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Will I be taxed on the values reported on the FBAR?

 

· FinCEN,FBAR,FATCA,TAXATION

The account values reported on the FBAR are not taxable income. The United States does not have a wealth tax. Only the interest, dividend or investment income from foreign accounts is taxable, and generally escapes US tax by the application of a credit for the foreign taxes paid on the same income.

 

 

 

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