# Need advice about FBAR and FATCA



## RickyB (Feb 4, 2018)

Hi guys,

I would be happy to get some advices about FBAR and FATCA.
I have heard two days ago about the FBAR and FATCA and realized that I have to regularize my situation.

I am a French citizen. I arrived in USA late 2014 with a E2 VISA.
I am legally a resident alien - i.e. I pass the substential presence test - since 2015.
All my incomes are in USA since my arrival.

I have several bank accounts in France where my money is sleeping, but does not produce any interest or income.
In 2015, I had about 140K$ on one of my account because I sold the house I co-owned in France with my ex.
I did not make any profit from the sale, so there was no gain to declare. I paid back the mortgage to the bank and there is now about 70K$ on one of my account. The total of all the money I have is about 75K$.

I have read a lot about the different options available.

What I understand is that first I should file the FBAR form for 2015 and 2016 fiscal years, by following the delinquent FBAR submission procedures. The procedure looks quite straightforward.

What should I do regarding FATCA (Form 8938)?
Do I need to file Form 8938 for 2015 and 2016 fiscal years?

Do you think it is worth using the service of a tax accountant or tax attorney for my situation?

Thank you very much

Eric


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## Bevdeforges (Nov 16, 2007)

For the FBARs - just file them. There is a part where they ask you why you are filing late, and you just fill in something to the effect that you only just learned of the need to file. Make a good faith effort to estimate your high balance for the year if you don't have all the statements and/or paperwork you need.

For the FATCA reports, You'll need to do an amended return (form 1040X) to add the form 8938 to what you did file. It shouldn't be that difficult, but perhaps for the first filings, you may want to use a tax adviser - either a tax accountant or an enrolled agent. Just be prepared for the cost - probably a minimum of a couple hundred dollars. Given that you are resident in the US, you need to file the 8938 if you have foreign financial assets of $50,000 or more. (The threshold is higher for US taxpayers resident outside the US.)
Cheers,
Bev


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## RickyB (Feb 4, 2018)

Thank you Bev!


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