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  • FinCEN 114 & escrow accounts

    From Fred J. Tydeman@21:1/5 to All on Thu Apr 14 11:00:26 2022
    I (a US citizen) have signed contracts to buy foreign:
    real estate (completed); waiting on due dilegence
    real estate (being built)
    shares of company (once it is formed)
    I have paid a small deposit / down payment
    that went to escrow accounts.
    Do these escrow accounts need to be reported
    on FinCEN Form 114?

    ---
    Fred J. Tydeman Tydeman Consulting
    tydeman@tybor.com Testing, numerics, programming
    +1 (702) 608-6093 Vice-chair of PL22.11 (ANSI "C")
    Sample C99+FPCE tests: http://www.tybor.com
    Savers sleep well, investors eat well, spenders work forever.

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  • From John Levine@21:1/5 to All on Thu Apr 14 14:29:01 2022
    According to Fred J. Tydeman <tydeman@tybor.com>:
    I have paid a small deposit / down payment
    that went to escrow accounts.
    Do these escrow accounts need to be reported
    on FinCEN Form 114?

    The IRS guide isn't clear but the penalties are large and despite
    the complaining, filling out an FBAR for a few accounts isn't that
    hard. If the amount is over the $10K threshold, I'd do it.

    The easiest way is to download their PDF template, fill it out
    in Acrobat on your computer, then upload it. Keep the filled out
    PDF because if you still have the accounts next year, you can update
    the PDF rather than starting over.

    https://www.irs.gov/pub/irs-utl/irsfbarreferenceguide.pdf

    --
    Regards,
    John Levine, johnl@taugh.com, Primary Perpetrator of "The Internet for Dummies",
    Please consider the environment before reading this e-mail. https://jl.ly

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

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    * Origin: fsxNet Usenet Gateway (21:1/5)