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To file an FBAR or not to?

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  • ANDANK
    replied
    Originally posted by ush74 View Post
    Hi,

    I would like to know if I have to file FBAR or not

    1. I don't have any FD in any of the banks
    2. The balance in my bank account never crossed $10
    3. I have shares in India worth more than $10K. Is the shares counted for FBAR ? My tax consultant told me that if I sell my shares worth of $10K then only I have to file FBAR. If I have it as is , then I don't have too.
    4. I have ICICI life insurance bond - Is it counted for FBAR ? if so, the total value or only the interest part. As its annual payment and I cannot avail any benefit until it matures, I am not sure what value to be put in
    5. My mom gifted me a Kishan vikas bond long time back. Its from the post office. Is is counted for FBAR.

    Pls guide me by providing the details. Thank you in advance for your help.

    Thanks
    Amutha
    You need to file FBAR as Shares are counted for FBAR purpose.

    Leave a comment:


  • ush74
    replied
    FBAR Question

    Hi,

    I would like to know if I have to file FBAR or not

    1. I don't have any FD in any of the banks
    2. The balance in my bank account never crossed $10
    3. I have shares in India worth more than $10K. Is the shares counted for FBAR ? My tax consultant told me that if I sell my shares worth of $10K then only I have to file FBAR. If I have it as is , then I don't have too.
    4. I have ICICI life insurance bond - Is it counted for FBAR ? if so, the total value or only the interest part. As its annual payment and I cannot avail any benefit until it matures, I am not sure what value to be put in
    5. My mom gifted me a Kishan vikas bond long time back. Its from the post office. Is is counted for FBAR.

    Pls guide me by providing the details. Thank you in advance for your help.

    Thanks
    Amutha

    Leave a comment:


  • USCPATAXES
    replied
    Whether to file a FBAR

    Generally, any US citizen or resident with a financial interest in or signature authority over accounts with an aggregate value of $ 10,000 at any time during a calendar year should file a FBAR. The only cost is for not filing the return. The conservative choice is to file a FBAR.

    Leave a comment:


  • immihelp
    replied
    Did the aggregate balance in all your foreign bank accounts exceed $10,000 for even one day during a year? If yes, you need to file FBAR.

    Otherwise, no.

    Leave a comment:


  • Sai Krishna Vadavalli
    started a topic To file an FBAR or not to?

    To file an FBAR or not to?

    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
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