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?
FinCEN 114 & escrow accounts
Apr 14, 2022
Last reply: 4 years ago
1 Replies
According to Fred J. Tydeman snipped-for-privacy@tybor.com:
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.
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