Hello,
I am a US resident and I wired a large amount of money (more than 10000$) to a bank account in France in order to buy a new real estate that is still under construction (hence no income coming from it).
The bank account in France is a checking account and belongs to me.
A couple of questions as the IRS verbose is not clear for me:
- Is a checking bank account in France is a foreign trust?
- Do I need to fill or report anything to IRS beside the FBAR?
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No, your French bank account isn't a foreign trust.
You may have to file Form 8938 if the total value of your foreign financial assets exceed the thresholds indicated on page 4 of this IRS document.
You have to file a FBAR by April 15, 2024 if the total balance of all your foreign bank accounts exceed $10,000 at any time during 2023.
See this FinCen document.
No, your French bank account isn't a foreign trust.
You may have to file Form 8938 if the total value of your foreign financial assets exceed the thresholds indicated on page 4 of this IRS document.
You have to file a FBAR by April 15, 2024 if the total balance of all your foreign bank accounts exceed $10,000 at any time during 2023.
See this FinCen document.
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