I sent more than $50k overseas to my foreign account, I'm building a house there, so I never had more than $10k in the account. Do I need to report something on my taxes?

[aquinb]

I have citizenship in both countries.

[pk · Accepted solution]

@aquinb , since you have at least ONE foreign account ( bank? ), even if the account had more than  US$10,000 for a day, it would be wise to file the form 114  ( FBAR ) at www.fincen.gov.   It does not affect your tax return but  penalty for non-filing  a form  is  very large.  Also note that most countries have  "bank information share agreements with the USA and routinely report on all  persons with US SSN and/or US connections.  Also the bank  in the USA that transferred / wired the monies for you  also intimated  FinCen on all international transactions -- outgoing or incoming.

Just go to FinCen site and fill out the form 114 -- it is an online form  and NOT connected with your  2021 return preparation through TurboTax.

Is there more I can do for you ? 

[aquinb]

Thanks a lot for the information, it was very helpful!