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  • 1.  Foreign transaction reporting

    Silver Most Valuable Member
    Posted 03-21-2022 01:09 PM
    Hi all,

    I'm trying to determine if my client has any reporting requirements in the following situation.

    Taxpayer has a joint account with parent at HSBC bank, now Citizens Bank, in NY. Parent is the primary account holder. Parent transfers funds from a foreign bank account into the NY bank account. Taxpayer is not associated with the foreign bank account and has no foreign bank account or assets. Taxpayer withdraws funds from NY bank account. Is this a reportable transaction for the taxpayer?

    Thanks in advance for any light you can shed on this situation.



    ------------------------------
    Deborah J. Zelen, CPA
    917-923-5331
    debbie@djzcpa.com
    ------------------------------


  • 2.  RE: Foreign transaction reporting

    Platinum Most Valuable Member
    Posted 03-21-2022 01:38 PM

    Hi Deb

     

    My guess is no, but

     

    I am not so familiar with the topic, but form 3520  does discuss CERTAIN foreign gifts...

    Forgive me for an incomplete answer... but have a look at what   CERTAIN foreign gifts mean.

     

     

    Regards

     

     

    Abby

     

    Abby Alhante,  CPA

     

    Kurcias  & Alhante, LLC  CPAs

    525 Broadhollow Road   Suite 104

    Melville NY  11747

    516.829-5890  Ext  2   Fax 516-829-3976

    Mobile 516-381-9301

    AbbyA@KurciasAlhanteCPAs.com

    ( E mail response preferred )

     

     






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