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Level 2
posted Feb 25, 2020 5:56:08 PM

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
Expert Alumni
Feb 26, 2020 7:24:10 AM

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

Level 2
Feb 26, 2020 8:29:22 AM

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?

Expert Alumni
Feb 26, 2020 8:47:40 AM

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.