What foreign bank accounts must be declared on my tax return?

Generally, all foreign accounts for which you have a financial interest or signature authority will need to be reported on the FBAR, as long as the combined total exceeds $10,000 at any time during the year. In addition, these accounts are required to be reported on Form 8938 if they exceed the following thresholds:

Specified individuals living in the U.S.:

• Unmarried individual (or married filing separately): If the total value of assets was more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year.
• Married individual filing jointly: If the total value of assets was more than $100,000 on the last day of the tax year, or more than $150,000 at any time during the year.

Specified individuals living outside the U.S.:

• Unmarried individual (or married filing separately): If the total value of all assets was more than $200,000 on the last day of the tax year, or more than $300,000 at any time during the year.
• Married individual filing jointly: If the total value of assets was more than $400,000 on the last day of the tax year, or more than $600,000 at any time during the year.

All income from foreign accounts in which you have a financial interest must be reported on your individual tax return.