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Quick question: I sent in my contribution to my traditional IRA for the 2013 contribution period and was waiting for it to clear before filing my taxes, but it seems that the USPS is taking a bit long to deliver it, and I am starting to get concerned it might arrive after the 15th. Can I file my taxes with the IRA contribution in them, and then amend it later if the IRA contribution doesn't arrive on time?
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Apr 11, 2014 18:29
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| # ¿ May 16, 2024 08:52 |
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My wife is about to receive some money as inheritance from a foreign relative. It is quite a bit of money but less than the $100,000 that triggers the requirement to fill out a form and report it to the IRS. Still, she is about to receive a pretty nice sum in her checking account from a foreign source. Is there something we have to do to avoid looking suspicious to the IRS? Or, better yet, will the IRS even bother with someone receiving a 5 digit transfer from abroad, since they don't even require a form unless its over $100,000?
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Sep 13, 2017 05:01
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To clarify, there's no splitting. It is one lumpsum, one time, of an amount greater than $10k and smaller than $100k. The 5 digit was about the amount, not the number of transfers. The point of the question was whether there was anything I needed to do to avoid looking suspicious to the IRS given that we'd be receiving a substantial amount. I know that technically she wouldn't have to report it, but I wanted to know if there was anything else to do to avoid an audit or looking suspicious.
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Sep 13, 2017 19:54
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Probably more complicated question than this thread is for, but since its early in the process, I thought I'd start here. My father bought an apartment in Brazil in the 90s, when the US$ was worth 0.8 reais. When my father passed away in 08 (he was a Brazilian citizen living in Brazil), my sister started living in an apartment that, in terms of ownership was both mine and hers. I never charged her rent or anything like that, so my understanding is that I did not need to declare anything here in the US as a US citizen (became one in 2017). Now my sister wants to buy me out, as she got married and all that jazz. Because of currency devaluation (the US$ is now worth 4 reais), there was no capital gains in this transaction. I know that I cannot claim losses from this sort of transaction. But do I still need to declare it, even if it was a loss? If so, what form?
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Oct 26, 2019 19:03
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My apologies if this is the wrong thread, but I have a FBAR question. I will be spending a significant amount of time outside the country for the rest of the year. From what I've been reading online, the easiest way to move money from me here to me there is through one of these borderless accounts like wise has. From reading online, these sorts of accounts trigger the FBAR reporting requirement if they go over 10k. The amounts involved will likely involve more than 10k but less than, say, 30k (so nowhere near close triggering Form 8938 ). So I will need to file a FBAR. So first question is: do I file the FBAR when I open the account this year or when I file my taxes next year? Also, this account will only be above 10k this year. For 2025 do I still have to report on it if its lower than 10k? (mostly thinking of keeping it open but inactive just in case) How would I report that I either closed it or that its balance was below 10k for all times of the year?
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Apr 9, 2024 07:00
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| # ¿ May 16, 2024 08:52 |
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Gabriel Grub posted:For 2024 balances the FBAR will be due April 15, 2025, with an automatic extension to October 15, 2025. Thank you. I probably would leave virtually nothing in the account after this year, or even close it outright. Would I need to report the account closed, or simply not fill out a FBAR for 2025?
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Apr 9, 2024 18:48
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