Fbar form

NISHA2009 · Post by **NISHA2009** » Mon Nov 22, 2010 12:08 pm

Hi

I was totally unaware of filing this form untill last week. I am very worried.

I am a USC/OCI Returned to India in 2009.

I trasfered US tax paid money more than $10,000 in Yr2004 to my NRE account. I used it to pay some of my home loan in India within 10 days from the day of transfer.

There was no interest income .

Same thing I repeated in Yr 2008, trasfer US Tax paid money and paid my home loan in India. There was no interest income in 2008 too.

However I was unaware of this form. What do I do now.

This Yr 2010, the balance is very much leass than $5000.

Please respond with your inputs and suggestion. What will be the fines if there would be any.

kkassociate · Post by **kkassociate** » Thu Jan 06, 2011 6:43 pm

Hi Nisha2009,

You have missed the deadlines and not filed the FBAR, so the mistake has happened. Its now for the Department of Treasury to catch this mistake and ask you for the reasons. You need to provide them with the genuine reasons for not filing these forms only if the department of treasury asks you, otherwise you do not have to. It is mandatory to file this informational form only in the year when the aggregrate value is more than $ 10000. So if the aggregrate value for 2010 is less than that you need not file the form this year.

So calm down and dont worry until the Department of treasury asks you for the reason.

We provide tax preparation services for USA and India, you can email us for more information on [email protected]

Regards,
KKA