FATCA

FBAR is not the only one. There's also Form 8938

Two forms, two agencies, two sets of rules, same Indian accounts. FBAR goes to FinCEN at $10,000. Form 8938 goes to the IRS with your tax return, and its threshold depends on your filing status and whether you live in the US or abroad. Most people file one and never hear about the other.

1. Your situation

Filing status

Where do you live? Living abroad raises the threshold a long way.

2. Your foreign assets

In US dollars. Tick everything you hold, then give the two totals below.

Bank accounts in IndiaNRE, NRO, FCNR, savings, fixed deposits

Mutual funds and demat holdingsalso PFICs — a separate problem

PPF and EPFcounted here even though they feel like pensions

Life insurance or ULIP with a cash valuethe surrender value is the number

Shares in an Indian company held directly

Property in Indiaheld in your own name — does not count

Total value on the last day of the year 31 December.

Highest total at any point in the year Even for a single day.

General guidance only, not tax or legal advice. Form 8938 thresholds shown are those published by the IRS for specified foreign financial assets. Whether an asset is a "specified foreign financial asset" can be genuinely arguable in some cases, and the treatment of Indian provident funds in particular is not settled. Foreign real estate held directly is excluded, but an interest in an entity that holds it is not. Nothing you type leaves this browser.