Quote:
Originally Posted by Bevdeforges
Add to that the fact that, once your total overseas bank/investment account balance tops $10,000, you're supposed to file an annual declaration of your non-US accounts with the Treasury Dept.
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It's not even as simple as that. Suppose you have two UK accounts. During the year you transfer $5000 from one to the other. Because the maximum amount at any time in the one account + the maximum amount at any time in the other account
exceeds $10,000, you must file form TD F 90-22.1 (a.k.a. FBAR) and fill in the relevant line on Schedule B of Form 1040.