Foreign asset reporting for US citizens

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Foreign asset reporting for US citizens

Postby fh2000 » 12 Dec 2011, 15:02

I am curious if any US citizens with foreign accounts have filed this form: http://www.overseasfiler.com/articles/m ... _reporting. The minimum amount of account balance for filing is $10,000. The penalty for not filing is steep.
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Re: Foreign asset reporting for US citizens

Postby Indiana » 12 Dec 2011, 15:39

Yes, I do file that form. It makes me mad having to disclose my personal account details to the government, but the penalties are too much of a risk not to.
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Re: Foreign asset reporting for US citizens

Postby Tempo Gain » 12 Dec 2011, 15:50

I file, and have heard of people getting a hard time for not doing so.
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Re: Foreign asset reporting for US citizens

Postby Charlie Jack » 30 Dec 2011, 13:27

I filed this year.
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Re: Foreign asset reporting for US citizens

Postby fh2000 » 01 Jan 2012, 01:48

It appears that there are 2 filings that US citizens will have to do:

This is a filing requirement for US Department of the Treasury with total amount $10,000 and above. Deadline is 6/30.
http://www.overseasfiler.com/articles/m ... _reporting

This is a filing requirement for IRS along with tax return. The total amount is $50,000 for single, and $100,000 for married filing jointly.
http://www.aicpa.org/interestareas/tax/ ... tion=print
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Re: Foreign asset reporting for US citizens

Postby Charlie Phillips » 01 Jan 2012, 03:35

The most free country in the world: Where nothing is free.

As a non-US citizen, whenever I make an investment at my non-US bank, I have to tick a box stating that I am not a citizen or permanent resident of the USA: how dumb is that?
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Re: Foreign asset reporting for US citizens

Postby Chris » 01 Jan 2012, 12:38

I've never heard of this before. USA... land of the free... :roll:

At least in my case, my bank account here never gets to over US$10,000: by that point I'll have already transferred much of my assets to my US bank account or US mutual funds. So I guess I'm safe.
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Re: Foreign asset reporting for US citizens

Postby TainanCowboy » 01 Jan 2012, 13:18

Thank the Obama regime for this one.
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Re: Foreign asset reporting for US citizens

Postby Tempo Gain » 01 Jan 2012, 20:37

TainanCowboy wrote:Thank the Obama regime for this one.


This goes back to the Bush years, 2004 to be precise. It's all the same though.
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Re: Foreign asset reporting for US citizens

Postby Okami » 02 Jan 2012, 02:20

TC, I just blame dipshit politicians. R or D, they just have no clue. It was only due to large corporate lobbying that we didn't lose the 84K overseas income deduction. Then there was the 1099 filing requirement that got canned thankfully.

I'm praying Chinatrust doesn't cancel my bank acct and Visa over this. :pray: My Visa gets cancelled over this, and I'm going all Ted Kaczynski on some politicos. :fume:
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