Do I need to file an FBAR application if I had more than $10,000, but that was before I became a permanent resident (green card) in the USA and before I entered the USA?

I have over $10,000 in the current calendar year, but that was before I entered the U.S. and therefore became a permanent resident in the USA. When I entered the USA, I had less than $10,000 in my foreign (non-American) bank accounts, and I had more than $10,000 in cash with me at the border.

544

Level 15

Dec 24, 2023 6:54:39 PM

I will page Champ @pk

Level 15

Dec 26, 2023 6:50:21 PM

@waiddew-gmail-co , this is one of those cases , it is better to be prudent than correct in the law i.e. follow the law's spirit. Even though you are not required to report the foreign bank account ( because it was prior to your entry into the USA ), it is probably prudent to report the bank account as if you were a US person from the first day of the tax year. It costs you nothing -- not a tax event.

That is my view

Welcome to the US of A

Why sign in to the Community?

Do I need to file an FBAR application if I had more than $10,000, but that was before I became a permanent resident (green card) in the USA and before I entered the USA?