reporting past balances in foreign bank acct

Apr 15, 2007 0 Replies

My partner just discovered this year that he should have reported his foreign bank account (obtained in 2001) on form



1040 sch B. From the USA he wired more than $10k in 2001 and also in 2003, to buy property. Due to wiring these amounts, there is a requirement to file form TD F 90-22.1 - which he didn't do. There is a 6-year statute of limitation on reporting this transaction, so now what should he do?...file the TD form for both years with explanations attached, or only file for year 2003 with explanation, or what...?

>
>
>
>
>
>
>
>
>

Join the Discussion

Have something to add? Share your thoughts — no account required.

Didn't find your answer?

Ask the community — no account required