REPORTING BANK BALANCES to the IRS - Page 2

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REPORTING BANK BALANCES to the IRS - Page 2


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  #11 (permalink)  
Old 20th January 2015, 03:40 AM
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When is the required time frame to file the FBAR?
You must file by June 30th for the previous year, e.g., by June 30th 2015 for 2014.

There is no grace period.
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Old 20th January 2015, 03:45 AM
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My understanding ( I have Philippine bank accounts) is that they report once (don't know what month) per year. But they report ANY AND ALL AMOUNTS that you have in your account during the year. Even if you only deposit ten dollars-it goes in the report. That extra work is the main reason some local banks are no longer accepting new accounts owned by US expats.

Your home *and land* will have to be in your wife's (a Philippine citizens) name and can not be in your name by Philippine law.
Due to that, being in your wife's name, you should not have to pay US taxes on it..
THANKS JETLAG...Yes, I was aware that the actual land "must" be in my Filipina Wife's name but I can actually own the house or a condo here...just not the land it sits on.

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Old 20th January 2015, 03:49 AM
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Originally Posted by DonAndAbby View Post
You must file by June 30th for the previous year, e.g., by June 30th 2015 for 2014.

There is no grace period.
THANKS for this information. Since I am living here now, I had better get my ducks in a row and remember all of these things I need to file and complete before someone comes knocking on my door...hahaha!

I am thinking that I also need to file my income tax while here in the Philippines even though I do not have any taxable income, (Social Security and Veterans Benefits only).

I will look into this FBAR and get it filed as well...thanks again for all the great info.

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Old 20th January 2015, 04:49 AM
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Also as I understand(could be corrected) that if the balance goes above the threshold at any time during a year even though the normal balance may be well under, it is subject to reporting. As I said, this is my understanding, and if reported, you will be subjected to additional scrutiny.

Fred
Don, Cebu Citizen and everyone else---it occurs to me that all the advice and opinions (including mine) you are getting here are good thoughts, but are worth exactly what you are paying for it.
Since you are here, your very best bet would be to stop in at the embassy in Manila and get needed information straight from the horses mouth. If one of us is wrong or even partly wrong it could put you in a bad way.
In March or so, the embassy has an outreach event and there is even free tax preparation and help at the Angeles City VFW.


Jet Lag..
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Last edited by Asian Spirit; 20th January 2015 at 04:55 AM.
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Old 20th January 2015, 05:11 AM
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Don, Cebu Citizen and everyone else---it occurs to me that all the advice and opinions (including mine) you are getting here are good thoughts, but are worth exactly what you are paying for it.
Since you are here, your very best bet would be to stop in at the embassy in Manila and get needed information straight from the horses mouth. If one of us is wrong or even partly wrong it could put you in a bad way.
In March or so, the embassy has an outreach event and there is even free tax preparation and help at the Angeles City VFW.


Jet Lag..
I AGREE...That is the BEST advice of all, (get it straight from the horses mouth). I always enjoying hearing everyone's personal experiences here on this Forum but I always refer back to the experts.

JET LAG Thanks for the information the US Embassy outreach event. I'll look into that as well.

Is there an IRS office in Manila? Or just tax preparers who are familiar with the US tax laws?

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Old 20th January 2015, 05:33 AM
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Don, Cebu Citizen and everyone else---it occurs to me that all the advice and opinions (including mine) you are getting here are good thoughts, but are worth exactly what you are paying for it.
Since you are here, your very best bet would be to stop in at the embassy in Manila and get needed information straight from the horses mouth. If one of us is wrong or even partly wrong it could put you in a bad way.
In March or so, the embassy has an outreach event and there is even free tax preparation and help at the Angeles City VFW.


Jet Lag..
Yes, and I mentioned that in my first post.

What office at the embassy can help with tax questions, in case I need it in the future?

You can also ask the IRS questions via e-mail or other means. I asked one a few years ago and they got back to me in a few days. Of course, be careful what you ask! Don't ask "I won a million pesos at a casino in Manila. Do I have to report it?"

In the case of FBAR and FATCA, the information is directly from the IRS links I posted and in my case I had my CPA validate my interpretation.
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Old 20th January 2015, 05:40 AM
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In March or so, the embassy has an outreach event and there is even free tax preparation and help at the Angeles City VFW.


Jet Lag..
Jet Lag, do they do the outreachs approximately quarterly? I was just on the embassy web site and the last ones in Angeles and Olongapo were in early December.
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Old 20th January 2015, 05:57 AM
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Jet Lag, do they do the outreachs approximately quarterly? I was just on the embassy web site and the last ones in Angeles and Olongapo were in early December.
To tell you the truth, I really don't know. It would be worth an email or a voice call to the
VFW Post in Angeles. They would have solid information on the dates.


Jet Lag

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