Hello,
I recently filed my taxes and during the filing I told the tax consultant that I have a mortgage in India and I've been paying xxx amount per month as an installment for it. She has mentioned that in my filing and asked me to file an FBAR for claiming the assets that I own in India. I did some research regarding the same and I am now in a dilemma whether I'm supposed to file an FBAR or not. The questions/ reasons that I have are
1. The bank account I use in India is solely for paying my mortgage installment and it has never crossed $10000 at any point of time during the year
2. I do not have any income from the house as my parents reside in there.
3. Although, I have made transfers for over $10000 in the past year to multiple accounts but nothing has $10000 in the account at any point of time.
Now, my question is whether I have to file FBAR or not? If no, do I have to make any changes to my filing (What would be the process?) If yes. can you explain so that I can get a better perspective on this
Thank you,
Sai
I recently filed my taxes and during the filing I told the tax consultant that I have a mortgage in India and I've been paying xxx amount per month as an installment for it. She has mentioned that in my filing and asked me to file an FBAR for claiming the assets that I own in India. I did some research regarding the same and I am now in a dilemma whether I'm supposed to file an FBAR or not. The questions/ reasons that I have are
1. The bank account I use in India is solely for paying my mortgage installment and it has never crossed $10000 at any point of time during the year
2. I do not have any income from the house as my parents reside in there.
3. Although, I have made transfers for over $10000 in the past year to multiple accounts but nothing has $10000 in the account at any point of time.
Now, my question is whether I have to file FBAR or not? If no, do I have to make any changes to my filing (What would be the process?) If yes. can you explain so that I can get a better perspective on this
Thank you,
Sai
Comment