Which Foreign Assets Should Taxpayers Disclose for FATCA?

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FATCA Disclosure of Foreign Assets by US Taxpayers

What Foreign Assets do US Taxpayers Disclose to IRS for FATCA Purposes: FATCA is the Foreign Account Tax Compliance Act. Starting on the 2011 tax return, US Taxpayers are required to disclose certain specified foreign financial assets to the IRS on their US Tax Returns.

Sometimes, Taxpayers may get (understandably) confused as to the difference between FATCA Assets and FBAR Reporting (Foreign Bank and Financial Accounts) -- and whether both forms are required to report the same asset (usually they are both required).

In general, the disclosure requirements for foreign financial assets under FATCA are more encompassing than the disclosure requirements for the FBAR. Let's go through some of the basics of what foreign assets US taxpayers required to disclose under FATCA.