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What Is an FBAR? And Why You Need to File One

Article Summary:

What is an FBAR? It is the Foreign Bank Account and Financial Account Report, also known as the FBAR. This is basically your report that goes to the U.S. Treasury Department stating if you have bank accounts with balances over $10,000 cumulative. And the deadline to file is quickly approaching.

Phot oCredit: Inside Costa Rica

Original Article Text From Greenback Tax Services:

What Should Americans Living Overseas Know About the FBAR?

Hi, everybody. I’m David McKeegan from Greenback Expat Tax Services, and I’d like to talk to you today a bit about the FBAR.

We got a question this week: How and to whom do I report my foreign bank accounts? The Foreign Bank Account and Financial Account Report also known as the FBAR or for some people in the industry would like to call it the FooBar, but that’s neither here or there. This is basically your report that goes to the US Treasury Department stating if you have bank accounts with balances over $10,000 cumulative.

If you have three bank accounts each with $4,000 in them, that adds up to $12,000 so you would have to report that using the FBAR, which is the Treasury form. It’s TD 90-22-1. This is due to the US Treasury by June 30th every year. There is no extension for this. You’re going to see an extension on your US taxes. You don’t get an extension on the FBAR form.

If you have any questions about the FBAR, please get in touch with one of our team at greenbacktaxservices.com, and we look forward to working with you. Thank you.

Link to Original Article:

From Greenback Tax Services

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