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I plan on buying a house in Ireland ,getting a mortgage

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I plan on buying...
I plan on buying a house in Ireland ,getting a mortgage and opening bank accounts there ,and am planning on re financing my house in the US to pay off the mortgage later on.If I take the cash out on refinance ,are there any restrictions on sending this money back to Ireland and what are the reporting requirements. Do I need to report the bank A/C s I plan to open in Ireland even though I will not derive any interest on them.I will only be paying interest on the mortgage back there.Can I simply send a cheque from my A/C in the US to pay off the mortgage once I refinance and what are the preporting requirements on the A/Cs in Ireland and do I need to report owning property in Ireland ?
Submitted: 8 years ago.Category: Tax
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Answered in 6 minutes by:
10/1/2009
Tax Professional: Merlo, Accountant replied 8 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello england,

There are no restrictions on you actually sending the money to Ireland and you do not need to report those transactions. You also do not need to report the fact that you are purchasing property there or own property in Ireland.

If you plan to open a bank account in Ireland, then if at any time during the year the balance in that account reaches or exceeds $10,000, then you must report the existence of that account by filing form TDF-90-22.1 with the IRS. This is true even if the account earns no interest. The only other report you would need to file is if and when you ever sell the home in Ireland. At that time you would need to report any gain you might have from the sale.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you england and let me know if you have more questions.



Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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