Activer Lloyds becoming bank

[lakeheron]

Somebody mentioned this topic in another post. A teller at Lloyds told me it would become a bank, hopefully by the end of the year. She didn't know any details other than that it would be in conjunction with Prudential Financial Services.

[LaChula]

Somebody mentioned this topic in another post. A teller at Lloyds told me it would become a bank, hopefully by the end of the year. She didn't know any details other than that it would be in conjunction with Prudential Financial Services.

In that case, wouldn't they be required to get the SS numbers of the foreigners so their interest can be reported to the IRS?

[jimmiller]

In that case, wouldn't they be required to get the SS numbers of the foreigners so their interest can be reported to the IRS?

It would be a Mexican bank,subject to Mexican bank regulations,tax laws,etc. No different than any other Mexican bank-does Banco del Bajio or Banco del Norte report interest to the IRS? I don't think so.

Banamex,a wholly-owned subsidiary of Citibank,does not report our information to the IRS

[lakeheron]

If you have money in the Pru bank in the US that gets interest it would be reported. But the money you transfer here and have in A/L accumulating interest wouldn't be reported to the IRS.

[traderspoc]

In that case, wouldn't they be required to get the SS numbers of the foreigners so their interest can be reported to the IRS?

file your FBAR to the US on JUn 30th required

they are going afther foriegn banks, recently sent taems check swiss banks, chinese banks and australia, mexico may come soon, and when they find you account

your will take 50% of your account balance plus fines of over $10,000 plus possible jail time, plus any frud issues ofr falseling your tax return.

you can not get way with like you use to anymore., thye will catch you.

search the internet yourself and read what happening, do your own due diligence. protect your assets, you will need tht 50% TO LIVE ON

[Amber]

Is there snyone on this board who does US income taxes. Maybe they can help out on this. There is a line on the tax form that asks if you have any foreign accounts, but it also says this applies only to amounts over $10,000. Since I only keep enough in my Lloyds account to pay electric, maid and gardner while I am gone I have always checked No and have never reported the interest received. Do I now need to start reporting this interest?

[liquipure]

Is there snyone on this board who does US income taxes. Maybe they can help out on this. There is a line on the tax form that asks if you have any foreign accounts, but it also says this applies only to amounts over $10,000. Since I only keep enough in my Lloyds account to pay electric, maid and gardner while I am gone I have always checked No and have never reported the interest received. Do I now need to start reporting this interest?

Technically speaking any US citizen, living anywhere is subject to inoime tax on all of his / her WORLDWIDE income. Some things can be offset with taxes paid to foreign countries etc. There are publkications on line or available from the IRS for Americans living abroad.

[traderspoc]

Is there snyone on this board who does US income taxes. Maybe they can help out on this. There is a line on the tax form that asks if you have any foreign accounts, but it also says this applies only to amounts over $10,000. Since I only keep enough in my Lloyds account to pay electric, maid and gardner while I am gone I have always checked No and have never reported the interest received. Do I now need to start reporting this interest?

yes all world wide income has to be reported,

schedule B bottom is checked if you have a foriegn account,

The tax you pay is smaller than the 10,000 fine for not reporting a foriegn account.

A prudent person would pay the tax owed every year.