Quiet disclosure of FBAR

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Jul 6th 2011, 3:10 am

#196

JAJ

Retired

Joined: Apr 2004

Posts: 34,649

Re: Quiet disclosure of FBAR

Quote:

Originally Posted by matteoec

Now:
Italian taxation on interests and dividends is lower. I would owe roughly 3000 dollars per year to the IRS (2004-2008).

Owe $3000 a year to the IRS? If you've already paid Italian tax at, let's say, 20% and you have a US tax rate of 30%, that $3000 tax at the difference of 10% represents $30,000 of income each year. So not just a few hundred dollars, but a significant amount of income you've omitted from your tax returns?

By the way, don't forget State taxes, unless you live in a state without an income tax.

Last edited by JAJ; Jul 6th 2011 at 3:15 am.