Hello everyone,
I am a newbie to this, so please forgive any stupid questions.
I am a resident of Denmark and have officially been so always, (as it is extremely hard to not be, when you own an apartment here) although I have lived abroad on and off for many years.
I have an online business where I get paid for digital and online services. A couple years ago I opened a bank account in Singapore (pretty sure it is a personal account) and have been receiving money there. In 2018 I also opened a bank account in germany (n26) as this seemed the easiest option to receive money from an online merchant (who wouldn't send to paypal or Singapore).
So the 3 places I have primarily received money has been Singapore, Paypal and in the last year my German bank account too.
Of course I was informed about the CRS through my Singapore account, and I must admit I have been quite nervous about it as they say that it can go all the way back to 1 January 2017. Needless to say I have not paid taxes on any payments received for my online business.
Today I got an automatic official letter from the Danish IRS letting me know that they are aware of my German account (which I expected anyways) and that I should double check my earnings for 2017 and make sure I have reported them. Since i didn't have any earnings in that account 2017 this is a non-issue.
Here is my question:
I have until 1 July 2019 to report earnings for 2018.
I did earn under 5000 Euro in the german account in 2018, which I am guessing I should declare since they will get the info quite easily.
My question is, what would you do in my situation? Would you declare the income from Singapore or not? I am hesitating as I am considering what option is best, to take the chance that because I am relatively speaking a "small fish" they won't bother with me even if they get the CRS info from Singapore, or to report it?
In Singapore I have made maybe under 15-20.000 USD since 2017 until now. Does anyone know about CRS regarding this question or have any ideas?
Thank you so much for your help, I appreciate it very much.
I am a newbie to this, so please forgive any stupid questions.
I am a resident of Denmark and have officially been so always, (as it is extremely hard to not be, when you own an apartment here) although I have lived abroad on and off for many years.
I have an online business where I get paid for digital and online services. A couple years ago I opened a bank account in Singapore (pretty sure it is a personal account) and have been receiving money there. In 2018 I also opened a bank account in germany (n26) as this seemed the easiest option to receive money from an online merchant (who wouldn't send to paypal or Singapore).
So the 3 places I have primarily received money has been Singapore, Paypal and in the last year my German bank account too.
Of course I was informed about the CRS through my Singapore account, and I must admit I have been quite nervous about it as they say that it can go all the way back to 1 January 2017. Needless to say I have not paid taxes on any payments received for my online business.
Today I got an automatic official letter from the Danish IRS letting me know that they are aware of my German account (which I expected anyways) and that I should double check my earnings for 2017 and make sure I have reported them. Since i didn't have any earnings in that account 2017 this is a non-issue.
Here is my question:
I have until 1 July 2019 to report earnings for 2018.
I did earn under 5000 Euro in the german account in 2018, which I am guessing I should declare since they will get the info quite easily.
My question is, what would you do in my situation? Would you declare the income from Singapore or not? I am hesitating as I am considering what option is best, to take the chance that because I am relatively speaking a "small fish" they won't bother with me even if they get the CRS info from Singapore, or to report it?
In Singapore I have made maybe under 15-20.000 USD since 2017 until now. Does anyone know about CRS regarding this question or have any ideas?
Thank you so much for your help, I appreciate it very much.
