r2i forum

Guys,

Is it too late to start the process now? Is it ok to get pre-clearance monday?

Let's say I entered to US in July 2004 and before that I was neither a resident nor a GC/Citizen. Do I need to show my max. amount from Jan to June of 2004 and do I need to report the interest I earned from Jan to June 2004? I suppose I don't have to - since I was not a resident..?

Guys,

Is it too late to start the process now? I haven't started yet. Is getting pre-clearance a MUST? Please post your comments/experience.

Thanks.

Guys,

I have not started the process yet. I was collecting the information. Do you think it will be too late if I start the process next week? Will I be able to get pre-clearance, send letter and get response and then send package etc. complete process by end of this month?

Friends,

Any one? Do we need to report mortgage accounts (homeloan accounts) towards FBAR?

rayerall, what is traditional VD?

[QUOTE=rayerall;402226]After consulting with few very big attorneys (they wrote even articles/presentations on offshore accounts), I have decided to go for tradivitional VD.[/QUOTE]

Do we need to report the mortgage loan account information if we had home loan on a property in foreign country? I was under the impression that we don't need to disclose mortgage loan accounts in FBAR or this OVDI reporting but it seems a tax firm is asking everyone to report this also. Is it ...

Thanks grryfri for correcting. This is getting complicated as I get more into it.. :( [QUOTE=greyfri;401818]That's wrong. For interest ,you need to [B]COMPOUND[/B] daily over every period. So you take the amount at the beginning of the quarter, compound over a quarter for the then prevailing rate ...

So do I need to calculate it n number of times for year 2004 tax? I mean let's say my tax for year 2004 was $100 then from April 15 2005 to today the rates have been changed 10 times, so do I need to calculate for each period (10 times) and total the amount? This is very complicated but I think it ...

The accuracy penalty will be 20% on 2000 (tax) = 400. Refer to 8th question in IRS's Questions and Answers page. [QUOTE=rashturi;401702]Is the accuracy penalty of 20% only on the tax or also on the interest on Tax. Eg if tax is 2000 and interest is 500, then accuracy penalty would be on 400 or 500 ...