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HikerMark

Reporting Foreign Financial Accounts - FBAR

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Just a friendly reminder that those of us with more than $10,000 in foreign bank accounts, mutual funds or certain pension funds and other funds need to file form TD F 90-22.1 with the US Treasury by June 30, 2011 in respect of 2010.

Earlier in the year clearer guidance was issued on who needs to file and the form was revised so make sure you use the latest version of the form.

The IRS has been getting pretty tough on those who do not file the FBAR and have been charging substantial penalties even for those with relatively low balances.

Full information on the FBAR and the form can be found at http://www.irs.gov/businesses/small/article/0,,id=148849,00.html.


My time line

CSC

Nov 7, 2004 - First met in Chagford, Devon, UK

Sep 1, 2007 - Married in Chagford

Oct 5, 2007 - Sent I-130 to CSC

Oct 9, 2007 - Received by CSC

Jan 14, 2008 - Rejected by Chicago, wrong date on check :-(

Jan 15, 2008 - Sent I-130 back to Chicago with correctly dated check :-)

Jan 16, 2008 - Received by Chicago

Feb 14, 2008 - NOA1

Apr 28, 2008 - NOA2

May 6, 2008 - NVC assign case number

May 12, 2008 - DS-3032 and AOS bill generated

May 18, 2008 - DS-3032 request emailed by me

May 22, 2008 - AOS bill paid by check

May 27, 2008 - DS-3032 accepted by NVC

Jun 2, 2008 - IV bill generated

Jun 9, 2008 - IV bill received

Jun 16, 2008 - IV bill paid by check

Jun 21, 2008 - I-864 package received

Jun 26, 2008 - I-864 sent to NVC

Jun 30, 2008 - DS-230 generated by NVC

Jul 11, 2008 - DS-230 received

Jul 26, 2008 - DS-230 sent to NVC

Aug 4, 2008 - DS-230 received by NVC

Aug 12, 2008 - Case completed

Aug 14, 2008 - Papers sent to London Embassy

Oct 20, 2008 - Medical in London

Oct 27, 2008 - Interview in London (was originally scheduled for Sep 23)

Oct 28, 2008 - Visa received

Nov 22, 2008 - Arrived in USA at Phoenix.... Yeah!!!

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Thanks for the reminder. TurboTax generated one for my husband when I did taxes. I printed it so he would go ahead and fill it out. But he didn't. I'll check if it's the latest form.


England.gifENGLAND ---

K-1 Timeline 4 months, 19 days 03-10-08 VSC to 7-29-08 Interview London

10-05-08 Married

AOS Timeline 5 months, 14 days 10-9-08 to 3-23-09 No interview

Removing Conditions Timeline 5 months, 20 days12-27-10 to 06-10-11 No interview

Citizenship Timeline 3 months, 26 days 12-31-11 Dallas to 4-26-12 Interview Houston

05-16-12 Oath ceremony

The journey from Fiancé to US citizenship:

4 years, 2 months, 6 days

243 pages of forms/documents submitted

No RFEs

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Filed: Citizen (apr) Country: Thailand
Timeline

Reading through this, it applies to financial accounts only, not assets, correct? Rin and I own a house in Thailand worth more than $10K. Assume we don't have to tell the IRS about it, right?


K-3

11/15/2006 - NOA1 Receipt for 129F

02/12/2007 - I-130 and I-129F approved!

04/17/2007 - Interview - visa approved!

04/18/2007 - POE LAX - Finally in the USA!!!

04/19/2007 - WE ARE FINALLY HOME!!!

09/20/2007 - Sent Packet 3 for K-4 Visas (follow to join for children)

10/02/2007 - K-4 Interviews - approved

10/12/2007 - Everyone back to USA!

AOS

06/20/2008 - Mailed I-485, I-765 (plus I-130 for children)

06/27/2008 - NOA1 for I-485, I-765, and I-130s

07/16/2008 - Biometrics appointment

08/28/2008 - EAD cards received

11/20/2008 - AOS Interviews - approved

Citizenship

08/22/2011 - Mailed N-400

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Reading through this, it applies to financial accounts only, not assets, correct? Rin and I own a house in Thailand worth more than $10K. Assume we don't have to tell the IRS about it, right?

That is correct. It only applies to financial accounts. Even financial assets such as company stock held directly does not need to be reported.

Of course you would need to report the Thailand property on your US tax return if you get any rental income from it or ever sell it and make a loss or gain.


My time line

CSC

Nov 7, 2004 - First met in Chagford, Devon, UK

Sep 1, 2007 - Married in Chagford

Oct 5, 2007 - Sent I-130 to CSC

Oct 9, 2007 - Received by CSC

Jan 14, 2008 - Rejected by Chicago, wrong date on check :-(

Jan 15, 2008 - Sent I-130 back to Chicago with correctly dated check :-)

Jan 16, 2008 - Received by Chicago

Feb 14, 2008 - NOA1

Apr 28, 2008 - NOA2

May 6, 2008 - NVC assign case number

May 12, 2008 - DS-3032 and AOS bill generated

May 18, 2008 - DS-3032 request emailed by me

May 22, 2008 - AOS bill paid by check

May 27, 2008 - DS-3032 accepted by NVC

Jun 2, 2008 - IV bill generated

Jun 9, 2008 - IV bill received

Jun 16, 2008 - IV bill paid by check

Jun 21, 2008 - I-864 package received

Jun 26, 2008 - I-864 sent to NVC

Jun 30, 2008 - DS-230 generated by NVC

Jul 11, 2008 - DS-230 received

Jul 26, 2008 - DS-230 sent to NVC

Aug 4, 2008 - DS-230 received by NVC

Aug 12, 2008 - Case completed

Aug 14, 2008 - Papers sent to London Embassy

Oct 20, 2008 - Medical in London

Oct 27, 2008 - Interview in London (was originally scheduled for Sep 23)

Oct 28, 2008 - Visa received

Nov 22, 2008 - Arrived in USA at Phoenix.... Yeah!!!

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