Foreign Real Estate and OVDP. Three reasons why Opt-Out might be the best solution.

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FBAR and OVDP tax attorney Anthony E. Parent of Parent & Parent LLP the IRSMedic, explains the three reasons why "opting-out" of the standard 27.5% offshore penalty must REALLY be considered when a substantial amount of the Offshore /"FBAR-equivalent" penalty base in is the form of foreign income-producing real estate.

Reason number 1 is that the Opt-out still allows for protection from criminal charges. Reason number 2, is that the IRS hasn't been allowing for encumbrances to reduce the value of the real estate. The third reasons that, even if willful, there are no FBAR penalties for Real Estate. Because Real Estate is not a financial account, it does not go on an FBAR.

Whether you are looking at a 906 letter you don't like, or you are wondering to enter into the OVDP but are afraid of what the IRS will do to your real estate, this is a much watch video.

For more on late FBAR penalties go to http://www.irsmedic.com/2013/06/29/fb....

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