Here's something I didn't know until just a few days ago: D has an Irish pension! It has about $14k in it. He said he completely forgot about it, and he's not sure what the rules are about how it can be invested. He thinks you can't really touch it at all until retirement (not even to change what fund it's in or anything). Wondering if anyone knows anything about Irish pensions?
He also got the annual mortgage statement from our Irish house. As of June 30th owe 5272 euro on the house. We're paying only about 20 euro a month in interest now. Final payment will be June 21, 2015; one more year!
Our payment is 451.40 euro each month, so I am figuring that even leaving money in the Irish account like we usually do, and maybe a little more, when we own the Irish house we can add $400 a month to our principal payments on the US house. I am going to go play with my mortgage paydown calculator now...
Irish House and Pension
July 17th, 2014 at 10:24 pm
July 17th, 2014 at 10:27 pm 1405636079
July 17th, 2014 at 10:31 pm 1405636278
July 17th, 2014 at 11:11 pm 1405638692
July 17th, 2014 at 11:47 pm 1405640863
Have you been in touch with Ireland's Embassies or Consulates for general pension information?
http://ireland.visahq.com/embassy/united-states/
I would guess the American Embassy or Consulates in Ireland might be helpful but your income from house and pension asset would be on radar for taxable income going back even 7 years?
July 18th, 2014 at 02:38 am 1405651112
Prices in Dublin city centre (where our house is) are going up steadily (he does watch that regularly! In fact watches homes for sale and sold in our neighborhood). We pay tax on the house rental income in Ireland, and then report it on our US taxes. You're not taxed on the asset (capital gains) until you sell, but the tax is higher in Ireland, so we end up getting a credit on Irish taxes paid on our US taxes.
We have bank accounts there, too, but only have to declare the interest on our taxes (not the amount that's in the bank unless the total amount of foreign bank accounts is over $10,000 at any point during the year).
Anyway, we are very careful on our taxes! We pay Irish taxes on income in Ireland and then report the same income on US returns, but also report the tax we pay. Basically there is a double taxation treaty between Ireland and the US (most countries and the US, actually) so you don't pay double tax.
I don't think the American Embassy would have that information, but I am going to have to figure out where to find out!
July 18th, 2014 at 02:40 pm 1405694435
July 19th, 2014 at 11:08 pm 1405811332