BajaNomad - The IRS and Mr. Gomez..

The IRS and Mr. Gomez..

mojo_norte - 12-16-2010 at 06:43 PM

Have you, will you, report your Fide on your 1040 w/ FBAR form as per FATCA?

DENNIS - 12-16-2010 at 07:01 PM

Quote:

Originally posted by mojo_norte
Have you, will you, report your Fide on your 1040 w/ FBAR form as per FATCA?

Only if you EXTU your MEMARZ inthe last column of the KLYGY when filling out form # 76K53840B.
Even then, the influence of SKHYFR may override the lesser HPGG of the more prominent SHBGFOGG.
Easy enough to understand for a QHNKOUYXSFRK.
Good Luck.

Woooosh - 12-16-2010 at 08:36 PM

Quote:

Originally posted by DENNIS

Quote:

Originally posted by mojo_norte
Have you, will you, report your Fide on your 1040 w/ FBAR form as per FATCA?

krafty - 12-16-2010 at 08:46 PM

HUH?!?!?!?

EXACTLY !!!

djh - 12-16-2010 at 10:17 PM

Quote:

Originally posted by krafty
HUH?!?!?!?

Egg Sack tly...

bajalera - 12-16-2010 at 11:23 PM

Dennis has been captured by code-speaking aliens. Somebody call 911!

sanquintinsince73 - 12-17-2010 at 12:21 AM

FUBAR!!!!!

sanquintinsince73 - 12-17-2010 at 12:22 AM

Quote:

Originally posted by DENNIS

Quote:

Originally posted by mojo_norte
Have you, will you, report your Fide on your 1040 w/ FBAR form as per FATCA?

You're killing me Dennis.

longlegsinlapaz - 12-17-2010 at 07:00 AM

Quote:

Originally posted by mojo_norte
Have you, will you, report your Fide on your 1040 w/ FBAR form as per FATCA?

Yup!!! The Fideicomiso on forms 3520 & 3520A & the Foreign Bank and Financial Accounts (FBAR) on TDF 90-22.1 .... in accordance with Foreign Account Tax Compliance Act (FATCA). :spingrin:

mojo_norte, you don't happen to be an IRS agent...do you?

Marc - 12-17-2010 at 08:08 AM

Quote:

Originally posted by sanquintinsince73

Quote:

Originally posted by DENNIS

Quote:

Originally posted by mojo_norte
Have you, will you, report your Fide on your 1040 w/ FBAR form as per FATCA?

You're killing me Dennis.

I dunno. Makes sense to me.

vandenberg - 12-17-2010 at 08:24 AM

Quote:

Originally posted by longlegsinlapaz

Quote:

Originally posted by mojo_norte
Have you, will you, report your Fide on your 1040 w/ FBAR form as per FATCA?

.... in accordance with Foreign Account Tax Compliance Act (FATCA). :spingrin:

Sheeehhh..... and here I always thought FATCA meant FATCAT and was referring to you mansion dwelling gringos south of the border. :?:

mojo_norte - 12-17-2010 at 09:21 AM

Quote:

Originally posted by longlegsinlapaz

mojo_norte, you don't happen to be an IRS agent...do you?

No- but I do have a Fide and am wondering if it qualifies as a reportable 'Trust' in the eyes of the IRS.
FATCA, signed into law last spring requires foreign banks to turn over the names of their US citizen account holders to the IRS and ups the penalties for not making the proper declarations on your tax form.

longlegsinlapaz - 12-17-2010 at 10:07 AM

My conclusion after reading all the pros & cons written by CPA's & other purported experts on tax law was....while I personally disagree with the IRS's logic in classifying a fideicomiso as trust by USA definition of a trust that earns & pays out $$.....I'm not in a position to come up with the fines & penalties the IRS is threatening & I personally try to err on the safe rather than sorry side. There was an amnesty window which has since been slammed shut. It looks like there may possibly be a new, less lenient (oxymarooon....IMO, the original amnesty program was anything buy lenient!) amnesty program in the works. You'd have to make a personal judgment call on whether reporting retroactively now would help or hurt. IMO, it's one of those damned if you do & damned if you don't kinda positions to be in.

Here's a good place to START gathering some decision-making information, but the bottom-line will be what stand the IRS ultimately chooses to make:

http://fideicomiso.wordpress.com/

mojo_norte - 12-17-2010 at 11:25 AM

Thanks!- good link/logic

We just filed retro

skipowell - 1-14-2011 at 05:51 PM

After reading everything and discussing the situation with my husband we decided to contact our tax accountant and after his research he determined we should file.
We did pay $1300 for his research time and the filing of the 3520 and then two years of the 3520A. He valued the trust at "$0" as it is is just a shell so we should not have any tax consequences.

I will update if we hear anything from the IRS, crossing our fingers this doesn't flag a audit.
Our tax accountant is based in San Diego. Leaf and Cole CPA

[Edited on 1-15-2011 by skipowell]

john68 - 1-15-2011 at 09:24 AM

Amy Jetel, a lawyer in Austin, Texas (512-370-2750), wrote an article in Trusts & Estates magazine in April 2009 concerning the requirement to file forms 3520/3520A for a fideicomiso. It's her position that they are not required. Here's a link to the article--

http://vallartarealestate.files.wordpress.com/2009/10/whats-...

Amy recently represented a taxpayer in a Form 3520/3520A penalty dispute. Amy took the matter to the National Office of the IRS and the National Office directed the local revenue agent to back off. This result is not binding on other taxpayers, but it's indicative of the position the National Office might take in other cases.

desertcpl - 1-15-2011 at 09:40 AM

Quote:

Originally posted by DENNIS

Quote:

Originally posted by mojo_norte
Have you, will you, report your Fide on your 1040 w/ FBAR form as per FATCA?

I will drink to that :?: