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    Trishala Raj's Avatar
    Trishala Raj Posts: 73, Reputation: 1
    Junior Member
     
    #1

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

    If we have LIC ( insurance) policy in India of minimum value, should we file FBAR? ($3000)
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,772, Reputation: 846
    Senior Tax Expert
     
    #2

    Feb 26, 2019, 08:13 PM
    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.
    Trishala Raj's Avatar
    Trishala Raj Posts: 73, Reputation: 1
    Junior Member
     
    #3

    Feb 27, 2019, 07:51 PM
    Thank you
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,772, Reputation: 846
    Senior Tax Expert
     
    #4

    Feb 27, 2019, 10:22 PM
    Glad to help!

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