I am an international student and have been attending college in the US for the past 3 years. I have filed tax returns for all 3 years since I am on a scholarship and the room/board portion of it is apparently taxable (no tax treaty with home country). I recently found out about FBAR and FATSA so I am a bit concerned. Did/do I need to report my foreign bank accounts (I have over $10,000) and/or my foreign investment income to the IRS? If not, is that going to change when I graduate and get an OPT?
You must comply with both FBAR and FATCA if you are a US resident for tax purposes. F-1 visa holders are exempt individuals and are not US residents for the first 5 calendar years that they are in the US so long as they establish that (1) they don not intend to reside permanently in the US, and (2) they have substantially complied with the requirements of their visa.
One you have resided in the US for more than 5 calendar years on a tourist visa, you will no longer be exempt from the standard tests for whether you are a US resident for tax purposes.
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