What is FBAR?
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- เผยแพร่เมื่อ 20 ส.ค. 2024
- nomadcapitalis...
If you’re not familiar with the term, FBAR is the report of foreign bank and financial accounts for all US citizens involved in such actions.
The important thing to keep in mind is that there is only one way to escape this obligation and that is renouncing your US citizenship or your Green Card.
Attention: if you neglect to file this report, you'll be facing some severe penalties.
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i am not a green card holder..do i still need to file fbar?
Hi, I am neither a US citizen nor GC holder. I am in the US on a work visa. Should I file for the FBAR too? Please let me know.
"FUBAR" is another acronym that's out there (effed up beyond all recognition)
thanks for the daily jolt to get me outta the US. Makes you want to use gold, crypto, and live in a country where they don't need to know what you had for breakfast. Really starting to feel like 1984.
Fucking States...insane !!
Here's my take on FBAR: It's a draaaaaag, but just go ahead and report everything. The Information required is pretty straightforward. Right now we are working on reducing the number of accounts that we have to ease up on the paperwork and also to not lose the overview of smaller, easily forgettable accounts.
Hi, I only make £24k a year, I have absolutely no savings after I pay my bills. I just found out about this 2 weeks ago and I have been living in the UK since Nov 2016. Will the IRS charge me for those years? I have no properties or interests, just work and go home to my spouse who is non US Resident.
I received some bad advice I guess when I got married because I was young and I guess stupid. I am terrified for my life and I can't sleep :(
@@regulardude09 You can go ahead and file for the past years and you won't owe anything because at your income Level, all of your income is subject to the foreign earned income exclusion. It's important to do everything by the book, for documentation purposes, in the case you want to get your spouse a green Card or something. (see below)
I was at the US consulate in Frankfurt and saw someone who was there trying to get a green Card for their spouse but they got turned away basically because they couldn't produce tax Returns for the previous few years they had been living in Germany. The US citizen said, "but I thought that I didn't Need to file..."
Based on my experiences, where I didn't file (due to being overworded and stressed out) one time in the late 90s (in the US) and in the mid 2000s while I was in the Military in Germany, if you file late (in my case 1 - 2 years late) but you don't owe anything or the IRS owes you a refund, you won't face any penalties or interest, of course.
Just contact the US consulate in your area for questions and also go to the IRS Website for Information and forms. You'll be fine, so don't worry.
Thanks!
F*ck'd up Beyond All Recognition.
What about irrevocable trust? As a US citizen would I have to report its Holdings?
I don't claim to be an expert, but I'm pretty sure that all trusts have to be reported to the IRS.
Yes
what if I only make £24k a year? At the closing date, I only have about £50-60 leftover after bills and food have been paid.
I’m asking myself the same
Chboygan.:) nice town
I have an account in Brazil that doesn't have a dime on it. Do I have to report?
You didn’t watch the video…
@@klvAcosta At least I made you waste your time typing. 🤡🤡
You might not know what happens in Brazil: in the yearly tax declaration, one must declare EVERY income source (salary, savings, dividends, whatever) AND EVERY owned asset (including "forgotten" bank accounts). If one has foreign properties beyond $ 100k, there is an extra report for those.
Now tell me life is hard for US citizens...
"EVERY owned asset"...? Like works of art, diamonds, and gold? And in the case of a Brazilian citizen owning raw land (raw land... NOT developed real estate) in another country, is there any way for the Brazilian government to enforce reporting of that asset?
@@dlukton Just checking it right now... and yes, any of that assets worth more than $ 1.5k must be declared.
Regarding report enforcement, well, I don't know... but the trend seems to show that it will happen, sooner or later. The bless of our time, full digitalization!
Wow Andrew said the F word lol ..