" I was ignorant that i had to disclose my India bank accounts and file a FBAR form every year. Also did not know about gift tax reporting laws. Got everything streamlined with right advice"
Software Engineer in Seattle, about to get Greencard
- US tax residents having more than $10000 USD in India banks need to file FBAR
- Amounts transferred over a certain threshold to parents need to be reported as Gifts
- Non filing of FBAR may attract penalties
- Advisory can help streamline compliances before getting your Greencard