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Author: ferneyvoltaire One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Taxes on IRAs -living overseas Date: 9/8/2000 3:20 AM
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I am an American who would like to retire in France. My wife and I have a rollover IRA (from a retirement account from a employer), individual IRA's for my wife and I and a taxable investment account, all of which are with a large brokerage company.

How will each of these accounts be treated when I start taking money out of them in terms of income or capital gains tax?

Is capital gains in the US taxable in France? I have read the tax treaty between France and the US and in the capital gains section, it only refers to
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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 39725 of 121219
Subject: Re: Taxes on IRAs -living overseas Date: 9/8/2000 7:13 PM
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<<I am an American who would like to retire in France.>>

Bonjour. Comment tallez vous?
Just remember, if you remain a US citizen, you'll pay taxes on your WORLDWIDE income...regardless of where you might be living.

<< My wife and I have a rollover IRA (from a retirement account from a employer), individual IRA's for my wife and I and a taxable investment account, all of which are with a large brokerage company. >>

Ok...

<<How will each of these accounts be treated when I start taking money out of them in terms of income or capital gains tax?>>

Treated by the US? When you remove funds from your IRA account, it'll be taxed at ordinary income rates to you. There are no capital gains tax breaks on IRA distributions. Is that you question?

<<Is capital gains in the US taxable in France?>>

Again, you'll realize NO capital gains from the distributons of your IRA accounts...it'll all be ordinary income. As far as how France will tax you, you'll have to review the tax treaty between the US and France. Or speak with somebody with international tax experience...specifically experience in France. Sorry, but that ain't me. :-)

<< I have read the tax treaty between France and the US and in the capital gains section, it only refers to>>

Oops...looks like your question was cut off...or you hit the post button a little too early. If you've already read the treaty, and you're still confused, then you need to speak with an experienced professional.

But you might want to re-read the treaty with your new found knowledge that your IRA distributions will NOT be considered capital gain. It'll simply be considered pension income taxed at ordinary rates by the US.

TMF Taxes
Roy

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