Does anyone know about FBAR?

[griz326]

Does anyone know about FBAR taxes?

 

TurboTax asked about foreign assets. I think that we are not required to file, but am not sure she understands the importance of my questions.

 

Hoping to locate a Chinese CPA to discuss and file if necessary.

[Randy W]

Does anyone know about FBAR taxes?

 

TurboTax asked about foreign assets. I think that we are not required to file, but am not sure she understands the importance of my questions.

 

Hoping to locate a Chinese CPA to discuss and file if necessary.

 

 

Yes - if you or she have an overseas bank account which reached $10,000 or more, it needs to be reported. The due date for the FBAR form FinCen 114 I believe is TODAY, although there is an "automatic extension" to Oct. 15. All you need to know is the bank account # and address, and the maximum balance for the calendar year.

 

Schedule B should be filed with your tax return to indicate that you need to file the FBAR - my post at http://candleforlove.com/forums/topic/47468-irs-publications-for-2014-2015-and-2016/?p=632024 includes information about the FBAR and the new due date.

[Randy W]

Does anyone know about FBAR taxes?

 

TurboTax asked about foreign assets. I think that we are not required to file, but am not sure she understands the importance of my questions.

 

Hoping to locate a Chinese CPA to discuss and file if necessary.

 

 

Oh, no, there IS no tax involved - just a reporting of your overseas FINANCIAL assets. Unless you are Al Capone or hiding vast amounts of money in an overseas account, there is nothing to this at all.