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Form TD 90-22.1 -- Report of foreign financial account

  
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Form TD 90-22.1 -- Report of foreign financial account 0b3hks001 04-23-2007
Posted by 0b3hks001 on April 23, 2007, 10:06 pm
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 I understand that a U.S. taxpayer is required to file a
Information Return [TD 90-22.1] to the Treasury if he has a
foreign financial account over $10K.

My Canadian relative is thinking of adding my name to his
account as a Transfer Upon Death. So, if I am NOT a signor
on that account, do I need to file that Information Return?

TIA

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
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Posted by Ira Smilovitz on April 25, 2007, 3:58 am
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> I understand that a U.S. taxpayer is required to file a
> Information Return [TD 90-22.1] to the Treasury if he has a
> foreign financial account over $10K.
>
> My Canadian relative is thinking of adding my name to his
> account as a Transfer Upon Death. So, if I am NOT a signor
> on that account, do I need to file that Information Return?

A TOD designation does not give you ownership or control of
a foreign account while the account holder is alive. You
will have to file TD90-22.1 after the account holder dies
and the account passes to you.

Ira Smilovitz

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Frederick Lorca on April 25, 2007, 3:58 am
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> I understand that a U.S. taxpayer is required to file a
> Information Return [TD 90-22.1] to the Treasury if he has a
> foreign financial account over $10K.
>
> My Canadian relative is thinking of adding my name to his
> account as a Transfer Upon Death. So, if I am NOT a signor
> on that account, do I need to file that Information Return?

You are required to file TD 90-22.1 if you have a financial
interest in a foreign account with assets of more than
$10,000 or you are an authorized signor. I don't believe
the facts provided above obligate you to file TD 90-22.1.
See the explanations of financial interest and signature
authority on page 3 of the form.

http://www.irs.gov/pub/irs-pdf/f90221.pdf

Frederick Lorca

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by 0b3hks001 on April 28, 2007, 4:25 pm
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>> I understand that a U.S. taxpayer is required to file a
>> Information Return [TD 90-22.1] to the Treasury if he has a
>> foreign financial account over $10K.
>>
>> My Canadian relative is thinking of adding my name to his
>> account as a Transfer Upon Death. So, if I am NOT a signor
>> on that account, do I need to file that Information Return?

> A TOD designation does not give you ownership or control of
> a foreign account while the account holder is alive. You
> will have to file TD90-22.1 after the account holder dies
> and the account passes to you.

But does the fact that I would "inherit" the account be
considered an "interest" in the account?

TIA

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Han on April 30, 2007, 11:22 am
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>>> I understand that a U.S. taxpayer is required to file a
>>> Information Return [TD 90-22.1] to the Treasury if he has a
>>> foreign financial account over $10K.
>>>
>>> My Canadian relative is thinking of adding my name to his
>>> account as a Transfer Upon Death. So, if I am NOT a signor
>>> on that account, do I need to file that Information Return?

>> A TOD designation does not give you ownership or control of
>> a foreign account while the account holder is alive. You
>> will have to file TD90-22.1 after the account holder dies
>> and the account passes to you.

> But does the fact that I would "inherit" the account be
> considered an "interest" in the account?

I think that is too hypothetical. I hope it won't happen,
but you could be hit by a truck tomorrow. That will end
your chances of inheriting.

--
Best regards
Han
email address is invalid

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>

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