#41
|
|||
|
|||
Re: If you had more then $10k in neteller in 2006 but didn\'t pay taxes
[ QUOTE ]
[ QUOTE ] [ QUOTE ] You only have to file if you had 10k at ONE TIME in neteller correct? [/ QUOTE ] incorrect. aggregate total is what they are looking for. in other words, the total of all deposits. [/ QUOTE ] Are you absolutely certain of this? This does not match my (limited) understanding, which is that the form must be submitted if the aggregate balances exceeded $10k at any time in 2006. [/ QUOTE ] FBAR FAQ You must file "if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year". |
#42
|
|||
|
|||
Re: If you had more then $10k in neteller in 2006 but didn\'t pay taxes
[ QUOTE ]
[ QUOTE ] [ QUOTE ] You only have to file if you had 10k at ONE TIME in neteller correct? [/ QUOTE ] incorrect. aggregate total is what they are looking for. in other words, the total of all deposits. [/ QUOTE ] Are you absolutely certain of this? This does not match my (limited) understanding, which is that the form must be submitted if the aggregate balances exceeded $10k at any time in 2006. [/ QUOTE ] I guess i can't say I'm "absolutely certain of this" since the IRS uses different terminology. FBAR Requirements The qualifications for filing are: 1.The person has financial interest in, signature authority or other authority over one or more accounts in a foreign country, and 2.The value of the account exceeds $10,000 at any time during the calendar year. I'm fairly certain that #2 would be the aggregate. On the form they ask for maximum value of the account. |
#43
|
|||
|
|||
Re: If you had more then $10k in neteller in 2006 but didn\'t pay taxes
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] You only have to file if you had 10k at ONE TIME in neteller correct? [/ QUOTE ] incorrect. aggregate total is what they are looking for. in other words, the total of all deposits. [/ QUOTE ] Are you absolutely certain of this? This does not match my (limited) understanding, which is that the form must be submitted if the aggregate balances exceeded $10k at any time in 2006. [/ QUOTE ] FBAR FAQ You must file "if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year". [/ QUOTE ] That confirms what I was thinking - thanks! |
#44
|
|||
|
|||
Re: If you had more then $10k in neteller in 2006 but didn\'t pay taxes
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] You only have to file if you had 10k at ONE TIME in neteller correct? [/ QUOTE ] incorrect. aggregate total is what they are looking for. in other words, the total of all deposits. [/ QUOTE ] Are you absolutely certain of this? This does not match my (limited) understanding, which is that the form must be submitted if the aggregate balances exceeded $10k at any time in 2006. [/ QUOTE ] I guess i can't say I'm "absolutely certain of this" since the IRS uses different terminology. FBAR Requirements The qualifications for filing are: 1.The person has financial interest in, signature authority or other authority over one or more accounts in a foreign country, and 2.The value of the account exceeds $10,000 at any time during the calendar year. I'm fairly certain that #2 would be the aggregate. On the form they ask for maximum value of the account. [/ QUOTE ] It's the maximum aggregate value of all accounts, not the aggregate of deposits (unless, of course, you start the year at $0 and never withdraw). For example, if you deposit $1000 into your account every Tuesday for an entire year, and withdraw $1000 every Friday, the sum of your deposits is $52k. However, your balance - the value of your account - never gets to the $10k trigger. |
|
|