FBAR Mutual Funds (2018) – Do I Report Mutual Funds on an FBAR?

FBAR Mutual Funds (2018) – Do I Report Mutual Funds on an FBAR? (Golding & Golding) FBAR Mutual Funds (2018) – Do I Report Mutual Funds on an FBAR? An FBAR (aka FinCEN 114) is a Report of of Foreign Bank and Financial Account Form. It is filed each year by any U.S. Person (whether or not they also have to file a tax return) when they have more than $10,000 in aggregate total in their foreign Accounts. Does That Include Mutual Funds? Yes, Mutual funds are reported on annual FBAR statement.  The reason it can get so confusing is because when a person thinks about “reporting foreign accounts” individuals may not consider a foreign mutual fund as a “foreign account” Rather, for many of our clients, understandably, they believe that an FBAR ‘account’ refers to bank accounts. Unfortunately, this can cause a major issue for individuals who have not been reporting their foreign mutual funds to the IRS and FinCEN. Typically,…

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