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About Straightpoop

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  • Nationality USA
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  • Year of birth 1949

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  1.   or maybe that was the reason they took the risk.
  2. Lawyer for inheritance advice, prices?

      You might want to start by reading the last page of this thread here and then either continue it or initiate a new one:      
  3. Child capital gains, ETF, PFIC regulations

      Indeed.   The savings must be enough to offset the costs of effectively terminating your German residence under both §§ 8 and 9 of the AO (Fiscal Code).   Not easy and not cheap.  
  4. Child capital gains, ETF, PFIC regulations

      It's not.   § 49 EStG lists the items of income upon which a non-resident of Germany can be taxed under German domestic tax law.    The list does not include gain from the sale of common stock or corporate bonds regardless of the domicile of the corporate issuer. Moreover, if the country of residence has a tax treaty with Germany the provisions of that treaty will almost certainly grant the country of residence the exclusive right to tax such gains.   There are two major exceptions I am aware of but they are unlikely to affect most individuals:   1.  gains from the sale of a greater than 1% interest in a German domestic corporation can be considered business income taxable to a non-resident seller.   2.  gains from the sale of certain securities that hold German real estate interests can be taxed as if they were real estate equivalents.  
  5. Lawyer for inheritance advice, prices?

    OK.  There is an important distinction between "overseas" estate and inheritance legal issues, which could easily involve one or more foreign legal systems (and the involvement of foreign lawyers) and tax issues, which will almost always involve exclusively domestic, i.e. German, tax law and either a German tax lawyer or - usually cheaper:  a Steuerberater.   Why don't you pose your question on TT's "Finance" forum and see what responses are elicited for free.      
  6. Lawyer for inheritance advice, prices?

    Why do you think you need a German lawyer's advice?   Inheritance law is highly localized.   If by "overseas estates" you are referring to the estate of a decedent or "decedent-to-be" who lives outside Germany and/or whose property (real or personal) is located in another country, you will likely find that there is no German lawyer competent to advise you on the laws of the foreign jurisdiction whose laws will govern succession to that person's "overseas estate".    Incompetence, of course, will not stop the German lawyer from billing you so I suggest you first ensure you are asking the professional with the right qualifications; i.e. someone who is an expert in the applicable law.        
  7. Fund taxation in 2018 and "fiktive Veräußerung"

      Indeed.   Not only that but totalitarian governments could also - theoretically - mandate spending on certain government favored objects in an effort to "steer" an economy. It could enforce such measures by digitally slapping a "spend or forfeit" charge on some portion of an individual/entity's digital currency account balance.   The problem for such totalitarian governments is, of course, that it requires a hermetically closed system.  Foreign currencies and foreign-sited wealth and the freedom to tap it or the freedom to expatriate to tap it would be the bane of such a government's existence.  North Korea - even without a digital currency - comes to mind.   Although digital currencies would have enormous potential for abuse there is also enormous beneficial potential albeit one that can only be realized at the cost of huge disruptions - especially in the banking and financial services industries. The tax advisory and accounting professions could theoretically even be rendered obsolete.          
  8. Fund taxation in 2018 and "fiktive Veräußerung"

      All kidding aside, if Germany (or the EU or other governments) introduces a digital currency that completely replaces physical currency or dematerialized versions of it held by 3d party intermediaries (e.g. banks, insurance companies, etc.) it could - theoretically - control not only the values received in that currency by each and every individual and entity but also whether, how much and when those values could be spent or converted to some other country's currency.   This nightmarish or utopian (depending upon your outlook) scenario is now within the technological reach of governments worldwide and China, for one, appears to be making big strides in that direction.    
  9.   The FBAR has nothing to do with taxes much less "internationales Steuerrecht".   Unless they have acquired familiarity much less expertise by some professional accident or misadventure such a Fachberater is unlikely to have ever even heard of a FBAR much less know anything about the finer points of compliance.      
  10.   It IS a grey area.    Compliance with foreign account information reporting requirements under either the Bank Secrecy Act (FBAR) or FATCA (Form 8938) requires the government to expend considerable resources with no compensation in the form of additional tax income.   Only non-compliance gives the government hope of additional income in the form of extortionate penalties for non-compliance so there is obviously no institutional or pecuniary incentive to make things clear.   In my opinion neither the Congress who passed these laws nor the Treasury Department that is charged with interpreting/explicating and enforcing them really knows what it wants or why; the problem magnified by the fact that the rationale given to justify the rules is sometimes unsupported by evidence or logic.  Add to that the frequent changes and exceptions to previous "guidance" and you have all the ingredients for "grey areas".   So, the general rule is:  when in doubt, slap a conforming label and a number to it and report it.     Reporting that which need not be reported is unlikely to ever be sanctioned whereas the failure to report something obscure might lead to financial ruin.        
  11. Living in Germany with US Retirement Accounts, 401K, IRA, Roth

      See the answer above. The actual fund distributions likely exceeded the amount of income computed using the respectively applicable Vorabpauschale thus preempting the Vorabpauschale amounts from the tax computation of your income from the funds.  
  12. Impact of COVID-19 Stimulus Check on German Taxes

      Has there been any published official guidance to that effect from the BMF or some other German OFD or FA?
  13. Impact of COVID-19 Stimulus Check on German Taxes

      Thanks Panda.   I suppose that a self-employed US citizen resident of Germany could regard the subsidy as "business income" arguably received in exchange for the "service" of inhaling and exhaling for the requisite periods of time and therefore exclude it under the FEI as earned "services" income  under the FEI.   But what about underemployed or laid-off persons?   Did employed persons (or temporarily laid-off employees) receive a Covid subsidy and, if so, how was the payment structured?  As a "wage" supplement paid through their former/current employer?  Directly from the Bund?  As a "social security" benefit of some kind?
  14. Impact of COVID-19 Stimulus Check on German Taxes

      I like your exercise in logic but unfortunately logic and tax law (here, there or anywhere) are frequently incompatible bedfellows.   In general, except as a treaty might limit its power to do so, the state imposing its taxes is not required to give a fig about the tax treatment some other state might give to any item of income, deduction or credit - including such items that actually originate in that other state.   German tax law will determine the taxability in Germany of your US Covid benefits and US tax law (beginning with the general assumption of taxability under IRC §61) will determine the taxability in the USA of your German Covid benefits.   Right now, however, so far as I know the jury is still out deliberating this issue in both countries and no official "verdict" has yet been returned.
  15. You're welcome.   But please stay out of the deep end of the pool until you have learned to swim.