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Deductions & credits
If you have a foreign bank account, you will need to report it. You are holding a foreign financial asset and you are also removing money from the foreign financial asset, so you will need to report this if the total of the balance exceeds $10,000 during the tax year.
Comparison of Form 8938 and FBAR Requirements
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March 14, 2022
6:38 AM
6,866 Views