Foreign asset declaration

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gemcap77's picture
gemcap77
Status: Member (Offline)
Joined: Sep 17 2009
Posts: 1
Foreign asset declaration

Can you say whether or not a BullionVault , or GlodMoney account holder who is a US Citizen

is required to file Form 90-22.1 with the US Treasury declaring an account with

a foreign financial institution ?

Thinkor's picture
Thinkor
Status: Bronze Member (Offline)
Joined: Sep 13 2009
Posts: 32
Re: Foreign asset declaration

For what it's worth, my tax accountant told me yes in a very similar situation.
If you don't want anyone to now what you have, better get a safe deposit box.

 

machinehead's picture
machinehead
Status: Diamond Member (Offline)
Joined: Mar 18 2008
Posts: 1077
Re: Foreign asset declaration

Be careful of safe deposit boxes. Banks are agents of the government. If they find out the box holder has died, they will seal it up until the IRS gets a chance to value what's inside.

If you don't want to get victimized by government grave robbers, a coffee can in the back yard might be a better bet. Just be sure to leave a treasure map for your heirs.

npwebb's picture
npwebb
Status: Silver Member (Offline)
Joined: Mar 25 2009
Posts: 111
Re: Foreign asset declaration
machinehead wrote:

Be careful of safe deposit boxes. Banks are agents of the government. If they find out the box holder has died, they will seal it up until the IRS gets a chance to value what's inside.

If you don't want to get victimized by government grave robbers, a coffee can in the back yard might be a better bet. Just be sure to leave a treasure map for your heirs.

You will want to check with your tax advisor. 

If you are not comfortable with a financial institution, I was recently told that some jewelers also provide safe deposite boxes.

 

gyrogearloose's picture
gyrogearloose
Status: Platinum Member (Offline)
Joined: Sep 8 2008
Posts: 549
Re: Foreign asset declaration

Or like the US government did in 1933,  declare that no safe deposit box may be opened unless in the presence of an IRS agent, so they could nick the gold therin...............

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