Has anyone filled a FBAR or a TD F 90-22.1
Hi everyone,
Just to let you know that the British expats wiki on taxes is fantastic! I was able to fill in my 1040 and 2555. I will be going to the British embassy next week to finally file it. I had to do about 2 weeks research but I believe with the aide of British guy's sample foms I think I have cracked it!. My question is if I own an apartment with a mortgage, do I have to fill out a FBAR to declare that the money over exceeding $10.000 which was put into my account to pay for the property? My husband believes since it is a mortgage and it is a minus amount and was probably only a plus to purchase the property, perhaps I wouldn't have to declare it. We rent out the property now and I have added any profit to the 1040 and 2555 but in reading many tax sites it saids I should report all financial accounts holding over $10.000 Please could you post some advice any advice will do. I feel that I am almost completely legal if you know what I mean:confused: Thanks again EXPATS |
Re: Has anyone filled a FBAR or a TD F 90-22.1
Originally Posted by porcupinejo
(Post 10279314)
Hi everyone,
Just to let you know that the British expats wiki on taxes is fantastic! I was able to fill in my 1040 and 2555. I will be going to the British embassy next week to finally file it. I had to do about 2 weeks research but I believe with the aide of British guy's sample foms I think I have cracked it!. My question is if I own an apartment with a mortgage, do I have to fill out a FBAR to declare that the money over exceeding $10.000 which was put into my account to pay for the property? My husband believes since it is a mortgage and it is a minus amount and was probably only a plus to purchase the property, perhaps I wouldn't have to declare it. We rent out the property now and I have added any profit to the 1040 and 2555 but in reading many tax sites it saids I should report all financial accounts holding over $10.000 Please could you post some advice any advice will do. I feel that I am almost completely legal if you know what I mean:confused: Thanks again EXPATS http://www.irs.gov/Businesses/Small-...quirements#FR2 |
Re: Has anyone filled a FBAR or a TD F 90-22.1
From what it sounds like (sorry, your note was a tad confusing to me), you bought an apartment with a mortgage (overseas?). The mortgage was "put into your account" and then you used that account to buy the house? Or was the mortgage given and then paid directly (bank-to-bank) to the sellers account? Put it this way, after they put the money "into your account" could you have done a runner with that money? Was it really your account with full authority to do whatever with the cash? Or was it a bank->seller payment that never really touched your account?
Basically, if you have a bank account with signing authority, i.e. the authority to write a check or conduct a wire, and that account has >$10,000 in it, then you need to report. If the mortgage went from the bank's account directly to the seller's account, and you never had the ability to draw on that money from your own account, then it doesn't sound like you would have had the signing authority necessary (it was the bank's account, not your account). If you have a foreign bank account (or multiple bank accounts) that are > $10,000 USD at any time during the year, even if only for a day, you need to report ALL foreign bank accounts that you own. It doesn't 'even out' simply because you have a negative balance on a mortgage or a credit card or a loan--it's a hard line that if you go over for any reason, you need to report. It's quite annoying. |
Re: Has anyone filled a FBAR or a TD F 90-22.1
Thanks for your reply.
That clears up the rule for the mortgage. It was from bank to bank. The information that I found was very confusing. Thanks again Kind regards!!! JO |
Re: Has anyone filled a FBAR or a TD F 90-22.1
I am confused. What is your citizenship, where do you live and where is the flat, the mortgage and your accounts.
Originally Posted by porcupinejo
(Post 10279314)
I will be going to the British embassy next week to finally file it.
My question is if I own an apartment with a mortgage, do I have to fill out a FBAR to declare that the money over exceeding $10.000 which was put into my account to pay for the property? We rent out the property now and I have added any profit to the 1040 and 2555 but in reading many tax sites it saids I should report all financial accounts holding over $10.000 |
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