M.A.S. Posted May 10, 2011 Report Share Posted May 10, 2011 For those of us who have opened a Warka account and funded it with less than 10k USD, there is no Federal reporting requirement necessary, of the foreign account. Once there is an R/V, the amount of IQD in our Warka account will not change, But the conversion from IQD to USD will change and will most likely equal an amount greater than 10k USD. What are the tax consequences, or reporting duties of this situation, when the amount in a foreign (Non-US Bank) account suddenly appreciates and exceeds the 10k reporting requirement? Appreciate some guidance from ExecConsult. Thank you Link to comment Share on other sites More sharing options...
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