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Financial Planning / Tax Strategies


Subject:  Re: purchase foreign property, send money legall Date:  5/20/2013  8:29 PM
Author:  loopholes Number:  118619 of 133116

If you decide to open a bank account or other financial account in a foreign country --- whether to facilitate the money transfer at closing or just to have ready access to liquid local currency while living in your new home --- you will be required to provide certain information about that account to US government. There are some questions on the Form 1040 that ask if you are the beneficial owner of, or have signature authority over, a foreign financial account. Also, the Dept of Treasury requires another form (not a tax form, and not submitted to the IRS) from US persons with foreign bank accounts, commonly called the "FBAR", to be filed annually.
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