Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Taxes (https://www.askmehelpdesk.com/forumdisplay.php?f=320)
-   -   FBAR for insurance policy (https://www.askmehelpdesk.com/showthread.php?t=843685)

  • Feb 26, 2019, 06:05 PM
    Trishala Raj
    FBAR for insurance policy
    Hi,

    If we have LIC ( insurance) policy in India of minimum value, should we file FBAR? ($3000)
  • Feb 26, 2019, 08:13 PM
    AtlantaTaxExpert
    The LIC Insurance Policty with a cash value of $3,000 IS an item that needs to be reported on the FBAR.

    However, if that is your ONLY reportable asset in overseas accounts, then NO FBAR is needed because you are well below the $10,000 reporting threshold.
  • Feb 27, 2019, 07:51 PM
    Trishala Raj
    Thank you
  • Feb 27, 2019, 10:22 PM
    AtlantaTaxExpert
    Glad to help!

    • All times are GMT -7. The time now is 04:27 PM.