For those interested in offshore banking.... including Canada....

vanzack · Oct 4, 2006

This is the IRS form that you will need to fill out if you have 10K in that account on any day in that calendar year.

http://www.irs.gov/pub/irs-pdf/f9022-1.pdf

Also - just FYI - I would HIGHLY advise staying away from credit cards attached to the account. If you want to know why just go to www.irs.gov and search "offshore bank". The first 100 topics are all credit card abuse and how they have been cracking down.

vanzack · Oct 4, 2006

If you choose not to fill ou this form its 5 years and 500k fine.

Look over that form - its pretty comprehensive.

5teamparlay · Oct 4, 2006

I'm interested in investing in stocks of offshore banks, I feel they may get sme extra business. ANY TIPS??

sean1 · Oct 4, 2006

It would probably be wise to include a copy of the bank statements with your filing if you are on the up and up.

The past 10 years, I have copied my bank statements with my IRS filings and I have not been audited once.

Sean

tld1962 · Oct 4, 2006

Are sportsbook accounts or Neteller considered “foreign bank and financial accounts” for the purposes of this form?

If so, and you don’t file this form for those accounts, are you taking the same kind of risk as any other form of cheating on your taxes, such as not mentioning your gambling income on April 15?

If you have multiple such accounts, do you fill out and submit one of these forms for each, or do you aggregate them into one form?