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As L1B Visa, not US citizen, do I need to report my own money (in a bank) that I have in my home country? And what about the money that is not in a bank account there?

In the last years I've reported the money that is in my bank account there, converting to US dollars. How should be the correct way to declare/report the money in a bank account?

And what about the money that is in a safe at home? Do I need to report as well? How to proceed?
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3 Replies
KarenJ2
Expert Alumni

As L1B Visa, not US citizen, do I need to report my own money (in a bank) that I have in my home country? And what about the money that is not in a bank account there?

Depending on the balance of your foreign bank account, you may have a reporting requirement.  You do not need to report cash you hold.

 

You potentially have two reporting requirements, The Report of Foreign Bank and Financial Accounts (FBAR) and/or Form 8938, Statement of Specified Foreign Financial Assets.

 

There are questions in TurboTax regarding your foreign accounts and the program will advise you if you have a reporting requirement.  If you do, you convert your currency to USD before filing.

 

Comparison of Form 8938 and FBAR Requirements

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As L1B Visa, not US citizen, do I need to report my own money (in a bank) that I have in my home country? And what about the money that is not in a bank account there?

For the cash that I hold out of a bank account in my home country, even though is more than the minimum FBAR amount, I do not need to report, right?

 

If I move this amount to a bank account, for the next tax report, will I have problems?

KarenJ2
Expert Alumni

As L1B Visa, not US citizen, do I need to report my own money (in a bank) that I have in my home country? And what about the money that is not in a bank account there?

You do not need to report cash on the FBAR however you do need to report any income received during the tax year on your US tax return.

 

I do not know if you could have a problem regarding an increased foreign bank account balance.  That is impossible for anyone to say.

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