In January 2021, Sonja deposited $20,000 in a bank in the Bahamas. She earned $500 interest income.
Question:
In January 2021, Sonja deposited $20,000 in a bank in the Bahamas. She earned $500 interest income. She closed the account in December 2021.
a. Is Sonja subject to the FBAR reporting requirement? Explain.
b. Is the interest income taxable in the United States? Explain.
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aSona is subjected to FBAR requirement United States persons are required to file an FBAR if the Uni...View the full answer
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Related Book For 
South-Western Federal Taxation 2022 Individual Income Taxes
ISBN: 9780357519073
45th Edition
Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman
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