Thank you for your answer! I have another related question: Are the thresholds for the Foreign Accounts & for the Foreign Assets “one and the same”?
In other words, for both the Foreign Accounts & the Foreign Assets, the threshols should be as follows:
If you are a taxpayer living abroad you must file if -
- You are filing a return other than a joint return and the total value of your specified foreign assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the year; or
- You are filing a joint return and the value of your specified foreign asset is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year.
Thank you ~
