Transferring money from an account in Spain to USA
I have an account in Spain where I had a balance of less than 50k for the last 5 years. The money was gifted to me by my mother about 5 years ago to help towards buying a home.
This year, I decided to transfer about $40k that was left in that account into my Chase savings account in the USA to make life easier and I bought a home. I never ended up using the money, as I was able to borrow from a lender the down-payment portion so that I don't have to touch the money I transferred over.
As a result, I no longer have anything remaining in my account in Spain (less than the FBAR noted $10k).
I just learned about FBAR which I never have heard of before until I started researching on whether I need to pay taxes on the money I transferred over into my US account this year.
I want to know the following:
- Am I too late to report to FBAR (which I didn't even know about) now that I have less than $10k in my account in Spain and do I need to report on the balance I had before for the last 5 years? How do I do that and do I need to?
- What I need to do now on my end after this transfer to my US account?
-What kind of taxes would I have to pay and any forms I need to fill out?