FBAR
Any United States person is a Citizen or Resident who has financial interest in or Signature authority, or other authority over any financial account in a foreign country and if the aggregate value of these accounts exceeds US $10,000 at any time during the calendar year must file a report of foreign bank and financial accounts byApril 15th. However, there is an automatic extension available, which extends the filing deadline to October 15th.
FATCA
The Foreign Account Tax Compliance Act (FATCA) requires certain U.S. taxpayers to report their financial accounts held outside the United States, and it imposes reporting obligations on Form 8938, which must be attached to the taxpayer’s annual income tax return. if you do not have to file a U.S. income tax return for the year, then you do not have to file Form 8938, regardless of the value of your specified foreign financial assets.
TFor individual taxpayers, the reporting thresholds for FATCA are as follows:
1. FATCA Form 8938 Thresholds:
If you are living in the United States:
The aggregate value of specified foreign financial assets must exceed $50,000 on the last day of the tax year, or $75,000 at any time during the tax year.
Married individuals filing jointly are required to report if the aggregate value exceeds $100,000 on the last day of the tax year, or $150,000 at any time during the tax year.
These thresholds are higher for taxpayers living abroad.
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