Reporting Foreign Financial Accounts - FBAR

[HikerMark 5]

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.

[corazónENparaguay 46]

Is that acronym a joke? It's almost too appropriate.

[Nich-Nick 3,354]

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.

[ninth_lady 1]

This is excellent information! Thanks for sharing it with us.

[rin and john 71]

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?

[HikerMark 5]

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.