AboutJohn Stancil, CPA Expertise I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Society of Tax Professionals, and the Institute of Management Accountants.
Experience I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper.
Expert: John Stancil, CPA Date: 8/20/2008 Subject: Overseas Bank Account
Question John,
Is it true that as a US citizen living overseas if I have a bank account in that country, I don't have to report that on my US return if the balance is below $10000 per year?
Thanks
Answer Gaurav,
Thanks for your question.
No, that is not true, exactly. You do not have to report your banks accounts on your return, other than to check the box on Schedule B that asks if you have a foreign bank account.
As a U. S. citizen you are subject to taxation on all your worldwide income regardless of amount.
