hungryhorace

Honestly? I wouldn't bother. Don't over think this. The US Gvt is not bothered about people like you. The whole disgraceful FBAR system was designed to 'catch' wealthy Americans keeping their money offshore in tax havens. They don't care about you and I with limited means.

Just declare them going forward.

Faery

What concerns me is that with this, is some years, it tips me over the threshold amount for filing form 8938 as I have a chunk of money from the sale of my house sitting in UK bank account. I already had to amend previous tax returns AND FBARS because of a previous cock-up so to have to do so for a SECOND time makes me feel like jumping off a cliff as I am a very anxious person by nature so this is causing severe stress. The penalties are horrific. I know you can only amend tax returns going back 3 years (?) I think it is 6 years for FBARS. I can't believe this is happening. I've got to figure out the exact figures.

Faery

Can anyone recommend a tax specialist who specializes in UK/US foreign tax stuff? I can't even word it I am so upset and desperate for help. I just found out (see my other thread) about a trust that I am a beneficiary of that I did not know existed and upon reading about tax requirements, that I am supposed to file form 3520 and/or 3520-A EVERY YEAR which are the most complex forms I've ever seen, I CANNOT do this! I could get severe penalties for not having filed this for all the years I have been here. I did not know this trust existed until a couple of days ago! They will not believe that! I am at a loss.....I am spent, so over this endless shit. I can't cope anymore!!!

civilservant

Search tax attorney 'local area' on Google. It'll be the fastest way, alot of them will have reviews.

Pulaski

The paperwork is more irritating than onerous. If you go to a tax attorney in a state of panic you're likely to run up huge bills for little good reason. Lots of people have issues that they aren't aware of and if you didn't even know about the "trust" there is likely little harm done. In fact some things that are called "trusts" aren't even trusts for the purposes of US taxation anyway.

Pulaski

The maximum penalties are horrific, but they're for people deliberately evading taxes.

Do you even know if you have any additional taxable income resulting from this "trust"? If you didn't even know it existed, then quite probably not. I presume you were already paying taxes on your bank interest.

lizzyq

Can a mod please combine Faery's two threads on this same issue?

scot47

Speak to Uncle Sam about it. If necessary use an intermediary. This is no big deal. Really. The Feds are out to get bigger fish than you.

hungryhorace

Really?

I think this is such bad advice. Just declare it going forward.

Jerseygirl

I have merged your threads on tax together. Please do not open duplicate or similar threads as it is confusing. Thanks.

hungryhorace

Why has my perfectly legitimate comment been deleted? What is being taken care of?