Hi
I have a foreign life insurance policy called ICICI prudential life insurance.
Each year i pay about $1882 as premium on it. It does not pay me back anything- just a usual policy to be used to get money at time of death.
what do i have to do with this in US taxes?
I have this since 2021. I have been filing taxes with a consultant of HR block except this year where i used TurboTax.
He did not mention anything that i have to do.
please let me know.
The cash value of your foreign life insurance policy is considered a foreign financial asset.
You'll need to file Form 8938 with your tax return if your total foreign financial assets exceed the thresholds specified on page 4 of this IRS document.
You'll also need to file a FBAR if your total foreign financial assets exceed $10,000 at anytime during the tax year. See this FinCen document.
Hi,
how can i find cash value?
i dont get any money out of it. It is a simple insurance that would pay my nominee a lumpsum money at the time of death.
i have to keep paying premiums for 7 years. That is pretty much about it.