Foreign bank accts

[Wassdeet]

I live in California, am Canadian resident of U.S. pay my taxes but owe some. I inherited around $54k last year from my mother in Canada and left it in the bank there. I will file a TD F 90-22.1 form as required but am wondering if IRS can take money from my Canadian acct?

My income in U.S. is now pretty much pensions and I live modestly to say the least.

 

[LdiJ]

I live in California, am Canadian resident of U.S. pay my taxes but owe some. I inherited around $54k last year from my mother in Canada and left it in the bank there. I will file a TD F 90-22.1 form as required but am wondering if IRS can take money from my Canadian acct?

My income in U.S. is now pretty much pensions and I live modestly to say the least.

No, they cannot, but they will push you harder to pay your balance due since they will know that you have assets from which you could pay.

 

[Wassdeet]

I don't mind paying some but my pensions barely cover my living costs and I have no guarantee of any other monies for the future. I suppose I can arrange something reasonable, like $200/mo for the next 10 years. I'm 64 now.

 

[davew128]

I don't mind paying some but my pensions barely cover my living costs and I have no guarantee of any other monies for the future. I suppose I can arrange something reasonable, like $200/mo for the next 10 years. I'm 64 now.

I have NO idea what you're talking about. If you're referring to some US tax debt you owe, I can guarantee you that you will NOT get a 10 year payment plan especially when you have the means to fullpay.

 

[Wassdeet]

Sorry you don't understand, what I meant is that can they take all the money I have and leave me out on the street? That money and a pension of $1000 is my only income and asset.