Ask Experts Questions for FREE Help !
Ask
    glodat's Avatar
    glodat Posts: 12, Reputation: 3
    New Member
     
    #1

    Jul 13, 2012, 01:30 PM
    FBAR rules
    My daughter is a U.S. citizen who is married to a German and has lived in Germany over 14 years. She doesn't work, he is a banker. They were coming for a visit but she was denied her passport renewal because she was not in compliance with the FBAR, all U.S. citizens with more than $10,000 in a foreign bank account has to report income and pay taxes on it. She never heard of it until recently. They are very upset. He's a German citizen, she is not, and can't understand why she has to report her husband's earnings, which is quite high, and pay taxes on his earnings to the U.S. He already pays 40% of his income to Germany. Was she given correct information? She was told if she didn't have to renew her passport and had come here, she could have been arrested on the spot once she entered the U.S. and went through immigration checkpoint.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Jul 13, 2012, 01:48 PM
    Your daughter has two requirements to meet:

    1) The FBAR, which are for jointly-owned accounts and/or accounts just
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #3

    Jul 13, 2012, 01:57 PM
    In her name. The FBAR is information only; no taxes are due.

    2) Her annual federal Income tax return, which may or may NOT be required.

    If you email me her specifics, I can perform an analysis and recommend a course of action.

    BTW, I doubt she would have been arrested.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #4

    Jul 13, 2012, 02:05 PM
    If you email me, I can send you a phone number and we can discuss the situation.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Fbar [ 6 Answers ]

I have Term deposit on my relatives name, that is the money is mine but it is under my relatives signature authority. How I declare in the FBAR or should I not declare? I could not put it in my name as I was not present to sign the forms.

FBAR Assistance [ 12 Answers ]

Hello, I am NRI in the US. I have a salaried account in India with HDFC bank and I work as a contractor in US and get USD allowances in US Bank. I fill my India taxes and US taxes separately. I have recently submitted application to convert my HDFC account to a NRO account. The W2 I get in US...

Fbar [ 2 Answers ]

What are the penalties ,if any, for not filing on FBAR on time? Thanks, Harshad

Fbar help [ 4 Answers ]

Hi, I have a NRE and a NRO account in India.I recently found that I need to file FBAR. Now , I need to amend this from 2005 and each year it crossed more than 10k 2005 - 15k interest - $15.00 2006 - 38k interest - $60.00 2007 - 55k interest - $100.00 2008 - 19k interest - $110.00 2009 - 15k...

Fbar [ 1 Answers ]

Hi, I am an italian citizien and I have a J1 visa. I have been in the US for 4 years so for 2010 I have to file a 1040R form. So I am a resident for tax purposes. I have a bank account in Italy with >$10,000, but of course I am paying taxes on it there. I wonder if I have to file the FBAR form,...


View more questions Search