Octang Frye

I have a low-cost endowment policy with a UK/Canadian company that matures in a few months. How do I declare it tax wise?

I've read the thread (and the link to uk-yankee) where a similar question was posed, about paying tax on "gains" after factoring in what the investment was.
I can't seem to see that from the documentation. Similarly, I took out out five or six grand a few years back for a car, and never paid it back. So it won't actually pay out the full amount.

Also, what's this FBAR business?

Octang Frye

133 views and no-takers.

mrken30

Calculate the amount you paid in and then the gain you made. That is what you pay tax on. Most of it will be long term CGT apart from the last year , maybe.

MidAtlantic

You must file an FBAR if you have a financial interest in a foreign financial account and the value exceeds $10,000 at any time during the calendar year. You may also need to consider Form 8938.

Details here:

https://www.irs.gov/businesses/compa...r-requirements

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