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Last year I transferred more than $10K to my NRE account and some of it is still sitting in my bank account in India. My questions is not about file FBAR or not. I think I already figured out that I am suppose to file FBAR. But I just wanted to understand what is the downside of filing for the first time. I have been living in US for more than 10 years (still on H1B) never filed or knew that I should. Can someone list any new issues that may arise? Thanks folks !
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Assuming that 2016 was the first and only year you had an FBAR obligation, and you intend to declare your taxable income with respect to the reported accounts, there are no downsides to filing FinCEN report 114
The issues and complications arise when you have failed to previously meet both FBAR and income tax obligations -
what do you mean by "taxable income with respect to the reported accounts"? Do I need to pay tax on interest earned in India to US? By the way, I have been filing US taxes properly up to 2016.Originally posted by inadmissible View PostComment
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Yes. You get a credit (against your US tax liability) for taxes already paid to India to the extent you were liable for those taxesOriginally posted by buyculla View PostComment
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