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I sent more than $50k overseas to my foreign account, I'm building a house there, so I never had more than $10k in the account.Do I need to report something on my taxes?
I have citizenship in both countries.
@aquinb , since you have at least ONE foreign account ( bank? ), even if the account had more than US$10,000 for a day, it would be wise to file the form 114 ( FBAR ) at www.fincen.gov. It does not affect your tax return but penalty for non-filing a form is very large. Also note that most countries have "bank information share agreements with the USA and routinely report on all persons with US SSN and/or US connections. Also the bank in the USA that transferred / wired the monies for you also intimated FinCen on all international transactions -- outgoing or incoming.
Just go to FinCen site and fill out the form 114 -- it is an online form and NOT connected with your 2021 return preparation through TurboTax.
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