Solved

Filing taxes as legal permanent resident (1st time).Do I need to file an FBAR or Fincen Form 118 or any other forms ?

Forum|Forum|7 years ago
June 5, 2019
1 reply
0 views

Filing taxes as legal permanent resident (1st time).I have foreign bank accounts (I am the secondary account holder,total value approx $4500).Accounts belong to my parents.They have also included me in their certificate of deposit accounts (total value approx $ 55000 ) in case of medical emergency .They already pay taxes on these accounts. Do I need to file an FBAR or Fincen Form 118 or any other forms ? Do I need to consult a tax attorney or CPA?

Best answer by MinhT1

The IRS says: https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-a...

United States persons are required to file an FBAR if:

the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

You are required to file an FBAR. To file an FBAR, please see: https://www.fincen.gov/report-foreign-bank-and-financial-accounts

M

MinhT1Answer

The IRS says: https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-a...

United States persons are required to file an FBAR if:

the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

You are required to file an FBAR. To file an FBAR, please see: https://www.fincen.gov/report-foreign-bank-and-financial-accounts

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"