Large Wire Transfer from USA to France

[Phonou]

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?

[MinhT1 · Accepted solution]

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.