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speakerbox Enthusiast

speakerbox   23

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Hi. As I'm doing my 1st tax return, I found out that I am required to file FBAR due to having financial account.

But I'm not exactly sure what financial account am I supposed to report . 

Ive been checking some websites and it says checking, savings, securities and other.....what is other? 

Is life insurance or pencion included as financial account?

 

please help!!

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MariaR323 Proficient

MariaR323   199

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Filed: K-1 Visa Country: Mexico
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It pretty much includes any financial account in which you have a financial interest in. Take a look at this IRS page which goes into some detail:

 

https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

 

Maria

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speakerbox Enthusiast

speakerbox   23

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Filed: K-1 Visa Country: Japan
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59 minutes ago, MariaR323 said:

It pretty much includes any financial account in which you have a financial interest in. Take a look at this IRS page which goes into some detail:

 

https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

 

Maria

Thank you for your reply.

so that means it's a "yes" to my question right?

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patriot10 Contributor

patriot10   11

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Yes, insurance, retirement, share investing, mutual funds,bank accounts of all types, CDs all are included.

Basically anything that has a daily financial value.

 

Items like property, collectibles, art, cars and other vehicles etc are not included.

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