Forum Replies Created
-
Posts
-
Contact Javier Zavaleta at http://www.residencyincostarica.com/
Of all the things we did when we moved here, hiring Javier and his sister Mayanye were among the best decisions we made.
Tel: 323.255.6116; Cell Phone: (818) 400-0633
I cannot recommend them enough. Good luck in your move.
Jerry[quote=”costaricafinca”]INS exclude many ‘existing conditions’, including high blood pressure and diabetes.
One cannot sign up for a new policy once you have reached 70.[/quote]Do they exclude pre-existing conditions permanently or do they exclude them for a period of time?
[quote=”bogino”]I’m planning on buying some artwork from an artist I know and have dealt with previously in CR. in this instance, since I’m not there, he is going to ship to me. My question is: is shipping from CR to US via UPS pretty efficient. Can I expect delivery within days or a week or 2? Just want to make sure this is not something that would take a month or longer lie regular mail. Also, any suggestions as far as UPS versus FEDEX? Suggestions? Thx.[/quote]
I use Mailbox Etc in San Pedro and my envelopes with documents in them arrive at their destination in the USA the next day or the day after. I imagine it works the same way with larger packages. It is the same level of service you would get in the States. They use UPS/DHL/FEDEX, whichever one is cheapest and quickest to my destination city in the States. UPS/DHL/FEDEX all have offices here I just choose to use MBE because it is more convenient for me. Good luck and Pura Vida, Jerry
This is from the IRS website. Precious metals, foreign currency, art, antiques, cars, real estate in your name, are among a few of the exemptions from the $50K threshold… Time to get creative folks…
Basic Questions and Answers on Form 8938
Q&A 1-14, posted 02-29-12
Q&A 15-23, posted 06-07-121. What are the specified foreign financial assets that I need to report on Form 8938?
If you are required to file Form 8938, you must report your financial accounts maintained by a foreign financial institution. Examples of financial accounts include:
Savings, deposit, checking, and brokerage accounts held with a bank or broker-dealer.
And, to the extent held for investment and not held in a financial account, you must report stock or securities issued by someone who is not a U.S. person, any other interest in a foreign entity, and any financial instrument or contract held for investment with an issuer or counterparty that is not a U.S. person. Examples of these assets that must be reported if not held in an account include:
Stock or securities issued by a foreign corporation;
A note, bond or debenture issued by a foreign person;
An interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap or similar agreement with a foreign counterparty;
An option or other derivative instrument with respect to any of these examples or with respect to any currency or commodity that is entered into with a foreign counterparty or issuer;
A partnership interest in a foreign partnership;
An interest in a foreign retirement plan or deferred compensation plan;
An interest in a foreign estate;
Any interest in a foreign-issued insurance contract or annuity with a cash-surrender value.The examples listed above do not comprise an exclusive list of assets required to be reported.
2. I am a U.S. taxpayer but am not required to file an income tax return. Do I need to file Form 8938?
Taxpayers who are not required to file an income tax return are not required to file Form 8938.
3. Does foreign real estate need to be reported on Form 8938?
Foreign real estate is not a specified foreign financial asset required to be reported on Form 8938. For example, a personal residence or a rental property does not have to be reported.
If the real estate is held through a foreign entity, such as a corporation, partnership, trust or estate, then the interest in the entity is a specified foreign financial asset that is reported on Form 8938, if the total value of all your specified foreign financial assets is greater than the reporting threshold that applies to you. The value of the real estate held by the entity is taken into account in determining the value of the interest in the entity to be reported on Form 8938, but the real estate itself is not separately reported on Form 8938.
4. I directly hold foreign currency (that is, the currency isn’t in a financial account). Do I need to report this on Form 8938?
Foreign currency is not a specified foreign financial asset and is not reportable on Form 8938.
5. I am a beneficiary of a foreign estate. Do I need to report my interest in a foreign estate on Form 8938?
Generally, an interest in a foreign estate is a specified foreign financial asset that is reportable on Form 8938 if the total value of all of your specified foreign financial assets is greater than the reporting threshold that applies to you.
6. I acquired or inherited foreign stock or securities, such as bonds. Do I need to report these on Form 8938?
Foreign stock or securities, if you hold them outside of a financial account, must be reported on Form 8938, provided the value of your specified foreign financial assets is greater than the reporting threshold that applies to you. If you hold foreign stock or securities inside of a financial account, you do not report the stock or securities on Form 8938. For more information regarding the reporting of the holdings of financial accounts, see FAQs 8 and 9.
7. I directly hold shares of a U.S. mutual fund that owns foreign stocks and securities. Do I need to report the shares of the U.S. mutual fund or the stocks and securities held by the mutual fund on Form 8938?
If you directly hold shares of a U.S. mutual fund you do not need to report the mutual fund or the holdings of the mutual fund.
8. I have a financial account maintained by a U.S. financial institution that holds foreign stocks and securities. Do I need to report the financial account or its holdings?
You do not need to report a financial account maintained by a U.S. financial institution or its holdings. Examples of financial accounts maintained by U.S. financial institutions include:
U.S. Mutual fund accounts
IRAs (traditional or Roth)
401 (k) retirement plans
Qualified U.S. retirement plans
Brokerage accounts maintained by U.S. financial institutions9. I have a financial account maintained by a foreign financial institution that holds investment assets. Do I need to report the financial account if all or any of the investment assets in the account are stock, securities, or mutual funds issued by a U.S. person?
If you have a financial account maintained by a foreign financial institution and the value of your specified foreign financial assets is greater than the reporting threshold that applies to you, you need to report the account on Form 8938. A foreign account is a specified foreign financial asset even if its contents include, in whole or in part, investment assets issued by a U.S. person. You do not need to separately report the assets of a financial account on Form 8938, whether or not the assets are issued by a U.S. person or non-U.S. person.
10. I have a financial account with a U.S. branch of a foreign financial institution. Do I need to report this account on Form 8938?
A financial account, such as a depository, custodial or retirement account, at a U.S. branch of a foreign financial institution is an exception to the general rule that a financial account maintained by a foreign financial institution is specified foreign financial asset. A financial account maintained by a U.S. branch or U.S. affiliate of a foreign financial institution does not have to be reported on Form 8938 and any specified foreign financial assets in that account also do not have to be reported.
11. I own foreign stocks and securities through a foreign branch of a U.S.-based financial institution. Do I need to report these on Form 8938?
If a financial account, such as a depository, custodial or retirement account, is held through a foreign branch or foreign affiliate of a U.S.-based financial institution, the foreign account is not a specified foreign financial asset and is not required to be reported on Form 8938
12. I have an interest in a foreign pension or deferred compensation plan. Do I need to report it on Form 8938?
If you have an interest in a foreign pension or deferred compensation plan, you have to report this interest on Form 8938 if the value of your specified foreign financial assets is greater than the reporting threshold that applies to you.
13. How do I value my interest in a foreign pension or deferred compensation plan for purposes of reporting this on Form 8938?
In general, the value of your interest in the foreign pension plan or deferred compensation plan is the fair market value of your beneficial interest in the plan on the last day of the year. However, if you do not know or have reason to know based on readily accessible information the fair market value of your beneficial interest in the pension or deferred compensation plan on the last day of the year, the maximum value is the value of the cash and/or other property distributed to you during the year. This same value is used in determining whether you have met your reporting threshold.
If you do not know or have reason to know based on readily accessible information the fair market value of your beneficial interest in the pension plan or deferred compensation plan on the last day of the year and you did not receive any distributions from the plan, the value of your interest in the plan is zero. In this circumstance, you should also use a value of zero for the plan in determining whether you have met your reporting threshold. If you have met the reporting threshold and are required to file Form 8938, you should report the plan and indicate that its maximum is zero.
14. I am a U.S. taxpayer and have earned a right to foreign social security. Do I need to report this on Form 8938?
Payments or the rights to receive the foreign equivalent of social security, social insurance benefits or another similar program of a foreign government are not specified foreign financial assets and are not reportable.
15. If I have to file Form 8938, am I required to report all of my specified foreign financial assets regardless of whether the assets have a de miminis maximum value during the tax year?
If you meet the applicable reporting threshold, you must report all of your specified foreign financial assets, including the specified foreign financial assets that have a de minimis maximum value during the tax year. For exceptions to reporting, see Exceptions to Reporting on page 6 of the instructions for Form 8938.
16. I filed my income tax return but now realize that I should have filed Form 8938 with my return, what should I do?
If you omitted Form 8938 when you filed your income tax return, you should file Form 1040X, Amended U.S. Individual Income Tax Return, with your Form 8938 attached.
17. Do I have to file both Form 8938 and Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR)?
The filing of Form 8938 does not relieve you of the separate requirement to file the FBAR if you are otherwise required to do so, and vice-versa. Depending on your situation, you may be required to file Form 8938 or the FBAR or both forms, and certain foreign accounts may be required to be reported on both forms.
18. I have numerous specified foreign financial assets to report on Form 8938. Is there a continuation sheet for the Form 8938?
If you have more than one account or asset to report in Part I or Part II of Form 8938, or more than one issuer or counterparty to report in Part II of Form 8938, copy as many blank Parts I and/or II as you need to complete, and attach them to Form 8938. Check the “If you have attached additional sheets, check here” box at the top of Form 8938.
19. I directly hold tangible assets for investment, such as art, antiques, jewelry, cars and other collectibles, in a foreign country. Do I need to report these assets on Form 8938?
No. Directly held tangible assets, such as art, antiques, jewelry, cars and other collectibles, are not specified foreign financial assets.
20. I directly hold precious metals for investment, such as gold, in a foreign country. Do I need to report these assets on Form 8938?
No. Directly held precious metals, such as gold, are not specified foreign financial assets. Note, however, that gold certificates issued by a foreign person may be a specified foreign financial asset that you would have to report on Form 8938, if the total value of all your specified foreign financial assets is greater than the reporting threshold that applies to you.
21. This tax year I sold precious metals that I held for investment to a foreign person. Do I have to report the sales contract on Form 8938?
The contract with the foreign person to sell assets held for investment is a specified foreign financial asset investment asset that you have to report on Form 8938, if the total value of all your specified foreign financial assets is greater than the reporting threshold that applies to you.
22. I have a safe deposit box at a foreign financial institution. Is the safe deposit box itself considered to a financial account?
No, a safe deposit box is not a financial account.
23. Am I required to hire a certified appraiser or actuary to determine the fair market value of a specified foreign financial asset? For example, if I have a foreign defined benefit plan, am I required to obtain the services of an actuary?
You may determine the fair market value of a foreign financial account for the purpose of reporting its maximum value based on periodic account statements unless you have reason to know that the statements do not reflect a reasonable estimate of the maximum value of the account during the tax year. For a specified foreign financial asset not held in a financial account, you may determine the fair market value of the asset for the purpose of reporting its maximum value based on information publicly available from reliable financial information sources or from other verifiable sources. Even if there is no information from a reliable financial information source or other verifiable source, you do not need to obtain an appraisal by a third party in order to reasonably estimate the asset’s maximum value during the tax year.
Gan-Bei Asian Bar and Grill in Santa Ana is excellent. http://www.ganbeicr.com/
They specialize in a fusion of various Asian dishes kind of like a PF Changs. Their sauces are fantastic.
They have a great atmosphere and live Music on Fridays and Saturday evenings. They are in the Centro Comercial near Appleby’s on the Lindora Road behind Brads Grill. Bon Apetite, JerryContact the good folks at http://www.residencyincostarica.com They can tell you exactly what you need to do to get residency or citizenship… Pura Vida, Jerry 8)
[quote=”costaricabill”]Jerry, Barbara, et al –
My wife and I had our Entramite and file # now, going on 2 years. Do you think Mayanye and Javier could help us?Bill,
I feel confident that she can get it done for you and do it as quickly as possible at a fair price. If you contact me off list, I will gladly call Mayanye for you. Scott has my info.
Jerry
Another idea for you is to find someone that wants to ship a vehicle down to take the other half of your container. Does anyone on the list need to ship a vehicle? Good luck and Pura Vida. Jerry
[quote=”DavidCMurray”]U.S. citizens are obligated to pay taxes under the IRS Code regardless of where they earn their income. Basically, you must report your income, expenses, taxes, etc the same as you would if you were in the U.S.
There is a Foreign Earned Income Tax Credit in the IRS Code. It’s around $83,000 per year. [b]But you still have to declare the income, etc as if you were in the U.S.[/b][/quote]
The Foreign Earned Income Tax Exclusion for 2011 is 92,900 and it goes up to 95,100 in 2012. So, while you have to report it, you have 92,900 to 185,800 (with a apouse) that can be excluded from your active earned income if you have established CR as your foreign tax home. This is still the best deal going.
I DON’T HAVE TO READ BOOKS. MY DAD TOLD ME THE STORIES FIRST HAND. HE HAD NIGHTMARES THE REST OF HIS LIFE. I’LL JUST LEAVE IT AT THAT. SURELY YOU DON’T REFER TO MY DAD AS A RAPIST AND MURDERER DO YOU?
I have to chime in. Noone said anything about your dad nor did they question the stories he told you. Nor did Maravilla question that your dad was actually in the war and ask you to prove it. You pushed your own button…
You did however show extreme, and direct, disrespect to Maravilla when she told you about her family members dying in those camps. Not to mention questioning her credibility because she happens to have a great deal of incredible life experiences that she shares with us.
Step outside and take a deep breath…
[quote=”*Lotus”]Very nice Jan, I share many of the ideas/feelings you cover in your article. Quantum physics is also giving us insight into why therapies like homeopathic medicine, energy healing and acupuncture work, beyond the anecdotal evidence. It’s all about the cells light energy! Newtonian physics is wonderful stuff, but the buck doesn’t stop there.
Continue to enjoy your life in CR and spreading love based on our ultimate universal interdependence.[/quote]
I enjoyed the article as well and look forward to reading “The Field.” As I read her final comments I thought of The Power of Now by Eckhart Tolle. It is a fantastic resource for someone wanting to quiet the mind and enjoy the power of the present moment. Pura Vida, Jerry
(I belong to a Credit Union).
So, why don’t you use your personal acct at the credit union, aggregate the deposits and then send one wire per month to the acct in CR?
Otherwise, get a DBA (doing business as) for a business as a sole proprietor, and open a business acct. Any bank will open a business acct for you. You don’t have to give them all the scary details about HOA and Costa Rica, etc… Just tell them you want to open an acct in your sole proprietorship, DBA, name.
Good luck.
JerryI like that.. now if I can just find some good pizza 😀
Pizza Patio in Flamingo
Pomadoro in San Pedro by the UCR
Pizza Pasta in Sabanilla across from Mas x MenosI will leave the political discussion to others…
Pura Vida,
JerryRonny,
I would highly recommend that you employ the folks at ResidencyinCostaRica.com. Here is their contact info:Javier Zavaleta
jzava@pacbell.net
Tel: 323.255.6116 – Fax 323.344.1620
On the Web at http://www.residencyincostarica.com
Tel in Costa Rica: 506.2226.0755 (En espanol)They charge a nominal fee, will make sure your paperwork is complete and they will walk the paperwork and you through all the immigration processes.
Of all the things that I did in moving here, hiring them was one of the best for saving time and hassle.
Good luck and Pura Vida,
JerryBarry Wilson of ShipCostaRica.com
Costa Rica: 2232-5724
USA: 843-278-5573Barry has shipped six containers for me with household goods and has imported five vehicles for me. I have also watched him do dozens of containers with household goods for others. He has been doing this for 18 years and is a man of his word.
Pura Vida,
Jerry
