Van said:
@Frey
Can you file FBAR without also filing a tax return?
Yes, you can. FBAR is filed separately with the Treasury Department, not the IRS.
That’s interesting. I always filed FBAR as part of my return. Filing them separately is new to me.
@Van
It’s common for us to handle FBARs separately when clients are extended past October for their tax returns.
If you had never filed, the IRS likely wouldn’t know you existed. Now that you’ve filed, they know where to find you.
Did you actually owe anything to the US?
Jay said:
Did you actually owe anything to the US?
No, I owe nothing yet. My understanding is that I’ll owe capital gains taxes if I sell my investment in the future.
Jay said:
Did you actually owe anything to the US?
No, I owe nothing yet. My understanding is that I’ll owe capital gains taxes if I sell my investment in the future.
You might not owe US capital gains tax either. It depends on how NZ taxes it and if it qualifies for foreign tax credits.
You can file for free on sites like TurboTax or FreeTaxUSA. If you’re under the threshold, you won’t owe anything. Just do that.
If you’re living abroad, you probably won’t owe much—if anything—but skipping taxes is risky. Just file and stay on the safe side.
You should file, especially to avoid any future banking or travel issues. Filing is simple if your income is under the foreign exclusion limit, which is over $126k now. There are low-cost sites for this, so don’t stress too much about it.