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Q. I am not a US Citizen or Green card holder do I have to file FBAR form 114?
A. Yes as long as you meet the Substantial Presence Test. Keep in mind US Resident definition for tax purposes
is different than that of the USCIS (United States Citizenship and Immigration Service).
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Q. What is Substantial Presence Test?
A. You will be considered a U.S. resident for tax purposes if you meet the substantial presence test for that calendar year To meet this test,
you must be physically present in the United States on at least:
i. 31 days in a Calendar year, and
ii. 183 days during the 3-year period that includes current year and 2 previous years counting:
All the days you were present in current year, and
1/3 of the days you were present in previous year, and
1/6 of the days you were present 2 years before
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Q. How do I file FBAR?
A. It is mandatory to file FBAR electronically. E-filing is a quick and secure way for individuals to file FBARs.
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Q. Is a U.S. resident with power of attorney on his elderly parents’ accounts in a foreign country required to file an FBAR,
even if the resident never exercised the power of attorney?
A. Yes, if the power of attorney gives the U.S. resident signature authority, or other authority comparable to signature authority,
over the financial accounts. Whether or not such authority is ever exercised is irrelevant to the FBAR filing requirement.
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Q. Does more than one form need to be filed for a husband and wife owning a joint account?
A. No, provided that the names and Social Security numbers of the joint owners are fully disclosed on the filed FBAR.
It should be noted that if the filer's spouse has a financial interest in other accounts that are not jointly owned with
the filer or has signature or other authority over other accounts, the filer's spouse should file a separate report for
all accounts including those owned jointly with the other spouse.
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Q. A person owns foreign financial accounts A, B and C with account balances of $3,000, $1,000 and $8,000, respectively.
Does the person have to file an FBAR and if so, which accounts must be listed on the FBAR?
A. Even though no single account is over $10,000, because the aggregate value of accounts A, B and C is over $10,000, the person
has to file an FBAR and must report foreign financial accounts A, B and C on the FBAR.