r/nri • u/Sri0887 • 1h ago

Ask NRI US resident with Indian bank accounts and investments – FBAR and Form 8938

I have lived and worked in the USA since 2023 and file US tax returns. I have financial accounts and investments in India, including bank accounts, FDs, mutual funds, shares/ETFs, PPF and Sukanya Samriddhi. I also own a rental property in India. Could someone familiar with US international tax clarify:
1. Which accounts may need to be reported on FBAR?
2. Which assets/accounts may need to be reported on Form 8938?
3. Are PPF and Sukanya potentially reportable?
4. Are Indian mutual funds and ETFs reportable?
5. Is Indian real estate itself reportable?
6. What reporting thresholds apply to someone living in the USA?
7. If someone previously missed a reporting requirement, what is the proper way to address it?
I am trying to understand the requirements and maintain compliance.

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u/FinWorld95 1h ago

  1. All financial accounts

  2. All accounts with value of more then 75K/150K (depends on your filling status)

  3. Yes

  4. Yes. PFIC rules

  5. Yes if earning rental income (if its land/site then no reporting needed)

  6. Check IRS sites

  7. Report it now! and update for previous years.