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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
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Experience:  International tax
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As an American living abroad, I am required to complete an

Resolved Question:

As an American living abroad, I am required to complete an F-Bar form,
(and an 8938 report ?). I transferred 320,000 Pounds into a U.K. account for a house purchase in 2013. The bank transferred the cash from my current account into my savings account without my knowledge! The effect of this action is that my holdings may have to be reported as being considerably more than they actually were, due to the doubling up of my accounts. This also means that I have triggered the level where I must submit an 8938 report, even though the true aggregate of my accounts was beneath the threshold for this report! I submit a joint tax report each year, with my wife.
Please advise! John Glass
Submitted: 3 years ago.
Category: Tax
Expert:  TaxRobin replied 3 years ago.
Hello,
Yes you are required to complete the 90-22.1 form (FBAR) if even on one day of the tax year an foreign account holds more than $10,000.
Yes you have triggered the level for 8938 too.
Remember though these forms are reporting only and do not assess a separate tax.

TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 14438
Experience: International tax
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