NRE account tax reporting question

[siva604]

Hi guys,

        Just got back from my CPA. I asked him a question about foreign bank account reporting etc. He mentioned that we have to report about foreign bank account and have to do some reporting [ Highest balance and any interest generated] especially if account held money >10,000 $ at any point. Appreciate your input.

 

Thanks

[mmharshaa]

8 minutes ago, siva604 said:

Hi guys,

        Just got back from my CPA. I asked him a question about foreign bank account reporting etc. He mentioned that we have to report about foreign bank account and have to do some reporting [ Highest balance and any interest generated] especially if account held money >10,000 $ at any point. Appreciate your input.

 

Thanks

yes that's correct 

[siva604]

1 minute ago, mmharshaa said:

yes that's correct 

Thank you man

[HEROO]

11 minutes ago, siva604 said:

Hi guys,

        Just got back from my CPA. I asked him a question about foreign bank account reporting etc. He mentioned that we have to report about foreign bank account and have to do some reporting [ Highest balance and any interest generated] especially if account held money >10,000 $ at any point. Appreciate your input.

 

Thanks

You need to file fbar if sum of your foreign accounts total >= 10k at any point in that year

[MeetFriendz]

fbar for $10K or 10 rs/-?

Also  property on our name vunte kuda fbar apply cheyala?

 

[chicagoafdb]

On 3/21/2022 at 5:17 PM, mmharshaa said:

yes that's correct 

Question will it be for year basis or doesn't matter..

e.g., 4 yrs back, we sent around 50 L, Parked at NRE account, do we need to file FBAR this year also ? or Just we need to report interest as income ?

[HEROO]

16 minutes ago, chicagoafdb said:

Question will it be for year basis or doesn't matter..

e.g., 4 yrs back, we sent around 50 L, Parked at NRE account, do we need to file FBAR this year also ? or Just we need to report interest as income ?

E year ki aithe tax returns chesthunavo a year lo at any particular date > 10k dollars foreign accounts lo vunte you need to file fbar 

 

deposit eppudu chesna a yr lo antha amount kante ekkuva vunte report cheyyali

 

also interest amount ne income lo add cheyyali

[mmharshaa]

14 minutes ago, chicagoafdb said:

Question will it be for year basis or doesn't matter..

e.g., 4 yrs back, we sent around 50 L, Parked at NRE account, do we need to file FBAR this year also ? or Just we need to report interest as income ?

You are filing for 2021 so if you hold >10k in 2021 at any point you need to file.

[chicagoafdb]

25 minutes ago, HEROO said:

E year ki aithe tax returns chesthunavo a year lo at any particular date > 10k dollars foreign accounts lo vunte you need to file fbar 

 

deposit eppudu chesna a yr lo antha amount kante ekkuva vunte report cheyyali

 

also interest amount ne income lo add cheyyali

Thanks bro.. my understanding same.. tax consultant avasaram ledu annadu..

[siva604]

On 3/21/2022 at 4:08 PM, siva604 said:

Hi guys,

        Just got back from my CPA. I asked him a question about foreign bank account reporting etc. He mentioned that we have to report about foreign bank account and have to do some reporting [ Highest balance and any interest generated] especially if account held money >10,000 $ at any point. Appreciate your input.

 

Thanks

Discussed with my CPA and filed appropriately.