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Rocketman

U.S. Citizens - If you have $10K+ in a foreign bank, read this

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Rocketman

Through a teleconference, I recently learned that if a U.S. citizen has $10K or more in a foreign bank at anytime in a year, that it must be reported for that year.  Here is the website: http://bsaefiling.fincen.treas.gov/main.html  It was easy to do, maybe 10 minutes.

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SkyMan

Been discussed before but in actuality it's the total amount of money in all foreign banks/investments being over the $10K limit.  So $2K in foreign stock and $9K in foreign bank accounts means you have to report. I don't trust my gov't as far as I can throw it so I avoid any such reporting.

Edited by SkyMan
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throttleplate

I keep only a couple thousand in the ph banks,i don't trust them when the day comes when there is a financial crisis here and there is a run on the banks.

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cebubird

Any money I have in bank here comes directly from my bank in US and that money comes from US. Don't have anything to report.

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rfm010

i hadn't known about this requirement until i saw it on linc.  i've never made enough income to need to file taxes so i've never really given the topic any thought. 

 

in my cursory review of who must file it looks like i must file because our bank account is joint.  the money in our accounts is from my wife's income and she is not a u.s. citizen nor resident, but since my name is on the account it looks like i must file.  hope i don't get nailed for back penalties.  does anyone know if the irs is forgiving in such cases?  we're not talking a whole lot of money.

 

if i knew we were going to stay here i wouldn't bother but if the kid decides to live in the u.s. after school then we would likely move also and i don't want things like this messing up a visa for the wife.

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lopburi3

Any money I have in bank here comes directly from my bank in US and that money comes from US. Don't have anything to report.

If you are a US Citizen you must file a report, used to be a form called FBAR but now down online but basically the same information, of all account holdings outside the US if that total it equal 10k at any time during the calendar year at the official exchange rate.  The penalties for failure are extreme as it is designed to be used against organized crime when nothing else can be found.  Up until recently it has not been actively enforced for normal persons but it is now online so best everyone file - your federal tax return will have questions on this so expect there will be computer matching done at some point.

Edited by lopburi3

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SkyMan

in my cursory review of who must file it looks like i must file because our bank account is joint. the money in our accounts is from my wife's income and she is not a u.s. citizen nor resident, but since my name is on the account it looks like i must file.

Yes, it includes any accounts/investments for which you are signatory. Even if the 'money' isn't actually yours.

hope i don't get nailed for back penalties. does anyone know if the irs is forgiving in such cases? we're not talking a whole lot of money.

As noted, the penalties are stiff. I would file whichever ones aren't late yet. I think 2013 is still ok but due soon. That's just me though and I'm not a tax attorney or the like.

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NOSOCALPINOY

When I do my annual U.S. income tax on-line, one of the question is if I have foreign accounts over $10,000?

I always keep all of my combined RP accounts under $10,000 so my answer is "NO" to the question!  

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mpt1947

Any money I have in bank here comes directly from my bank in US and that money comes from US. Don't have anything to report.

Are you sure about that?  I don't think it says if you made $10,000 - it asks if you Have $10,000

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cebubird

Are you sure about that?  I don't think it says if you made $10,000 - it asks if you Have $10,000

 

 

Well,anyway, I don't, but if I did would not go looking for some form to file to let them know that I had that amount.

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larryube

"The penalties for failure are extreme as it is designed to be used against organized crime when nothing else can be found"

 

I am afraid that "organized crime" is just the cover story, same as "russian money laundering" was the cover story when they froze all the accounts and grabbed bank deposits last year in Cyprus, same as when they say "it's for the children". The big crash is coming down the road, they know it, and they want to be able to put their hands on every single dollar you have.

Writing is on the wall people. We can't say we didn't get any warning.

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lopburi3

This is not a new law - it has been required for many years and many of us have been making the reports - only that this year it is required to be done on-line for the first time and these days there are many expats living overseas who do need to make such report.  In the past lack of reporting was not likely to be noted unless you can under investigation for other crimes - but in the computer age it can now be tracked and integrated into the new bank reporting laws that the US is extending to foreign accounts so it behooves most to do this simple report.  There is no tax or fee involved unless you are cheating elsewhere.   It just allows accounts to be verified rather than suspect money laundering/crime pools needing deeper check.

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Headshot

I filed my report. The only times I went over $10,000 was when I transferred money to pay for my house remodel, and then it was only for a day or so, but that was enough to require the report. It doesn't look like there is anything insidious about the report. It becomes very obvious they are looking for people with more than 25 foreign accounts or investments. In other words, they are looking for those with (and possibly hiding) a lot more money than I even have.

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BossHog

 

 

I keep only a couple thousand in the ph banks,i don't trust them when the day comes when there is a financial crisis here and there is a run on the banks.

 

i parked twenty-eight cents in a USD account with the Coconut Planter's bank

 

the interest ain't much but the manager has superb tits

 

and let's me stare down her blouse for free.

 

and has someone serve me free hot coffee.

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rfm010

 

 

the interest ain't much but the manager has superb tits and let's me stare down her blouse for free.

 

i don't know, but i seem to detect a good bit of interest there. 

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