LICcccc policy in FBARrrrr

[krrish]

Taxes files chesetappudu regarding foreign income, LIC policies era report cheyyali? Do I need to mention the total amount paid under a particular policy? or do I need to calculate the cash surrender value? Please let me know asap.

[krrish]

also, amount worth around $12,000 USD unto taxes file chesetappudu 1040 form lo foreign account grinch emi cheppakunda, direct FBAR file cheyyacha? I read somewhere that if u have more than 50,000 USD, u have to mention in the tax forms in addition to filing FBARs? Is this genuine information?

[ekunadam_enkanna]

Surrender value,  if all of your foreign accounts > $10k.

[krrish]

how to calculate surrender value? my total premium paid is around 7K although I have fixed deposits worth 12K. Do I still need to report the LIC policy it in FBAR?

[ekunadam_enkanna]

Lets assume that that LIC's surrender value is ~7k.  Total financial assets in aggregate is 19k. File FBAR.

You don't need to file 8938, since you haven't crossed $50K.

 

 

[AlaElaAlaEla]

3 minutes ago, ekunadam_enkanna said:

Lets assume that that LIC's surrender value is ~7k.  Total financial assets in aggregate is 19k. File FBAR.

You don't need to file 8938, since you haven't crossed $50K.

 

 

FBAR lo we need to show just the money in savings, NRE account? or even property assets value ?

[ekunadam_enkanna]

5 minutes ago, AlaElaAlaEla said:

FBAR lo we need to show just the money in savings, NRE account? or even property assets value ?

Only FINANCIAL assets. However, you need to report any interest income as income to IRS.