bank account prior to moving to the US

[avelino-gumban]

I have a bank account in Canada prior to moving to the US. Bank account still active as I am still paying for my house. Is this considered a foreign account financial asset with IRS?

[DaveF1006]

Yes, it is considered a foreign asset to be reported. You may have two reporting requirements if the balance on the account exceeds certain thresholds.

1.  If your account balance exceeds $10,000 at any time during the calendar year, there's a FBAR report that needs to be filed. You may report this here. 
2. Additionally, you may need to report a 8938 in your return:

• If the total value of your specified 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 if you are filing Single.
• Or if you are married, these thresholds raise to $100,000/$150,000 respectively.

TurboTax will ask you these questions. If you meet these limits, TurboTax will create a 8938 for you to fill out and submit with your return.