Foreign bank accounts and the IRS

[MiltonFriedman]

yes

[SmackinYaUp]

[ QUOTE ]
yes

[/ QUOTE ]

Wow, I don't know what this thread would have done had you never been born. Thank you.

[rabbitlover]

Yes, Miltie you are very helpful. Hopefully someone here who truly knows about this would like to be of help.

[I_C_ALL]

http://forumserver.twoplustwo.com/sh...age=3&vc=1

Link to a thread I asked a similar question and someone was kind enough to respond

[rabbitlover]

Thanks so very much. This is what the forum is for.
Do you mind my asking, do you fund your poker clients thru this account, or do you plan to in the future?

Thanks again.

[I_C_ALL]

I'm first looking into it now. I know the poster in the other thread said you could do it online, but I'd probably have to go over there and see for myself. I believe he said he has been funding his account that way for a while. This would only be an option to me when Neteller does pullout. I'm just hoping they don't do it like the Crypto's did.

Hopefully I have at least 30 days to do some due-diligence. Either way, the foreign account route appears to be the best option for my purpose, especially if I can transfer to sites with the credit card for no fee and either EFT from foreign bank account to U.S. bank account for free as well. Worst case, it should just take a wire. We'll see.

[TheMetetron]

You can't EFT from a foreign account. It's a USA/Canada thing.

[I_C_ALL]

Could just write a physical check from foreign bank to US bank....

[tizlinda]

If you have to report neteller over 10K, whats is the regulation if you transfer said amount on dec 30th so the balance was under 10K. My neteller fluctuates a lot throughout the year, I never knew you were suppose to say anything regardless as long as you report earnings. So neteller is considered an offshore bank?

[amulet]

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.