Tuesday, June 26, 2012 - 4:49 AM

Foreign Bank Account Reports

For those who were able to open foreign bank accounts paying higher interest rates, there is one downside with these accounts. Foreign Bank Account Reports must be filed each year as described by this Tax Planning About.com blog. The deadline for filing these reports is June 30th.

KenBDG5,153 posts since
Nov 29, 2009
Rep Points: 117,145

1. Tuesday, June 26, 2012 - 11:35 AM

Ken: Does this also include accounts held for example in one of the Chinese banks which are here in the US and also under FDIC insurance? Are they still considered "foreign" banks? Thanks!

paoli2461 posts since
Aug 10, 2011
Rep Points: 1,814

2. Tuesday, June 26, 2012 - 2:11 PM

Paoli2 - No. If the account is US based, even with a foreign bank, this is not required.

Those with overseas accounts also need to be aware of Form 8938 introduced this year, for the 2011 tax year. The account limits are different, but if you exceed them you must report on all overseas accounts, including pensions.

This is becoming a nightmare for Americans working overseas.

Geoff4 posts since
Jun 5, 2012
Rep Points: 17

3. Tuesday, June 26, 2012 - 4:14 PM

This is becoming a nightmare for Americans working overseas.

And a preemptive attack on all citizens -

FBAR, 8398, FATCA, And Capital Controls - The Trail That Leads To The Forced Repatriation Of Your Foreign Assets

CraigPD92 posts since
Jun 12, 2010
Rep Points: 323