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If you put your money in an off shore bank account do you have to pay taxes on it?
Wiki User
∙ 11y ago
Well generally, you pay taxes on income, not stores of wealth. If the account gains interests, you are supposed to pay taxes on that interest.
If you file taxes in the US, you are supposed to file form TD F 90-22.1 by June 30th of any year that you have foreign financial accounts toally more than $10,000 US dollars (at dec 31st exchange rates). This is a wealth disclosure form that goes to the US treasury, not the IRS, and is not a statement of income.
Wiki User
∙ 11y ago
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