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 ;-)
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 ;-)