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Robin D.
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Experience:  15years with H & R Block. Divisional leader, Instructor
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opens a bank account in European Union how do we claim taxe

Customer Question

opens a bank account in European Union how do we claim taxes for transactions done outside U.S
Submitted: 11 months ago.
Category: Tax
Expert:  JoseMagadan replied 11 months ago.

Abogado3044 :

Hi

Abogado3044 :

I am José M spanish attorney

Abogado3044 :

You do no need to pay taxes in CEE just for open an account

Abogado3044 :

If the account provide you founds for benefits the bank could retein some og this profit, but you do not have to pay taxes for the account

Customer :

yes but what about when doing business there, we are an online travel store

Customer :

we are a us business

Abogado3044 :

You do not have to declare in CEE if you sell in a website

Customer :

ok but what about for us taxes

Abogado3044 :

Even you could work with Paypal

Abogado3044 :

In order to know about US taxes you should ask a US attorney

Customer :

ok so maybe we should do that...

Abogado3044 :

As a CEE attorney I know about CEE taxes

Customer :

i just put the question out there, didnt know who would answer

Abogado3044 :

Its ok

Abogado3044 :

I could ask moderators to change the category of the question

Customer :

that would be good

Abogado3044 :

Ok, right now

Abogado3044 :

Let some time until they answer

Abogado3044 :

Thank you Sir

Customer :

ok thank you

Expert:  Robin D. replied 11 months ago.
Hello and thank you for using JustAnswer,
Having a bank account outside the US is reportable on a US person's (citizen or resident alien) tax return.
Any interest earned on the account is reported as income.
If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Internal Revenue Service by filing a Form 90-22.1 (FBAR).

If the account has $10,000 or more in it at anytime in the tax year then the form is required.
You may also be required to file Form 8938 if the account has $50,000 or more.
The FBAR is filed by itself while the Form 8938 is sent with the US tax return.

US citizens and resident aliens also are required to report their worldwide income.


My goal is to provide you with excellent service today. If there’s anything else I can do, let me know – it’s been a pleasure working with you and I hope to assist you again soon!

Expert:  Robin D. replied 11 months ago.
Hi,
Checking back to see if you need more information.
Customer Last Viewed on 8/6/2013 at 11:21 AM

My goal is to give you excellent service. If you are satisfied, please rate me. If you have follow-up questions on this same topic, use the reply box below. To start a new conversation with me on a new topic request me again.

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