Offshore savings account

Forum|Forum|3 years ago
November 16, 2022
1 reply
9 views

Hello,

I am a US resident (green card holder). How does having bank accounts abroad affect filing my taxes here in the US? Funds in the accounts are not from employment but simply monetary gift from parents. Also, how is the bank account information reported on an FBAR utilized by the government? Thanks.

pmurphy3

Level 4

Since you are a green card holder, the IRS considers you subject to worldwide reporting.

Depending on the amount of money in the foreign account, you may be subject to the requirement to file Form 8938, Statement of Specified Foreign Financial Assets, if the aggregate value is more than $50,000 at any time during the year.

If the account has more than $10,000 at any point in the year, you must file the FBAR with the IRS. It must be filed directly with the office of Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of the Treasury, separate from the IRS. TurboTax does not file the FinCEN. Do a google search for filing the FBAR.

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