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If you are a U.S. taxpayer living outside the United States and you have assets in a foreign bank account, you may need to file an FBAR or other specific foreign asset reporting forms with the Internal Revenue Service (IRS).
U.S. retirees living abroad with a financial interest or signature authority over a financial account located outside the United States, such as a bank account, brokerage account, mutual fund, retirement account and some life insurance policies, may need to report the account yearly to the IRS if the total value of all foreign accounts is greater then $10,000 at any time during the calendar year.
You may have retired outside the United States to relax or to get away from it all, or maybe it was more economical, whatever your reasons, the IRS is sure to track you down when it comes time to collect your tax money. Here are some tips to help you remain in compliance with U.S. tax laws and regulations when living abroad.
There are four main options for coming into compliance with the IRS regarding foreign financial accounts. Please see “What Should You Do If You Have An Undisclosed Foreign Bank Account?” for more information on each of the options.
Don’t get caught by surprise when it comes to reporting foreign bank accounts to the IRS. Talk to a tax accountant or a tax preparer to about your particular situation.