H1B 🐠 w/ foreign bank accounts - Do you report to the IRS if your total foreign assets >$10k? Any advice?

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Yes, FBAR declaration of amount hits 10k at any time. This is mainly for bank accounts.

Form 8938 if assets 50k or 100k(if married individual filing jointly).

FBAR declaration is fairly easy online filing. Takes 10 mins. Would highly recommend doing it as penalties are 250%

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Woo-hoo! Looks like I don’t have enough over there to report now that bank accounts and assets must be filed separately 😅

Does this include real estate assets purchased overseas?

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