June 30 deadline to report foreign accounts to IRS

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Travlin's picture
Travlin
Status: Diamond Member (Offline)
Joined: Apr 15 2010
Posts: 1322
June 30 deadline to report foreign accounts to IRS

“US Persons” are required to report to the IRS financial accounts they have out of the USA, and this includes precious metals.  The report must be received at their Detroit office by June 30.  I realize this doesn’t apply to most members and others already know.  But this can be a surprise if you started a precious metals account in 2010 at places like BullionVault or GoldMoney.  I learned about it from a thread here previously.  I'll try to post a reminder earlier next year.

You'll find the details here.  http://www.chrismartenson.com/forum/june-30-deadline-report-foreign-accounts-irs/59671

Travlin 

tricky rick's picture
tricky rick
Status: Bronze Member (Offline)
Joined: Dec 9 2011
Posts: 79
outside savings

Thanks for the heads up Travlin.

Have heard about this before but spent some time researching at the IRS sight.

This is NOT a requirement reportable with TAXES.  It's a stand alone reporting mandate made, as you correctly state, by June 30.

No extentions... all mandatory (didn't get into the penalties but can imagine!).

Any holdings (cash, coin, currency, securities, etc) over $10K in the aggregate (cumulative) is reportable.

Yearly reporting deadline: June 30th (Saturday).  This Saturday for 2010 calendar year.

It does say there is an electronic filing system ... but also addresses (including physical for overnight packages) for reporting.

Important catch...  google IRS foreign accounts reporting.  DYDD -  hoping I got it right and let me know if something I didn't catch.

Rwrek's picture
Rwrek
Status: Member (Offline)
Joined: Feb 9 2012
Posts: 18
June 30 deadline to report foreign accounts to IRS

From what I understood, this is only if you have an account value over a certain value or a certain value was exceeded during the year.

I did not think it applied no matter what the value.

Am I mistaken?

tricky rick's picture
tricky rick
Status: Bronze Member (Offline)
Joined: Dec 9 2011
Posts: 79
reporting yer foreign holdings

$10,000.00 is, now, the magic number!  Just like at the border, have to declare if you have more than that amount stashed somewhere in the world.

Heard earlier this year that a NEW rule makes an additional filing for holdings in excess of $50K... anybody know anything about that??

The short of it is, once we are born we all have a PROPERTY OF THE US GOVERNMENT stamp on us!

Rwrek's picture
Rwrek
Status: Member (Offline)
Joined: Feb 9 2012
Posts: 18
Outside Savings

Tricky

Did you mean 2010 tax year or 2011?

I thought the milit was higher that you had to report, but will check.

What IRS form does the IRS want on this requirement?

Thanks for your input

Rwrek's picture
Rwrek
Status: Member (Offline)
Joined: Feb 9 2012
Posts: 18
Reporting

Thanks

No wonder people are considering going elsewhere.

Travlin's picture
Travlin
Status: Diamond Member (Offline)
Joined: Apr 15 2010
Posts: 1322
Follow the link

Rwrek

Follow my link in post 1.  It takes you to my post from last year with the details and links to much more info.  I'm not aware of any changes, but check for yourself.  The report you file now is for calendar year 2011.

Travlin 

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