Overseas credit cards are a little different than mortgages because these could fall under the jurisdiction of the Bank Secrecy Act. In fact it defines what accounts that should be reported:
- Deposit accounts; •
- Transaction or asset accounts ;
- Credit accounts, or any other extension of credit;
- Safety deposit box or other safekeeping services;
- Cash management, custodian, and trust services; or •
- Any other type of formal, ongoing banking relationship.
Based on this, there is a FBAR reporting requirement if your Credit Card Balances are more than $10,000 at any time during the tax year. In addition, if your credit card balances exceed $50,000 at any time during the year, you will need to file form 8938. You can file this in your tax return a Turbo Tax does support form 8938. To report.
- Open or continue your return if you're not already in it
- Search for 8938 and select the Jump to link at the top of the search results
- On the Foreign Financial Assets screen, select Yes, I have foreign financial assets
- Answer yes or no to living in a foreign country, and select Continue
- Answer yes or no to amount of foreign financial assets, and select Continue
- Carefully follow the instructions. If you need Form 8938, we'll fill it out for you
Turbo Tax does not support the FBAR reporting but you may report this at the following website.
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