How to get around FBAR regulation? (for US residents/citizens)

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giga

New member
Feb 11, 2012
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Hello All,

If I deposit in a Dominican REpublic bank, (or any bank out of the US) over $10,000.00 the US governement
impose me to disclose the bank name, account and the amount on a Tax Form.

This form, the FBAR, is frankly one of the most annoying rules for Americans living abroad.

I personally feel outraged by this rule but, hey, if you dont disclose it, the penalty can be up to 50% of
the highest balance. Filing FBAR can be risky as the IRS may come and audit you.

Now i know many expats have more than $10,000 deposited/invested in the DR:

Did anyone filed this FBAR? What happened?
Is there an effective way around to file the FBAR like deposit the money in a corporation or someone else name?

Thank you for your time ;-)
 

Ken

Platinum
Jan 1, 2002
13,884
495
83
Hello All,

If I deposit in a Dominican REpublic bank, (or any bank out of the US) over $10,000.00 the US governement
impose me to disclose the bank name, account and the amount on a Tax Form.

This form, the FBAR, is frankly one of the most annoying rules for Americans living abroad.

I personally feel outraged by this rule but, hey, if you dont disclose it, the penalty can be up to 50% of
the highest balance. Filing FBAR can be risky as the IRS may come and audit you.

Now i know many expats have more than $10,000 deposited/invested in the DR:

Did anyone filed this FBAR? What happened?
Is there an effective way around to file the FBAR like deposit the money in a corporation or someone else name?

Thank you for your time ;-)

Do you really think you are going to be given information on how to violate the US tax laws on a public message board?

You should know that Robert has made clear in the past that if the courts order him to disclose information about the posters he will do so. Using a fake name now is not going to help when push comes to shove.


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Bronxboy

Well-known member
Jul 11, 2007
14,107
595
113
Do you really think you are going to be given information on how to violate the US tax laws on a public message board?

You should know that Robert has made clear in the past that if the courts order him to disclose information about the posters he will do so. Using a fake name now is not going to help when push comes to shove.


<input id="gwProxy" type="hidden"><input jscode="leoInternalChangeDone()" onclick="if(typeof(jsCall)=='function'){jsCall();}else{setTimeout('jsCall()',500);}" id="jsProxy" type="hidden"><input id="gwProxy" type="hidden"><input onclick="if(typeof(jsCall)=='function'){jsCall();}else{setTimeout('jsCall()',500);}" id="jsProxy" type="hidden">

CLOSED Thanks Ken!!!!

Giga, you have been warned!!!!
 
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