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Non war topic: Tax returns - I need some advice(3 posts)

Non war topic: Tax returns - I need some adviceFr Ted Crilly
Mar 27, 2003 2:57 PM
I'm a temporary resident in the U.S., (non-immigrant visa for 3 years), preparing my first tax return since I moved to California. I believe that I'm meant to state if I have signature authority over any bank accounts outside of the U.S., the aggregate value of which exceeds $10,000, (I do, in the U.K.). If I follow the rules and declare to the U.S. Department of Treasury the name of the bank and account number, am I likely to be taxed on this saved money, and if so by how much? I have already paid U.K. tax on this money and I have no plans at present to transfer it to the U.S., so I'm obviously keen not to get it taxed again. If I keep quiet, and say that I don't have any foreign accounts with more than $10,000, is there any way that the IRS could find out that I do?

I'd be the first to admit that finances and taxes are not my strong point, and this is the first time in my life that I've had to file a tax return, so any advice would be greatly appreciated. Thanks.
Publication 519mohair_chair
Mar 27, 2003 3:25 PM
You need to read Publication 519, U.S. Tax guide for Aliens: http://www.irs.gov/pub/irs-pdf/p519.pdf

The IRS will have no idea of your UK bank accounts, and you should not have to pay any taxes on them. I wouldn't even report them.
pay for a CPA to do it (nm)ColnagoFE
Mar 28, 2003 8:34 AM