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swiss-list: Reporting your foreign accounts on US tax return: Exception

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swiss-list: Reporting your foreign accounts on US tax return: Exception

From: Leonore Wigger <click for textversion of email address >
Date: Wed, 7 Jan 2004 10:50:56 -0800 (PST)

-------Axel Merk wrote:-----

> but be careful that you report the appropriate >
income [from foreign bank accounts and securities] on
your US tax return

Hello all,
Axel's e-mail inspired me to go check the IRS website
for information on foreign income -- after all, I have
Swiss bank accounts and mutual funds and am already
dreading my tax return. I found the following, which
I thought might be worth sharing:

**If the combined value of the accounts was $10,000 OR
LESS during the entire tax year, you don't need to
report your foreign accounts.**

So, no need to worry about this if your investments in
Switzerland are as tiny as mine.

Reference:
http://www.irs.gov/pub/irs-pdf/i1040sa.pdf

Leonore
San Francisco

 

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Received on Wed Jan 07 2004 - 13:03:29 PST

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