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I need to file a FBAR and need assistance


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I have a non-interest bearing account in Bancomer...which is used solely for insurance (medical) reimbursement. Prior to this date it never exceeded $2000 usd after peso conversion but it now has exceeded over $10,000 usd after conversion. I am now required to file and there is no way to avoid that. I don't want to guess at this so I need a professional to do this now and for the future.

Thanks.

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Don't sweat it too much Fred. The IRS isn't looking for you or any of the expats living here. Fill out the form the best you can and submit. Year to year consistency is the best approach. I'm not so sure how closely these filings are watched assuming the Mexican banks have actually perfected the information transfer.

Go to Individuals Filing the Report of Foreign Bank and Financial Accounts (FBAR) (treas.gov) and select the File Online

The first page asks for your name and email. That's easy. Give your filing a name. Then fill out Part I with your personal info.

Skip down to Part III and enter what you think the max value was in 2020 and the bank account info. 

Add the joint account info if there is any and then go to the end, sign electronically and submit. Save the filing as a pdf so you can repeat next year.

Keep filing each year with the same info changing the amount if necessary. 

We're Mexican citizens now and even though banks are not reporting any info on us, I keep filing. The IRS looks for changes year to year as a red flag.

 

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Thanks...we are Mexicans as well and BBVA has notified us that they will file anyway. In 2020 the account never exceeded $5000 us in value but this month $30,000 in usd value hit the account as a medical reimbursement and there will be many more large and small deposits. I know that I do not need to file until 2021 taxes are due but I just wanted get my ducks in a row.  

 

 

 

 

 

 

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2 minutes ago, Fred Habacht said:

Thanks...we are Mexicans as well and BBVA has notified us that they will file anyway. In 2020 the account never exceeded $5000 us in value but this month $30,000 in usd value hit the account as a medical reimbursement and there will be many more large and small deposits. I know that I do not need to file until 2021 taxes are due but I just wanted get my ducks in a row.  

 

 

 

 

 

 

Didn't you remove your SSN at BBVA when you acquired citizenship? If you did there's nothing they can report. If you didn't bring all your docs and get them to remove it.  That's one of the primary reasons for Mexican citizenship. If you've never reported and BBVA doesn't have your SSN then problem solved.

The only reason I keep reporting is because I started before getting citizenship. 

Good luck however. The competence level of the staff at BBVA has dropped considerably. But if you have all your Mexican docs and time they can remove your SSN. Remember that with citizenship you are no longer US citizens while living in Mexico.

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We were able to remove my wife's SSN but my request was rejected as they said the account was over 5 years old and was opened as an individual account with my paperwork. I agree about the "we have no customer service" at the bank, but I am willing to jump thru some hoops while keeping this account open......so I will file the FBAR and hope that some moron government official in the USA raises the base level for reporting or drops this annoyance altogether.

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However, there is still no reason that BBVA won't remove your SSN because you no longer have one as a Mexican citizen. It's illegal for any nationalized citizen to have any documents containing US information. We had to pay for a driver's license renewal just to change one word on the card.

Getting that corrected should be a priority. You may need a loud advocate to convince them.

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I would recommend that you seek advice from a qualified US Tax Preparer and not rely on posters on this board. Remember ignorance of the IRS law is no excuse for "avoiding" paying tax...if in deed you have any to declare. All US citizens, world wide are subject to paying Uncle  Sam what is due him....

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Just to second lakeside7's point, the requirement to file FBAR is not eliminated by achieving dual citizenship in Mexico (or anywhere else), only by formally and legally renouncing your US citizenship. The IRS has successfully charged several such case.

Also, because the FBAR is only a reporting requirement (and has no tax implications of its own), the IRS views avoiding it (by manipulation of totals) or simply ignoring it as a criminal matter, so the OP is quite right to want to get it right!

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Thank you...I did contact him and he responded quickly. I will file, as is required, in 2022 when the next tax reporting is required.

I have noticed that Lakeside7 is wrong nearly 110% of the time so I ignore that advice. I know that it is your duty to avoid over paying taxes by any LEGAL means. Dual citizenship does not excuse US Tax reporting requirements. Even with a Mexican Passport...I still must report my US income or foreign bank accounts....based on the actual deposits. There are laws that prevent a dual citizen from paying taxes twice but this is a reporting requirement only.

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