| Author | Message | ||
     Parugu Junior Artist Username: Parugu Post Number: 445 Registered: 07-2012 Posted From: 192.234.2.24 Rating: N/A |
3. Does foreign real estate need to be reported on Form 8938? Foreign real estate is not a specified foreign financial asset required to be reported on Form 8938. For example, a personal residence or a rental property does not have to be reported. If the real estate is held through a foreign entity, such as a corporation, partnership, trust or estate, then the interest in the entity is a specified foreign financial asset that is reported on Form 8938, if the total value of all your specified foreign financial assets is greater than the reporting threshold that applies to you. The value of the real estate held by the entity is taken into account in determining the value of the interest in the entity to be reported on Form 8938, but the real estate itself is not separately reported on Form 8938. http://www.irs.gov/Businesses/Corporations/Basic-Questions-a nd-Answers-on-Form-8938 If you are required to file Form 8938, you must report your financial accounts maintained by a foreign financial institution. Examples of financial accounts include: Savings, deposit, checking, and brokerage accounts held with a bank or broker-dealer. And, to the extent held for investment and not held in a financial account, you must report stock or securities issued by someone who is not a U.S. person, any other interest in a foreign entity, and any financial instrument or contract held for investment with an issuer or counterparty that is not a U.S. person. Examples of these assets that must be reported if not held in an account include: Stock or securities issued by a foreign corporation; A note, bond or debenture issued by a foreign person; An interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap or similar agreement with a foreign counterparty; An option or other derivative instrument with respect to any of these examples or with respect to any currency or commodity that is entered into with a foreign counterparty or issuer; A partnership interest in a foreign partnership; An interest in a foreign retirement plan or deferred compensation plan; An interest in a foreign estate; Any interest in a foreign-issued insurance contract or annuity with a cash-surrender value. | ||
| Kurrokurru Comedian Username: Kurrokurru Post Number: 1137 Registered: 01-2008 Posted From: 72.43.252.206 Rating: N/A |
Ivi avasaram ledhu anukonta as we will be paying taxes for these in India. NRE account ki India lo tax kattam kabatti we need to show that here. | ||
| Amigo Comedian Username: Amigo Post Number: 1611 Registered: 05-2011 Posted From: 24.228.177.250 Rating: N/A |
Thanks bro | ||
| Andhrawala Hero Username: Andhrawala Post Number: 17935 Registered: 03-2008 Posted From: 152.51.56.1 Rating: N/A |
US vaadu seppedhi world wide income antaadu antee manaku India lo real estate vuntee daani meedha vache income koodaa taxable either due to real estate sale or rental income. so FD or NRE interest everything taxable No Signature | ||
| Amigo Comedian Username: Amigo Post Number: 1608 Registered: 05-2011 Posted From: 24.228.177.250 Rating: N/A |
ok got this. but how about taxes....for both FD and normal NRE or both? | ||
| Amigo Comedian Username: Amigo Post Number: 1607 Registered: 05-2011 Posted From: 24.228.177.250 Rating: N/A |
oh are you sure? emaina link or source unte pettandi bro... BTW, ikkada CD ( certificate of deposit) long term vi evarikaina unte ela tax kadathunnaru? every year or end of term aA? | ||
| Andhrawala Hero Username: Andhrawala Post Number: 17932 Registered: 03-2008 Posted From: 152.51.56.1 Rating: N/A |
Foreign banka ccounts and insurance policies lo total 10K on any single day vunte FBAR file cheyyaali No Signature | ||
| Parugu Junior Artist Username: Parugu Post Number: 444 Registered: 07-2012 Posted From: 192.234.2.24 Rating: N/A |
idi true | ||
| Coolmac Hero Username: Coolmac Post Number: 17674 Registered: 05-2007 Posted From: 65.170.103.156 Rating: N/A |
only NRE FD or Just NRE account lo more than 10K vunna FBAR form attach cheyyaala? | ||
| Andhrawala Hero Username: Andhrawala Post Number: 17931 Registered: 03-2008 Posted From: 152.51.56.1 Rating: N/A |
could be becos say u deposited 10K 4 years back when exchange rate was arnd 45 and interest was 4% after 5 years when u bring money back 2 US, the amount may be les sbecos the conversion rate is 55 or 60 No Signature | ||
| Parugu Junior Artist Username: Parugu Post Number: 443 Registered: 07-2012 Posted From: 192.234.2.24 Rating: N/A |
FD cheste, end of the term lo kada returns ichedi. so when we redeem we have to pay taxes ani ekkado chadiva | ||
| Amigo Comedian Username: Amigo Post Number: 1606 Registered: 05-2011 Posted From: 24.228.177.250 Rating: N/A |
I dont this so baecause this is not a retirement account. But I might be wrong. | ||
| Moviemax Junior Artist Username: Moviemax Post Number: 44 Registered: 04-2008 Posted From: 75.31.221.198 Rating: N/A |
Taxable Income A resident alien's income is generally subject to tax in the same manner as a U.S. citizen. If you are a resident alien, you must report all interest, dividends, wages, or other compensation for services, income from rental property or royalties, and other types of income on your U.S. tax return. You must report these amounts whether from sources within or outside the United States. Tax Resident aliens are generally taxed in the same way as U.S. citizens. This means that their worldwide income is subject to U.S. tax and must be reported on their U.S. tax return. Income of http://www.irs.gov/Individuals/International-Taxpayers/Taxat ion-of-Resident-Aliens} | ||
| Parugu Junior Artist Username: Parugu Post Number: 409 Registered: 07-2012 Posted From: 192.234.2.24 Rating: N/A |
FD deposit end of the term time lo pay cheyavachi anukunta | ||
| Truelies Side Hero Username: Truelies Post Number: 6589 Registered: 05-2012 Posted From: 74.237.6.152 Rating: N/A |
OK, this is what happens here in US. If you get any interest from bank on fixed deposits, Some times banks offer $200 free bonus for opening checking a/c, some time free bonus airlines miles for opening airlines credit card, or any free benefits from banks/credit cards/dividends/ etc these are all taxable. So all banks will inform IRS about this and send a copy to individual too. At the time of filing taxes, individual must report this and pay taxes. When IRS receives this, they compare the letter with them received directly from bank and make sure that both are matching. If any individual doesn't pay taxes, since IRS already received the information from bank, they will held the individual accountable. If any bank in India doesn't inform IRS how can they identify this? | ||
| Amigo Comedian Username: Amigo Post Number: 1604 Registered: 05-2011 Posted From: 24.228.177.250 Rating: N/A |
Naku pampisthaaru..... Not sure if they will send to IRS...I dont think so.. | ||
| Truelies Side Hero Username: Truelies Post Number: 6588 Registered: 05-2012 Posted From: 74.237.6.152 Rating: N/A |
ikkada IRS ki pampistharu anta na.? | ||
| Amigo Comedian Username: Amigo Post Number: 1603 Registered: 05-2011 Posted From: 24.228.177.250 Rating: N/A |
Just talked to SBI guy in Vizag and surprisingly he picked up. He siad they will send a pdf file similar to 1099 INT which will mention the interest for calender year 2012. | ||
| Amigo Comedian Username: Amigo Post Number: 1602 Registered: 05-2011 Posted From: 24.228.177.250 Rating: N/A |
http://desiways.wordpress.com/2012/02/08/foreign-bank-accoun ts-reporting-fbar-and-interest-earned-in-nre-accounts/ I thought so because NRE accounts, sBI clearly said we need not pay any tax in india, so obviosuly we have to pay it here kada andi... We need to fill the FBAR form it seems | ||
| Truelies Side Hero Username: Truelies Post Number: 6584 Registered: 05-2012 Posted From: 74.237.6.152 Rating: N/A |
meeku India lo NRE a/c unte, ikkada taxes pay cheyyala? enduku? can you show me some official links on this? | ||
| Amigo Comedian Username: Amigo Post Number: 1601 Registered: 05-2011 Posted From: 24.228.177.250 Rating: N/A |
The principal amount is more than 10K. | ||
| Cinejeevi Side Hero Username: Cinejeevi Post Number: 2033 Registered: 09-2010 Posted From: 69.147.191.50 Rating: N/A |
if the amount is less than 10K USD or so there is no need to report anukuntaa. over to tax experts | ||
| Amigo Comedian Username: Amigo Post Number: 1600 Registered: 05-2011 Posted From: 24.228.177.250 Rating: N/A |
I have an NRE fixed deposit account long term that I opened mid 2012. Since it is a NRE account, I need to pay taxes in US. Does SBI send any doucment like 1099 inidcating the tax for calender year 2012? OR should I ask them about it? Anybody in similar situation, please share. |
