How does FBAR (Foreign Bank Account Report) affect me if I move to Mexico?
Don Nelson - TaxMeLess
Whether you live in Mexico or not, you must file form 114 (on line) if your combined highest balances in foreign bank or financial accounts is $10,000 or more at any moment during the calendar year. Failure to file this form reporting certain factual information on the accounts can result is a $10,000 penalty. (Bank in Nogales, Mexico, pictured.)
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Whether you live in Mexico or not, you must file form 114 (on line) if your combined highest balances in foreign bank or financial accounts is $10,000 or more at any moment during the calendar year. Failure to file this form reporting certain factual information on the accounts can result is a $10,000 penalty. (Bank in Nogales, Mexico, pictured.)
Posted January 19, 2016