Avoiding Filing FinCEN 114 (old FBAR)
View/Add Comments (0 Comments) | Add to Favorites (1 Favorites)
It is my understanding that as of 2014:
To avoid the necessity of filing, you must NEVER have an equivalent (at current official daily exchange rate) of $10,000 USD or more in the TOTAL of ALL your foreign bank accounts in YOUR name. This allows your spouse or adult children to have separate accounts and NOT fall within your total IF YOUR NAME IS NOT ON THEIR ACCOUNT.
This means that if you wire funds to make a purchase, and funds sufficient to make your total reach $10,000 USD or more are in your account for even a second, YOU MUST FILE the form.
IF you reach that amount, make SURE you file by the deadline, as there is NO EXTENSION, and the fines are confiscatory.
Submitted on Aug 14, 2014 - Category: Expat Finance, Network: Guatemala
Submitted By
Tex2Guat
Comments
