The following question is in regard to fbar requirement and form 8938. If a loan was used for a house that was bought outside the United States, and that loan money was 480,000 euro and that foreign account was used to buy the house and renovate the house, does this need to be reported? The money that was actually mine never exceeded 10000 dollars. However, there was a time when loan money was in the account and it exceeded the 10k threshold. Does this foreign account need to be reported, or does it not have to be reported due to the fact that the money was never actually mine. I also own the house directly and live in it.
