FBAR filing by yourself can save you a lot of money. I explain everything you need to file FBAR (FinCEN Form 114) step by step and show my own FBAR filing.
00:00 Intro
01:08 What Is FBAR (FinCEN Form 114)
02:01 Who Has To File FBAR
02:44 What Is A Foreign Financial Account
07:08 What Is NOT Foreign Financial Account
08:11 Are Cryptocurrencies Like Bitcoin Included
09:27 How To Calculate The High Value Of Your Accounts
15:21 How To Convert Foreign Currencies Into US Dollars
17:58 Filing My Own FBAR
19:22 Part 1: Filer Information
20:36 Part 2: For Single Filers
22:08 Part: 3 For Joint Filers/Married Couples
22:54 Part 4 Signature Authority But No Financial Interest In Accounts
23:31 Part 5 Filing A Consolidated Report
23:59 Signing The FBAR
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Where To File FBAR : WWW.FINCEN.GOV
Where To Get Foreign Exchange Rates: [ Ссылка ]
FBAR filing (FinCEN Form 114) is not that hard and you can do it yourself. I show my own FBAR filing and also explain who needs to file FinCEN Form 114, what are the foreign bank account thresholds for reporting, and what are considered foreign financial accounts and what are not. I also explain if FBAR filing is required for cryptocurrencies like Bitcoin and other crypto.
If you are a US citizen and do offshore banking, you may be required to file FinCEN Form 114 for FBAR (Foreign Bank Account Reporting) under the The Foreign Account Tax Compliance Act (FATCA). If you are required to file a FinCEN Form 114, you may also be required to file IRS Form 8938 when you file your taxes. I will show you how to file FinCEN Form 114 online. I will also show you how to calculate the high water mark in your foreign bank accounts and where to get the official foreign exchange rates accepted by FinCEN.
WHO HAS TO FILE FBAR
US Citizen
US Resident
Corporation
Partnership
Limited Liability Company
Trust and Estate
You don’t need to file an FBAR for the calendar year if:
All your foreign financial accounts are reported on a consolidated FBAR.
All your foreign financial accounts are jointly-owned with your spouse and:
You completed and signed FinCEN Form 114a authorizing your spouse to file on your
behalf, and your spouse reports the jointly-owned accounts on a timely-filed, signed
FBAR.
Note: Income tax filing status, such as married-filing-jointly and married-filing-separately has no effect on your qualification for this exception.
WHAT AMOUNT IS REPORTABLE
A financial interest in or signature or other authority over at least one financial account located outside the United States if
the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported.
WHAT ARE CONSIDERED FOREIGN FINANCIAL ACCOUNTS
Bank accounts such as savings accounts, checking accounts, and time deposits
Securities accounts such as brokerage accounts and securities derivatives or other financial instruments accounts
Commodity futures or options accounts
Insurance policies with a cash value (such as a whole life insurance policy)
Mutual funds or similar pooled funds
Any other accounts maintained in a foreign financial institution or with a person performing the services of a financial institution.
Whether the account produced taxable income has no effect on whether the account is a “foreign financial account” for FBAR purposes.
But, you don’t need to report foreign financial accounts that are:
Correspondent/Nostro accounts,
Owned by a governmental entity,
Owned by an international financial institution,
Maintained on a United States military banking facility,
Held in an individual retirement account (IRA) you own or are beneficiary of,
Held in a retirement plan of which you’re a participant or beneficiary, or
Part of a trust of which you’re a beneficiary, if a U.S. person (trust, trustee of the trust or agent of the trust) files an FBAR reporting these accounts.
WHAT IS NOT A FOREIGN FINANCIAL ACCOUNT
Foreign real estate
Safe deposit box in a foreign country
Precious metals like gold and silver
Cash in US Dollars or other currencies
Bitcoin and other cryptocurrencies
Disclaimer: I am not a financial advisor, and nothing on this channel is meant to be financial advice. The ideas expressed on this channel are purely opinions and should not be regarded as objective information. Nothing on this channel is a recommendation to buy or sell securities. Do not assume that facts and numbers in any video are accurate. Always do your own due diligence.
I am not an accountant or tax attorney. Do not take anything in this video as financial or tax advice. This video is for educational purposes only.
