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Do I Duplicate My Foreign Asset on the FBAR & Form 8938 (FATCA) - Golding & Golding, Board-Certified

Oftentimes, when U.S. taxpayers have to report foreign accounts, assets, and investments to the U.S. government, they must file duplicate forms for the same asset or account category. For example, if a taxpayer owns a foreign bank account and meets the threshold requirements for both the FBAR and Form 8938, the taxpayer must file both forms in the same year for the same accounts/assets. Sometimes, the asset is only required to be reported on one form and not the other, but oftentimes, assets are duplicated on both forms. In addition, other forms of taxpayers may have to report the acid on as well. For example, if the taxpayer has a foreign securities account that has bank accounts and foreign mutual funds, the taxpayer may have to file the FBAR, Form 8938, and Form 8621. Let's look at some of the quick basics about duplicative FBAR & FATCA reporting.