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taxout

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About taxout

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  1. I think you're more likely to be asked to show your card when you book shortly before travel. I've certainly been asked a few times. Most important factor I've found using cards online is whether your bank sends an OTP for verification. If your bank doesn't support that additional step, some sites will automatically bounce you, since the transaction is riskier.
  2. But for foreign residents not filing a joint return, the test is more than "$200,000 on the last day of the tax year or more than $300,000 at any time during the tax year." If you're not a foreign resident, the test is more than "$50,000 on the last day of the tax year or more than $75,000 at any time during the tax year." If there's any doubt whatever whether you qualify as a foreign resident under the applicable tests, then assume the lower limit applies.
  3. We don't talk much about Form 8938 here, but note that while the filing threshold is much higher than FBAR, the type of assets to be disclosed is much much broader: https://www.irs.gov/instructions/i8938#idm139674973070304
  4. "For IRS you can use any normal official exchange rate source and for many OANDA or XE seem to be the easy to document if questioned later." No. If you're required to file IRS Form 8938, then you must use the same Treasury Department published exchange rates as used for FBAR. (There's a limited exception for exchange rates used on your bank statements.) https://www.irs.gov/instructions/i8938#idm139674972980592
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