Americans must declare assets by end of month

THE 12,000-plus Americans living in Ireland have been warned that they must declare their income or assets before the end of the month.

All US citizens or green card holders living outside the US are obliged to file a tax return every year regardless of whether they are employed or not working, married or single or paid from a US-based or foreign source.

There are more than 12,000 US citizens residing in Ireland and according to www.taxback.com these people have just four weeks to own up to any foreign assets or they run the risk of losing up to 40% of their value.