Hi,
Arrived in the US on green card in mid December 2021 so will file as dual status alien.
I will be nonresident alien up to mid December, then resident alien mid December onwards.
I will file an FBAR but had two questions:
1 - to determine the maximum of financial accounts, do I calculate that over the whole of 2021 or just the period I am resident alien?
2 - do I need to declare accounts that were closed before I became resident alien?
All help appreciated.
A FBAR is for the full calendar year.
Therefore even if you are a resident alien for only part of the year, your FBAR must cover the full calendar year.
So to determine whether the total balance of your foreign accounts exceeds $10,000, you should consider the full year and also count the accounts closed during the year.
A FBAR is for the full calendar year.
Therefore even if you are a resident alien for only part of the year, your FBAR must cover the full calendar year.
So to determine whether the total balance of your foreign accounts exceeds $10,000, you should consider the full year and also count the accounts closed during the year.