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Old 01-09-2014, 04:55 PM
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bank acount

hi
i one has bank acct in canadian bank that was open in dec 2013
does it have to be reported on 2013 taxes
i hear diff answers one says yes and some say no, you only need to submit some form before june 30 th

would someone please clarify?

thanks



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Old 01-09-2014, 04:58 PM
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Quote:
Originally Posted by pristojko View Post
hi
i one has bank acct in canadian bank that was open in dec 2013
does it have to be reported on 2013 taxes
i hear diff answers one says yes and some say no, you only need to submit some form before june 30 th

would someone please clarify?

thanks
i assume that you are a US resident, then you must report accounts you hold in foreign banks and other financial institutions if your total balance across all your accounts is $10k or greater at any time during the year. This is true both of accounts for which you are the owner and accounts over which you are not the owner but have authority to conduct transactions on behalf of the account owner. You may need to fill out Treasury Department Form 90-22.1 every year if you own, or have an interest in, any foreign bank accounts or other types of financial accounts based outside the United States. This report is separate from your income tax return, although the two reports can be interrelated.



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