tag:blogger.com,1999:blog-1519969502186924526.post7970375290871083930..comments2023-10-24T08:00:53.865-05:00Comments on Federal Tax Crimes: Form 8938 and Real Estate (And Other Foreign Assets) (3/21/12)Jack Townsendhttp://www.blogger.com/profile/14469823736335455874noreply@blogger.comBlogger23125tag:blogger.com,1999:blog-1519969502186924526.post-67355788938695954492015-07-17T05:11:38.209-05:002015-07-17T05:11:38.209-05:00following your Finance ► Realestate blog We are v...following your Finance ► Realestate blog We are very happy please follow us on :-Here <a href="http://hudsonvalleyrealestateguide.com/community/mamaroneck/" rel="nofollow">homes for sale in mamaroneck ny</a> in adding prices we completely can do to tired the accidental of home-based charge rise, altogether on the rudimentary <a href="http://hudsonvalleyrealestateguide.com/community/larchmont/" rel="nofollow">homes for sale in larchmont ny</a> lateral of all eras alteration to <a href="http://hudsonvalleyrealestateguide.com/community/rye/" rel="nofollow">homes for sale in rye ny</a> trek in the search. In attending are portentous in totaling to good adventure uninterruptedly in the technique to become <a href="http://hudsonvalleyrealestateguide.com/community/brewster/" rel="nofollow">brewster real estate</a> accomplished or else confirmed.fedelroachnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-11884401357812246802015-02-16T11:46:15.863-06:002015-02-16T11:46:15.863-06:00You have wonderful information out there, I will b...You have wonderful information out there, I will bookmark this for any future thanks for more information click Herehttp://piedmontrealestate.biz/http://piedmontrealestate.biz/noreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-46284987896673830322013-08-13T09:37:47.128-05:002013-08-13T09:37:47.128-05:00Property Investing is a business that we should al...Property Investing is a business that we should always think of. We have to make sure that if we invest in this business we must persevere in all the struggles that has to come up with it. Every important detail is what we should keep in mind to accomplish our goals as an investor.<br /><br /><a href="http://investments-in-real-estate-australia.blogspot.com/2013/08/property-invesments.html" rel="nofollow">http://investments-in-real-estate-australia.blogspot.com/2013/08/property-invesments.html</a>Jerry Hustonnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-14251918267053232272012-12-25T04:51:09.119-06:002012-12-25T04:51:09.119-06:00Excellent content - as you always provide and insp...Excellent content - as you always provide and inspire me to come again and again. You are on my RSS reader now.<br /><br />Also, there comes a root valuable to heighten your altitude at realty bazaar is at present the sole prospect to the investment.<br /><br />Herein, I am to drive you direct to the space of beneficial as well as space to living by:<br /><br />Link <a href="http://www.comehomeindia.com/ansal-api-builder" rel="nofollow">Ansal Api Builder</a><br /><br /><a href="http://www.comehomeindia.com/ansal-api-builder" rel="nofollow">http://www.comehomeindia.com/ansal-api-builder</a><br /><br />Phone to tune in: +91 9811 999 666, +91 011 4950 0000.honey &conoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-82352541557787421992012-08-03T04:47:16.531-05:002012-08-03T04:47:16.531-05:00As i know
that a deduction of 30 % is allowed from...As i know<br />that a deduction of 30 % is allowed from total rent which is charged to tax.<br />Thus which scheme government has announced about the property taxes, it would<br />be much beneficial for Realtor.Property for sale in paphoshttp://www.capitalhomesestates.co.uk/noreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-17969532776522504472012-05-03T10:31:53.841-05:002012-05-03T10:31:53.841-05:00The statute (Section 6038D) says that it applies t...The statute (Section 6038D) says that it applies to anyone who "holds any interest in a specified foreign financial asset." That is about as broad as it gets and would, barring some express indication to the contrary (of which I am not aware), include property owned via community property rules regardless of titling.<br /><br />The purpose of the 8938 is to identify property that has potential tax implications. Beneficially owned property, however titled, has tax implications. So, I would be surprised if the IRS in interpreting the statute were to relieve taxpayers in this situation from reporting.<br /><br />Jack TownsendJack Townsendhttps://www.blogger.com/profile/14469823736335455874noreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-16904021799131811022012-05-03T10:04:13.970-05:002012-05-03T10:04:13.970-05:00Anyone given an thoughts about how community prope...Anyone given an thoughts about how community property needs to be reported if only held in the name of the NRA spouse? The fact that property is titled one way is not determinative of who owns the property. <br /><br />Merely because community property (CP) is not titled jointly doesn't mean that it is not jointly owned. <br /><br />But is such separately titled CP property held in name of NRA spouse then reported on form 8938?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-12814135657700325082012-04-16T21:11:09.715-05:002012-04-16T21:11:09.715-05:00Anonymous - confused about FATCA! will the Indian ...Anonymous - confused about FATCA! will the Indian banks provide 1099 yearly statements to the IRS and the customer from 2014? I have no problem with that in fact that is what I want them to do even for 2011! Also, will these foreign banks withhold 30 percent from the interest every year?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-8670989438010254552012-04-14T11:17:59.036-05:002012-04-14T11:17:59.036-05:00OMA -
Yes, you should go ask your parent for this...OMA -<br /><br />Yes, you should go ask your parent for this type of info, especially for FBAR purposes, this may have to be reportable. Fines for failing to do so are draconic.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-31367920174536777232012-04-04T13:32:00.778-05:002012-04-04T13:32:00.778-05:00Say if a taxpayer had a full tax year for 2010, is...Say if a taxpayer had a full tax year for 2010, is this form required to be filed for tax year 2010 as well along with the 2011 tax returns?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-80066567292736450812012-03-25T19:36:01.734-05:002012-03-25T19:36:01.734-05:00Form 8938 is asking for "maximum value of acc...Form 8938 is asking for "maximum value of account during tax year". Is this the highest balance I have ever had in the account or the actual account balance at the end of the year? If it is the highest balance I have ever had, then I would be over-reporting my assets. For example - I wire dollars overseas into my dollar account. I transfer some to a local currency account, then I withdraw and take to another bank to open CD's. So, reporting max value becomes waayyyy more money than I ever had! What to do?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-19366357410707247342012-03-25T17:34:09.888-05:002012-03-25T17:34:09.888-05:00I talked to my CPA and he seems to fine with treat...I talked to my CPA and he seems to fine with treating all the CD's as sub accounts under one master account. So i am listing only one account. <br /><br />Where does the instruction state that each CD should be reported as a financial asset? The banks in each country <br />have different banking software and the reporting may differ.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-25675438661965752472012-03-25T17:07:35.747-05:002012-03-25T17:07:35.747-05:00My CPA had never seen an 8938 until I showed up, b...My CPA had never seen an 8938 until I showed up, but its just another form to him. He's been filling out US tax forms for thirty years. <br /><br />He looked at my assets which in one institution amounted to two term deposits and a sort of checking account all identified under one account number and we agreed this is one account. I added them up and reported on the FBAR and 8938 the maximum value. <br /><br />I was spooked with the delinquent FBARs just because they meant I was in violation just for not filing. So I agonized over every last detail to make sure my filings were perfect. <br /><br />But with the 8938 its brand new, no one has filled one out before, and no one is delinquent yet. Even I could view it as just another form. If in doubt I threw in assets - eg. my tiny Mastercard credit balance. They aren't going to assess $10,000 penalties for forms filled in on time that contain "the mistakes of an honest man" as the President of the United States pioneered for us when he came up with this phrase to defend our Secretary of the Treasury in the US Senate, as long as we don't look as guilty as that particular "honest man". (caution: this is just the guess of a layman)<br /><br />All values on either the FBAR or the 8938 need to be expressed in US dollars, so if you had assets denominated in any other currency you would have used an exchange rate to convert them to dollars. <br /><br />The exchange rate question seems clearer on the 8938 than it is with the FBAR, although maybe not. The FBAR and the 8938 forms, as I recall, direct people to use the posted exchange rates at fms.treas.gov. <br /><br />But, <a href="http://www.irs.gov/businesses/small/article/0,,id=210249,00.html" rel="nofollow">this IRS FBAR FAQ</a> says this: "Though the FBAR instructions direct filers to use the official exchange rate, the Internal Revenue Service has no official exchange rate and generally accepts any posted exchange rate that is used consistently".<br /><br />When I was wondering if IRS was going to assess a penalty based on the value of the assets listed on the FBAR I wondering what rate to use. Otherwise it seems just use a rate that can be verified by IRS.John Doenoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-51579787321888004392012-03-25T16:28:17.405-05:002012-03-25T16:28:17.405-05:00but my concdern is that if we combine the differen...but my concdern is that if we combine the different currencies, then what do we say about "did you use an exchange rate", you have to answer yes or no?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-47929668198831571892012-03-25T16:07:55.860-05:002012-03-25T16:07:55.860-05:00I don't know if you are using a specialized CP...I don't know if you are using a specialized CPA. My CPA has advised me that I need a separate disclosure of each specified financial asset i.e. each certificate of deposit, each mutual fund holding etc. The instructions to Form 8938 are also clear on this front.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-36023976529005872902012-03-25T08:51:44.463-05:002012-03-25T08:51:44.463-05:00i have a similar situation and plan on converting ...i have a similar situation and plan on converting USD,Rupees and AUD to USD and report that as a single account in 8938Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-9919612672841369682012-03-24T21:59:18.390-05:002012-03-24T21:59:18.390-05:00Question about reporting a bank a/c having several...Question about reporting a bank a/c having several CDs in rupees, US dollars, Euros, and BRitish pounds. Is it ok to simply convert all currencies into US dollars and report them on One single 8938? I am going to report the correct max value and accrued interest so it is truthful. So irs is going to get the proper max value and proper tax. Otherwise, I will have about 9 sheets instead of 4, one for each individual bank. will IRS penalize with $10000 for doing that? what are folks doing with their multi currency accounts? thanks.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-7447330853552454352012-03-23T17:13:53.338-05:002012-03-23T17:13:53.338-05:00Good view!!
Jack TownsendGood view!!<br /><br />Jack TownsendJack Townsendhttps://www.blogger.com/profile/14469823736335455874noreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-50107896804655195772012-03-23T16:09:57.841-05:002012-03-23T16:09:57.841-05:00My own view is to disclose all accounts - not wait...My own view is to disclose all accounts - not wait for IRS interpretation of what is and what is not a financial asset. In a worst case you would have disclosed more than required but avoided a $10k in penalties.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-5433870880021596342012-03-23T12:15:50.266-05:002012-03-23T12:15:50.266-05:00In Part 1 of 8938, there are only two types of acc...In Part 1 of 8938, there are only two types of accounts: deposit or custodial. For my own saving account, security account, life insurance account (with cash value), are they 'deposit' accounts?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-30892694609839286732012-03-23T08:58:49.374-05:002012-03-23T08:58:49.374-05:00My uncle is a permanent resident in the US. He own...My uncle is a permanent resident in the US. He owns real estate in his name which is a rental property now. Does he have to report it IRS on 8938 or something else?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-46525046605096058052012-03-21T13:41:11.779-05:002012-03-21T13:41:11.779-05:00I think you should engage a tax professional so th...I think you should engage a tax professional so that he or she can peel back the layers on this one and give you a good answer.<br /><br />I think I can clarify one thing for you. Apparently you are concerned about your mother's assets which make up her estate. She is apparently still alive.<br /><br />The estate that is referred to is the entity created at death for orderly transfer of a decedent's assets and payment of liabilities. An estate is not the assets of a living person, even though that person may colloquially think of what they own as his or her estate.<br /><br />Jack TownsendJack Townsendhttps://www.blogger.com/profile/14469823736335455874noreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-82542274704933074762012-03-21T13:31:16.998-05:002012-03-21T13:31:16.998-05:00I am confused about the requirement to report an i...I am confused about the requirement to report an interest in a foreign estate on 8938. I am a permanent resident currently in US. My parent, a non-US person resident in my native country.<br /> 1. Parent has assets (bank accounts, investments) which make up her estate. <br />2. Parent also has two trusts one of which I am a beneficiary (with a non-US sibling), and the other my children are beneficiaries (along with other non-US grandchildren).<br /> Is all this to be included in 8938? It would seem crazy that I should go and ask my parent to provide me with such detailed financial information.<br />Thankyou for this blog, it is very helpful.OMAnoreply@blogger.com