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Having a bank account outside the US is reportable on a US person's (citizen or resident alien
) tax return
earned on the account is reported as income
If you have a financial interest in or signature authority over a foreign
financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Internal Revenue Service
If the account has $10,000 or more in it at anytime in the tax year then the form is required.
You may also be required to file Form 8938
if the account has $50,000 or more.
The FBAR is filed by itself while the Form 8938 is sent with the US tax return.
US citizens and resident aliens also are required to report their worldwide income.
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