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Indian money declare    AK   02/26/2018 04:13 PM  

My parents gave me a couple of lakhs in FDs about 3 years ago, and I don’t know how I missed to declare when I did taxes earlier. I want to declare now, but what reason should I give for not declaring earlier? It’s not a huge amount but i want everything to be legal.

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Re: Indian money declare    E   02/26/2018 04:28 PM  

when you say declare, do you mean declare in your 1040 or FinCen Form? In 1040 case, you may need to amend your return but I believe there is something called gift.. so some of it may fall under gift and you pay tax on remaining..

If its just declaring in FinCen form, you can submit amendment form if you already submitted FinCen for that year and select option as unaware.. if including that amount to your foreign balance still doesn't qualify for FinCen Declaration, then you don't need to bother about FinCen.


I assume you would want to do everything clean then better go with CPA.. may cost you couple hundred dollars but peace of mind.

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Re: Re: Indian money declare    AK   02/26/2018 05:30 PM  

Thank you so much for your reply. Really appreciate the help. The money was a gift from parents and deposited in Fixed Deposit account. The problem is that I did not file the FinCen form, so when I file it this year it will be two years too late. It’s not a huge amount of money but still more than the $10,000 threshold for FinCen declaration. I just wasn’t aware that I had to do this even when I am not a US citizen. How to clean up this issue? Is that a big problem?

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Re: Re: Re: Indian money declare    Santhosh   02/26/2018 07:39 PM  

This is not big issue. And more two is not at all an issue. I filed this year for 2015, 2016, 2017. But i filed it through AO tax.

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Re: Re: Re: Indian money declare    E   02/26/2018 09:13 PM  

No worries even if its late, IRS will be happy as you are paying them money..


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