If you own foreign assets or have signature authority over certain foreign accounts, you also have extra filing requirements. For example, Part III of Schedule B, the form where you report interest and dividends, has questions you might need to complete about foreign accounts and trusts. You may also need to file Form 8938, Statement of Specified Foreign Financial Assets,...
Tags: Foreign Accounts
Category: Taxes
If you hold foreign bank or financial accounts, or have signature authority over such accounts, and the total value of all your accounts exceeds $10,000 at any time during the calendar year, you may be required to file a Treasury Department report known as the FBAR. It’s easy to overlook this requirement because it’s separate from your federal income tax...
Tags: Foreign Accounts
Category: Taxes
Owning foreign assets or having signature authority over certain foreign accounts means extra filing requirements. For example, Part III of Schedule B, the form where you report interest and dividends, has questions you might need to complete about foreign accounts and trusts. You may also need to file “Form 8938, Statement of Specified Foreign Financial Assets,” with your income tax...
Tags: Foreign Accounts
Category: Taxes
The IRS and the Treasury Department are getting increasingly interested in U.S. citizens who maintain foreign bank, savings, and investment accounts. If you have any foreign investments, there’s an approaching reporting requirement that you should be aware of. You are required to file “Treasury Department Form 90-22.1,” the “Report of Foreign Bank and Financial Accounts,” if you have a financial...
Tags: Foreign AccountsForm 90-22.1
Category: Taxes
Did you know that as a US citizen, you are required to report your worldwide income from all sources on your US tax return? Did you also know that foreign bank accounts over a certain limit are also required to be disclosed? Were you also …aware that there has been an ongoing project by the IRS to identify those US...
Tags: Foreign AccountsForeign DisclosuresForeign income
Category: Taxes