What is the name of your state? California
My wife and I are American citizens with my wife holding dual citizenship with New Zealand.
We have a joint checking and savings account in New Zealand with the funds originating as inheritance from my wife's mother's estate in New Zealand. We pay a New Zealand 10% Non Resident Tax on the interest earings of the savings account.
Question #1----------Are we required to complete a U.S. Tax Form TD F 90-22.1 "Report of Foreign Bank and Financial Accounts" and must we pay any U.S. Tax on these funds?
Question #2---------If any of these funds are wire transferred to the U.S. will there be any tax?
Question #3---------What if funds originating in the U.S. have been co-mingled with the New Zealand checking and savings account. Are there tax consequences?
My wife and I are American citizens with my wife holding dual citizenship with New Zealand.
We have a joint checking and savings account in New Zealand with the funds originating as inheritance from my wife's mother's estate in New Zealand. We pay a New Zealand 10% Non Resident Tax on the interest earings of the savings account.
Question #1----------Are we required to complete a U.S. Tax Form TD F 90-22.1 "Report of Foreign Bank and Financial Accounts" and must we pay any U.S. Tax on these funds?
Question #2---------If any of these funds are wire transferred to the U.S. will there be any tax?
Question #3---------What if funds originating in the U.S. have been co-mingled with the New Zealand checking and savings account. Are there tax consequences?