Fincen and FBAR Qu - report 2 or just 1 account
Apr 14th 2021, 9:49 pm
#1
BE Forum Addict
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Posts: 1,167
Fincen and FBAR Qu - report 2 or just 1 account
Hi everyone,
I have interest in an account in Japan that easily meets requirements for 8938 and Fincen reporting. A second account in the UK (less that 10K USD), de facto also has to go on the Fincen due to the value of the other account. My question is, does the British account also have to go on the 8938?
TY!
H
I have interest in an account in Japan that easily meets requirements for 8938 and Fincen reporting. A second account in the UK (less that 10K USD), de facto also has to go on the Fincen due to the value of the other account. My question is, does the British account also have to go on the 8938?
TY!
H
Last edited by PetrifiedExPat; Apr 14th 2021 at 10:01 pm.
Apr 14th 2021, 10:06 pm
#2
Furby
Joined: Apr 2016
Location: St. Louis, MO.
Posts: 874
Re: Fincen and FBAR Qu - report 2 or just 1 account
Yes, if the combined value of all foreign accounts exceeds the relevant threshold for reporting then you have to report all of them regardless of the individual value of any one account.
Apr 14th 2021, 10:08 pm
#3
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Re: Fincen and FBAR Qu - report 2 or just 1 account
Apr 14th 2021, 10:12 pm
#4
Furby
Joined: Apr 2016
Location: St. Louis, MO.
Posts: 874
Re: Fincen and FBAR Qu - report 2 or just 1 account
Yes, both forms.
Apr 15th 2021, 4:29 pm
#5
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Re: Fincen and FBAR Qu - report 2 or just 1 account
Thank you, GG, I leant towards your take and the accountant agreed (he made two previous errors on this). I am aggravated because it is my foreign activity reporting that made me hire this firm in the first place. Anyway, all will be reported, I overpaid the estimated taxes on it all and will get a nice windfall once all is filed!
