How does a person report a foreign bank account to the IRS?
Can a person report a foreign bank account to the IRS that contains less than $10,000.00?
Can you give me the link to the PDF from that can be printed out and send to the IRS.
What about signature authority over a foreign bank account that belongs to a relative that is not required to pay IRS taxes under US law. This is because the relative is not a US citizen (does not have a green card) and has never visited the United States.
You can go to the IRS website ( www.irs.gov ) and search for fbar. You will find all the information and forms you need.
If the total balance between both the accounts (the one you own and the one you have signature authority over) was more than $10,000, then you should file FinCEN Form 114. You also must declare any income from this account on your US tax return. For basic background information, you can look at this page on the IRS website: https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar
I strongly suggest speaking with an attorney experienced in international accounts and taxation matters. Many such attorneys offer free consultations where they can review your specific circumstances and discuss your required reporting obligations.
Please note this information is general in nature and based solely on the information you have provided. This does not constitute specific legal advice.
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