FBAR is an abbreviation for the Report of Foreign Bank and Financial Accounts. It is a report required by the US Department of Treasury from anyone who has an aggregate of $10000 or more in foreign bank accounts.

learn more… | top users | synonyms

0
votes
1answer
38 views

Buying property in India : FBAR declaration.

I am on H1b visa in USA and thinking about buying property in India. If I buy any property in india,do I need to report my property in USA income tax return, FBAR or anywhere else? Do i need to pay ...
0
votes
1answer
49 views

Buying property in India

I am on H1b visa in USA and thinkg about buying property in India. I have a lot of confusion in this matter. (1) Should I buy property on my own name? or me and my father's joint name? If I keep my ...
2
votes
1answer
46 views

Do I need to report to FInCEN if I had greater than $10,000 worth of bitcoin in a foreign bitcoin exchange?

I have heard that FinCEN requires people in the U.S. to report foreign financial accounts with greater than $10,000 in them. This is the FBAR if I'm not mistaken. Do I need to report to FInCEN if I ...
2
votes
1answer
65 views

What does it mean to have “interest in” or “signature authority over” an account?

My tax software is asking me how many foreign accounts I have an "interest in" and how many I have "signature authority" over. I am unsure of how there terms are defined in this context. What does ...
1
vote
1answer
111 views

If you hire a tax attorney to do your OVDP paperwork, are the fees tax deductible?

I know that tax preparation fees are tax deductible in US federal taxes, but I'm not sure if the failure of FBAR and reporting international passive interest income (followed by a subsequent ...
2
votes
2answers
343 views

Never filed FBAR in 17 yrs and now need to cash out RRSP

I am a Permanent Resident from Canada. I moved to Texas in 1996 and I never filed any IRS documents (such as FBAR) informing them of my Canadian investments. I have about $33,000 in RRSP and $18,000 ...
3
votes
1answer
93 views

FBAR semantical issue

From my understanding, the US Treasury's Foreign Bank Account Report (FBAR) is supposed to be filed if a US person - natural or artificial - holds over $10,000 in a foreign bank account at any point ...
3
votes
1answer
362 views

Recent permanent resident: Should I have filed Report of Foreign Bank and Financial Accounts (FBAR)?

I became a permanent resident of the United States in mid-June of this year (2012). Before that I was on an F1 student visa. I was a non-resident for tax purposes throughout 2011. I have an account ...
1
vote
1answer
215 views

Where can I find FBAR forms for prior years?

I was recently informed that I needed to complete the Report of Foreign Bank and Financial Accounts for the previous six years. I've been hunting on the IRS website for the last half hour and can only ...
4
votes
2answers
387 views

My friend found out about FBAR some time after the fact. What can he do now?

My friend sold a property in India and he has funds in his bank account in India. He was thinking about either buying another property with that money to avoid taxes or something like that. (You have ...