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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 14419
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: 3 years ago.
Category: Tax
Expert:  JoseMagadan replied 3 years 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

JACUSTOMER-0zh9atvh- :

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

JACUSTOMER-0zh9atvh- :

we are a us business

Abogado3044 :

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

JACUSTOMER-0zh9atvh- :

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

JACUSTOMER-0zh9atvh- :

ok so maybe we should do that...

Abogado3044 :

As a CEE attorney I know about CEE taxes

JACUSTOMER-0zh9atvh- :

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

JACUSTOMER-0zh9atvh- :

that would be good

Abogado3044 :

Ok, right now

Abogado3044 :

Let some time until they answer

Abogado3044 :

Thank you Sir

JACUSTOMER-0zh9atvh- :

ok thank you

Expert:  Robin D. replied 3 years 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 3 years ago.
Hi,
Checking back to see if you need more information.
JACUSTOMER-0zh9atvh- Last Viewed on 8/6/2013 at 11:21 AM

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