Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

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.

You may need to file an FBAR form if you have an interest in, or signature authority over a foreign bank account, brokerage account, mutual fund, trust of a variety of other foreign financial accounts. For those who must file an FBAR, it must be done yearly, to the Internal Revenue Service by filing Form TD F 90-22.1.

The FBAR is used to help account for discrepancies in global reporting standards by different country's financial institutions. General details are available from the IRS (on FBAR). Additional facts about FBAR for self-employed people are also available.

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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 year (the bank does not keep statements for that…
wawabin
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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 it mean to have "interest in" or "signature…
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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
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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 had greater than $10,000 worth of bitcoin (or any…
user14104
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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 up to two years to buy another property to avoid…
tumbler
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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 and person B need to show that account? Or can…
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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 first June 30 after I file my taxes as "resident"…
sbaba
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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 in my home country of over $10,000. The deadline of…
Kathy
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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 matter if you have the following balances during…
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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 another with 20000. However the FATCA rules state…
Peter Novak
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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
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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 in the fall of 2015). Trying to figure out my tax…
shim
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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 parents account, my balance in NRE will then be $0. …
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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 in LIRA and I want to transfer/cash out the RRSP…
Susan
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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 of the year. So, intentionally or not…
CQM
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