(Context - natural born Canadian, naturalized in Us when young, now trying to catch up with US since I learned I am still considered a US citizen)
After spending days getting my last five year account info for the FBAR form, I am now wondering if credit card accounts are also supposed to be included. This never even dawned on me, but when I read all accounts....???
Credit card accounts and FBAR?
Moderator: Mark T Serbinski CA CPA
The FBAR filing requirement would seem to cover "prepaid credit card" accounts only. And by "prepaid", I assume they are talking about what I would call a "secured" credit card. If I have a poor credit history, or no credit history at all (landed immigrant, e.g.), I can deposit $500 in a savings account and get a credit card with a $500 limit. If I don't pay the cc bill, the financial institution has my $500 to pay it off.
Presumably the $500 savings account would be disclosed in FBAR as an asset with positive balance, not a liability, like other non-secured credit cards. Why would the US Treasury Dept care about my TD VISA balance?
Presumably the $500 savings account would be disclosed in FBAR as an asset with positive balance, not a liability, like other non-secured credit cards. Why would the US Treasury Dept care about my TD VISA balance?
"Why would the US Treasury Dept care about my TD VISA balance?"
As I said, if it was prepaid and had a positive balance (any card can be pre-paid, just send them a check).
Same for a line of credit.
As I said, if it was prepaid and had a positive balance (any card can be pre-paid, just send them a check).
Same for a line of credit.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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