FBAR Account Types | taxesbysandhya

FBAR

What Types of Accounts must be reported on FBAR

Essentially, any account that is maintained a foreign financial institution must be reported on the FBAR , but that does not mean every income generating asset needs to be reported.

Example - If you have a foreign Bank account in a foreign Financial Institution (Non US) has to be reported on FBAR. Conversely if you have a foreign rental property that is earning foreign rental income, rental income will be reported on your tax return but not on FBAR. However, the account in which the rental income is deposited needs to be reported on FBAR if you meet the $10,000 threshold. The home itself does not need to be reported on FBAR

Do I have to report my Life Insurance Policies?

If the life insurance policy has a surrender value or a sale value (i.e. you could sell the policy in the open market), should be reported on the FBAR

FBARs

Foreign Bank Accounts
Foreign Saving Accounts
Foreign Investment Accounts
Foreign Securities Accounts
Foreign Mutual Funds
Foreign Trusts
Foreign Retirement Plans
Foreign Business and/or corporate accounts
Insurance policies
Foreign Accounts held in CFC(Controlled Foreign Corporations)
Foreign Accounts held in PFIC(Passive foreign Investment Companies)