Who must file the FBAR?
You are required to file the FBAR for a calendar year if (i) you are a U.S. person and (ii) during such calendar year you had a financial interest in or signature authority over one or more foreign financial accounts with an aggregate maximum account ...
Are Settlements due to Loss-in-value of property
Property settlements for loss in value of property that are less than the adjusted basis of your property are not taxable and generally do not need to be reported on your tax return. However, you must reduce your basis in the property by the amount ...
Are settlements due to Lost wages or lost profits taxable?
If you receive a settlement in an employment-related lawsuit; for example, for unlawful discrimination or involuntary termination, the portion of the proceeds that is for lost wages (i.e., severance pay, back pay, front pay) is taxable wages and ...
What information do I need to file the FBAR?
You only need the following information for each account: (i) the account number, (ii) the name and address of the non-U.S. financial institution where the account is maintained, and (iii) the maximum value of the account during the relevant year. ...
Who is a “U.S. person” for FBAR purposes?
You are a U.S. person for FBAR purposes if you are (i) a U.S. citizen, (ii) a U.S. resident, (iii) an entity (such as a corporation, partnership, or limited liability company, or (iv) a trust or estate formed under the laws of the United States.