TD F 90-22.1 and Paypal
Moderator: Mark T Serbinski CA CPA
TD F 90-22.1 and Paypal
How does one report a paypal account on the 90-22.1 form? Is it required? I assume as soon as payment hits paypal, this is considered income (ie. no need to transfer to a 'real' bank?
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I've re-read the form instructions and they say this:
"Account in a Foreign Country. A “foreign country†includes
all geographical areas located outside the United States. See
“United States Person†above 31 C.F.R. 103.11(nn) for a
definition of United States. The geographical location of the
account, not the nationality of the financial entity institution in
which the account is found determines whether it is in an
account in a foreign country. Report any financial account
(except a military banking facility) that is located in a foreign
country, even if it is held at an affiliate of a United States
bank or other financial institution. Do not report any account
maintained with a branch, agency, or other office of a foreign
bank of other institution that is located in the United States."
What is the gepgraphical location of a PayPal account?? Is it a virtual account?
"Account in a Foreign Country. A “foreign country†includes
all geographical areas located outside the United States. See
“United States Person†above 31 C.F.R. 103.11(nn) for a
definition of United States. The geographical location of the
account, not the nationality of the financial entity institution in
which the account is found determines whether it is in an
account in a foreign country. Report any financial account
(except a military banking facility) that is located in a foreign
country, even if it is held at an affiliate of a United States
bank or other financial institution. Do not report any account
maintained with a branch, agency, or other office of a foreign
bank of other institution that is located in the United States."
What is the gepgraphical location of a PayPal account?? Is it a virtual account?