r2i forum

[QUOTE=ash67;415454]Hi GreyFri We are trying to use MTM for MFs from INdia in ovdi2011, a couple of qns 1) In MTM, do we just add dividendReinvestments to annual MTM gain and then pay taxes (20%) or dividends get reported separately, if so how and how are they taxed. 2) California does not treat ...

[QUOTE=trader;409957]From the IRS website: What does “maximum value of account” mean (for Box 15 on the FBAR)? A. The maximum value of account is the largest amount (not the average amount) of currency and nonmonetary assets that appear on any quarterly or more frequent account statements issued for ...

[QUOTE=trader;409915]Thanks zyzy. Are u planning to work with cpa or do it yourself? I have mutual funds which i had no idea i had to report. I will have to go with a cpa.[/QUOTE] Hi Trader, I did all tax amendments myself and I have PFIC investments. Please PM me so I can help you out for PFIC ...

[QUOTE=sargein;408682]Thanks.
How did you obtain the CSV of your policies? I am having trouble obtaining them for last several years, so curious how you obtained them? Through the agent / office / some estimation?[/QUOTE]

I got it from the LIC office.

[QUOTE=sargein;408137]When you say 'include', did you use the CSV for penalty calculation as well, or just for the $10K criterion? The $10K criterion by itself may not matter as much depending on situation, but using CSV for penalty may not be insignificant. So far, IRS, CPA and greyfri all seem to ...

I did include surrender value of the policy in FBAR. The payout went to a bank account. I also included that max account balance of that bank account in FBAR. For payout, I did not make any gain as payout - premiums paid was less than 0. With all the exercises and confusions, I really doubt having ...

[QUOTE=binarysemaphore;408104]Money back policies pay bonus each year and payout every 5 years. My policy is so tiny that I just paid income tax on yearly bonus and 5 year payout. I don't care how much premiums have been paid so far and whether payout is more than that or not. I know I might have ...

[QUOTE=greyfri;407847]1) Yes, you need to include cash surrender value for the policy for calculation of 10K criterion (although life insurance with a cash value was not reportable for FBAR purposes until a few years ago, so before that time you did not need to include this in balance). 3) This is ...

[QUOTE=chal;407867]There is an update to the FAQ at VCI site that takes a hardline stance? Interesting is that the SOL is extended if Fed adjusts the amends? What if Fed adjusts it by a dollar?[/QUOTE] Another interesting update for PFIC mutual funds from VCI2. [LIST=1] [*][B]I am a shareholder in a ...

OVDI deadline extended to Sep 9th, 2011.

Here is the source:

[url]http://www.irs.gov/businesses/international/article/0,,id=235699,00.html[/url]