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Does anyone have any “new” information to add to this discussion on prefab houses? My hubby is interested in exploring the options.
I wouldn’t let my daughter spend a summer in Puntarenas. Other parts of CR, a definite yes! Puntarenas, a thousand times no!
[quote=”rheeren”]I own two pieces of raw land in CR and am living in the states at this time, both are in corporations. I’m assuming that they are considered Dormant. No income is being generated from them. Do I need to submit the 5471 form. If so how much needs to be filled out.[/quote]
If you search for Margaritamomma’s question entitled “IRS Obligations” on 02/26/2015, you will see my response as well as others about the 5471 form. It is something I knew nothing about until I read about it here several years ago. You can also search the IRS website for form 5471 to see the rules. Like you, my husband and I own land and corporations. And, yes, you must file these forms. According to our tax guy, the forms can not be filed electronically. They have to be mailed in with your federal tax return. I don’t know if this is really true or not, but since we have been using the same guy for years, we trust what he told us.
[quote=”costaricafinca”]Lilian, one of the most common reasons of those returning ‘home’ is missing their family. Going back on vacation is harder when you have a variety of animals and require someone to take care of them ‘like you do’ is not so easy.
We have been here for nearly 15 years, and our ‘kids’ are beginning to telling us [i]”…we think it is time you came home …[/i]”:roll:
[/quote]We have a 77 year old friend who lives on the Nicoya peninsula. She and her husband moved there over 35 years ago. He died 2 years ago, so, of course, her children want her to return to the States. She is refusing to do so, and I am convinced she will live out the rest of her days in CR.
Bringing in your personal belongings or even an automobile will make your eyes pop out because of the taxation. Just keep that in mind.[/quote]
I just thought I’d mention something about shipping a 40 foot container. I have written about it before and promised to “tell all” after the deed is done, but that probably won’t be until next year. Anyway, the cheapest quote we got was roughly a little over $9000. This includes the customs duty, and we will not be shipping a car. Everyone else quoted at least $2000 more, and not all companies included the customs duty. Our container will ship from the East coast of the U.S. I forget which port he said it will leave from, but we live near Philadelphia.
Margaritamomma, just to make sure you understand, the FBAR requirement is separate from the 5471 requirement. FBAR is required when your foreign accounts exceed $10,000, as costaricabill stated.
Then there is also Form 8938, and you can find information on this requirement if you search “FATCA” on the IRS website. But both the FBAR and the FATCA requirements have to do with foreign financial accounts (such as bank accounts, if I am not mistaken) as opposed to corporations, which you asked about.
But you really need to talk to a tax advisor who knows about foreign accounts.
The person my husband and I have used for years was not familiar with these regulations until we brought it to his attention, which is why he contacted his friend who used to work for the IRS.
I was also made aware about Form 5471 when we attended the ARCR seminar, and a man who prepares U.S. tax returns in Costa Rica spoke about this requirement.
[quote=”Margaritamomma”]We purchased a condo which is in a corporation. We were told by both our realtor and our US tax preparer that we did not have to report it to the IRS. After reading this forum, I am deeply concerned that our failure to report this will result in huge penalties. Has anyone had experience with this? Any recommendations for good tax accountants who are familiar with these issues? Kind recommendations would be appreciated Thank you[/quote]
If you own a foreign corporation you must report it to the IRS on form 5471, even if the corporation earns no income or is dormant. You can be fined $10,000 for not filing the form. I read about this requirement on this very forum in 2009. And if you go to the IRS website and type in “Form 5471”, you will get more information. I am by no means a tax expert, but when I learned about this, I asked our tax guy. He, in turn, contacted a friend who used to work for the IRS, who stated that yes, you must report owning a foreign corporation when you file your income taxes.
In fact, if you put “IRS Form 5471” in the Search section of this website, you will have 41 “hits”, and the article I am referring to is the very last one!
[quote=”costaricafinca”]Yes, we lost three dogs to robbers that poisoned our dogs, while they looted our attached garage where the dogs slept but we left the door open so they could get out…:cry:
They not only targeted us, but many other neighbors who are all [i]Ticos[/i] and poisoned their dogs too, about 12 in all.
All five of ours sleep inside now.[/quote]Oh, that makes me so sad. I can’t bear the idea of anyone hurting our dearly departed dog, which is why once we move to CR, I don’t want to get any more dogs. But my husband is convinced I will change my mind, and he is probably right!
And don’t forget that the burglars are good at poisoning your animals. It happened to our friend’s dog.
[quote=”costaricafinca”]I would check that that is the case, as we have been told [i]repeatedly[/i] that they will not offer a [u]new[/u] policy to those over 70 or cover those with prexisting conditions.[/quote]
I wrote here exactly what was written on the papers I was given at the seminar. I don’t know what else to tell you. Anyone with questions can email the people I mentioned. Our 77 year old friend applied for and got health insurance when she was 72. Yes, she is a resident. Anyway, all anyone can do is ask for themselves. Hopefully, the poster’s mother can get coverage.
[quote=”Baxter and Ann”]Do this type of retirement require both married parties to have proof of $1000.00 or more of income? And, if so, what does the table of retirement types mean where it says you can claim your spouse and children under 18?
Thanks for answering!:D[/quote]
I can answer your first question. Only one person needs to show that he/she has at least $1000 of income. The spouse who does NOT have an income will be listed as a dependent.
[quote=”srosenberg”]I’m a US Citizen and my mother live in Venezuela. We are planning to move with our family to Costa Rica starting in May 2015. A big concern for us is a health insurance for my mother. I would appreciate who can share with me their experience in this regard. Thanks[/quote]
Mu husband and I attended the ARCR conference last year. You can get insurance for someone over 70 through Blue Cross Blue Shield Costa Rica. In fact, they will insure people “95 y mas”. Ricardo Schaechter of C & A is the person who gave the presentation. His email is ricardo@consultoryasociados.com. His phone number is (506) 2582-0101.
Another person who spoke is Juan C. Calero from Pricose. They, too, will insure people from ages 0 to over 80. His email is jcalero@pricose.com. Phone numbers are (506) 2258-7041 and (506) 2255-0061. (I know, I know. Age ‘zero”? That’s what it says on the paper!)
We have not bought insurance from either company yet but plan on looking into it when we move in May.
I can’t comment on raccoons, but when we wanted to know about taking our turtle to CR, we had our attorney contact the agricultural department. We received 6 different documents that we needed to fill out. That website that you were referred to seems very interesting and informative, but your best bet is to contact the agricultural department. Those 6 forms were long and exhausting. It is quite the process to import a turtle, so I can only imagine what it must be like to import a raccoon, if you can even do that. And I should add that everything was in Spanish.
[quote=”charmey”]Does anyone know if there are any storage lockers to rent at the San Jose Airport or very close by?
Need to rent a space for a couple of suitcases for a week or so.
Thanks[/quote]There used to be a storage facility across from the Hampton near the airport where the rental car companies are located, but I don’t know if it is still there. You could always contact Poas Car Rental. I’m sure they could tell you.
