Cashier's check for BHD deposit

[tilinmarte]

I wanted to know if you can deposit a cashier's check from CHASE bank (miami) in the amount of $15000.00 us dollars without any questions into your BHD account . Given that you have a BHD bank account of course. At the moment I don't have a BHD account I know if I had one i can wire it which would be easier. Thank you

[cobraboy]

Originally Posted by tilinmarte

I wanted to know if you can deposit a cashier's check from CHASE bank (miami) in the amount of $15000.00 us dollars without any questions into your BHD account . Given that you have a BHD bank account of course. At the moment I don't have a BHD account I know if I had one i can wire it which would be easier. Thank you

Nope.

Any amount $10,000 and more must have documentation of how the funds were obtained.

I had to show Banco Leon documents of the sale of a business and the deposit of said proceeds to cash a $US14,000 check to buy a vehicle...and it STILL took almost 2 weeks.

Just get two $7500 checks.

[El Rey de Mangu]

Originally Posted by cobraboy

Nope.

Any amount $10,000 and more must have documentation of how the funds were obtained.

I had to show Banco Leon documents of the sale of a business and the deposit of said proceeds to cash a $US14,000 check to buy a vehicle...and it STILL took almost 2 weeks.

Just get two $7500 checks.

This is absolutely correct.

But what's even more critical, even if you have supporting documentation, you MUST notify the IRS if you are a U.S. Citizen. The IRS has given citizens with foreign bank interests until October 15th to declare this information (amnesty). Your check is more than 10K, which is also a database flag. Even if the money is non-taxable income for you, you MUST declare the bank account.

[RGVgal]

Originally Posted by gringobizadvisors

This is absolutely correct.

But what's even more critical, even if you have supporting documentation, you MUST notify the IRS if you are a U.S. Citizen. The IRS has given citizens with foreign bank interests until October 15th to declare this information (amnesty). Your check is more than 10K, which is also a database flag. Even if the money is non-taxable income for you, you MUST declare the bank account.

Do you know if I need to notify the IRS of joint accts I have in the DR? I haven't deposited any money on the accts myself.

[El Rey de Mangu]

Originally Posted by RGVgal

Do you know if I need to notify the IRS of joint accts I have in the DR? I haven't deposited any money on the accts myself.

Hi,

Yes. Any foreign banking interests, including corporate and personal. Even if the account is in another's name, but you hold a debit card in your name.

There are exceptions, like a safety deposit box. BUT if you have to open an account to secure the box, then you need report that.

[RGVgal]

Thanks. I just read up on this at IRS website. I'm good b/c I just opened the accts this summer and I can declare them when I file my taxes next yr. The 10/15 deadline is for those that had accts and never declared them in their taxes.

Looks like they'll have to pay some hefty fines. The site said that in some cases up to 60% of the value of the accts.

BTW, do you know what process the banks in the DR have in place to report to the IRS who has accts? They don't ask for ssn, so how do they track the people?

[El Rey de Mangu]

Originally Posted by RGVgal

Thanks. I just read up on this at IRS website. I'm good b/c I just opened the accts this summer and I can declare them when I file my taxes next yr. The 10/15 deadline is for those that had accts and never declared them in their taxes.

Looks like they'll have to pay some hefty fines. The site said that in some cases up to 60% of the value of the accts.

BTW, do you know what process the banks in the DR have in place to report to the IRS who has accts? They don't ask for ssn, so how do they track the people?

Yes, then you have the year.

The thing with many foreign countries is that the U.S. would have to execute a judgement or provide a warrant compliant with Hague. This is costly and so you don't really see this happening too much. The banks, (don't know if you've been inside of banking ops here) just don't have the resources to for this either. There is also a "confidentiality" issue if they are waving their hands at the US because of your money. The actually want and need your business, so there is "privacy" to a certain extent.

This is all well and good, but truth is, if you're not talking about a million or more, than the US is not going to SPEND too much money looking for it. That's NOT to be taken as advice (lol).

Don't worry, you won't have to pay in April either just for that cash in DR when you declare the account. If you have a half-decent accountant, you can get lots of creative credits for assets abroad.

Don't think, either, that just because there is a stack of "declared" foreign accounts, that the IRS actually picks off one by one and calls that institution to see what your balance is

Good luck!

[tilinmarte]

Originally Posted by cobraboy

Nope.

Any amount $10,000 and more must have documentation of how the funds were obtained.

I had to show Banco Leon documents of the sale of a business and the deposit of said proceeds to cash a $US14,000 check to buy a vehicle...and it STILL took almost 2 weeks.

Just get two $7500 checks.

Can the two checks be deposited the same day without objections. This is from my savings i do have bank statements and work pymt stubs to verify origins of funds.

[tilinmarte]

Originally Posted by gringobizadvisors

This is absolutely correct.

But what's even more critical, even if you have supporting documentation, you MUST notify the IRS if you are a U.S. Citizen. The IRS has given citizens with foreign bank interests until October 15th to declare this information (amnesty). Your check is more than 10K, which is also a database flag. Even if the money is non-taxable income for you, you MUST declare the bank account.

If all your accounts total less than $10000 then you don't have to declare it is that correct. I believe thats what the Irs.gov said.

[El Rey de Mangu]

Originally Posted by tilinmarte

If all your accounts total less than $10000 then you don't have to declare it is that correct. I believe thats what the Irs.gov said.

Don't confuse the "liquid" tax threshold with having a foreign bank account. It is the BANK ACCOUNT that need be declared first and foremost. You need declare it whether 20 or 20000000 dollars.