MikeB Posted April 7, 2013 Posted April 7, 2013 It's based on the aggregate value of all your foreign accounts, if they total more then $10k at any time in a calendar year you must file or risk severe penalty. Link to comment Share on other sites More sharing options...
Mike S Posted April 7, 2013 Posted April 7, 2013 (edited) Mike ... my understanding is that it is the highest value of any account at anytime during the year ..... is that correct???????? ...... like if you have a check account and a dollar account and a savings account ...... the check account highest amount for any month in the year .say was in June ......... $1000 the savings account highest amount for any month in the year say was in December ........ $ 500 the dollar account highest amount for any month in the year say was in February ........... $ 6000 you would have a total for the year to be figured as $7500 and not needed to be reported ..... as it was under $10,000 Is that correct ???????????? Edited April 7, 2013 by Mike S Link to comment Share on other sites More sharing options...
MikeB Posted April 7, 2013 Posted April 7, 2013 my understanding is that it is the highest value of any account at anytime during the year ..... is that correct? If the total of all your foreign accounts reach more then $10k at any given time is the way I read it. Link to comment Share on other sites More sharing options...
lyno 47 Posted April 7, 2013 Posted April 7, 2013 Mike if i wish to purchase a house in cebu and i transfer money from auz to the phils .who do i have to report it too ? Link to comment Share on other sites More sharing options...
Mike S Posted April 7, 2013 Posted April 7, 2013 MikeB I still don't follow you ..... do you mean I have to add up all the money in my monthly accounts in the Phils for the entire year .... I'm afraid I'm a bit lost here ..... if that is the case everyone from the US would have to report as there is no way one can live for under $10000 for the whole year well I guess you could but it would be about $833 per month ...... I sure hope that ain't right .... :cheersty: Link to comment Share on other sites More sharing options...
MikeB Posted April 7, 2013 Posted April 7, 2013 do you mean I have to add up all the money in my monthly accounts in the Phils for the entire year No, it's based on the maximum amount - here's a link to some FAQs, #4 answers that. Link to comment Share on other sites More sharing options...
Mike S Posted April 7, 2013 Posted April 7, 2013 (edited) Phewwwwwwwww ... thank you sir ..... #5 & #6 also help explain it as well ....... that is what I thought but guess I didn't explain it right ..... :hystery: ..... thought I had been doing it wrong all theses years and was in deep doggy dodo ..... :mocking: .... :cheersty: Oh by the way if they would just add a U in FBAR it would become FUBAR a much better way of expressing how it works ..... :hystery: :hystery: ..... and for those non military types it stands for " F*cked Up Beyond All Recognition " a popular saying during the 'Nam area ...... Edited April 7, 2013 by Mike S 2 Link to comment Share on other sites More sharing options...
Jollygoodfellow Posted April 7, 2013 Posted April 7, 2013 Mike if i wish to purchase a house in cebu and i transfer money from auz to the phils .who do i have to report it too ? Although the rest of this article is more about investment property's this might answer your question. http://www.yourinvestmentpropertymag.com.au/article/6-allimportant-tax-issues-you-need-to-know-when-investing-overseas-117591.aspx 2. What are the Australian implications of transferring large sums of money to buy the overseas property? There are no Australian exchange controls in terms of transferring funds outside of Australia, but check with the local authorities in the jurisdiction to which the funds are being transferred to ensure that you are complying with the relevant country’s domestic exchange control requirements. 1 Link to comment Share on other sites More sharing options...
lyno 47 Posted April 7, 2013 Posted April 7, 2013 Thank you very much boss it answers a lot of my questions cheers Link to comment Share on other sites More sharing options...
Elena Posted April 7, 2013 Posted April 7, 2013 How safe to buy homes in the Philippines? Who knows how to pass registration and payment of house purchase and long-term land lease. I know that in Europe, the buyer transfers the money to the account of the notary (lawyer), who, after examination of the documents and processing the transaction transfers them to the seller. As is done in the Philippines. Funds are outside the Philippines. Do I need to make a deal to open a bank account in the Philippines? Thank you for your help. Link to comment Share on other sites More sharing options...
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