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I had money in offshore account in India which is joint between my mom and I. For a short time of about a month balance was $24,000 in 2008, which I gifted to my mom in her individual account after selling an apartment that I owned there. I also got interest of about $150 on that which I never reported and, also, the account was not declared since I was not aware of the rules. The apartment was sold at almost no profit no loss, probably around $200 loss maybe which, again I did not show in my taxes. Do I need to show that as well?I am a US citizen, which I got in 2007. What can I do? Can I report the account now and do I need to declare the $150 interest as income? And also, do I need to report apartment sale transaction which was at almost some $200 loss? Would there be any penalties?
1 ANSWER
Bruce Givner
You must consult with an attorney who has experience in handling late FBAR (Foreign Bank Account Report) filings. This is a highly specialized area, with a great deal of potential risk.
Answered on Nov 15th, 2010 at 4:13 PM