by Phuket2006 » Wed Jun 03, 2015 10:15 am
Sraomcheung Ayng wrote:Phuket2006 wrote:U ONLY FBAR if u have a total of OVER $10,000 in ALL your foreign Bank accounts
Technically true...for now.
http://www.irs.gov/Businesses/Small-Bus ... ounts-FBAR But a friend told me his khmer bank recently required him to fill out some US IRS forms for his accounts, and he has less than $10K total in that bank. Sorry I can't be more specific - he wasn't. The 'merican bankers/accountants/lawyers on here should know more. Will they share without charging? Don't know!
Banks here in Thailand require u fill out US forms as well if u open an account now ( but there not asking those of us that had accounts before) where ur ss # is shown. So many are just refusing to open accounts for Americans as they dot want deal with the hassle.
BUT the bank is not required to file to the states UNLESS if goes above $10,000 and HOW would each bank know if u have more than one account in different countries.
It is really up to the individual to file
The FBAR is a tool to help the United States government identify persons who may be, in the view of the IRS, using foreign bank accounts to circumvent United States law. With FACTA, IRS criminal investigators will use the FBARs to help them identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad as well as undisclosed foreign accounts.
The FBAR must be filed with the Treasury Department (it is not filed with your your federal income tax return) whenever you meet the FBAR filing requirements, which in a nutshell is whenever a U.S. person has a financial interest in, or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust or other type of foreign financial account (including an insurance policy with a cash value such as a whole life insurance policy) maintained with a financial institution, with an aggregate value of over $10,000 at any time during the calendar year based on the highest value of each foreign account during the tax year.
[quote="Sraomcheung Ayng"][quote="Phuket2006"]U ONLY FBAR if u have a total of OVER $10,000 in ALL your foreign Bank accounts[/quote]
Technically true...for now. [url]http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-FBAR[/url] But a friend told me his khmer bank recently required him to fill out some US IRS forms for his accounts, and he has less than $10K total in that bank. Sorry I can't be more specific - he wasn't. The 'merican bankers/accountants/lawyers on here should know more. Will they share without charging? Don't know![/quote]
Banks here in Thailand require u fill out US forms as well if u open an account now ( but there not asking those of us that had accounts before) where ur ss # is shown. So many are just refusing to open accounts for Americans as they dot want deal with the hassle.
BUT the bank is not required to file to the states UNLESS if goes above $10,000 and HOW would each bank know if u have more than one account in different countries.
It is really up to the individual to file
[quote]The FBAR is a tool to help the United States government identify persons who may be, in the view of the IRS, using foreign bank accounts to circumvent United States law. With FACTA, IRS criminal investigators will use the FBARs to help them identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad as well as undisclosed foreign accounts.
The FBAR must be filed with the Treasury Department (it is not filed with your your federal income tax return) whenever you meet the FBAR filing requirements, which in a nutshell is whenever a U.S. person has a financial interest in, or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust or other type of foreign financial account (including an insurance policy with a cash value such as a whole life insurance policy) maintained with a financial institution, with an aggregate value of over $10,000 at any time during the calendar year based on the highest value of each foreign account during the tax year.
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