Questions tagged [foreign-accounts]

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Do I need to file tax form 1040 in a Streamline Foreign Offshore Procedure, even if I was not required to file in that year

I am a US citizen living in Sweden. I thought because my income was below the threshold for filing 1040, I did not need to submit any information to the IRS in 2019. Unfortunately, I had a little over ...
4
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4answers
2k views

What are the advantages/disadvantages of investing in foreign currency?

I am learning about brokerage accounts and how investors diversify their portfolios within their brokerage or other investment accounts. One of the things I have noticed, especially in the U.S., is ...
5
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1answer
679 views

In accordance with IRS regulations filing of an FBAR is required in my case

I have approximately $26,600.00 in a foreign bank account...this account is used for daily living expenses. I am wondering when reporting this on IRS Form 8938 if I will have to pay US Taxes on this ...
3
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2answers
4k 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 ...
2
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2answers
10k views

Is it mandatory to convert normal savings account to NRO/NRE account if there is no money to deposit from outside India?

If there is no money to deposit from outside India to Indian account, though the status is NRI, is it mandatory to convert savings account to NRI/NRE account? What are the penalties of not ...