declaring offshore account if over 10k

bluey · #1 10-17-2006, 12:30 AM

I think I've heard before you have to declare an offshore bank account to the IRS if at some point during the year it had 10k in it.

1. True?
2. Is neteller or any site included in the rule?

5thStreetHog · #2 10-17-2006, 12:34 AM

[ QUOTE ]
I think I've heard before you have to declare an offshore bank account to the IRS if at some point during the year it had 10k in it.

1. True?
2. Is neteller or any site included in the rule?

[/ QUOTE ]1.true2.neteller is included(not sure about site to be honest)

MrPokerToad · #3 10-17-2006, 03:58 AM

It is the Treasury Dept that requires a form, 90-22.1. Then, if you file the form, the IRS requires that you mention it on your return.

Here is some more info:
http://www.onlinepokerfaq.com/guide/tax-fbar-90221.html

jlkrusty · #4 10-17-2006, 04:56 AM

Has anyone talked with their tax consultant to find out if you have to file this form if only your online poker sites had more than 10k?

Niediam · #5 10-17-2006, 05:17 AM

Earlier this year there were a couple of very long posts on this subject. I don't have links but hopefully somebody will be able to help us out here. Including in these threads were summeries of 2+2ers who called/emailed the IRS for advice and the thoughts of a couple CPA. The summerize what we think we know:

Neteller - Almost for sure needs to be reported.

Poker sites - maybe; but not too many people seem concerned over not reporing them at this point in time

MiltonFriedman · #6 10-17-2006, 10:16 AM

It is true you need to report offshore bank accounts. I do not recall if there is a $10K minimum reporting requirement.

June 30th reporting deadline for the prior year.