Foreign bank accounts and the IRS - Page 3

Fudgenut · #21 10-24-2006, 02:46 AM

You have to report it if your balance EVER exceeded 10k at any point throughout the year.

Sniper · #22 10-24-2006, 02:49 AM

[ QUOTE ]
You have to report it if your TOTAL BALANCE IN ALL FOREIGN ACCOUNTS EVER exceeded 10k at any point throughout the year.

[/ QUOTE ]

FYP

jlkrusty · #23 10-24-2006, 03:51 AM

What if you never have over 10k in your Neteller account, but you do have a lot more than 10k in various poker sites? Are the poker sites themselves foreign accounts? Obvioiusly this is a question for a tax advisor, but I'm wondering if any of you have asked your tax advisor, and if so, what did they say?

Also, when do you have to report the foreign account? Before the end of the year? At the same time you do your taxes? As soon as your account exceeds 10k? Some other time?

Sniper · #24 10-24-2006, 04:37 AM

Form TD F 90-22.1 is due to be sent to the Dept of Treasury by June 30th of the following year. You also much check off the box on you 1040 Sch B, obviously when you file your return.

imo, the 10K includes the value in poker accounts, since they are accounts to which you have a financial interest and are located overseas (usually in a bank).

As with all tax & related advice, you should consult a qualified tax professional to discuss your specific situation.

Not filing this form carries penalties, so it pays to understand your obligations with regard to filing this form.

rabbitlover · #25 10-24-2006, 02:53 PM

[ QUOTE ]
use epassporte. they are an overseas online bank with a debit visa that all poker sites have as an option.

if you open an overseas bank account you MUST report said account when you file your taxes. there is a specific box to check IF you have an overseas account.

[/ QUOTE ]

Why do you believe you will still be able to use them after the Treasury rules are in place? Neteller and Firepay have decided they cannot accept US deposits.

MrPokerToad · #26 10-25-2006, 03:11 AM

[ QUOTE ]
What if you never have over 10k in your Neteller account, but you do have a lot more than 10k in various poker sites? Are the poker sites themselves foreign accounts? Obvioiusly this is a question for a tax advisor, but I'm wondering if any of you have asked your tax advisor, and if so, what did they say?

[/ QUOTE ]

I don't think this has really been decided, or at least if so it hasn't been published by the Treasury or IRS.

[ QUOTE ]

Also, when do you have to report the foreign account? Before the end of the year? At the same time you do your taxes? As soon as your account exceeds 10k? Some other time?

[/ QUOTE ]

That question is answered here:
http://www.onlinepokerfaq.com/guide/tax-fbar-90221.html

-MrPokerToad