multiple year Fbar questions
#16
Re: multiple year Fbar questions
You wont get penalized for submitting the FBARs late if it is just a reporting issue and your tax affairs were in order, which it sounds like they pretty much were. The people that get prosecuted for FBAR non compliance are the folks the deliberately hid their offshore accounts. Submit the missing FBAR and move on with your life. You will almost certainly hear nothing back after submitting.
Glad it all worked out well for you. Too many people are scared to death unnecessarily on these issues. If there was no intent to hide accounts and income from the IRS there is usually a way to come into compliance and move on with your life, without the need to expend a small fortune on professional fees.
Glad it all worked out well for you. Too many people are scared to death unnecessarily on these issues. If there was no intent to hide accounts and income from the IRS there is usually a way to come into compliance and move on with your life, without the need to expend a small fortune on professional fees.
#17
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Joined: Jun 2008
Location: Virginia
Posts: 132
Re: multiple year Fbar questions
Don’t forget that it’s the highest balance (maximum value) in an account during that year, not the same day. So if you had $10k in an individual account and so did your wife would both declare it on Part II of your own FBAR, if it was then combined in a joint account you would both have to declare it as $20k on Part III if each of your forms.
i do not think my wife was above 10kusd at anytime , in foreign accounts, as she transferred it all to me prior to 2018 (in 2017 when we were exempt) , so I could handle the actual transfers as one. I will run a check with her and she may have to file if she exceeds. thanks
Last edited by hutchison; Feb 8th 2021 at 8:54 pm.
#18
DE-UK-NZ-IE-US... the TYP
Joined: Mar 2010
Posts: 2,855
Re: multiple year Fbar questions
i took the highest values, per month final balance or line value whichever was greater, then took the highest of those for the Fbar, i had very little transaction once immigrated so it was an easy check.
i do not think my wife was above 10kusd at anytime , in foreign accounts, as she transferred it all to me prior to 2018 (in 2017 when we were exempt) , so I could handle the actual transfers as one. I will run a check with her and she may have to file if she exceeds. thanks
i do not think my wife was above 10kusd at anytime , in foreign accounts, as she transferred it all to me prior to 2018 (in 2017 when we were exempt) , so I could handle the actual transfers as one. I will run a check with her and she may have to file if she exceeds. thanks
Last edited by tht; Feb 8th 2021 at 9:33 pm.
#19
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Joined: Jun 2008
Location: Virginia
Posts: 132
Re: multiple year Fbar questions
sound advice from all, thanks a 'bunch'. There is a compromise in having your tax prepared , that is you do not learn.
#20
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Joined: Jun 2008
Location: Virginia
Posts: 132
Re: multiple year Fbar questions
I wanted to update this thread as a reminder for others (and a refresher for me) who are, OR ARE NOT, having their tax prepared within their relocation.
reminder is ; A nonresident alien is not obligated to file either an FBAR or subsequently Form 8938. (words From my previous tax preparers/Del****e)
which means if you meet the 'substantial presence test' , you are a resident for tax purposes and should file FBAR , only IF, the FBAR threshold is exceeded.
and subsequently form 8938 is filed, if, the thresholds within your tax filing category for 8938 are exceeded.
https://www.irs.gov/individuals/inte...-presence-test
it is a useful note for those moving in the later half of the last US tax year, and have spent not much time in the u.s in the years before. your tax preparers may have covered this if they are covering your taxes, definitely worth checking, it took me a few years to understand, i hope it helps someone.
I filed only Fbars for last year (filed this week).
reminder is ; A nonresident alien is not obligated to file either an FBAR or subsequently Form 8938. (words From my previous tax preparers/Del****e)
which means if you meet the 'substantial presence test' , you are a resident for tax purposes and should file FBAR , only IF, the FBAR threshold is exceeded.
and subsequently form 8938 is filed, if, the thresholds within your tax filing category for 8938 are exceeded.
https://www.irs.gov/individuals/inte...-presence-test
it is a useful note for those moving in the later half of the last US tax year, and have spent not much time in the u.s in the years before. your tax preparers may have covered this if they are covering your taxes, definitely worth checking, it took me a few years to understand, i hope it helps someone.
I filed only Fbars for last year (filed this week).