If you’ve received Form 1099, you may have noticed a checkbox labeled “FATCA filing requirement.” What does this mean? And what should you do if the FATCA filing requirement box is checked? Should you add a check if it isn’t? Don’t panic! Here’s what you need to know. What ...
How does FATCA affect individual taxpayers with foreign accounts? U.S. taxpayers with foreign financial accounts or assets exceeding specified thresholds must report this information on their tax returns. This typically involves filing Form 8938, Statement of Specified Foreign Financial Assets. FATCA has...
4. The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct. You probably won't need to worry about this one, which has to do with the Foreign Account Tax Compliance Act.21
If you own non-US financial assets valued above certain thresholds, you must file a FATCA report. (The specific threshold will depend on your filing status and whether you qualify as a bona fide resident of a foreign country.) If you are required to file a FATCA report, you’ll h...
In my case, the assets are in the form of FDs and Real Estate and those were originally assets with me being the nominee. In this situation, should the FBAR/FATCA filing be done from the date of the passing of the parent, or can it be done from the date of the assets / valuations...