FBAR is FUBAR

DailyLunatic

DailyLunatic

Surin Legend
Looking into how to properly report for Thai Taxes I was speaking to an Expat Tax Specialist today. While he reassured me about my Thai Tax reporting, it raised another issue.

I learned that I (USA) am required to submit a FBAR in addition to my 1040 Tax Return if I have holdings in a foreign bank totaling in aggregate more than US$10,000. (i.e my 400,000 baht visa requirement.)

Apparently, I should have been checking a box on Form 1040 Schedule B, Line 7a, Question 2. (I looked at what my accountant prepared for me, and it does not include Sch-B). FBAR is a separate filing from my Taxes, so I'm unclear how I was supposed to know. (ignorance of the law, sure, sure...)

Were any US guys here aware of this? Have you been filing?

-sterling
 
wildoates said:
Yeah, when I lived over there I filed the FBAR no big deal. Since I have been back over here I do not.
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We have to do a taxation residency declaration yearly--beurocratic humbug is all that is as, After 60, no tax is paid by self funded retirees in Australia.
 
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