Deductions & credits

Hi Denkat2019 - thank you, you are very kind! 🙂 

 

Here are responses to your questions (to the best of my knowledge). I'm not a tax specialist in any way, just someone who has (tried) to do lots of reading on the IRS website and other websites (whatever I can find!). So my answers come from the readings I've done. I hope below is useful, and if I've got any info incorrectly, please do let me know! 

 

"...have you had any questions or problems from the IRS? I plan to list it in the FATCA 8938 and the FBAR but not include it in any taxable income."

I have not had any issues. I've continued to file the 8938 and FBAR for the Super every year. I have not made any deposit or withdrawals either since I left Aus. 

 

"I have a couple of small investments (stocks) that are below the FATCA requirement but I have not sold any investments since I have been a US resident. Do I need to declare the capital gains and if so on what form do I include this?"

Are you referring to stocks in a normal brokerage account or in a self-managed super? If it is a self-managed  super, from what I've read, the super account *might* be seen by the IRS as a "Foreign Grantor Trust" which has additional reporting requirements. If you are referring to normal brokerage account, then yes you need to report the realized capital gains or losses (when you sell the stock).  See https://www.irs.gov/taxtopics/tc409

These are commonly reported in Schedule D and Form 8949. The Turbotax software is good at making it easy to fill out the correct forms for capital gains/losses.


"If you find a good Aussie/USA CPA please post and let us know - I can't find one that does not only deal with Aussie business taxes."

I'm still looking for one. However, I found this website that seems promising: https://efprgroup.com/lp2/australian-us-tax-services/

I might contact them in the near future to get hold of a CPA.