TD F 90-22.1 and Paypal

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Ingtar17
Posts: 56
Joined: Wed Oct 01, 2008 9:24 pm

TD F 90-22.1 and Paypal

Post by Ingtar17 »

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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nelsona
Posts: 18314
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

You have a foreign paypal account?
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
Carson
Posts: 182
Joined: Wed Oct 27, 2004 1:00 pm
Location: Toronto

Post by Carson »

I thought PayPal was just a service to facilitate payments. It's tied to a credit card, isn't it? It's not a deposit type account??
Carson
Posts: 182
Joined: Wed Oct 27, 2004 1:00 pm
Location: Toronto

Post by Carson »

I've re-read the form instructions and they say this:

"Account in a Foreign Country. A “foreign countryâ€￾ includes
all geographical areas located outside the United States. See
“United States Personâ€￾ 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?
testone
Posts: 92
Joined: Mon Dec 01, 2008 10:05 pm

Post by testone »

If you gave PayPal a U.S. address when you registered the account and the account is denominated in U.S. dollars, then I wouldn't think that it was a foreign financial account.
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