Quote:
Originally Posted by ramaonline
The instructions on the form clearly state this:
General Instructions
Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (the
“FBAR”), is used to report a financial interest in or signature authority
over a foreign financial account. The FBAR must be received by the
Department of the Treasury on or before June 30th of the year
immediately following the calendar year being reported. The June 30th
filing date may not be extended.
Who Must File an FBAR. A United States person that has a financial
interest in or signature authority over foreign financial accounts must file
an FBAR if the aggregate value of the foreign financial accounts
exceeds $10,000 at any time during the calendar year. See General
Definitions, to determine who is a United States person
IRS Clarifies Requirement for Filing FBAR Form Due This Month
FAQs Regarding Report of Foreign Bank and Financial Accounts (FBAR) - Financial Accounts |
Is 10,000 as account balance or interest? If there was more than 10k balance at any time..is there any period or length that will be accounted.,.say I had 10k for one week and then I cleared that to pay mortgages..is that considered too? In that case many of desis who took NRI home loans and clearing the EMI's thru NRE accounts will fall under this category..right? So what are the next steps..please throw more light..
Thanks in advance