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Tax declaration for US citizens

Kévin Jean Léon Mitchell

Hello,

It is not possible to create an account and invest in Mintos as a US tax resident. An EU tax resident about to become a US tax resident should sell his investment on Mintos before becoming US tax resident to avoid having to report it and be taxed on it in the US.

However, what to do if the claim cannot be sold?

The problem is not to be taxed on the income, it is to find an affordable tax advisor who will be able to do the reporting correctly, or a resource helping to do it oneself. Does anyone know such a person? Is there any other option, such as "offering" the loan to the borrower and therefore not considering it as an account/investment at all? 

So far, tax preparers asked said they charge 2500€ to do the reporting of any amount invested, even if it is 200€, in that case giving away the 200€ make more financial sense than to keep it and pay a reporting 2500€.

What are your thoughts? Has anyone been through this ?

Thank

1

Comments

2 comments

Date Votes
  • Lucja (Mintos)
    Community moderator

    Dear Kévin Jean Léon Mitchell

    Thank you for your feedback and the points you raised. We're aware that a colleague is working on your request via support already, while we are looking for a solution for your particular situation and changes in your circumstances. It is true that US residents cannot invest via Mintos, as stated in Mintos Help section (hyperlink https://help.mintos.com/hc/en-us/articles/4446383743377-Can-UK-US-citizens-invest-) but we are working on finding a solution for your case.

    Indeed, tax information has to be declared by investors and starting from January 2023 it will be possible to download a PDF statement from your Mintos profile. The statement would include: interest earned from claims, interest earned from Notes and withheld tax (specified by rates). In most countries, such documents can be submitted when filling in the annual tax return forms by yourself or an accountant who manages your finances. Thank you for your patience and understanding.

     

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  • Kévin Jean Léon Mitchell

    Thank you for your response and helpful customer service.

    0

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