You are not required to report personal loans to the IRS. Who is required to report their foreign accounts to the government, and how do they do so?
The Bank Secrecy Act requires U.S. persons who own a foreign bank account, brokerage account, mutual fund, unit trust, or other financial account to file a Form TD F 90-22.1, Report of Foreign Bank and Financial Authority (FBAR), if:
1. The person has financial interest in, signature authority, or other authority over one or more accounts in a foreign country, and
2. The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.
A U.S. person is:
• A citizen or resident of the United States, or
• Any domestic legal entity such as a partnership, corporation, estate or trust. @ldc2
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
