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Get your taxes done using TurboTax
@sac428 , think we are talking about two different things here:
FBAR reporting ( only on-line at FinCen.gov and form 114 ) requires reporting if you have bank / broker cash accounts you OWN or have signature authority over that meet the threshold amount of US$10,000. There is no tax consequence but not reporting when required to can attract onerous fines.
FATCA requirement ( on form 8938 along with your tax return ) is more broad cover all kinds of semiliquid assets and threshold depends on your filing status and whether your tax home is in the US or abroad. Again there is no tax consequence but non-reporting can attract onerous fines.
Rental income , no matter where the asset is located , is reported as income on schedule -E and may generate taxable income. Also the allowable depreciable life may be different based on when rental was started and where located.
Alienation / disposal of asset need to be recognized and may generate taxable gain ( capital or otherwise ).
Does this help ?