Seems fairly straight forward filing out the form. Dual US/UK Citizen, born in the UK and resident in the US for the last 20 years. Never filled out the Fbar form before as only last year came into an inheritance from family in the UK which is over the $10,000 threshold and have it in a bank in the UK, so I used the exchange rate up to the end of last year and converted the amount I have in Pounds to dollars and since I have two accounts in the UK with money now in them, listed each account with the amounts as they have asked and notice that this has to be sent in by June 30 for amounts in ones accounts ending up to Dec 31 from last year.
Just checking that I am doing this correctly and since I pay US taxes for federal just wondered what is the overall purpose for doing this, although I know they want to know your worldwide earnings..This was mostly as I say an inheritance from a family member that died and all UK taxes concerning probate matters have already been paid accordingly, so even as this is the case, I see one still has to fill this form in and I presume each year around this time........
What is the normal procedure with the IRS, do they contact you, contact the banks in the UK to clarify these facts(or both) or is it simply a matter for I presume, money laundering purposes that they simply want to know where all your assets are held if overseas and that due taxes have been paid accordingly?
Want to do this correctly and apologise if this has been brought up before, but couldnt see a specific link to some of my questions and what would or could happen if I didn't fill this form out........
