FinCEN 114 & escrow accounts

[Fred J. Tydeman]

I (a US citizen) have signed contracts to buy foreign:
real estate (completed); waiting on due dilegence
real estate (being built)
shares of company (once it is formed)
I have paid a small deposit / down payment
that went to escrow accounts.
Do these escrow accounts need to be reported
on FinCEN Form 114?

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[John Levine]

According to Fred J. Tydeman <tyd...@tybor.com>:

>I have paid a small deposit / down payment
>that went to escrow accounts.
>Do these escrow accounts need to be reported
>on FinCEN Form 114?

The IRS guide isn't clear but the penalties are large and despite
the complaining, filling out an FBAR for a few accounts isn't that
hard. If the amount is over the $10K threshold, I'd do it.

The easiest way is to download their PDF template, fill it out
in Acrobat on your computer, then upload it. Keep the filled out
PDF because if you still have the accounts next year, you can update
the PDF rather than starting over.

https://www.irs.gov/pub/irs-utl/irsfbarreferenceguide.pdf

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John Levine, jo...@taugh.com, Primary Perpetrator of "The Internet for Dummies",
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