Foreign asset reporting for US citizens

ROC taxes, overseas payment of taxes, withholding rates, general tax liability issues, and other tax-related matters
Forum rules
While the moderators are happy to help point people in the right direction for legal assistance and to attempt to keep these forums civil and tidy, please bear in mind that an Internet forum is not the place for providing or receiving legal advice or for the creation of any attorney-client privileges or obligations. Also keep in mind that Forumosa and the moderators cannot conduct comprehensive reviews of all laws or legal concepts referenced or discussed within these forums – laws and regulations are updated and amended, interpretations do change, and sometimes the legal landscape can change very fast. Forumosa provides these legal forums for general informational purposes only. By using these legal forums, you agree that the information does not constitute legal or other professional advice and no attorney-client or other relationship is created between you and any other posters on these forums. DO NOT CONSIDER THE FORUMS TO BE A SUBSTITUTE FOR OBTAINING LEGAL ADVICE FROM A QUALIFIED LICENSED ATTORNEY.

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.
fh2000
English Teacher with Headband (bǎng tóujīn de Yīngwén lǎoshī)
English Teacher with Headband (bǎng tóujīn de Yīngwén lǎoshī)
 
Posts: 190
ORIGINAL POSTER
Joined: 27 Jul 2011, 08:50
Location: Los Angeles, USA
10 Recognized(s)



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.
Forumosan avatar
Indiana
Mandarin Marvel (Guóyǔ gāoshǒu)
Mandarin Marvel (Guóyǔ gāoshǒu)
 
Posts: 1843
Joined: 28 Sep 2005, 10:49
Location: UAE
5 Recommends(s)
39 Recognized(s)



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.
Image
Forumosan avatar
Tempo Gain
Maitreya Buddha (Mílèfó)
 
Posts: 11089
Joined: 16 Jul 2004, 22:41
Location: Taipei
287 Recommends(s)
290 Recognized(s)



Re: Foreign asset reporting for US citizens

Postby Charlie Jack » 30 Dec 2011, 13:27

I filed this year.
Charlie Jack
Overpaid Foreign Athlete (duō fù xīn shuǐ guò gāo de wài jí yùn dòng yuán)
Overpaid Foreign Athlete (duō fù xīn shuǐ guò gāo de wài jí yùn dòng yuán)
 
Posts: 3302
Joined: 17 Mar 2007, 22:06
Location: Panchiao
1120 Recommends(s)
195 Recognized(s)



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
fh2000
English Teacher with Headband (bǎng tóujīn de Yīngwén lǎoshī)
English Teacher with Headband (bǎng tóujīn de Yīngwén lǎoshī)
 
Posts: 190
ORIGINAL POSTER
Joined: 27 Jul 2011, 08:50
Location: Los Angeles, USA
10 Recognized(s)



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?
"Why do you want gas? It's hot. You can have cold showers" ~gas delivery man height of summer, 2010.

"Why you wear so many clothes? You are foreigner. Foreign countries are cold." buxiban owner, depth of winter 2011.
Forumosan avatar
Charlie Phillips
Immune to Breathalizers (jiǔ cèce bù chūlái)
Immune to Breathalizers (jiǔ cèce bù chūlái)
 
Posts: 2088
Joined: 21 Nov 2005, 14:53
Location: Woods by name but now a city
80 Recommends(s)
158 Recognized(s)



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.
Forumosan avatar
Chris
Maitreya Buddha (Mílèfó)
 
Posts: 14806
Joined: 08 Jun 2004, 15:51
Location: Type-A, Tie-one-on
84 Recommends(s)
179 Recognized(s)



Re: Foreign asset reporting for US citizens

Postby TainanCowboy » 01 Jan 2012, 13:18

Thank the Obama regime for this one.
"Pardon him, Theodotus; he is a barbarian and thinks that the customs of his tribe and island are the laws of nature" --- "Caesar and Cleopatra"...G.B. Shaw
-----
Kid Rock - Born Free
-----
"The big sisters are usually hot, but the dads smell of alcohol and tobacco....and have dirty feet with dead toe nails in blue slippers. "...Bob_Honest on "The Culture"
------
Play stupid games, win stupid prizes
------
Isaiah 40:31
Forumosan avatar
TainanCowboy
Guan Yin (Guānyīn)
 
Posts: 16234
Joined: 18 Jun 2004, 17:50
Location: Tainan - The Original Taiwan
103 Recommends(s)
49 Recognized(s)



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.
Image
Forumosan avatar
Tempo Gain
Maitreya Buddha (Mílèfó)
 
Posts: 11089
Joined: 16 Jul 2004, 22:41
Location: Taipei
287 Recommends(s)
290 Recognized(s)



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:
Professor Walter Williams has remarked that he’s glad he went to college “before it became fashionable for white people to like black people.”
Forumosan avatar
Okami
Second Landlord (èr fáng dōng)
Second Landlord (èr fáng dōng)
 
Posts: 2538
Joined: 21 Sep 2002, 20:10
8 Recommends(s)
21 Recognized(s)



FRIENDLY REMINDER
   Please remember that Forumosa is not responsible for the content that appears on the other side of links that Forumosans post on our forums. As a discussion website, we encourage open and frank debate. We have learned that the most effective way to address questionable claims or accusations on Forumosa is by engaging in a sincere and constructive conversation. To make this website work, we must all feel safe in expressing our opinions, this also means backing up any claims with hard facts, including links to other websites.
   Please also remember that one should not believe everything one reads on the Internet, particularly from websites whose content cannot be easily verified or substantiated. Use your common sense and do not hesitate to ask for proof.
Next




Proceed to Taxes



Who is online

Forumosans browsing this forum: No Forumosans and 1 visitor

Whatever technology you buy today will be obsolete soon, but you can avoid heartache by learning the cycles. New iPods come out every September. New digital cameras come out in February and October.
More tips from David Pogue