I have taken security deposit from my tenant in India as part of rental agreement. The money has to be returned in full at the end of the lease. But the balance in my account has crossed $10,000 due to the security deposit. Do I need to file FBAR even though it is not an income and does not belong to me as I have to give it back at the end of the lease? I understand that I have to file tax for the rental income and any interest. But do I need FBAR as the balance is more that $10,000 but it does not belong to me and is not treated like an income?
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Yes, the FBAR is required. Even though the funds are being returned to your tenant, the money is still sitting in your bank account. If a foreign bank account exceeds $10,000 at any time during the tax year, then FBAR reporting is triggered.
TurboTax does not support FBAR reporting. This can only be filed through the government's BSA E-filing System Website.
Yes, the FBAR is required. Even though the funds are being returned to your tenant, the money is still sitting in your bank account. If a foreign bank account exceeds $10,000 at any time during the tax year, then FBAR reporting is triggered.
TurboTax does not support FBAR reporting. This can only be filed through the government's BSA E-filing System Website.
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