Sure but the reporting threshold for that is $100,000 (assuming you are married), so you have to have more cash than the EU's deposit guarantee, which seems kind of wild & crazy to me. I've only ever seen it happen when someone transfers money to buy a house (or is slowly accumulating the deposit in a foreign savings account). And yes it is annoying to fill out the form (I had to do it when I bought a house outside the US) but it isn't onerous.There is also the duplicative Form 8938, which is from the IRS. (Why do something once when twice will suffice?)There is FBAR which isn't from the IRS and isn't onerous.
(I'm also reasonably sure that >99% of people above the reporting threshold never file the form simply because they don't even know they are supposed to.)
Statistics: Posted by AlohaJoe — Fri Nov 15, 2024 4:39 am — Replies 16 — Views 1342