pk
Level 15
Level 15

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 ?