KarenJ2
Expert Alumni

Deductions & credits

@sreenve  If you have other foreign financial accounts that in aggregate exceed $10,000 on any one day in 2019, then you must report all of your foreign financial accounts no matter what balance they have.

 

If the foreign life insurance cash surrender value is less than $10,000 for all of  2019 and it is the only foreign financial account you have, then you do not need to report it.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"