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Questions tagged [fbar]

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.

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FBAR reporting for accounts held for a part of the previous year

I should know the answer to this but (obviously) don't even though I have been filing FBAR for a few years. This is a new situation this year -- Do I have to include accounts that I held for only a ...
punkish's user avatar
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1 answer
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Foreign Tax Compliance Question

I am writing to seek guidance on my tax compliance situation as a non-immigrant from a foreign country A(where there is no tax-treaty with USA) who came to the USA in mid-2019 on a working visa. In ...
easter9154's user avatar
1 vote
1 answer
422 views

Should linked fixed deposit accounts to a foreign savings account be reported separately in the FBAR?

As I've been living in the United States for the last few years, I'm a "US resident for tax purposes" and am required to file the FBAR (FinCEN Form 114) reporting the amount of money in my ...
Vipul Naik's user avatar
1 vote
1 answer
324 views

Declaring foreign interest in 1040 and FBAR

I am a foreign national (and a resident alien for tax year 2022) working in the United States. I am on a J1 Research Scholar visa. I have received W2 for my salary from an US University and I have a ...
RTh's user avatar
  • 13
1 vote
2 answers
313 views

FBAR: should I guess the approximate highest amount

I inherited a German investment account and the bank does not have the highest amount during the year because of market fluctuations. They have stated in a letter to me, that they can not provide me ...
Pat's user avatar
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1 vote
1 answer
553 views

FBAR filing for first time as H1B- need help on some queries

I am on h1b and have been working in US for more than a couple of years now. I came to know recently that FBAR is required to be filled. Subsequently, I started researching about it and trying to ...
Sid's user avatar
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0 votes
0 answers
187 views

How many years of delinquent FBARs must I file?

I have never filed an FBAR (report of foreign bank accounts) before, but in 2019 I should have done. Do I need to therefore file FBARs for 6 years prior? Or only file the delinquent 2019 FBAR?
Cameron's user avatar
  • 179
1 vote
1 answer
73 views

FBAR reporting: how to report fund investments made at a local foreign bank

I have some investments in Bradesco in Brazil and need to report them on FBARS. However, I'm not sure how this is done for two reasons. 1) These investments all go through my main Brazilian checking ...
Lena Miller's user avatar
0 votes
1 answer
56 views

Taxes on PPF Interest Amount [duplicate]

Do I have to pay taxes on the PPF (Indian Account) interest amount in USA even though I am not withdrawing or distributing?
Harshita Garg's user avatar
0 votes
2 answers
481 views

Maximum value of financial account in FBAR

I m going to fill the FBAR, I don t understand what is the maximum value of financial account .. I bought a house in my country, so the bank balance at the end of the 2019 is different from the ...
Annalisa Silvestri's user avatar
-2 votes
1 answer
137 views

What's the point of filing the FBAR in addition to one's US tax returns, which include Form 8938 ("Statement of Specified Foreign Financial Assets")?

What's the point of filing the FBAR (FinCEN form 114) in addition to one's US tax returns, which include Form 8938 ("Statement of Specified Foreign Financial Assets")? FBAR seems to contain ...
Franck Dernoncourt's user avatar
2 votes
0 answers
58 views

FBAR/Form 8938 implications for US heir/beneficiaries of foreign estates

This is a somewhat technical question and I'm hoping someone here has actual experience in handling this; it should be a quite common situation in the US, but I couldn't find any direct information: ...
Jack Fleeting's user avatar
0 votes
2 answers
1k views

How can one use one's old FBAR form data to populate a new FBAR form?

How can one use one's old FBAR form data to populate a new FBAR form (Report of Foreign Bank and Financial Accounts (FBAR) on FinCEN Form 114)? I tried exporting/reimporting the form data between ...
Franck Dernoncourt's user avatar
0 votes
1 answer
85 views

2019 FBAR filing deadline missed

This year, I missed FBAR filing deadline of April 25 and also for automatic extension of October 15. It is not because of natural disaster (that's the only relief option I see here on the IRS site. I ...
zatka's user avatar
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2 votes
2 answers
90 views

FBAR last year of residence

Next year leaving U.S. for good. Gonna obtain sailing permit with IRS and file taxes as soon as possible. I will need to file FBAR for 2020 as well. Should I file FBAR only for part of the year I ...
user91172's user avatar
3 votes
2 answers
6k views

FBAR: How to determine aggregage maximum account value?

Suppose you have two foreign accounts: A and B. Is the formula for determining "aggregate maximum value" for foreign accounts as defined by Fincen max(A) + max(B) or max(A + B)? This would obviously ...
D R's user avatar
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2 votes
0 answers
371 views

FBAR reporting for non-resident aliens with single-member LLC

(1) According to the FinCen's FBAR filing instructions, "Any US person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR..." This implies ...
sudonym's user avatar
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1 vote
0 answers
167 views

Amending return to include Schedule B?

I included and paid tax on the interest I earned in my foreign account as 1099-INT, but it didn't file a Schedule B or ask if I had foreign accounts. Since the account has over $10k, I need to file ...
workerbee's user avatar
2 votes
0 answers
88 views

FBAR reporting for 2017

I'm an American living overseas with a foreign bank account. My bank account was nearing USD50000 so I withdrew 30000 to open another bank account. Therefore I have one bank account with 30000 and ...
Peter Novak's user avatar
2 votes
0 answers
351 views

Do Non-Resident Aliens need to file FBAR?

I am on F-1 Student Visa doing my STEM OPT now. As per my understanding, I am considered Non-Resident Alien for Tax purposes. Do I need to File FBAR if I have more than 10,000$ in my NRE account?
A. Maheshwari's user avatar
0 votes
1 answer
489 views

Should I file FBAR and IRS 8938 on my own or hire a CPA?

I am a recent H1B visa worker in the US (from Europe). In April 2018 I will have to submit my first income tax return statement. Due to having lived all of my life in Europe, I had (and still have) a ...
Marcus Junius Brutus's user avatar
3 votes
1 answer
432 views

Filing FBAR separately from spouse, do both spouses show joint account info on both forms?

Filing Report of Foreign Bank and Financial Accounts (FBAR) individually. So, if spouse A and spouse B are joint owners of an account they have a financial interest in, will both the FBARs of person A ...
Smit Shah's user avatar
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0 votes
1 answer
1k views

Missed to file Schedule B with 2016 Tax return for foreign bank account

I e-filed my 2016 tax return few days ago, but for my foreign accounts missed to file Schedule B (the tax software generated only 1040EZ). I have correctly reported the interest income of foreign ...
androidFan's user avatar
1 vote
1 answer
5k views

FBAR - Filer is Principal Joint Owner

It is unclear in the instructions what to put in the "Principal Joint Owner" section for a joint account where the filer is also the principal owner. Under the "Number of joint owners" in the ...
Ex Umbris's user avatar
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1 vote
1 answer
117 views

Which tab in FBAR form?

I am about to file FBAR. I see 3 tabs in FBAR form where account information is to be entered - separate/joint account, no financial interest, consolidated report. I have some mutual fund units (MFs)...
zatka's user avatar
  • 21
1 vote
1 answer
309 views

FBAR exchange rate question

I have a small, yet important question about FBAR, the policy regarding the reporting of foreign bank account. The rule says that I only have to report when the aggregate amount exceeds 10,000 US ...
user134070's user avatar
1 vote
1 answer
2k views

US Tax : How to file interest on Indian Fixed Deposit (FD)?

I am an Indian working in US on H1B visa. I pass the substantial presence test and will be filing as a resident alien this year. I am little confused on how to report the interest on the Indian Fixed ...
Fox's user avatar
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2 votes
1 answer
563 views

Canadian couple working in US, can I file using TurboTax, do I need to file an "FBAR"?

My wife and I are Canadians living and working in the US. Have been here long enough to be considered resident-aliens (I think, based on this substantial presence test I switched from being NRA to RA ...
shim's user avatar
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1 vote
1 answer
108 views

FBAR _ FinCen reporting - reporting of girlfriend

I have a foreign bank account and my girlfriend (she is NOT a US citizen) is a joint on the account. Do I need to report her as a joint account holder? I have only the one account with her, but ...
user39099's user avatar
1 vote
1 answer
114 views

US NRI investing in India [closed]

I am planning to invest in India. It does not matter whether brokerages offer online or offline options, I am fine with both. I am not looking to invest in India-ETF's or India-funds like MINDX. My ...
JavaDeveloper's user avatar
0 votes
1 answer
166 views

IRS Form FBAR FinCEN 114

The situation is I have a foreign account but it is for my business. It was there just as a flow in the middle to pay the foreign suppliers. It is just a regular foreign checking account under my name....
Tommy Nguyen's user avatar
1 vote
1 answer
428 views

FBAR, just found about it. What to do?

Just found out about FBAR. I have a pension investment in India (over $10K) that involves paying yearly premium (I've paid 8 of the 20 premiums) to it. It matures in 12 years and until then I do not ...
sheerfun's user avatar
0 votes
2 answers
1k views

Is IRS Form 8938 asking me to double-count foreign assets?

FBAR and Form 8938 require the reporting of the maximum balance/value of a foreign account during a tax year. If, say, I sell $100,000 worth of stock from my (foreign) securities account and desposit ...
Steven Beal's user avatar
2 votes
1 answer
256 views

FBAR needed if I wire transfer in installments?

Lets say I want to send $24000 to my parents account in India from USA. I will first transfer in NRE account. Then move money from NRE into my parents account. If I send $8000 to NRE, move it into ...
JavaDeveloper's user avatar
4 votes
1 answer
711 views

Filing FBAR if I wire transfer to my parents Account?

Do I need to file FBAR if I send $25000 to my fathers account in India?
JavaDeveloper's user avatar
12 votes
3 answers
19k views

FBAR: Is it better to tick "Maximum account value unknown" or make a rough estimate?

In FBAR, there is a checkbox (Line 15a) that allows you to check "Maximum account value unknown" and not report the exact value of your account. I don't know my account's maximum value for the entire ...
wawabin's user avatar
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1 vote
1 answer
1k views

Consequences of having reported FBAR with an account missing?

I have just uploaded FBARs for all accounts for the past 6 years. Since bank accounts normally automatically close down when there's no money within a certain period, I assumed that two of them were ...
Justme's user avatar
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1 vote
1 answer
305 views

Mortgage loan and move money to US

If I re-finance or get mortgage loan from my existing property in my home country, and move money to the United States, which taxes do I need to pay (Income tax? Interest Taxes?) or what shall I take ...
jclin's user avatar
  • 175
1 vote
1 answer
551 views

Should I file FBAR for the 1st year of permanent residency

I was not US resident (or B1/B2) and not in the U.S in preceding days before Nov. 2014. I get permanent residency and stay few weeks, and leave US due to the job in foreign country. I do have foreign ...
jclin's user avatar
  • 175
1 vote
2 answers
2k views

If I move money from my home country to the United States, what taxes need paid?

I am a permanent resident of the United States; I have not yet obtained the citizenship; If I move money to the United States which taxes do I need to pay? Income Tax? Interest Taxes?
Marina Medhat's user avatar
3 votes
1 answer
293 views

What is the deadline to file FBAR for a foreigner recently arrived in the US?

Apparently the deadline is June 30, what is the deadline for a foreigner arrived and working under visa such as H1B? Is it the first June 30 after I arrive? Or first June 30 after I file my taxes? Or ...
sbaba's user avatar
  • 33
0 votes
1 answer
360 views

OVDP Penalty calculation for the year of double residency

I moved to US in October 2010 as GC holder (won DV lottery, GC date is Oct 15th). I had a few active and closed accounts in the country of origin in 2010. Those accounts generated the following ...
user avatar
1 vote
2 answers
3k 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 ...
Pratik's user avatar
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4 votes
3 answers
611 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 ...
user14104's user avatar
  • 103
6 votes
1 answer
23k 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 ...
user14104's user avatar
  • 103
1 vote
1 answer
744 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 ...
Wuschelbeutel Kartoffelhuhn's user avatar
2 votes
2 answers
1k 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 ...
Susan's user avatar
  • 21
2 votes
1 answer
398 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 ...
CQM's user avatar
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3 votes
1 answer
1k 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 ...
Kathy's user avatar
  • 31
2 votes
1 answer
3k 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 ...
dB''s user avatar
  • 123