Report of Foreign Bank and Financial Accounts (FBAR)
Did you realize that all US citizens must report all foreign bank account activity to the IRS?
FOREIGN BANK ACCOUNT(S) UNDER $10,000 …check the box on Form 1040, Schedule B.
FOREIGN BANK ACCOUNT(S) OVER $10,000…check the box on Form 1040, Schedule B AND file a Foreign Bank Account Report (FBAR) to the IRS, Department of Treasury
FOREIGN BANK ACCOUNT(S) OVER $10,000
PLUS ALL OTHER ASSETS OF $200,000+ …. check the box on Form 1040, Schedule B AND file a Foreign Bank Account Report (FBAR) and possibly a Form 1040, #8938 (see below for rules).
Beginning in 2011, the IRS has instituted a new form for the purpose of reporting all foreign financial assets including, but not limited to, bank accounts, securities, investments, and real estate located in a foreign country. This requirement is for all US citizens…onshore and offshore…where ever you may be!
The Form 8938 is filed with your US tax return so the same due dates apply.