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    1Deb1's Avatar
    1Deb1 Posts: 3, Reputation: 1
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    #1

    Nov 19, 2012, 05:34 PM
    Will I be taxed on checks being deposited in Ecuador?
    I am a US citizen living in Ecuador. I do not work here but retired early. I usually write a check off my account in the US to myself or my husband and deposit in our account here. Will I be taxed on those checks being deposited in Ecuador? I do file an income tax return every year.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Nov 19, 2012, 09:27 PM
    No, that is an internal transfer of funds and NOT taxable by the U.S.

    Equador may tax it, but not the U.S.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #3

    Nov 19, 2012, 09:29 PM
    You DO know about the FBAR requirement, right?
    1Deb1's Avatar
    1Deb1 Posts: 3, Reputation: 1
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    #4

    Nov 20, 2012, 04:32 AM
    No... what's that?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #5

    Nov 20, 2012, 06:43 AM
    FBAR is the acronym for Foreign Bank Account Report, an annual submission to the IRS to report any foreign financial accounts which, at any time during the calendar year, exceeded $10,000.

    Do you have any such accounts in Ecuador?
    1Deb1's Avatar
    1Deb1 Posts: 3, Reputation: 1
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    #6

    Nov 20, 2012, 11:29 AM
    Yep, hopefully my CPA has me covered. I'll be sure to ask that question!
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #7

    Nov 20, 2012, 01:35 PM
    Do that. If he handles American expatriates like you, he should know about the requirement.
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