Filing my US taxes from Thailand and receiving a gift

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  • #4722
    Anonymous
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    I’m so lost. I’ve filed taxes every year I’ve lived abroad (this is year 6.) I’ve always filed FEIE. But I’m reading that the foreign tax credit is better as I have children that can be claimed. But when I open the form on the tax act website it gives me the spill about the simplified version and not being able to change that once I choose it. I have no idea what any of that means and I just find this so overwhelming.

    If I knew I would definitely get a refund I would probably just pay one of the pros to help me, but if it’s only a maybe I don’t have that kind of splash cash.

    I make a small amount of money-way under the threshold and am not self employed. Any advice? I’m so stressed .

    Secondly Receiving one-time cash gifts while abroad – what are my reporting requirements as the recipient? In this case, a retired parent in the US is interested in gifting a small cash amount from the sale of their house to me in Thailand (via transferwise). Before I accept their generosity, I really want to know which forms I need to be aware of for next year’s filings and any thresholds? What about for the donor?

    I know about FBAR thresholds and needing to report on Form 114 if I exceed this year. Thank you for any caution and advice.

    #4472
    Anonymous
    Guest

    I’m so lost. I’ve filed taxes every year I’ve lived abroad (this is year 6.) I’ve always filed FEIE. But I’m reading that the foreign tax credit is better as I have children that can be claimed. But when I open the form on the tax act website it gives me the spill about the simplified version and not being able to change that once I choose it. I have no idea what any of that means and I just find this so overwhelming.

    If I knew I would definitely get a refund I would probably just pay one of the pros to help me, but if it’s only a maybe I don’t have that kind of splash cash.

    I make a small amount of money-way under the threshold and am not self employed. Any advice? I’m so stressed .

    Secondly Receiving one-time cash gifts while abroad – what are my reporting requirements as the recipient? In this case, a retired parent in the US is interested in gifting a small cash amount from the sale of their house to me in Thailand (via transferwise). Before I accept their generosity, I really want to know which forms I need to be aware of for next year’s filings and any thresholds? What about for the donor?

    I know about FBAR thresholds and needing to report on Form 114 if I exceed this year. Thank you for any caution and advice.

    #5454
    Anonymous
    Guest

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