Posted by: nayapidi October 5, 2017
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i see magorkhe everywhere. SLC pass tax expert.
as for the concern regarding OP, it doesn't matter even if you hold millions in your bank account. You just need to show your proof of income and IRS has nothing to do with how much money you have in the United States. That 10K rule is normally for US person who has money overseas. US Department of Treasury requires you to report FBAR if you hold foreign accounts and have exceeded $10K (Balance) threshold even if you held that money for a day.
As for interest earned is concern, there's no set of guidelines. Normally big banks report all interest paid regardless of how much you earned. I have seen 1099 INT (oh yeah magorkhe its 1099 INT not B, please do some research man. How hard is it to google? oh you actually googled and yet gave wrong info. Did you even see what 1099 B is?) as low as 68 cents. It's better to report all then be non-compliant.
Hope this help and yeah circular 230 rules applies here too.
as for the concern regarding OP, it doesn't matter even if you hold millions in your bank account. You just need to show your proof of income and IRS has nothing to do with how much money you have in the United States. That 10K rule is normally for US person who has money overseas. US Department of Treasury requires you to report FBAR if you hold foreign accounts and have exceeded $10K (Balance) threshold even if you held that money for a day.
As for interest earned is concern, there's no set of guidelines. Normally big banks report all interest paid regardless of how much you earned. I have seen 1099 INT (oh yeah magorkhe its 1099 INT not B, please do some research man. How hard is it to google? oh you actually googled and yet gave wrong info. Did you even see what 1099 B is?) as low as 68 cents. It's better to report all then be non-compliant.
Hope this help and yeah circular 230 rules applies here too.
Last edited: 05-Oct-17 01:52 PM