JessiKo said...
I am thinking about purchasing a house and wanted to use money from a foreign account. What are the pros and cons of doing this? Do I have to disclose my foreign accounts when I do my taxes? Does the IRS care where I get the money to purchase my home?
Sunday, August 22, 2010
Subscribe to:
Post Comments (Atom)
2 comments:
Dear Jessi, thank you for visiting our blog and allowing us the opportunity to serve you.
You asked us few questions to help you make your decision of buying your first home. We will answer broken down by question.
1) What are the pros and cons of using money from a foreign account?
We do not practice international tax, therefore, we won't comment on the tax issues, however, you can evaluate the pro and cons yourself depending on few factors such as the rate of return you currently are getting on your foreign account vs the interest rate you will be paying on the mortgage; the currency exchange rates e.t.c.
2) Do I have to disclose my foreign accounts when I do my taxes?
If you are a legal resident and or a US Citizen, you are required to disclose your income from all your sources which includes foreign sources.
3) Does the IRS care where I get the money to purchase my home?
Different agencies have been established to deal with different issues. Agencies such as Home Land Security, FBI and or CIA may care where you get your monies.
We hope, we have provide satisfactory answers to your questions.
Web Tax Office Team
http://webtaxoffice.com
The whole process of becoming e-file provider takes 45 days in total soo better one has to initiate the process straightaway. From 2012 it will become compulsory for most of the tax preparer which is 11 tax return or more but this is year any preparer who is preparing more than 100 will have to get E-services account.
This move to press for 100% e-filing where as now it is 70% e-filing by 2012 it will be 100% e-filing only .
More details....
http://www.outsource2india.biz/2010/10/tax-return-preparers-required-to-use.html
Post a Comment