06/01/2026
If you're a U.S. taxpayer with income, assets, or accounts outside of the country, you may need to file more forms with the IRS than you might expect.
π΄ FBAR - for foreign bank accounts over $10,000 combined
π΄ Form 8938 - for foreign financial assets above certain thresholds (FATCA)
π΄ Form 2555 - Foreign Earned Income Exclusion, for income earned while living abroad
π΄ Form 1116 - Foreign Tax Credit, so you don't get taxed twice on the same income
π΄ Form 5472 - for foreign-owned U.S. businesses
π΄ FIRPTA - for foreign individuals selling U.S. real estate
Miss any of these, and you could incur penalties starting at $10,000. If your finances cross borders, let's make sure your returns reflect that. Visit clarystax.com π