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file your FBAR by jun 30th 2012 if you new to mexico and have 10,000 deposited


traderspoc

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http://finance.yahoo.com/news/12000-tax-cheats-come-clean-apf-3488587740.html?x=0&sec=topStories&pos=7&asset=&ccode=

If you have just opened a bank accounts in a foreign country ( mexico) in 2011 and a United States citizen you must file a form

FBAR before jun 30th 2012.

see above link the IRS just had amnesty program end for filing a FBAR and paying past taxes and penalties.

they are stepping up the compliance. be prudent file your FBAR and report foreign interest on schedule 1040.

link to form

http://www.irs.gov/pub/irs-pdf/f90221.pdf

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http://finance.yahoo.com/news/12000-tax-cheats-come-clean-apf-3488587740.html?x=0&sec=topStories&pos=7&asset=&ccode=

If you have just opened a bank accounts in a foreign country ( mexico) in 2011 and a United States citizen you must file a form

FBAR before jun 30th 2012.

see above link the IRS just had amnesty program end for filing a FBAR and paying past taxes and penalties.

they are stepping up the compliance. be prudent file your FBAR and report foreign interest on schedule 1040. link to form

http://www.irs.gov/pub/irs-pdf/f90221.pdf

Yes, Ive been doing that now for two years. It's really quite easy to do. Thanks for letting others know.

Pete

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Less than S10,000 USD no problema.

By this you mean if I have less than $10k US in a Mx account I do NOT have to file this form. Correct??

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By this you mean if I have less than $10k US in a Mx account I do NOT have to file this form. Correct??

NO. If you have a total of $10 K or more US in all of your foreign accounts you have to report same. I had one account with perhaps $3,000 Mexican pesos that I had to report. Why? Because my total balance of all of my accounts outside of the US was slightly over $10 K US. I also had to report the annual income from all of these accounts. But luckily or maybe unluckily, because the income earned during 2010 was so low, I had no US taxes due from these accounts (My income from my 2 US accounts also were very, very low). The total income from both [all] countries sucked}..

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By this you mean if I have less than $10k US in a Mx account I do NOT have to file this form. Correct??

This is not at end of year balance, its the highest balance during 2011, so if you had over 10,000 at any momemt

if foriegn accounts, you need to file a FBAR.

the FBAR asked for the highest amount you had in your account tha year.

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This is not at end of year balance, its the highest balance during 2011, so if you had over 10,000 at any momemt

if foriegn accounts, you need to file a FBAR.

the FBAR asked for the highest amount you had in your account tha year.

And all of this applies to Green Card holders as well. My accountant called me to make certain that I had turned in my Green Card when I left the US. A lot of people hold onto them as long as possible and this can come back and bite you in the a__.

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Curious to know if the banks, etc in Mexico actually report this information to any agency in the USA...do you know if they do? or is this FBAR just another way for Big Brother to keep an eye on people living and investing their hard earned...already taxed... savings that are now in another country, instead of the USA?

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If you are using a bank with branches in the US or that is owned or associated with a US bank, the answer is that the US will probably know. MX does have a reciprocal agreement with the US.

There are at least 17 locations in the world that do not have any agreement with the US that are just filled with banks that do not have any connection to the US. If you have money in any of those locations, you can pretty well bet that the US is not getting any info.

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I read the FBAR form referred to and it asks for highest for the year, how do you figure that out? If the account was high, but the peso low it would maybe be less than $10,00 or the reverse could be true. Is there a place to get the daily rate of peso to dollars online? I notice they want the highest, not the lowest and on a money market account that could vary a lot. Also, I didn't see any place on the form asking for how much interest had been paid during the year.

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I read the FBAR form referred to and it asks for highest for the year, how do you figure that out? If the account was high, but the peso low it would maybe be less than $10,00 or the reverse could be true. Is there a place to get the daily rate of peso to dollars online? I notice they want the highest, not the lowest and on a money market account that could vary a lot. Also, I didn't see any place on the form asking for how much interest had been paid during the year.

The instructions say you are supposed to report the highest value from you account statements issued quarterly or more frequently. And "convert foreign currency using the official exchange rate at the end of the year". Maybe the Treasury Dept posts the official rate on Dec 31, not sure. I use the historical rate from XE.com.

The interest gets reported on your 1099, not this form.

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Curious to know if the banks, etc in Mexico actually report this information to any agency in the USA...do you know if they do?

The banks do not report proactively, but the treaty means if asked by the US, they could be required to.

I sleep better knowing if anyone asks, I have it all reported. I also sleep MUCH better knowing I keep a good portion out of reach of the US. I prefer banking in the

non-tax treaty countries when possible. I report all foreign accounts, but they are out of reach of the US in any case.

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I just downloaded the form to my desktop, filling in most stuff. No big deal, print it off and mail it to the address listed. Since the bank pays little to no interest, there is no impact on taxes.

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