Filing Requirements for US Citizens with Assets Abroad (FBAR & 8938)

[Trvlr 50]

This post was split off from “International Transfers” because it really had little to do with transferring money.

It explains in brief the reporting requirements for U.S. citizens who hold financial assets in other countries.

 

FBAR (Foreign Bank and Financial Accounts) FinCEN Report 114

 

This what I was talking about with MM.

• EVERY US citizen has to file this report if they hold more than $10,000 in foreign accounts. This applies to expats also – the limit is the same for everyone.
• It is NOT filed with the IRS. I will provide a link which explains more.
• It is filed electronically and the deadline is June 30.
• It is informational – no tax is due.

I doubt that foreign banks report to the US if someone has 10 or 20 k in an account. But the reporting threshold is 10k.

 

Much more here: http://bsaefiling.fincen.treas.gov/main.html

 

IRS Form 8938

 

This is what MM was talking about. This is required to be filed by all US citizens, if they hold more than specified amounts abroad, when they file their tax returns.

• The threshold for single US residents is $50,000 but includes a wide range of financial instruments.
• For expatriates the threshold is higher. People need to check on the IRS table, but for a single filer it is $200,000 on the last day of the tax year. Or $300,000 any time during the year.
• Tax is due on earnings according to usual IRS rules.

More info here: http://www.greenbacktaxservices.com/blog/us-expat-taxes-form-8938/

 

[MM 6,562]

Right, and that's what I said. Thanks for getting it.

 

Sent from my GT-I9300 using Tapatalk

 

 

[MM 6,562]

What I mean by saying the above is that the FBAR is separate from the IRS tax return filing.

 

It's reported differently and has a different reporting date.

 

But this all started with my statement that I didn't have to report accounts on my tax return to the IRS as an expat unless over the stated amounts you listed.

 

The FBAR is a different story and I acknowledged that in my reply to Gary regarding his accountant.

 

I was ONLY describing the IRS tax return filing treatment.

 

From your link:

 

 

 

The FBAR is a calendar year report and must be filed on or before June 30 of the year following the calendar year being reported. Effective July 1, 2013, the FBAR must be filed electronically through FinCEN’s BSA E-Filing System. The FBAR is not filed with a federal tax return. A filing extension, granted by the IRS to file an income tax return, does not extend the time to file an FBAR. There is no provision to request an extension of time to file an FBAR.

 

That is what I was saying with respect to Turbotax treatment.

 

Clear?

 

BTW, thanks for bringing the FBAR reporting to the forefront though, even if it wasn't in response to my tax return statement...

[Trvlr 50]

What I mean by saying the above is that the FBAR is separate from the IRS tax return filing.

 

It's reported differently and has a different reporting date.

 

But this all started with my statement that I didn't have to report accounts on my tax return to the IRS as an expat unless over the stated amounts you listed.

 

The FBAR is a different story and I acknowledged that in my reply to Gary regarding his accountant.

 

I was ONLY describing the IRS tax return filing treatment.

 

From your link:

 

 

That is what I was saying with respect to Turbotax treatment.

 

Clear?

 

BTW, thanks for bringing the FBAR reporting to the forefront though, even if it wasn't in response to my tax return statement...

 

It's clear to me, I hope it is becoming clear to you.

If you had done a post anything like what I did above then no followup would have been needed at all.

You are beginning to sound like a sore loser...why? What matters is that something important to some people was cleared up. This wasn't a competition of any sort, and I wasn't criticizing you.

[MM 6,562]

Maybe you should take a second look at all this.

 

Sent from my GT-I9300 using Tapatalk

 

 

[Gary 4,119]

All I know about it is that big brother is antagonizing foreign banks and being a pain in the ass for expats. I'd rather see the government investigate the IRS's political agenda. Of course the democrat powers that be will do whatever they can to sweep this under the rug.

[BigDUSA 71]

All I know about it is that big brother is antagonizing foreign banks and being a pain in the ass for expats. I'd rather see the government investigate the IRS's political agenda. Of course the democrat powers that be will do whatever they can to sweep this under the rug.

Same can be said for the GOP.

[jacko 8,822]

Same can be said for the GOP.

???

[js007 795]

Hey guys. The general idea is to get the information out there so people can file what they need to file. No sense getting into a bickering match.

[Trvlr 50]

???

 

LOL...GOP stands for grand old party and refers to the Republicans.

Gary is obviously a staunch one and likes to take a poke at the Democrats whenever he can. BugD took the bait and fired back.

But, as James Bond above said, no point bickering. However I have little hope that the bickering will ever stop.

[jacko 8,822]

 

LOL...GOP stands for grand old party and refers to the Republicans.

Gary is obviously a staunch one and likes to take a poke at the Democrats whenever he can. BugD took the bait and fired back.

But, as James Bond above said, no point bickering. However I have little hope that the bickering will ever stop.

Oh I know that....I was just confused that BigD thought they were sweeping the IRS's political agenda under the rug.

[Gary 4,119]

I would have thought that the IRS would have notified me about this requirement. I would have known nothing about it not for my accountant. Not every expat has an accountant.

[VPI78 11,528]

If you need help with this, which sounds like it could potentially be a legal matter, i would recommend hiring a private investigator. There are many in the area and you can be assured you are doing everything correctly. They can help translate documents and check the legitimacy of places and things like that. There are a few good ones, i would recommend Zele Investigators. run by an american and 100% reliable. check them out

 

blah blah spam website removed

 

55555

[brotherbuzz 3,206]

 

55555

You missed a b.

[midlifecrisis 4,048]

It is reported to the Treasury Department (DoT) - to which the IRS is a part but is not involved with this - only taxes and (wtf) Obama Care.

 

The Treasury also has the ATF (Alcohol, tobacco and firearms).

 

Yup these drinkers and smokers are linked to guns. Sorry guys.

 

Oops - one outa three ain't so bad is it?

Edited June 16, 2014 by midlifecrisis

[cbrib 354]

I would have thought that the IRS would have notified me about this requirement. I would have known nothing about it not for my accountant. Not every expat has an accountant.

 

I agree, i have lived in Thailand for over 11 years and i don't have an accountant. I have filed as an ex-pat, they have my USA mailing address, my Thailand mailing address and my email add yet they never send any notifications on changes in tax laws for ex-pats.

 

That said when big brother wants to send his long arm across the pond and slap the shit out of us for some money he is going to get paid, with a "ignorance is no excuse" attitude. Gotta love ole Uncle Sammy