Adressing US guys. For US citizens, living outside the US, some annual "asset-reporting" has to be filed. (how much money is in your foreighn Bank Account etc etc).
Forgot where to report this, it's a 4 letter abbreviation but even that I can't remember. Anyone?

FBAR 

6 minutes ago, Etaoin Shrdlu said:

FBAR 

Yes, now I remember. Thanks.

There's also form 8938 that needs to be filed with the 1040 tax form if one's non-US financial assets exceed certain limits. These limits are higher than the FBAR aggregate limit of USD10,000.

FBAR filing

 

https://bsaefiling.fincen.treas.gov/main.html

4 hours ago, Etaoin Shrdlu said:

There's also form 8938 that needs to be filed with the 1040 tax form if one's non-US financial assets exceed certain limits. These limits are higher than the FBAR aggregate limit of USD10,000.

 

 

Unmarried taxpayers.

If you are not married, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.

 

Form 8983 Info

On 5/11/2024 at 9:52 PM, Smokin Joe said:

 

 

Unmarried taxpayers.

If you are not married, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.

 

Form 8983 Info

Unmarreied. Less than 50K. Does that mean that I can ignore (not do) the FBAR filings?

44 minutes ago, swissie said:

Unmarreied. Less than 50K. Does that mean that I can ignore (not do) the FBAR filings?

 

No. FBAR is still required if 10K or more. 

1 hour ago, Smokin Joe said:

 

No. FBAR is still required if 10K or more. 

Hmmm! Only kept my Bank Records for the last 7 years. Diden't think anything older would ever be of relevance to anyone. What now?

13 minutes ago, swissie said:

Hmmm! Only kept my Bank Records for the last 7 years. Diden't think anything older would ever be of relevance to anyone. What now?

 

I think the statute of limitations on FBAR non-filing is six years after the due date.

35 minutes ago, Etaoin Shrdlu said:

 

I think the statute of limitations on FBAR non-filing is six years after the due date.

Well, like I said, I have Bank Records dating back 7 years. This paperwork weighs about 2 kilos. If that's not enough, they can lock me up in Alcatraz for the next 10 years. So be it.

On 5/12/2024 at 2:52 AM, Smokin Joe said:

 

 

Unmarried taxpayers.

If you are not married, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.

 

Form 8983 Info

The above criteria is for those living in the US.  The criteria for those living outside the US is different.  For married taxpayers filing jointly it is as follows: quote

"Married taxpayers filing a joint income tax return.

 If you are married and you and your spouse file a joint income tax return, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the tax year.