FBAR and $10.000

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Jun 10th 2017, 3:23 am

#16

hungryhorace

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Re: FBAR and $10.000

Quote:

Originally Posted by robin1234

The magic number of accounts is 25. If you have 25 or more accounts, you don't need to fill out the details - you merely have to state the number of accounts you have. This is where the Oyster Card, Nectar Card etc may come in useful - to get you over the 25.

Good tip!

Jun 12th 2017, 3:16 am

#17

mrken30

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Re: FBAR and $10.000

Quote:

Originally Posted by robin1234

And don't forget your Nectar Card. I believe I have about £14 on mine, I have no idea what I can do with it, but it is a financial account.

I always thought a Nectar card was just points like airmiles. I didn't know they had a financial value.

Jun 12th 2017, 7:49 am

#18

Cook_County

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Re: FBAR and $10.000

Quote:

Originally Posted by mrken30

I always thought a Nectar card was just points like airmiles. I didn't know they had a financial value.

They do not and are (probably) not FBAR reportable.

Jun 12th 2017, 12:32 pm

#19

robin1234

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Re: FBAR and $10.000

Quote:

Originally Posted by mrken30

I always thought a Nectar card was just points like airmiles. I didn't know they had a financial value.

It's just a game people play - to increase the number of foreign accounts held, because when you have over 25 accounts you don't need to list them out in laborious detail.

But in fact nectar state a ££ value, so a little different from air miles etc.

Jun 12th 2017, 12:36 pm

#20

robin1234

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Re: FBAR and $10.000

For instance, here's a quote from a recent nectar email.

You have: 4,121 pts worth at least: £20.61

Jun 12th 2017, 5:40 pm

#21

Cook_County

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Re: FBAR and $10.000

Quote:

Originally Posted by robin1234

For instance, here's a quote from a recent nectar email.

You have: 4,121 pts worth at least: £20.61

That is a really old sales trick...come to my shop & we'll give you a free banana worth a zillion quid...

You'd have to read US Treasury Regulations to establish what kind of financial accounts are counted.

Jun 12th 2017, 5:46 pm

#22

mrken30

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Re: FBAR and $10.000

Quote:

Originally Posted by Cook_County

This is why a lot of business owners have credit cards with airmiles /point as they have no calculable monetary value. Therefore don't have to declare them on taxes. Cash back cards do have a defined monetary value.

https://www.thebalance.com/tax-treat...-miles-3193085