Types of Foreign Accounts

1. Financial Accounts

Financial accounts include:

• Bank accounts: These are accounts held at banks or other financial institutions outside the United States. They can be used for a variety of purposes, such as saving money, making payments, or investing.
• Brokerage accounts: These are accounts held at brokerage firms outside the United States. They can be used to buy and sell stocks, bonds, and other investments.
• Mutual fund accounts: These are accounts held at mutual fund companies outside the United States. They can be used to invest in a pool of stocks, bonds, or other investments.
• Retirement accounts: These are accounts held at financial institutions outside the United States that are designed to save for retirement. They can include IRAs, 401(k)s, and other types of retirement plans.

2. Non-Financial Accounts

Non-financial accounts include:

• Real estate: This includes property located outside the United States, such as houses, apartments, and land.
• Businesses: This includes businesses that are located outside the United States, such as corporations, partnerships, and sole proprietorships.
• Trusts: This includes trusts that are established outside the United States.
• Other assets: This includes any other assets that are located outside the United States, such as art, antiques, and jewelry.

3. Reporting Requirements

U.S. citizens and residents are required to report certain types of foreign accounts to the Internal Revenue Service (IRS). The reporting requirements vary depending on the type of account and the amount of money in the account.

For more information on the reporting requirements for foreign accounts, please visit the IRS website.