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