Me and my mom were just discussing swiss bank accounts.. for fun, really.. just wondering about them. My mom guesses that if you have a swiss bank account (and you live in the US) there would be no need to disclose it in the US.. I disagree. I say that the US wants/needs to know all of your "income." These are just guesses, and as I mentioned, just for fun (saw it in a movie, and then we were talking about it afterwards).. but does anyone actually know anything about it? I kind of want to prove that I'm right, hehe.
2007-10-02 13:29:12 · 5 answers · asked by Emo B 5 in Business & Finance ➔ Personal Finance
really? u have to pay the banks something to keep it hidden? well what if u dont want it to be hidden!? :o)
2007-10-02 13:48:57 · update #1
yay, i knew it! lol win the semi-bet, then.. thanks answerer #3
2007-10-02 13:49:52 · update #2
Since you mention "income", I will address that issue. Under US Federal tax law, worldwide income for US citizens and legal permanent residents must be reported on your tax return. Depending on the amount, and if you pay taxes to another country for foreign earned income, you may or may not actually owe US taxes on that amount.
In addition, you are required to report the existence of any foreign accounts that contain $10,000 or more at any time during the year. The link in my source is an IRS publication titled "Do you have a foreign bank account?". It should be an authoritative source for your question.
2007-10-02 13:46:57 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
No, if you have a Swiss account you don't have to tell the US about it. But at the same time, instead of the bank paying you interest like most do, in this case YOU have to pay the bank interest to keep your money safe and hidden.
2007-10-02 13:41:59 · answer #2 · answered by itsmezo 3 · 1⤊ 1⤋
If you are domiciled (ie permanent resident) in US, you have to declare all your income, from all sources, every year. How you are then taxed will depend on the circumstances.
Of course many people have secret accounts abroad, and a bank in Switzerland will not tell any one about it, but that is another matter.
2007-10-02 15:07:15 · answer #3 · answered by Anonymous · 0⤊ 0⤋
actually swiss banks are very good and safe, my boyfriend is swiss, and he change his account in a bank of USA to a swiss count in his country coz here, someone stole some money of his account so he dont trust in USA banks.
2007-10-02 18:32:00 · answer #4 · answered by pocahontas313 2 · 0⤊ 0⤋
no! the us shouldnt know about it ! that would take all the fun out of the world:(
who knows mabey the us has money stashed there that they dont want anyone to know about!
swiss banks are fun, dont try to ruin the andorance!
2007-10-02 13:38:32 · answer #5 · answered by Answers 3 · 0⤊ 1⤋