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UK Bank account with more than $10,000 in it.

UK Bank account with more than $10,000 in it.

Old Jun 30th 2005, 5:47 pm
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Default UK Bank account with more than $10,000 in it.

Today is the last day to file for the 2004 year.

http://www.fincen.gov/f9022-1.pdf

So if you had at any point more than a $10,000 balance then you need to fill the form in and send it in.
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Old Jun 30th 2005, 6:06 pm
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Default Re: UK Bank account with more than $10,000 in it.

Originally Posted by Boiler
Today is the last day to file for the 2004 year.

http://www.fincen.gov/f9022-1.pdf

So if you had at any point more than a $10,000 balance then you need to fill the form in and send it in.
This is new to me, being a recent immigrant and all. So we are meant to tell the US Tax office about any money we have stashed overseas? Is that correct?
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Old Jun 30th 2005, 6:09 pm
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Default Re: UK Bank account with more than $10,000 in it.

Originally Posted by Boiler
Today is the last day to file for the 2004 year.

http://www.fincen.gov/f9022-1.pdf

So if you had at any point more than a $10,000 balance then you need to fill the form in and send it in.
Is this for all US residents, or just citizens? I've never heard of this before - had my yaxes done by H&R Block and all, never mentioned this (not that I have a fortune stashed overseas of course; just my collection of antique Beanos).
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Old Jun 30th 2005, 6:18 pm
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Default Re: UK Bank account with more than $10,000 in it.

Originally Posted by dunroving
Is this for all US residents, or just citizens? I've never heard of this before - had my yaxes done by H&R Block and all, never mentioned this (not that I have a fortune stashed overseas of course; just my collection of antique Beanos).
Well exactly I've only got my old 2000AD's and that 2 million quid from that bank-job in...
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Old Jun 30th 2005, 6:20 pm
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Default Re: UK Bank account with more than $10,000 in it.

Originally Posted by dunroving
Is this for all US residents, or just citizens? I've never heard of this before - had my yaxes done by H&R Block and all, never mentioned this (not that I have a fortune stashed overseas of course; just my collection of antique Beanos).
Not sure if they would be aware of it, I think it has been there for some time but the penalties have been increased substantially, snuck in on the back of another bill last year.

If you resident for Tax then you have to file.
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Old Jun 30th 2005, 6:34 pm
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Default Re: UK Bank account with more than $10,000 in it.

Actually the form says - A citizen or resident of the USA

Not quite the same definition as the IRS use, so if you are a LPR-yes. Otherwise, not sure.
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Old Jun 30th 2005, 6:34 pm
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Default Re: UK Bank account with more than $10,000 in it.

Originally Posted by Boiler
Not sure if they would be aware of it, I think it has been there for some time but the penalties have been increased substantially, snuck in on the back of another bill last year.

If you resident for Tax then you have to file.
Hehe, the Treasury department needs to proof their instructions. If one were to follow their directions, no one would be filing this declaration!
It states, " Who Must File this Report ~ Each Unites States person, ...."
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Old Jun 30th 2005, 6:36 pm
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Default Re: UK Bank account with more than $10,000 in it.

Originally Posted by dunroving
Is this for all US residents, or just citizens? I've never heard of this before - had my yaxes done by H&R Block and all, never mentioned this (not that I have a fortune stashed overseas of course; just my collection of antique Beanos).
You've always had to declare overseas accounts IF they have a balance of 10,000 or more- under that you didn't have to declare them. H&R should have told you about this. I found out about this years ago, I've always used Turbo Tax...it asks you if you have an overseas account, if you answer yes it gives you more info about if you have to declare or not.
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Old Jun 30th 2005, 6:54 pm
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Default Re: UK Bank account with more than $10,000 in it.

bugger..better find a deeper cave to go stash things in then....
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Old Jun 30th 2005, 7:22 pm
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Default Re: UK Bank account with more than $10,000 in it.

We live and learn, not that it effects me either way at the moment. Certainly can't recall my Accountant asking me that question.
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Old Jun 30th 2005, 7:30 pm
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Default Re: UK Bank account with more than $10,000 in it.

Not sure I'm altogether comfortable about this. Never been happy to disclose anything private to the British Tax man and disclosing it to the US Tax man doesn't exactly enthrall me. I wonder what the situation would be if you divide your savings up over several bank accounts or put them into government bonds. Would you still require to declare this? Right now I'm enjoying a rate of 4.75% in Lloyds TSB, there are other banks offering similar interest rates, even a couple getting up over 5%! I think I will have to look into this and consider opening a couple more accounts. Few good bonds in the UK too which are tax exempt! So wonder how they'd figure in all of this?
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Old Jun 30th 2005, 7:41 pm
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Default Re: UK Bank account with more than $10,000 in it.

Originally Posted by ScotsmanInTexas
Not sure I'm altogether comfortable about this. Never been happy to disclose anything private to the British Tax man and disclosing it to the US Tax man doesn't exactly enthrall me. I wonder what the situation would be if you divide your savings up over several bank accounts or put them into government bonds. Would you still require to declare this? Right now I'm enjoying a rate of 4.75% in Lloyds TSB, there are other banks offering similar interest rates, even a couple getting up over 5%! I think I will have to look into this and consider opening a couple more accounts. Few good bonds in the UK too which are tax exempt! So wonder how they'd figure in all of this?
Splitting between accounts wouldn't help. It's an aggregate figure, and it also pertains to any time during the 12 months. You may have nothing today, but $10,000 a month ago, still have to declare.
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Old Jun 30th 2005, 8:02 pm
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Default Re: UK Bank account with more than $10,000 in it.

Originally Posted by bionomique
Splitting between accounts wouldn't help. It's an aggregate figure, and it also pertains to any time during the 12 months. You may have nothing today, but $10,000 a month ago, still have to declare.
Do you think that also apply to tax free savings bonds?
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Old Jun 30th 2005, 8:29 pm
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Default Re: UK Bank account with more than $10,000 in it.

Originally Posted by ScotsmanInTexas
Do you think that also apply to tax free savings bonds?
Its a money laundering thing I believe as opposed to a tax issue.

So, Yes
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Old Jun 30th 2005, 9:08 pm
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Default Re: UK Bank account with more than $10,000 in it.

I had mine in an account that didn't draw interest, does that make a difference?
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