Fx Trading Fx Currency

Foreign Bank Accounts

The Tax Code Reads as Follows:

Any United States person who has a financial interest in or signature authority, or other authority over any financial account(s) in a foreign country is required to file a Report of Foreign Bank and Financial Accounts (FBAR), if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year.

A potential nightmare all begins with Line 7 of Schedule B.

Line 7 of Schedule B directly ask a taxpayer if he/she have a foreign bank account. It then tells you the filing requirements for Form TD F 90-22.1. The next question ask if