Contact UsI am a US Citizen and live in the US. I maintain an account in a foreign country with less than $50K. do I need to include it in my tax returns in US? Please reply ASAP. Thanks.
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John Stancil
Absolutely. As a US citizen you are subject to tax on your worldwide income, regardless of source. In addition, you must file the Foreign Bank Account Report (FBAR, Form TD F 90-22.1) and the Form 8938 under the FATCA legislation.
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445 weeks ago
Question Owner
Thank you for the answer, but please clarify the following under Reporting Thresholds of FATCA: Married taxpayers filing separate income tax returns. If you
are married and file a separate income tax return from your spouse, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.
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444 weeks ago
are married and file a separate income tax return from your spouse, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.
John Stancil
That is true, but that is FATCA. Any income from those accounts is subject to income tax. Additionally the FBAR threshold is $10,000 at any time during the year, even if for one day.
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442 weeks ago