davidw76

http://www.irs.gov/businesses/small/...210244,00.html

Mummy in the foothills

Who are you the tax man? I refuse to answer this in case I incriminate myself

coastieexpat

Maybe he means Fubar ....

coastieexpat

I did find this article online http://www.webcpa.com/news/Tax-Conse...s-53449-1.html

If it is a 10,000 dollar limit, at what exchange rate ? , I have a small amount in the UK, ( I use it to help my mum out, I pay tax on it in the US though ).

davidw76

Yes, 10,000 USD limit on the sum of all your foreign accounts including most pensions. It is measured at the point in the year when they were worth most. I usually use the exchange rate at the end of the year.

If you don't file the FBAR forms to the treasury each June you can be fined between 5 and 20% of the account balances even if you haven't underpaid any tax. In fact, if you fail to file for several years it's possible to owe more in fines than you actually have in the accounts.

I only know about it because someone posted a warning on a completely unrelated immigration forum. None of the other ex-pat colleagues I work with had any idea about it when I mentioned it. I guess nobody wants to answer option 3 on this poll for fear of incriminating themselves (it's anonymous though) but I'm sure there's a pretty high percentage of people among the ex-pat community here that don't know about these rules.

Cape Blue

My HR Block advisor (who is actually quite good for HRB) advised me of the need to file this each year. I was under the impression it could give you visa renewal problems, but am not entirely sure about that.