Arn,t I focking Generous

**Spin** · 02-03-2009, 06:52 PM

Originally Posted by Lily

Maybe it depends on the branch

Absolutley, I find banking and immigration to be similar in that what you end up with depends on where you are, how you act, and the direction of the wind on the day

**S Landreth** · 02-03-2009, 07:24 PM

I have always received interest on my accounts (in my own name) for the past four years, here in Thailand. And NO they do not report interest payment to the IRS,.but you (even joint accounts) do have to show the IRS you have overseas accounts (by a certain month each year),…………..or else there could be Real hefty fines (250,000.00 each account). I will post the law/IRS rule when I get back to S. Florida (speak to my accountant in a couple weeks).

**S Landreth** · 12-03-2009, 12:45 AM

^Report of Foreign Bank and Financial Accounts

If you own or have authority over a foreign financial account, including a bank account, brokerage account, mutual fund, unit trust, or other types of financial accounts, then you may be required to report the account yearly to the Internal Revenue Service. Under the Bank Secrecy Act, each United States person must file a Report of Foreign Bank and Financial Accounts (FBAR), if:

1) The person has financial interest in, signature authority (or other authority that is comparableto signature authority) over one or more accounts in a foreign country, and

2) The value of the account exceeds $10,000 at any time during the calendar year.

A foreign account holder must mail the Form TD F 90-22.1 on or before June 30 of the following year to:

U.S. Department of the Treasury
P.O. Box 32621
Detroit, MI 48232-0621.

Link and Form: http://www.irs.gov/businesses/small/article/0,,id=148849,00.html

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