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madi6
New Member

Filing taxes as legal permanent resident (1st time).Do I need to file an FBAR or Fincen Form 118 or any other forms ?

Filing taxes as legal permanent resident (1st time).I have foreign bank accounts (I am the secondary account holder,total value approx $4500).Accounts belong to my parents.They have also included me in their certificate of deposit accounts  (total value approx $ 55000 ) in case of medical emergency .They already pay taxes on these accounts. Do I need to file an FBAR or Fincen Form 118 or any other forms ? Do I need to consult a tax attorney or CPA? 

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MinhT
Expert Alumni

Filing taxes as legal permanent resident (1st time).Do I need to file an FBAR or Fincen Form 118 or any other forms ?

The IRS says: https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-a...

United States persons are required to file an FBAR if:

  1. the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
  2. the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.
You are required to file an FBAR. To file an FBAR, please see: https://www.fincen.gov/report-foreign-bank-and-financial-accounts


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3 Replies
MinhT
Expert Alumni

Filing taxes as legal permanent resident (1st time).Do I need to file an FBAR or Fincen Form 118 or any other forms ?

The IRS says: https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-a...

United States persons are required to file an FBAR if:

  1. the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
  2. the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.
You are required to file an FBAR. To file an FBAR, please see: https://www.fincen.gov/report-foreign-bank-and-financial-accounts


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madi6
New Member

Filing taxes as legal permanent resident (1st time).Do I need to file an FBAR or Fincen Form 118 or any other forms ?

Would I need to file a FATCA or IRS Form 8938 as well ?
MinhT
Expert Alumni

Filing taxes as legal permanent resident (1st time).Do I need to file an FBAR or Fincen Form 118 or any other forms ?

Please read this document for FATCA and form 8938 requirements: <a rel="nofollow" target="_blank" href="https://www.irs.gov/businesses/corporations/summary-of-fatca-reporting-for-us-taxpayers">https://www...>
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