Deductions & credits

LinaJ2020 · ‎January 22, 2020

It is not just an account. It is considered a foreign asset and you must report if it meets the reporting requirements. According to both the Form 8938 "Statement of Specified Foreign and Financial Assets" and FBAR requirements, you are required to report a foreign life insurance policy with a cash value if you meet their reporting requirements. Click here 8938 vs FBAR and see below image. @rlehmann54

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