10/25/2022 0 Comments F bar taxes![]() ![]() Living abroad and filing a joint income tax return will affect whether or not you need to report these assets.Īccording to the IRS, if you are a US person living in the US, you must file Form 8938 if you must file an income tax return and:įiling Single - The total value of your foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year Whether or not your foreign financial account has produced taxable income, you’ll still need to report it on FBAR. However, they will only need to file if the foreign accounts exceed $10,000 at any time during the calendar year they are filing taxes for. Related Article | Do Aliens Pay Taxes? Who Must File FBAR (Foreign Bank Account Reporting)? File FBARĪ US person, as mentioned above, must file FBAR when they have a financial interest or authority over a financial account located outside the United States. ![]() You are a resident alien if you pass either of these two tests:
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