U.S. TAX GUIDE IN FRANCE
When do Americans in France need to file an FBAR?
If you are an American living in France and have one or more foreign bank accounts that total over US$10,000 at any point during the year, you must file an FBAR (Foreign Bank Account Report). This applies to accounts you own or have authority over, including joint accounts.
What information is needed to file an FBAR?
You must provide details like the bank’s name, account number, highest balance during the year, and the bank’s address. This filing is separate from your tax return, and interest from these accounts must be reported as income.
Should joint accounts with a non-US spouse be reported?
Yes, joint accounts with a non-US spouse must be reported on your FBAR. Include the names and addresses of all account holders.
Do I need to report transfers between my accounts?
Yes, all accounts involved in transfers must be reported if the total balance exceeds US$10,000, even if one account temporarily holds a zero balance.
Are online payment accounts like PayPal included in FBAR?
Yes, online accounts such as PayPal or Wise must be reported if their combined balances with other financial accounts exceed US$10,000.
Do accounts with negative balances need to be included?
No, accounts that represent debt, like credit cards or mortgages, do not need to be reported on the FBAR.
When is the FBAR deadline, and what if it’s missed?
The FBAR is due on April 15 with an automatic extension until October 15. If you miss the deadline, you can use the streamlined filing compliance procedures to catch up on past filings and avoid penalties, assuming there was no willful evasion.
