Posted on 09/27/2021 9:13:15 AM PDT by SeekAndFind
It’s already 10,000. Which is crazy
In itself.
Um.
They still want ALL DEPOSITS OR WITHDRAWLS *TOTALLING* 10000 PER YEAR to be reported.
Not seeing the improvement.
It is less than $10K.
Around $5K now. Trump changed that.
Buddy got into some hot water once over it. He sold a lot of old cars his late father in law had. Ended up getting served papers and a full audit because “you are structuring your income to be below the IRS threshold!”.
Cost him a lot of money to defend himself. Said he should have just torched the cars and walked away.
Presently, the reporting is on a single transaction. They propose to total and report at the 10k threshold OVER A WHOLE YEAR.
In other words, pretty much every bank account everywhere.
Oh, I did.
Grandpa tried to buy a new card in 2010 (I think).
Tried to pay cash, as he had for decades.
You can imagine how that worked out.
It wasn’t just expats btw.
I also know a few who renounced their citizenship for the reason you said. One guy almost lost his job (had been in eastern Europe for ten years).
Are all purchases of Hunter Biden paintings exempt?
i’m so old I remember when biden only said something dumb every *OTHER* time he opened his mouth...and what litte hair he had wasn’t white yet.....
bkmk
They already require this for Americans and Green Card holders with foreign accounts, (mostly affects those residing abroad), and it is not just $10,000 moving in and out of the account.
It is aggregate funds in all accounts in foreign banks. So, if you have, at anytime during a year when there is $10,001 in the account then you must make a report to the Treasury, not the IRS.
If you have more than one account and the aggregate is over the $10,000 limit when all the accounts are added together than you must file the form with the Treasury.
The US Government forced all foreign banks to report the amounts in your accounts with a threat of banning them from operating in the US.
This is one of the reasons that I have all my money deposited in a US Credit Union and use my debit card to get funds to use here.
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