The above requirements for filing Form 8938 do not take the place of the obligation to file an FBAR (Foreign Bank Account Report, Treasury Form TD F 90-22.1) to report a financial interest in or signature authority over a foreign financial account. For joint filers, the limits are $400,000 at year-end, or $600,000 at any time during the year. Single filers need only report accounts exceeding $200,000 at year-end, or $300,000 at any point during the year. citizens living abroad, the reporting limits rise dramatically. For joint filers, the limits rise to $150,000 at any time, and $75,000 at year-end.įor U.S. Foreign holdings exceeding $75,000 at any time during the year must also be reported. residents, you have to file information about your foreign holdings if they exceed $50,000 at year-end, if you're a single filer. "Above that amount, check the IRS reporting limits, which may change from year to year in the future."įor U.S. "If your overseas assets don't exceed $50,000, you don't have to worry about the new rules," says Gonzalez. As of 2012 and beyond, all taxpayers who meet the minimum threshold, which varies by tax-filing and residence status, must comply. During the transitional tax year of 2011, only certain taxpayers had to make foreign disclosures to the IRS. One of the latest tax buzzwords is "offshore accounts," as the IRS has begun taking a closer look at the foreign holdings of American citizens. They don't come every year, but when they do, they translate into additional money in your pocket." New foreign financial disclosures
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