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Form 2907 Puerto Rico

Form 2907 Puerto Rico

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Instructions and help about Form 2907 Puerto Rico

good afternoon this is sean golden with golden golden here to discuss the basics of what do you do if you're a resident of puerto rico do you have enough bar reporting requirement let's start with the basics real quick what's the fbar foreign bank and financial account reporting not limited to just bank accounts it includes bank accounts life insurance with a surrender value investment accounts pensions things things like that if a u.s person which is a u.s citizen legal permanent resident foreign national who meets the substantial presence test if at any day during the year they have more than ten thousand dollars an annual aggregate total and all of their foreign accounts combined they have to file the f bar doesn't matter if you have ownership co-ownership signature authority no financial interest in the account the r the irs wants to know about it so you have to file the fba what happens if you're a resident of puerto rico right puerto rico is a commonwealth not technically a state

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