Foreign Bank Account Report - FBAR

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The FBAR is only required  if you have a financial interest in one or more overseas financial accounts and the total value of all of the financial accounts combined was $10,000 or more during any point during the tax year. The FBAR (FinCEN Form 114) must be filed electronically with the US Treasury Department (not the IRS) by April 15th, with an automatic extension of 2 months for US citizens living abroad. An extension is available, which extends the due date to October 15th.

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Foreign Account Tax Compliance Act Reporting for US Expats

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FATCA (Foreign Account Tax Compliance Act) Form 8938 must be completed by US expats residing outside the US if specified foreign assets exceed the following thresholds:

 

Single filing:

• $200,000 on the last day of the year

• Or $300,000 at any point during the year

 

Married filing jointly:

• $400,000 on the last day of the year

• Or $600,000 at any point during the year

 

Specified foreign assets include (but are not limited to):

• Any financial account maintained by a foreign financial institution

• Other foreign financial assets held for investment that are not in an account maintained by a US or foreign financial institution, namely:

• Stock or securities issued by someone other than a US person

• Any interest in a foreign entity

• Any financial instrument or contract that has as an issuer or counterparty that is other than a US person.

 

Specified foreign assets would include your foreign bank accounts, but not assets such as your home.

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