FBAR Requirements--Foreign account compliance summary(1) US citizen required to file form TD F 90-22.1 if max value of foreign account over $10,000 at any point during the year. (This TD F 90-22.1 is a separate form from tax return. Filed separately, no later than June 30th with US Treasury. Not extendable).
• Financial accounts include:
:: Securities
:: Brokerage
:: Savings
:: Demand
:: Checking
:: Deposit
:: Time deposit or other account at institution
:: Person performing as financial institution
(2) File 1040 Schedule B (Ask the question - Foreign accounts? FBAR?) even if no interest or dividend income.
(3) File form #8938 if max value of account exceeds $50,000 at any point during the year. Must use US Treasury FMS website
Treasury Reporting Rates of Exchange to calculate foreign currency exchange rate.
Note: There's nothing wrong with having a foreign account, as long as it's not being used for fraud. Avoid "shades of UBS".
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