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.

Filter by
Sorted by
Tagged with
11
votes
3answers
9k 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 ...
5
votes
1answer
20k 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 ...
4
votes
2answers
1k 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 ...
4
votes
3answers
483 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 ...
4
votes
1answer
569 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?
3
votes
1answer
272 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 ...
3
votes
2answers
138 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 ...
3
votes
1answer
222 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 ...
3
votes
1answer
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 ...
2
votes
2answers
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 ...
2
votes
1answer
325 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 ...
2
votes
1answer
197 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 ...
2
votes
1answer
519 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 ...
2
votes
1answer
2k 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 ...
2
votes
0answers
75 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 ...
1
vote
1answer
87 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)...
1
vote
2answers
2k 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 ...
1
vote
1answer
3k 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 ...
1
vote
1answer
198 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 ...
1
vote
1answer
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 ...
1
vote
1answer
86 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 ...
1
vote
1answer
772 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 ...
1
vote
2answers
1k 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?
1
vote
1answer
724 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 ...
1
vote
1answer
93 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 ...
1
vote
1answer
344 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 ...
1
vote
1answer
246 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 ...
1
vote
1answer
485 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 ...
1
vote
0answers
128 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 ...
1
vote
0answers
89 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 ...
1
vote
0answers
283 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?
0
votes
1answer
673 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 ...
0
votes
1answer
350 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 ...
0
votes
1answer
278 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 ...
0
votes
1answer
122 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....
0
votes
2answers
683 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 ...