Fatcat Posted April 25, 2012 Posted April 25, 2012 How will this I.R.S. legislation affect you Americans who bank in the Philippines? Link to comment Share on other sites More sharing options...
Jake Posted April 25, 2012 Posted April 25, 2012 How will this I.R.S. legislation affect you Americans who bank in the Philippines? Excerpts from IRS website regarding FATCA: Reporting by U.S. Taxpayers Holding Foreign Financial Assets FATCA requires certain U.S. taxpayers holding foreign financial assets with an aggregate value exceeding $50,000 to report certain information about those assets on a new form (Form 8938) that must be attached to the taxpayer’s annual tax return. Reporting applies for assets held in taxable years beginning after March 18, 2010. For most taxpayers this will be the 2011 tax return they file during the 2012 tax filing season. I think for 99% of us will not exceed that 50K mark. However, there was some discussion about property ownership (with Filipina wife as primary owner) that may exceed that amount. I can't seem to find that link previously discussed within this forum. Respectfully -- Jake Link to comment Share on other sites More sharing options...
Forum Support scott h Posted April 25, 2012 Forum Support Posted April 25, 2012 Jake, sent you an IM brother Link to comment Share on other sites More sharing options...
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