Most expats have a bank account in the country they reside. If the combined value of all your foreign bank accounts reaches $10,000, you must report them. This is a reporting requirement only, it does not trigger any US tax, although you have to declare all income from those foreign accounts on your tax return. Not reporting foreign bank accounts when over the threshold has stiff penalties.
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If you haven't reported your foreign bank account in the past when you should have, we can help you get back into compliance. Read more about the reporting requirements in this blog post [ Ссылка ]
In this Q&A series Vincenzo Villamena, CPA and owner of Online Taxman, answers common questions about expat taxes for individuals and business owners. Follow our channel for the latest updates: [ Ссылка ]
