' requirement?

There is much money to be made in high risk credit, more so than the lower risk steady payers. Just look at the bonds market.

People seem to be focusing on how debt is accrued. It isn't always through ostentatious purchases and even if it is, circumstance changes.

Most people have a mortgage, good luck if you cant move to be with your loved ones because the market dropped and left you with negative equity and a debt you cant pay. Or pray that you don't get sick whilst waiting for your medical insurance to start. Or have to live off credit cards because you lost your job or cant get one in another country.

The OP wants to know facts about what can and can't happen as a direct result of defaulting on debt; they didn't ask for a bunch of moralistic do gooders telling them they shouldn't have bought that plasma tv.

I had a serious question; can ignoring or defaulting on debt overseas affect your citizenship? could you be denied when the FBI do their checks?

I could be down on my ####### or have 800,000 in the bank, so dont judge me buddy boy.

You really are a waste of space with views like that. Its not even an opinion, its just, 'noise'.

I'd suggest that you remove your head from your president's backside asap.

Not that I've ever had one...but I wouldnt call having a student loan from the Gov't 'irresponsible', would you?

99.9% of students in the UK have one.......

Not that I've ever had one...but I wouldnt call having a student loan from the Gov't 'irresponsible', would you?

99.9% of students in the UK have one.......

Would you call a nurse a deadbeat for being in a financial mess?

I ran up debts in the move, so to say if you can afford to move you can afford to pay your debt is not always accurate. I did however pay my debt back once I got a job in the US for my own moral (and somewhat legal - fraud) reasons.

The point of this thread is about advice for the situation the OP is in, not a lecture on the morals of life or how wonderful hindsight is. I used to be the same, quick to judge, type of person.

It is funny how those with such high moral values on this thread would be considered by many ignorant people to have a 'mail order bride' or an economic reason for marriage; so don't judge! answer the question asked.

Oh - and yes, financial institutes should be ashamed with how they operate irresponsibly.

Form 2555 and Form 1116.

No such form exists for a "waiver" for what you speak of. Since you meet substantianal presence test for tax year 2005, there is no choice to make.

Thank you. So i do those forms plus the 1040 as normal?

Thank you very much for your post. It looks like I am taxed like a citizen due to my greencard, which is fine, but I would have january earnings to declare (can i still exclude those later on the form?). I also read that I need to own and live in my house for 2 years to be exempt from capital gains up to 500k filed jointly. Few.

I guess I need to work out exactly what forms I need to file. I presume a 1040 + something else to declare worlwide income and the waiver to be taxed a usc.

and this... helps with capital gains tax

http://www.irs.gov/pub/irs-pdf/p523.pdf

I found this link:

http://www.irs.gov/businesses/internationa...d=96739,00.html

roombarob,

Do you have the Basic version of the tax software or a 'better' or 'best' version? A basic version may not provide for foreign-earned income as it's not the usual situation for most Americans.

You need to declare your world-wide earnings for 2005 on your US income tax return - one of the 'benefits' of being a US taxpayer. What I don't know, for people from the UK, is if the foreign-earned income exclusion applies or if the terms of a tax treaty between the USA and the UK apply to the income earned in the UK.

Aside from earned income, if had a residence in the UK that you sold in 2005, the capital gain on that transaction is also taxable by the US government.

Yodrak

I have read all of the other posts but I really need help.

My wife (usc) and I (uk) moved to the states in March 2005. I started working in August 2005.

I was actually made redundant in the UK on February 1st 2005.

What do I need to declare for UK earning? my redundancy was tax free, but I obviously was paid a months money before that happened.

I thought all this was going to be simple. Using my taxcut software I just plumbed in what my wife and I had earnt and paid in taxes in the US for 2005 and took the standard deduction.

It seems now I was foolish in my presumptions, can anyone help?!

Yodrak thanks for your reply. I just found on the IRS website that you may be exempt from up to 250k when selling your home and 80k of foreign earned income - but it didnt say whether it was UK or not. How would I find that out? do you know?

In addition, my UK house finally sold in December, although I got more than I paid, I actually owed money for the secured loan. Do I need to declare anything?

I have read all of the other posts but I really need help.

My wife (usc) and I (uk) moved to the states in March 2005. I started working in August 2005.

I was actually made redundant in the UK on February 1st 2005.

What do I need to declare for UK earning? my redundancy was tax free, but I obviously was paid a months money before that happened.

I thought all this was going to be simple. Using my taxcut software I just plumbed in what my wife and I had earnt and paid in taxes in the US for 2005 and took the standard deduction.

It seems now I was foolish in my presumptions, can anyone help?!