# declaring forgein account-- new on sched b



## hsquirrel (May 18, 2012)

I read the sticky "Default US taxes: Declaring Foreign Financial Assets" but didn't see the answer to my question.

I have a bank account in Luxembourg, where I live. I have never had more than 10,000 USD in the account (or, to be technical, in all of my overseas accounts, since this is the only one). I have never previously mentioned the account to the IRS as it fell below the reporting threshold.

This year's Sched B, however, has a slight change. The form itself asks "At any time during 2011, did you have a financial interest in or signature authority over a financial account (such as a bank account, securities account, or brokerage account) located in a foreign country? See instructions)." The instructions no longer mention the 10,000 USD reporting threshold,

Do I have to report the account? If not, where in the instructions/tax law does it indicate that the 10,000 reporting threshold is still in place?


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