Hi,
I (US Green Card holder) have a few questions related to my 2022 tax situation
- I transferred money (>$150K) to my father's foreign account in 2022. Does this require me to report when I file my 2022 taxes? If no, does the answer change if I transferred money as a gift to my father? Do I have to pay any gift tax as part of my 2022 tax filing?
- I have a few bank accounts in foreign country which typically had <$10K which is why I never had to file FBAR. However, in 2022, I sold a property and the associated money (>$150K) was deposited into one of my account but it was immediately used to payoff the loan associated with the property that was sold. Baring that one-off transaction which was rather temporary as I had to pay the loan to the bank, my foreign account had <$10K. Am I required to disclose the account under FBAR requirements?
Thank you
