Need help here. 23 Year Old. Dual Citizen, filing for the first time. Going to be moving to the States.
-I have reopened and closed numerous bank accounts within the last 6 years and don't have any within Canada now (only a Credit Card that's maxed out over 20K which I don't have the funds to pay for)
-I have had over 10K within my accounts at once throughout the last 4-5 years, but nothing above 50K
-I had a TFSA account between 2014-2016, made about 20-30k on it but ended up blowing that amount as well
Questions
(1) What do I have to report on my FBARS and back taxes? I don't really want to report the Canadian financial institution with the maxed out CC and the TFSA I had there. I don't want to be charged any capital gains as I'm already broke and moved here to get out of DEBT. Don't want collectors chasing me down either.
(2) Can I just report a different bank account I had, and call it a day? Instead of reporting my ****** up ones I had in the past.
(3) What's the likelihood they could even check? I got no properties etc, or anything under my name. I'm a delinquent as they say...
First time filing a US tax return
Moderator: Mark T Serbinski CA CPA
Re: First time filing a US tax return
Are you asking about catching up on past filings? if so, please browse forum content
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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Re: First time filing a US tax return
Mainly wanting to know if I should even report FBAR forms considering my situation
Re: First time filing a US tax return
For FBAR, you report BANK accounts, and investment accounts (TFSA,RRSP and unsheltered) , not credit cards or loans. If you had a total of US$10K at any time during the calendar year among these accounts, then you report all the accounts that year.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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- Posts: 3
- Joined: Wed May 08, 2019 6:34 pm
Re: First time filing a US tax return
what if I had 5grand in one and 5grand in another? Is it one account that has over 10kUSD or altogether?
Re: First time filing a US tax return
Reread what I sid.
It's TWO accounts that have $10K altogether, so you report BOTH, plus any other accounts that you had during the year.
You do realize that there are instructions for this forms. Please read.
If you are having trouble with this form, you might want to seek pro help, as everything else is more complicated.
It's TWO accounts that have $10K altogether, so you report BOTH, plus any other accounts that you had during the year.
You do realize that there are instructions for this forms. Please read.
If you are having trouble with this form, you might want to seek pro help, as everything else is more complicated.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing