Hello All,
I have a question about a life insurance with cash surrender value for FBAR.
Which value do you report?
Let's say that the insurance payout is $500,000 and the cash surrender value is $25,000. On the FBAR do you report the value of the account as $500,000, $25,000 or the sum which is $525,000?
Also, for 8938 which value triggers the necessity to file, the payout, cash surrender or the sum?
This is all given that no other foreign account exists to make it a simple case that focus on insurance account only.
Hope to hear from someone on this. Thanks!
Life insurance with cash surrender value - how to report
Moderator: Mark T Serbinski CA CPA