fototek1 Posted March 26, 2023 Posted March 26, 2023 We sent money to the Philippines about 8 years ago to buy property and we did not file FBAR. We are currently living in the US and my wife is going crazy thinking she is going to jail or we will be fined and lose our US home. With that said, we did transfer money direct to her account and also to her fathers account. The property is purchased and all is well on that front. How do we resolve the FBAR issue? Do we need a lawyer? I hope this law which is probably intended to prevent money laundering, doesn't end up costing us more than the current annoyance. BTW, I am happy I am traveling for work right now because she is so angry. Link to comment Share on other sites More sharing options...
Forum Support Mike J Posted March 27, 2023 Forum Support Posted March 27, 2023 We did the same several years ago while still living in the US. Purpose was to buy land and build a house for wife's parents. Land and house are in my wife's name. Never filed FBAR and no issue of any kind. At the time I was not even aware of FBAR. Link to comment Share on other sites More sharing options...
Possum Posted March 27, 2023 Posted March 27, 2023 If you transfer over 10,000 you have to state what it is for that's all. The transfer agent or your bank wire transfer service reports that and keeps a record. I've never heard of any normal person having an issue. I even asked the wire agent at Bank of NY Mellon who keeps the FBAR records. She said we do and we have guidelines as to what and when to report. 1 Link to comment Share on other sites More sharing options...
softail Posted March 27, 2023 Posted March 27, 2023 4 hours ago, fototek1 said: We sent money to the Philippines about 8 years ago to buy property and we did not file FBAR. We are currently living in the US and my wife is going crazy thinking she is going to jail or we will be fined and lose our US home. With that said, we did transfer money direct to her account and also to her fathers account. The property is purchased and all is well on that front. How do we resolve the FBAR issue? Do we need a lawyer? I hope this law which is probably intended to prevent money laundering, doesn't end up costing us more than the current annoyance. BTW, I am happy I am traveling for work right now because she is so angry. I can’t help but feel that if there were to be a problem you would have heard about it by now. I mean 8yrs is quite a long time. 2 1 Link to comment Share on other sites More sharing options...
mountainside Posted March 27, 2023 Posted March 27, 2023 Maybe no problem at all. Per the IRS: https://www.irs.gov/individuals/international-taxpayers/delinquent-fbar-submission-procedures 2 Link to comment Share on other sites More sharing options...
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