Foreign Assets subject to FBAR Filing

Foreign Assets subject to FBAR Filing include but are not limited to:

1-      Financial (deposit and custodial) accounts held at foreign financial institutions.

2-      Financial accounts held at a foreign branch of a U.S. financial institution.

3-      Foreign stocks or securities held in financial accounts at foreign financial institutions (the account itself is subject to reporting, but the contents of the account do not have to be separately reported).

4-      Indirect interests in foreign financial assets through an entity with greater than 50% ownership or beneficial interest in the entity.

5-      Foreign mutual funds.

6-      Foreign accounts and foreign non-account investment assets held by foreign or domestic grantor trusts for which you are the grantor (as to foreign accounts).

7-      Foreign-issued life insurance or annuity contract with a cash-value.

8-      Certain cryptocurrency.

Foreign Assets NOT subject to FBAR Filing include but are not limited to:

1-      Financial account held at a U.S. branch of a foreign financial institution.

2-      Foreign stock or securities not held in a financial account.

3-      Foreign partnership interests.

4-      Domestic mutual funds investing in foreign stocks and securities.

5-      Foreign hedge funds and foreign private equity funds.

6-      Foreign real estate held directly.

7-      Foreign real estate held through a foreign entity.

8-      Foreign currency held directly.

9-      Precious Metals held directly.

10-   Personal property, held directly, such as art, antiques, jewelry, cars, and other collectibles.

11-  Social Security- type program benefits provided by a foreign government.

12-   Certain cryptocurrency not held in financial institutions.

We Can Help with Your FBARs

Zaher Fallahi, Tax Lawyer, CPA, represents taxpayers nationwide with undisclosed offshore accounts (VDP, FBAR, FATCA and Foreign Gifts).

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