Do U.S. Citizens Have to Report Foreign Bank Accounts? FBAR & FATCA Explained
Do U.S. Citizens Have to Report Foreign Bank Accounts? FBAR & FATCA Explained If you're a U.S. citizen with money in a foreign bank account, you might be wondering: Do I have to report it to the IRS? And what are the penalties if I don’t? The answer: Yes, and it can get serious. Let’s break down your responsibilities under FBAR and FATCA — and how to stay compliant. 💼 What Is FBAR? FBAR stands for Foreign Bank Account Report . If you have $10,000 or more (total across all foreign accounts) at any point during the year, you must file FinCEN Form 114 . Not filed with IRS — submitted to FinCEN Due by April 15 (automatic extension to October) 🌍 What Is FATCA? FATCA = Foreign Account Tax Compliance Act Requires reporting of foreign financial assets over certain thresholds Filed using IRS Form 8938 Thresholds vary: $50,000 (single, living in U.S.) $200,000 (married, living abroad) ⚠️ What Happens If You Don’t File? Penalties can ...