Hi All,
I have never had to file FBAR forms so I want to make sure I am reading the instructions correctly.
Client has a pension from Holland. US resident, married to a US citizen. He received $7500 in 2016.
Looking through the FBAR instructions, it says...
Value of an interest in a foreign estate, foreign pension plan, and foreign
deferred compensation plan. If you do not know or have reason to know
based on readily accessible information the fair market value of your interest in a
foreign estate, foreign pension plan, or foreign deferred compensation plan
during the tax year, the value to be included in determining the total value of
your specified foreign financial assets during the tax year is the fair market
value, determined as of the last day of the tax year, of the currency and other
property distributed during the tax year to you.
Based on this info, is it safe to assume that no FBAR is required for 2016? He will receive $13,000 next year, so FBAR required next year for value received?
Or do I need to do a PV estimate of the pension based on his life expectancy and file an FBAR this year?
Thanks in advance for any help on this.
I have never had to file FBAR forms so I want to make sure I am reading the instructions correctly.
Client has a pension from Holland. US resident, married to a US citizen. He received $7500 in 2016.
Looking through the FBAR instructions, it says...
Value of an interest in a foreign estate, foreign pension plan, and foreign
deferred compensation plan. If you do not know or have reason to know
based on readily accessible information the fair market value of your interest in a
foreign estate, foreign pension plan, or foreign deferred compensation plan
during the tax year, the value to be included in determining the total value of
your specified foreign financial assets during the tax year is the fair market
value, determined as of the last day of the tax year, of the currency and other
property distributed during the tax year to you.
Based on this info, is it safe to assume that no FBAR is required for 2016? He will receive $13,000 next year, so FBAR required next year for value received?
Or do I need to do a PV estimate of the pension based on his life expectancy and file an FBAR this year?
Thanks in advance for any help on this.