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#6
10-31-2004, 02:16 PM
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 Re: Depositing money in overseas bank accounts "David Woods, EA, ChFC, CLU" <dwoods[at]woods-financial.com> wrote: - quote - > And for those of us who believe in obeying the law......
.....you will pay much more in taxes.<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#5
10-28-2004, 12:41 AM
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| Re: Depositing money in overseas bank accounts - quote - > > The only requirement, assuming normal bank transfers (i.e.,
And for those of us who believe in obeying the law......> > wires), is that you will need to report the bank accounts to > > the U S Treasury Dept. each year if the total of all the > > accounts exceeds $10,000 on any one day in the year. The > > Form is TD F 90-22.1. > "Legal" is one thing and "What you're likely to get caught > for" is another. I highly doubt that a bank in China is > going to notify the US government of your deposit or send > out a 1099, so as long as you're not stashing millions > offshore or financing Al Qaeda, one is probably relatively > safe not reporting this income. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
10-26-2004, 10:16 PM
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| Re: Depositing money in overseas bank accounts - quote - > The only requirement, assuming normal bank transfers (i.e.,
"Legal" is one thing and "What you're likely to get caught> wires), is that you will need to report the bank accounts to > the U S Treasury Dept. each year if the total of all the > accounts exceeds $10,000 on any one day in the year. The > Form is TD F 90-22.1. for" is another. I highly doubt that a bank in China is going to notify the US government of your deposit or send out a 1099, so as long as you're not stashing millions offshore or financing Al Qaeda, one is probably relatively safe not reporting this income. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
10-23-2004, 10:09 PM
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| Re: Depositing money in overseas bank accounts - quote - > Good morning, friends!
The only requirement, assuming normal bank transfers (i.e.,> My wife and I have family in China, often travel there, and > would like to deposit earnings regularly into our bank > accounts in China. > Could some kind soul give me the tax considerations, limits > and any other legalities of this? > We are currently contemplating two separate deposits that > would come to some $15,000. A $10k threshhold sticks in my > mind. Does it exist? Is the limit PER DEPOSIT? wires), is that you will need to report the bank accounts to the U S Treasury Dept. each year if the total of all the accounts exceeds $10,000 on any one day in the year. The Form is TD F 90-22.1. -- Thomas E Healy, CPA, PC 1650 38th St., Ste 202W Boulder, CO 80301 Please send email to: tom[at]tomhealycpa.com, since I block all email at my newsgroup address. phone (303) 443-1804 fax (720) 489-3772 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
10-23-2004, 09:50 PM
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| Re: Depositing money in overseas bank accounts RicketyRocket wrote: - quote - > My wife and I have family in China, often travel there, and
If the TOTAL of all foreign bank accounts exceeds $10K, you> would like to deposit earnings regularly into our bank > accounts in China. > Could some kind soul give me the tax considerations, limits > and any other legalities of this? > We are currently contemplating two separate deposits that > would come to some $15,000. A $10k threshhold sticks in my > mind. Does it exist? Is the limit PER DEPOSIT? have to file a form with the Treasury Department. It's not a tax forum per se. Also, TAKING $10K in cash out of the country is reportable to Customs, but that's at one time. I don't think there are any other US tax considerations, except that an interest there is reportable on your US tax returns if you are a US citizen, permanent resident, or actual resident. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
10-23-2004, 09:31 PM
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| Re: Depositing money in overseas bank accounts "RicketyRocket" <posteymcpost[at]yahoo.com> wrote: - quote - > My wife and I have family in China, often travel there, and
Legalities should be directed to an attorney. Foreign bank> would like to deposit earnings regularly into our bank > accounts in China. > Could some kind soul give me the tax considerations, limits > and any other legalities of this? > We are currently contemplating two separate deposits that > would come to some $15,000. A $10k threshhold sticks in my > mind. Does it exist? Is the limit PER DEPOSIT? > Many thanks for any guidance in this important chore. accounts must be reported to the treasury department on Form TD911.1.1 <sp -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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10-23-2004, 09:11 PM
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| Re: Depositing money in overseas bank accounts RicketyRocket wrote: - quote - > My wife and I have family in China, often travel there, and
If a deposit or combinations of deposits are in excess of> would like to deposit earnings regularly into our bank > accounts in China. > Could some kind soul give me the tax considerations, limits > and any other legalities of this? > We are currently contemplating two separate deposits that > would come to some $15,000. A $10k threshhold sticks in my > mind. Does it exist? Is the limit PER DEPOSIT? > Many thanks for any guidance in this important chore. the $10,000 limit then a report of the transfer is sent to the US Treasury department. A deposit of more than $10,000 is generally legal in the US except for reporting. Someone could have a legal reason to fear the report -- Frederick E. Jorden http://Tax-Accounting-Payroll.com 7825 Midlothian Tpk - 207 Richmond, VA 23235-5247 EMAIL knowtax[at]bigfoot.com (804) 320-6210 FAX (804) 320-6211 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
10-22-2004, 07:23 AM
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| Depositing money in overseas bank accounts Good morning, friends! My wife and I have family in China, often travel there, and would like to deposit earnings regularly into our bank accounts in China. Could some kind soul give me the tax considerations, limits and any other legalities of this? We are currently contemplating two separate deposits that would come to some $15,000. A $10k threshhold sticks in my mind. Does it exist? Is the limit PER DEPOSIT? Many thanks for any guidance in this important chore. RR << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| accounts, bank, depositing, money, overseas |
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