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  1. #1
    Join Date
    Jan 2015
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    19

    Default Requirements to Report Overseas Permanent Residency if Assets are Under $10,000

    1) I have 3 foreign accounts (2 investment and 1 savings) that have never had a combined value of over $10,000. Do I need to report anything to the IRS or any US department about them?

    2) Am I required to report to the US (any agency?) that I am living overseas permanently?

    3) Can I include investment gains/losses from my foreign accounts in my IRS return even if I haven't reported those accounts?

  2. #2
    Join Date
    Oct 2006
    Posts
    16,474

    Default Re: Requirements to Report Overseas Permanent Residency if Assets are Under $10,000

    Quote Quoting onrmaw3
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    1) I have 3 foreign accounts (2 investment and 1 savings) that have never had a combined value of over $10,000. Do I need to report anything to the IRS or any US department about them?

    2) Am I required to report to the US (any agency?) that I am living overseas permanently?

    3) Can I include investment gains/losses from my foreign accounts in my IRS return even if I haven't reported those accounts?
    You can and should report all interest income, dividend income and capital gains/losses on your income tax return whether you are required to report your investment accounts or not.

    If they have never had a value of over $10,000 you do not have to report the actual accounts.

  3. #3
    Join Date
    Oct 2014
    Posts
    8,238

    Default Re: Requirements to Report Overseas Permanent Residency if Assets are Under $10,000

    Quote Quoting onrmaw3
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    1) I have 3 foreign accounts (2 investment and 1 savings) that have never had a combined value of over $10,000. Do I need to report anything to the IRS or any US department about them?
    If you are required to file a Form 1040, then you need to indicate that you have foreign bank accounts on Schedule B of the return even if the total balance of those accounts is under $10,000. The instructions on the form explain this requirement.

    If you have $10,000 or more in foreign accounts, you must also file the FINCEN report 114, which is the Foreign Bank Account Report (FBAR) requirement. This is now done electronically. Depending on your situation, there may be other forms you need to file.

    If you have certain kinds of financial interests, including bank accounts, foreign pensions, contracts with foreign persons, instruments issued by foreign persons, or interests in foreign entities (e.g. own stock, etc) and the value of those assets exceed certain amounts, you need to file a Form 8938. The included instructions explain this requirement.

    If you receive gifts from foreign persons exceeding certain amounts, have a foreign grantor trust, or received distributions from certain foreign trusts you may need to file Form 3520. See the Form 3520 instructions for the details.


    Quote Quoting onrmaw3
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    2) Am I required to report to the US (any agency?) that I am living overseas permanently?
    Possibly. That will depend on your circumstances. For example, if you hold a driver's license issued by a U.S. state, most states require that you update your current residence address within a certain number of days after you change your residence.

    Quote Quoting onrmaw3
    View Post
    3) Can I include investment gains/losses from my foreign accounts in my IRS return even if I haven't reported those accounts?
    If you are required to file an income tax return then you must report on it your income from all sources, including the foreign accounts, regardless of whether you filed the FBAR or any other required forms.

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