Questions tagged [foreign-accounts]

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1answer
670 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 ...
0
votes
0answers
49 views

US Citizen owning & trading in a foreign offshore account

I am a US citizen and have had a brokerage account in Singapore for 15 years, since being stationed there for work. All correct US reporting has and is carried out in the US including finbar etc. ...
3
votes
2answers
848 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
votes
2answers
4k 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 ...